——金属周期品高频数据周报（2026.2.9-2026.2.15）：SPDR黄金ETF持仓量春节期间总体微幅增加-20260225

Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [5] Core Insights - SPDR Gold ETF holdings saw a slight increase during the Spring Festival period, indicating a stable interest in gold as a safe-haven asset [1][10] - The BCI small and medium enterprises financing environment index for February 2026 is at 48.66, reflecting a month-on-month decrease of 3.20% [1][15] - The report highlights that the high furnace capacity utilization rate in January-February is expected to be at the highest level for the same period in five years [19][38] - The steel industry is experiencing tightening export policies, which may impact profitability in 2026 [4] Summary by Sections Liquidity - SPDR Gold ETF holdings increased to 1078.75 tons, a week-on-week rise of 0.16% [10] - The current price of London gold is $5042 per ounce, reflecting a week-on-week increase of 1.52% [10] - The M1 and M2 growth rate difference was -4.1 percentage points in January 2026, with a month-on-month increase of 0.6 percentage points [15] Infrastructure and Real Estate Chain - The national high furnace capacity utilization rate is at 86.41%, with a week-on-week increase of 0.72 percentage points [38] - The price of rebar is stable at 3210 yuan per ton, with no change week-on-week [38] - The construction completion rate for real estate is down 18.10% year-on-year [71] Industrial Products Chain - The national PMI new orders index for January is at 49.20% [2] - The price of electrolytic aluminum is 23100 yuan per ton, a week-on-week decrease of 0.04% [9] - The price of graphite electrodes remains stable at 19000 yuan per ton, with a gross profit of 1946.84 yuan per ton [2] Valuation Metrics - The Shanghai Composite Index increased by 0.36%, with the commercial vehicle sector showing the best performance at +3.59% [4] - The PB ratio of the steel sector relative to the Shanghai Composite is currently at 0.50, with a historical high of 0.82 [4] Investment Recommendations - The report suggests that the steel industry's supply-side adjustments are likely to strengthen in the short to medium term, with potential recovery in profitability to historical average levels [4]