螺纹钢：板块情绪扰动，偏弱震荡，热轧卷板：板块情绪扰动，偏弱震荡

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Both rebar and hot-rolled coil are experiencing weak and volatile trends due to sector sentiment disturbances [2]. - The trend strength of rebar and hot-rolled coil is 0, indicating a neutral outlook [6]. 3. Summary by Directory Fundamental Tracking - Production: In mid - October 2025, key steel enterprises produced 20.14 million tons of crude steel, with an average daily output of 2.014 million tons, a daily output decrease of 0.8% month - on - month. According to the November 30th weekly data from Shanghai Steel Union, rebar production increased by 55,200 tons, hot - rolled coil by 11,000 tons, and the total of five major varieties by 99,700 tons [2][4]. - Inventory: Rebar inventory decreased by 195,900 tons, hot - rolled coil by 83,300 tons, and the total of five major varieties by 410,900 tons [5]. - Apparent Demand: Rebar apparent demand increased by 61,700 tons, hot - rolled coil by 51,600 tons, and the total by 236,500 tons [5]. - Futures Data: For the RB2601 rebar futures contract, the closing price was 3,044 yuan/ton, down 44 yuan/ton (-1.42%); trading volume was 1,016,465 lots, open interest was 1,966,544 lots, an increase of 47,527 lots. For the HC2601 hot - rolled coil futures contract, the closing price was 3,265 yuan/ton, down 34 yuan/ton (-1.03%); trading volume was 375,271 lots, open interest was 1,396,130 lots, a decrease of 26,705 lots [2]. - Spot Price: Rebar and hot - rolled coil spot prices in major cities generally declined, with the largest drop of 30 yuan/ton for hot - rolled coil in Guangzhou. The price of Tangshan steel billet remained unchanged at 2,950 yuan/ton [2]. - Basis and Spread: The basis of RB2601 increased by 25 yuan/ton to 166 yuan/ton, and the basis of HC2601 increased by 10 yuan/ton to 25 yuan/ton. The RB2601 - RB2605 spread increased by 2 yuan/ton to -64 yuan/ton, and the HC2601 - HC2605 spread decreased by 2 yuan/ton to 7 yuan/ton [2]. Macro and Industry News - The Ministry of Commerce and four other departments support eligible commercial real estate projects to issue real estate investment trust funds (REITs) to provide long - term financing support for urban commercial upgrading [5]. - The 14th Five - Year Plan proposes to promote the quality improvement and upgrading of key industries and enhance the independent controllability of the industrial chain, with requirements for the high - quality development of the steel industry [5][6]. - In September 2025, China's steel exports were 10.465 million tons, a month - on - month increase of 10.0%, and the export average price was 679.1 US dollars/ton, a month - on - month decrease of 2.7%. From January to September, cumulative steel exports were 87.955 million tons, a year - on - year increase of 9.0%, and the average export price was 696.7 US dollars/ton, a year - on - year decrease of 9.5%. In September, steel imports were 548,000 tons, a month - on - month increase of 9.7%, and the average import price was 1,623.1 US dollars/ton, a month - on - month decrease of 1.8%. From January to September, cumulative steel imports were 4.532 million tons, a year - on - year decrease of 12.6%, and the average import price was 1,692.3 US dollars/ton, a year - on - year increase of 1.1% [6].