逆周期调控加码：申万期货早间评论-20250324

Core Viewpoint - The Chinese government is committed to implementing more proactive macro policies and increasing counter-cyclical adjustments to support stable economic growth and reform [1][5]. Group 1: Economic Policies - Premier Li Qiang emphasized the need for more active macro policies and counter-cyclical adjustments to ensure sustained economic improvement [1][5]. - The government aims to deepen economic reforms and promote a unified national market to facilitate smoother economic circulation [1][5]. Group 2: Industry Insights - The China Iron and Steel Association highlighted that supply-demand imbalance is the main issue affecting the steel industry, advocating for the closure of new production capacity and the exit of outdated capacity [1]. - In the glass industry, inventory levels have decreased, with a reported reduction of 2.02 million heavy boxes week-on-week, indicating a potential recovery in demand [2][15]. Group 3: Commodity Market Trends - Gold prices reached new highs, driven by expectations of future monetary easing and geopolitical uncertainties, although upward momentum may slow after surpassing $3000 per ounce [3][18]. - Aluminum prices are under pressure due to high levels, affecting downstream consumption, while demand is gradually recovering post-holiday [3][21]. Group 4: Agricultural Products - The domestic apple cold storage inventory decreased by 234,500 tons, indicating a slight improvement in market dynamics, while prices remain stable [32]. - The domestic pig price continues to decline, with expectations of increased supply in the coming months due to recovering breeding stock [33].