铁矿石：补库接近尾声，需求预期转弱

Report Summary 1. Report's Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report indicates that the restocking of iron ore is nearing its end, and the demand outlook is weakening [1]. The trend intensity of iron ore is -1, suggesting a bearish view, with -2 being the most bearish and 2 the most bullish [2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures Data: The closing price of I2605 was 760.5 yuan/ton, down 8.0 yuan/ton (-1.04%). The持仓量 was 514,745 hands, a decrease of 10,368 hands [1]. - Spot Prices: Imported ore prices, including Carajás fines (65%), PB fines (61.5%), Jinbuba fines (61%), and Super Special fines (56.5%), all declined. The prices of domestic ore from Hanxing (66%) and Laiwu (65%) remained unchanged [1]. - Basis and Spreads: The basis of I2605 against Super Special fines increased by 1.5 yuan/ton, while against Jinbuba fines decreased by 0.6 yuan/ton. The spreads I2605 - I2609 increased by 0.5 yuan/ton, and I2609 - I2701 remained unchanged. The spreads between different ore types also changed slightly [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [1]. - Multiple real - estate enterprise representatives stated that most companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [1]. 3.3 Trend Intensity - The trend intensity of iron ore is -1, within the range of [-2, 2], indicating a bearish sentiment [2].