Group 1: Report Industry Investment Rating - The report suggests a cautious approach towards chasing long positions in iron ore due to high valuation [1] Group 2: Core Viewpoints of the Report - The iron ore market is currently over - valued, and investors are advised to be cautious when increasing long positions [1] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures: The closing price of iron ore futures was 813.0 yuan/ton, down 15.0 yuan/ton or 1.81% from the previous day. The open interest was 636,674 lots, a decrease of 29,907 lots [1] - Spot Prices: Imported ore prices (including Carajás fines, PB fines, etc.) decreased by 3.0 yuan/ton, while some domestic ore prices remained unchanged [1] - Spreads: The basis of 12605 contract against Super Special and Jinbuba increased, while the spread between 12605 and 12609 decreased, and the spread between 12601 and 12605 increased [1] Macro and Industry News - China's RatingDog Composite PMI in December 2025 was 51.3, slightly up from 51.2 in November, indicating further growth in the overall production and operation volume of Chinese enterprises at the end of 2025 [2] Trend Intensity - The iron ore trend intensity is -1, suggesting a relatively bearish view [2]
铁矿石：估值偏高，谨慎追多
Guo Tai Jun An Qi Huo·2026-01-09 01:56