金属周期品高频数据周报（2026.3.9-2026.3.15）：取向硅钢自2024年10月12日以来首次涨价-20260316

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The report highlights that oriented silicon steel has increased in price for the first time since October 12, 2024, indicating a potential shift in market dynamics [2] - The liquidity indicators show a decrease in SPDR Gold ETF holdings, with the current price of London gold at $5,018 per ounce, reflecting a 2.90% decrease from the previous week [11] - The report notes that the national high furnace capacity utilization rate is at its highest level for the same period in five years, suggesting robust activity in the construction and real estate sectors [19] Summary by Sections Liquidity - SPDR Gold ETF holdings decreased by 0.16% this week, with a total of 1,071.56 tons [11] - The M1 and M2 growth rate difference was -3.1 percentage points in February 2026, showing a month-on-month increase of 1.0 percentage points [16] Infrastructure and Real Estate Chain - The national high furnace capacity utilization rate was 87% this week, with a slight increase of 0.03 percentage points [10] - The price of rebar increased by 2.84% this week, while the cement price index decreased by 0.27% [10] Real Estate Completion Chain - The price of titanium dioxide increased by 0.75% to 13,500 yuan per ton, with a gross profit margin of -1,901 yuan per ton [76] - The flat glass price rose by 0.37% to 1,175 yuan per ton, with an operating rate of 70.81% [76] Industrial Products Chain - The national PMI new orders index was reported at 48.60% in February [2] - The price of electrolytic aluminum increased by 2.83% to 25,100 yuan per ton, with estimated profits of 7,728 yuan per ton [10] Valuation Metrics - The report indicates that the PB ratio of the steel sector relative to the broader market is currently at 0.53, with historical highs reaching 0.82 [4] - The overall steel industry gross profit was reported at 153 yuan per ton, reflecting a 12.0% increase week-on-week [10]