Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-10 10:05Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The RB2601 contract rebounded with reduced positions on Monday. The U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries starting from November 10th. The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventories have decreased for four consecutive weeks. Overall, the macro - level released positive signals, market investment sentiment improved, and the reduction of short positions in mainstream holdings supported the rebound of futures prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA rebounded from low levels. The recommended operation is to go long on pullbacks with a stop - loss reference of 3000 and pay attention to risk control [2]. 3. Summary by Relevant Catalogs Futures Market - RB main contract closing price: 3,044.00 yuan/ton, up 10 yuan; RB main contract open interest: 1,923,733 lots, down 37,153 lots; RB contract top 20 net open interest: - 53,077 lots, up 48,936 lots; RB1 - 5 contract spread: - 58 yuan/ton, up 3 yuan; RB Shanghai Futures Exchange warehouse receipt: 128,592 tons, down 9,143 tons; HC2601 - RB2601 contract spread: 208 yuan/ton, down 3 yuan [2]. 现货市场 - Hangzhou HRB400E 20MM (theoretical weight): 3,230.00 yuan/ton, up 10 yuan; Hangzhou HRB400E 20MM (actual weight): 3,313 yuan/ton, up 10 yuan; Guangzhou HRB400E 20MM (theoretical weight): 3,290.00 yuan/ton, unchanged; Tianjin HRB400E 20MM (theoretical weight): 3,200.00 yuan/ton, up 20 yuan; RB main contract basis: 186.00 yuan/ton, unchanged; Hangzhou hot - rolled coil - rebar spot spread: 70.00 yuan/ton, down 10 yuan [2]. Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 771.00 yuan/wet ton, down 2 yuan; Hebei quasi - first - grade metallurgical coke: 1,640.00 yuan/ton, unchanged; Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170.00 yuan/ton, unchanged; Hebei Q235 billet: 2,940.00 yuan/ton, up 10 yuan; 45 - port iron ore inventory: 148.9481 million tons, up 3.5557 million tons; Sample coking plant coke inventory: 361,500 tons, down 12,900 tons; Sample steel mill coke inventory: 6.2656 million tons, down 23,200 tons; Tangshan billet inventory: 1.2 million tons, up 4,300 tons; 247 steel mills' blast furnace operating rate: 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate: 87.79%, down 0.80 percentage points [2]. Industry Situation - Sample steel mills' rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mills' rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mills' rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; China's rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.279 million tons, down 641,000 tons [2]. Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed - asset investment: - 0.50%, down 1.00 percentage points; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1.00 percentage points; Cumulative year - on - year growth rate of infrastructure construction investment: 1.10%, down 0.90 percentage points; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. Industry News - In October 2025, 822 projects started across the country with a total investment of about 494.812 billion yuan. The top three provinces in terms of investment are Fujian, Guangxi, and Guangdong, with total investments of 136.944 billion yuan, 82.1 billion yuan, and 71.7 billion yuan respectively. On November 9th local time, the U.S. Trade Representative's Office announced the suspension of 301 investigation - related measures against China's maritime, logistics, and shipbuilding industries for one year, starting from 12:01 am on November 10th, Eastern Time [2].