铁矿石：宏观风偏再提振，高位震荡

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The report indicates that the macro - risk appetite for iron ore is boosted again, and it will be in a high - level oscillation state [1]. 3. Summary by Sections 3.1 Fundamentals Tracking - Futures Data: The closing price of iron ore futures was 780.0 yuan/ton, up 2.5 yuan/ton or 0.32%. The position of I2605 was 534,905 hands, with an increase of 16,750 hands [1]. - Spot Price: Among imported ores, the price of 65% Carajás fines (Carajas) was 874.0 yuan/ton, up 2.0 yuan/ton; 61.5% PB fines was 795.0 yuan/ton, up 1.0 yuan/ton; 61% Jimbobara fines was 748.0 yuan/ton, up 1.0 yuan/ton; 56.5% Super Special fines was 677.0 yuan/ton, down 1.0 yuan/ton. Among domestic ores, the price of 66% Langna ore and 65% Laiwu ore remained unchanged at 956.0 yuan/ton and 874.0 yuan/ton respectively [1]. - Price Spreads: The basis of I2605 against Super Special fines decreased by 3.6 yuan/ton to 108.0 yuan/ton; the basis against Jimbobara fines decreased by 1.4 yuan/ton to 49.6 yuan/ton. The spread between I2605 and I2609 decreased by 0.5 yuan/ton to 22.0 yuan/ton; the spread between I2601 and I2605 decreased by 1.5 yuan/ton to 18.0 yuan/ton. The spread between Carajás fines and PB fines increased by 1.0 yuan/ton to 79.0 yuan/ton; the spread between PB fines and Jimbobara fines remained unchanged at 47.0 yuan/ton; the spread between PB fines and Super Special fines increased by 2.0 yuan/ton to 118.0 yuan/ton [1]. 3.2 Macro and Industry News - From January to November, the national real estate development investment was 7,859.1 billion yuan, a year - on - year decrease of 15.9%, among which residential investment was 6,043.2 billion yuan, a decrease of 15.0% [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1]