格林大华期货早盘提示：钢材-20260225

1. Report's Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] 2. Core Viewpoints of the Report - After the Spring Festival, the first trading day for rebar and hot-rolled coils ended lower, but they rose in the night session. The prices are currently at a relatively low level, so short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On the first trading day after the Spring Festival, rebar and hot - rolled coils ended lower, and rose in the night session [1] 3.2 Important Information - As of February 22, 2026, the consumer goods trade - in program has benefited 30.532 million people, driving sales of 204.54 billion yuan. During the Spring Festival holiday, the sales of smart glasses and water - saving sanitary ware on key platforms increased by 47.3% and 23.2% respectively [1] - From February 16 to February 22, 2026, global shipyards received 23 new ship orders, among which Chinese shipyards received 14, Japanese shipyards received 4, and Finnish and American shipyards also received relevant orders [1] - As of the end of 2025, the ultra - low emission renovation project of China's steel industry has been successfully completed, with over 80% of crude steel production capacity achieving ultra - low emissions. The energy consumption of blast furnaces and converters of 143 cultivated enterprises decreased by 2.5% and 12.2% respectively compared with 2023, saving a total of 13.2 million tons of standard coal and reducing carbon dioxide emissions by 34 million tons [1] - During the "14th Five - Year Plan" period, a total of 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission renovations, establishing the world's largest clean power supply system and clean steel production system [1] 3.3 Market Logic - During the Spring Festival, the production of the five major steel products increased, and the inventory continued to rise, but the inventory accumulation rate was low. The spot price of steel was stable, and the market was basically closed [1] 3.4 Trading Strategies - After the Spring Festival, the intraday decline of rebar and hot - rolled coils was relatively large, and the decline stopped in the night session. At the current low price, short - term long positions can be attempted at low prices with stop - loss set. It is expected that the later trend of hot - rolled coils will be stronger than that of rebar, and attention should be paid to the opportunity of going long on hot - rolled coils and short on rebar, with a higher safety margin when the price difference is below 150 [1]