——金属周期品高频数据周报（2026.2.2-2026.2.8）：有色金属价格普跌，但金、钨、钼、钒价格环比上涨-20260209

Investment Rating - The report maintains an "Accumulate" rating for the steel and non-ferrous metals sector [5] Core Insights - The report highlights a general decline in non-ferrous metal prices, while gold, tungsten, molybdenum, and vanadium prices have increased on a month-on-month basis [1] - The liquidity environment for small and medium enterprises has improved, with the BCI index rising by 6.62% to 50.27 in January 2026 [11] - The construction and real estate sectors are experiencing low inventory levels for hot-rolled steel, indicating potential supply constraints [21] Summary by Relevant Sections Liquidity - The BCI index for small and medium enterprises increased to 50.27, reflecting a positive shift in financing conditions [11] - The M1 and M2 growth rate difference was -4.7 percentage points in December 2025, indicating a contraction in liquidity [11] Infrastructure and Real Estate Chain - Weekly inventory levels for hot-rolled steel are at a five-year low, with rebar prices down by 0.93% [21] - The national average capacity utilization rate for blast furnaces was 86%, unchanged from the previous week [9] Industrial Products Chain - The operating rate for semi-steel tires is at a five-year high, while the prices for cold-rolled, copper, and aluminum have decreased [2] - The price of electrolytic aluminum is 23,110 CNY/ton, down 6.21% from the previous week [2] Valuation Metrics - The Shanghai Composite Index fell by 1.33%, with the engineering machinery sector showing the best performance at +4.35% [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.50, indicating potential undervaluation [4] Real Estate Completion Chain - The prices of titanium dioxide and glass remain low, with the glass operating rate at 73.89% [1][76] - The cumulative year-on-year change in completed residential area was -18.10% for 2025 [76]