9月电解铝产能利用率续创历史新高水平：——金属周期品高频数据周报（2025.10.4-10.10）-20251014

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5]. Core Insights - The report highlights that the utilization rate of electrolytic aluminum production has reached a historical high in September 2025, indicating strong demand in the sector [2]. - The steel PMI index dropped to 45.2% in September, marking a six-month low, which reflects challenges in the construction and real estate sectors [24][45]. - The report notes that the profitability of titanium dioxide and flat glass remains low, with significant negative margins reported [78]. Summary by Relevant Sections Liquidity Indicators - The London gold spot price reached a historical high of $4018 per ounce, reflecting increased global liquidity and risk appetite [11]. - The BCI small and medium enterprise financing environment index was at 46.37 in August 2025, showing a month-on-month increase of 0.61% [20]. Infrastructure and Real Estate Chain - The national steel PMI index for September was reported at 45.2%, the lowest in six months, indicating a slowdown in construction activity [24][45]. - The average daily crude steel production for key enterprises in late September decreased by 8.88% month-on-month [45]. Industrial Products Chain - The operating rate for semi-steel tires was at a five-year low, with a significant month-on-month decline of 27.07 percentage points [2]. - The price of electrolytic aluminum was reported at 21,020 yuan per ton, with a month-on-month increase of 0.91% [10]. Subsector Performance - The report indicates that the profitability of titanium dioxide was negative at -1,082 yuan per ton, while flat glass had a negative margin of -58 yuan per ton [78]. - The operating rate for flat glass was reported at 76.01% [78]. Price Comparisons - The report notes that the price ratio of London spot gold to silver reached a 14-month low, indicating shifts in market dynamics [3]. - The price of rebar was reported at 3,260 yuan per ton, with a slight increase of 0.6% [10]. Export Chain - The new export orders PMI for China in September 2025 was reported at 47.80%, reflecting a slight month-on-month increase [3].