螺纹钢：板块行情共振，偏强震荡，热轧卷板：板块行情共振，偏强震荡

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Views - Both rebar and hot-rolled coil are expected to have a bullish and volatile market due to sector-wide market resonance [1] - The trend strength of rebar and hot-rolled coil is rated as 1, indicating a moderately bullish outlook [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: For rebar (RB2510), the closing price was 3,356 yuan/ton, up 76 yuan/ton (2.32%); trading volume was 2,878,137 lots, and open interest was 1,998,652 lots, an increase of 92,300 lots. For hot-rolled coil (HC2510), the closing price was 3,507 yuan/ton, up 68 yuan/ton (1.98%); trading volume was 995,111 lots, and open interest was 1,554,563 lots, an increase of 46,781 lots [1] - Spot Price: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 50, 40, 30, and 20 yuan/ton respectively. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 30, 30, 30, and 40 yuan/ton respectively. The price of Tangshan steel billet increased by 10 yuan/ton [1] - Basis and Spread: The basis of RB2510 decreased by 12 yuan/ton to 74 yuan/ton, and the basis of HC2510 decreased by 21 yuan/ton to -7 yuan/ton. The spread between RB2510 and RB2601 increased by 16 yuan/ton to -43 yuan/ton, and the spread between HC2510 and HC2601 increased by 5 yuan/ton to -11 yuan/ton [1] 3.2 Macro and Industry News - Steel Production and Inventory Data (July 24): Rebar production increased by 2.90 million tons, hot-rolled coil production decreased by 3.65 million tons, and the total production of five major steel products decreased by 1.22 million tons. Rebar inventory decreased by 4.62 million tons, hot-rolled coil inventory increased by 2.25 million tons, and the total inventory of five major steel products decreased by 1.16 million tons. Rebar apparent demand increased by 10.41 million tons, hot-rolled coil apparent demand decreased by 8.55 million tons, and the total apparent demand of five major steel products decreased by 1.98 million tons [2] - Mid - July Steel Production Data (2025): Key steel enterprises produced 2,141 million tons of crude steel, with an average daily output of 214.1 million tons (a 2.1% daily increase); 1,944 million tons of pig iron, with an average daily output of 194.4 million tons (a 0.6% daily increase); and 2,080 million tons of steel, with an average daily output of 208.0 million tons (a 4.6% daily increase) [3] - Policy News: On July 24, the National Development and Reform Commission and the State Administration for Market Regulation issued a public consultation on the draft amendment to the Price Law, aiming to clarify the criteria for identifying unfair pricing practices [3]