【有色】伦敦金现价格再创历史新高水平——金属周期品高频数据周报（2025.6.9-6.15）（王招华）

Summary of Key Points Core Viewpoint - The report highlights significant trends in liquidity, construction, real estate, industrial products, and export chains, indicating a mixed economic outlook with specific sectors showing growth while others face challenges. Group 1: Liquidity - The London gold spot price reached a historical high this week, increasing by 3.74% compared to last week [3] - The BCI small enterprise financing environment index for May 2025 is at 49.09, up by 2.20% month-on-month [3] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [3] Group 2: Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in early June 2025 is 2.159 million tons, up by 3.25% month-on-month [4] - Price changes this week include rebar down by 2.23%, cement price index up by 1.86%, rubber up by 2.21%, coke down by 5.65%, coking coal down by 1.05%, and iron ore down by 1.36% [4] - The national blast furnace capacity utilization rate, cement, asphalt, and full steel tire operating rates changed by -0.07 percentage points, +0.90 percentage points, -1.0 percentage points, and -2.23 percentage points respectively [4] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass remained unchanged this week, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -762 yuan/ton [5] - The operating rate of flat glass this week is 75.42% [5] Group 4: Industrial Products Chain - Major commodity prices this week include cold-rolled steel up by 0.54%, copper up by 0.10%, and aluminum up by 2.87%, with corresponding gross profit changes of +78.85%, -18.19%, and +24.59% respectively [6] - The national semi-steel tire operating rate is 77.98%, an increase of 4.12 percentage points [6] Group 5: Subcategories - Tungsten concentrate prices remain at the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, unchanged, with a gross profit of 1,357.4 yuan/ton, down by 1.39% [7] - The price of electrolytic aluminum is 20,760 yuan/ton, up by 2.87%, with estimated profit at 3,004 yuan/ton (excluding tax), up by 24.59% [7] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.13 [8] - The price difference between hot-rolled and rebar steel is 130 yuan/ton this week [8] - The price difference between Shanghai cold-rolled and hot-rolled steel is 280 yuan/ton, down by 100 yuan/ton [8] Group 7: Export Chain - The new export orders PMI for China in May 2025 is 47.50%, an increase of 2.8 percentage points [9] - The China Containerized Freight Index (CCFI) this week is 1,243.05 points, up by 7.63% [9] - The U.S. crude steel capacity utilization rate is 79.50%, up by 1.30 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.25% this week, with the best-performing cyclical sector being commercial vehicles, up by 7.24% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently 0.51, with the highest value since 2013 being 0.82 [10]