——金属周期品高频数据周报（2026.3.2-2026.3.8）：铝价环比+4.5%至2.44万元每吨，钨价环比+15.1%至91.9万元每吨-20260309

Investment Rating - The report maintains a rating of "Overweight" for the steel and non-ferrous metals sectors [5] Core Insights - The aluminum price increased by 4.5% to 24,410 CNY per ton, while tungsten price rose by 15.1% to 919,000 CNY per ton [2][9] - The liquidity indicators show a decrease in SPDR Gold ETF holdings, with the current value at 1,073.32 tons, down 2.54% week-on-week [10] - The construction and real estate sectors are experiencing high furnace capacity utilization rates, reaching the highest level in five years for January-February [19] Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for February 2026 is 48.66, down 3.20% month-on-month [10] - 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 furnace capacity utilization rate increased by 0.96 percentage points week-on-week, with cement and asphalt operating rates also rising [19] - The price changes for major commodities include rebar at -0.94% and cement price index at -0.35% [19] Real Estate Completion Chain - Titanium dioxide and glass prices are at low levels, with titanium dioxide price at 13,400 CNY per ton, up 0.75% week-on-week, and flat glass price at 1,171 CNY per ton, up 1.31% [78] Industrial Products Chain - The national PMI new orders index for February is 48.60% [2] - The price of electrolytic aluminum is 24,410 CNY per ton, with a calculated profit of 7,188 CNY per ton, up 14.72% [9] Valuation Metrics - The Shanghai Composite Index decreased by 1.07%, while the best-performing sector was oil and petrochemicals, up 8.06% [4] - The PB ratio for the steel sector relative to the Shanghai Composite is currently at 0.54, the highest since 2013 [4]