铁矿石：地产预期回暖，矿价反弹

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The expected recovery of the real - estate market has led to a rebound in iron ore prices [1] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Data: The closing price of I2605 was 752.5 yuan/ton, up 12.0 yuan/ton with a 1.62% increase. The position was 528,484 hands, with an increase of 9,280 hands [1] - Spot Price: Among imported ores, the price of Carajás fines (65%) was 873.0 yuan/ton, up 13.0 yuan/ton; PB (61.5%) was 752.0 yuan/ton, up 5.0 yuan/ton; Jinbuba (61%) was 705.0 yuan/ton, up 8.0 yuan/ton; Super Special (56.5%) was 640.0 yuan/ton, down 1.0 yuan/ton. Among domestic ores, the price of Hanxing (66%) and Laiwu (65%) remained unchanged at 899.0 yuan/ton and 817.0 yuan/ton respectively [1] - Basis and Spread: The basis of I2605 against Super Special decreased by 13.1 yuan/ton to 89.9 yuan/ton, and against Jinbuba decreased by 3.4 yuan/ton to 68.7 yuan/ton. The spread of I2605 - I2609 increased by 1.0 yuan/ton to 17.0 yuan/ton, and I2609 - I2701 increased by 0.5 yuan/ton to 11.5 yuan/ton. The spread of Carajás fines - PB increased by 8.0 yuan/ton to 121.0 yuan/ton, PB - Jinbuba decreased by 3.0 yuan/ton to 47.0 yuan/ton, and PB - Super Special increased by 6.0 yuan/ton to 112.0 yuan/ton [1] 2. Macro and Industry News - On February 25, 2026, five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, which took effect on February 26 [1] - On February 25, it was reported that some steel enterprises in North China had received a notice of temporary independent emission reduction during the 2026 National Two Sessions. They were required to implement phased emission reduction control from March 4 to March 11, with a blast furnace load reduction of no less than 30% [2] - On February 24, the Chinese Foreign Ministry Spokesperson Mao Ning said that China and the US were in communication about President Trump's visit to China [2] 3. Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively positive outlook [2]