格林大华期货早盘提示：铁矿-20260120

1. Report Industry Investment Rating - The investment rating for iron ore in the black building materials sector is "Bullish" [1] 2. Core View of the Report - On Monday, iron ore prices declined both during the day and in the night session The decline was significant, breaking through the important threshold of 800 The support level has shifted down to 780, and the resistance level is at 844 [1] 3. Summary by Relevant Catalogs Market Review - Iron ore prices fell on Monday and continued to decline in the night session [1] Important Information - In 2025, China's GDP reached 140.1879 trillion yuan, a 5.0% increase compared to the previous year [1] - From January to December 2025, China's crude steel production was 960.81 million tons, a 4.4% year-on-year decrease; pig iron production was 836.04 million tons, a 3.0% year-on-year decrease; and steel production was 1.44612 billion tons, a 3.1% year-on-year increase [1] - In 2025, the added value of industrial enterprises above designated size increased by 5.9% compared to the previous year [1] - In 2025, China's real estate development investment was 827.88 billion yuan, a 17.2% year-on-year decrease The floor area under construction of real estate development enterprises was 6.5989 billion square meters, a 10.0% year-on-year decrease; the newly started floor area was 587.7 million square meters, a 20.4% decrease; the completed floor area was 603.48 million square meters, an 18.1% decrease Among them, the completed floor area of residential buildings was 428.3 million square meters, a 20.2% decrease [1] Market Logic - The Baotou Steel accident did not cause the market to strengthen From January 12th to January 18th, the global iron ore shipment volume was 29.298 million tons, a decrease of 2.511 million tons compared to the previous period The arrival volume at 45 ports in China was 26.597 million tons, a decrease of 2.607 million tons compared to the previous period The daily average output of concentrated iron powder from 186 domestic mining enterprises was 46,670 tons, an increase of 1,020 tons compared to the previous period but a decrease of 490 tons compared to the same period last year The inventory of concentrated iron powder in mines was 87,500 tons, an increase of 1,180 tons compared to the previous period The inventory of imported iron ore at ports continued to accumulate The daily average pig iron output was 228,010 tons, a decrease of 1,490 tons compared to the previous week but an increase of 3,530 tons compared to the same period last year [1] Trading Strategy - Iron ore prices have dropped significantly, breaking through the important threshold of 800 The support level has shifted down to 780, and the resistance level is at 844 [1]