铁矿石：宏观风偏下挫，估值承压

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - The report focuses on the iron ore market. It shows that under the current situation, the macro - risk appetite has declined, and the iron ore valuation is under pressure. The iron ore trend intensity is - 1, indicating a relatively bearish outlook [1]. 3. Summary by Relevant Catalog 3.1 Fundamentals Tracking - Futures Data: The closing price of iron ore futures was 795.0 yuan/ton, with a rise of 4.5 yuan/ton and a growth rate of 0.57%. The position of I2601 was 476,191 hands, with an increase of 16,626 hands [1]. - Spot Price Data: Imported ore prices such as Carajás fines (65%) rose 1.0 yuan/ton to 924.0 yuan/ton, PB fines (61.5%) rose 2.0 yuan/ton to 790.0 yuan/ton. Domestic ore prices like Langna (66%) increased 9.0 yuan/ton to 946.0 yuan/ton, and Laiwu (65%) rose 9.0 yuan/ton to 864.0 yuan/ton [1]. - Spread Data: The basis of I2601 against Super Special decreased by 1.2 yuan/ton to 135.8 yuan/ton, and the spread between I2509 - I2601 decreased by 2.0 yuan/ton to - 42.0 yuan/ton [1]. 3.2 Macro and Industry News - The Chinese side responded to the US threat of imposing additional tariffs on China, stating that if the US acts willfully, China will take corresponding measures [1]. 3.3 Trend Intensity - The trend intensity of iron ore is - 1, with a value range in the [-2, 2] interval. - 2 represents the most bearish view, and 2 represents the most bullish view [1].