铁矿石：宏观预期反复，宽幅震荡

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The report indicates that iron ore is experiencing repeated macro - expectations and is in a wide - range shock state [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of iron ore futures was 787.5 yuan/ton, with a decrease of 3.0 yuan/ton and a decline rate of 0.38%. The position was 473,608 lots, with an increase of 1,118 lots [1]. - Spot Price: Imported ore prices (such as 65% Karara fines, 61.5% PB fines, 61% Jinbuba ore) decreased by 2.0 yuan/ton, while 56.5% Super Special ore remained unchanged. Domestic ore prices (66% Langna ore, 65% Laiwu ore) remained stable [1]. - Basis and Spread: The basis (12601 vs Super Special) increased by 3.0 to 93.9, and the basis (12601 vs Jinbuba) increased by 0.8 to 44.2. Spreads such as 12509 - 12601 decreased by 5.0 to 15.5, and 12601 - 12605 decreased by 1.0 to 24.0. The difference between Karara fines and PB fines remained at 112.0, and the difference between PB fines and Super Special decreased by 2.0 to 108.0 [1]. Macro and Industry News - According to data from the National Bureau of Statistics on August 31, the Purchasing Managers' Index (PMI) of China's manufacturing industry in August was 49.4%, up 0.1 percentage points from the previous month [1]. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral outlook, with the range of trend intensity being [-2, 2], where - 2 is the most bearish and 2 is the most bullish [1].