今天的市场，表现尚可，个股涨多跌少，沪指震荡上涨，创业板指数盘中跌幅收窄，一起看看发生了什 么事情。 全球大涨 11月10日，全球市场情绪回暖。 A股震荡分化，三大指数涨跌互现。截至收盘，沪指涨0.53%，深成指涨0.18%，创业板指跌0.92%。 两市共3376只个股上涨，92只个股涨停，1957只个股下跌。 | 880005 张跌家数 | | | | --- | --- | --- | | 日中 | 涨停 | 92 | | 涨幅 | > 1% | 150 | | 涨幅 | 5-7% | 147 | | 涨幅 | 3-5% | 349 | | 涨幅 | 0-3% | 2735 | | 跌幅 | 0-3% | 1678 | | 跌幅 | 3-5% | 201 | | 跌幅 | 5-7% | 47 | | 跌幅 | > 7% | 31 | | 其中 跌停 | | 10 | | 上涨家数 | | 3376 | | 下跌家数 | | 1957 | | 平盘停牌 总品种数 | | 116 | | | | 5449 | | 总成交额 | | 21943.71亿 | | 总成交量 | | 140007.9万 | | 涨家 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.40%. Currently, rebar supply has declined, but demand has also decreased. In the situation of weak supply and demand, industrial contradictions remain unresolved, inventory reduction is limited, and steel prices continue to be under pressure. The relative positive factor is cost support. It is expected that the subsequent trend will continue to fluctuate and find the bottom. Pay attention to the production situation of steel mills [5]. - The main contract price of hot - rolled coil fluctuated, with a daily increase of 0.22%. Currently, the supply of hot - rolled coil has declined from a high level, but demand is also poor. In the situation of weak supply and demand, industrial contradictions continue to accumulate, and hot - rolled coil prices continue to be under pressure. Given the cost support, the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [5]. - The main contract price of iron ore fluctuated and stabilized, with a daily increase of 0.65%. Currently, iron ore supply remains high, while demand continues to decline. In the situation of increasing supply and weak demand, industrial contradictions in the ore industry lead to accelerated inventory accumulation, and ore prices continue to be under pressure. The relative positive factor is the short - term market recovery. The subsequent trend will continue to be weakly fluctuating. Pay attention to the performance of steel products [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - In October 2025, the average monthly working hours of major construction machinery products in China was 80.9 hours, a year - on - year decrease of 9.03% and a month - on - month increase of 3.62%. The monthly average working hours of excavators was 68.6 hours. The monthly start - up rate of major construction machinery products was 55%, a year - on - year decrease of 10.1 percentage points and a month - on - month decrease of 0.16 percentage points. The start - up rate of excavators was 55.1% [7]. - In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period last year, the total bond financing of real estate enterprises increased significantly. From the perspective of financing structure, the credit bond financing of the real estate industry was 32.7 billion yuan, a year - on - year increase of 50.7%, accounting for 63.8%; overseas bond financing was 2.85 billion yuan, accounting for 5.6%; ABS financing was 15.7 billion yuan, a year - on - year increase of 115.8%, accounting for 30.6%. The average bond financing interest rate was 2.56%, a year - on - year decrease of 0.42 percentage points and a month - on - month decrease of 0.13 percentage points. In the first 10 months of this year, the total bond financing of real estate enterprises was 488.24 billion yuan, a year - on - year increase of 8.6% [8]. - In the third quarter of 2025, the iron ore production of Canadian mining company IOC was 4.41 million tons, a year - on - year increase of 15% and a month - on - month decrease of 1%. The year - on - year significant increase was mainly due to the impact of a 11 - day shutdown after forest fires in the third quarter of 2024. The salable iron ore production (concentrate + pellets) was 4 million tons, a year - on - year increase of 11% and a month - on - month decrease of 6% [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,160 yuan, 3,190 yuan, and 3,220 yuan respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,270 yuan, 3,190 yuan, and 3,318 yuan respectively; the price of Tangshan billet was 2,930 yuan; the price of Zhangjiagang heavy scrap was 2,170 yuan; the coil - rebar price difference was 110 yuan; the rebar - scrap price difference was 990 yuan [10]. - The price of 61.5% PB powder at Shandong ports was 785 yuan; the price of Tangshan iron concentrate was 803 yuan; the sea freight from Australia was 9.63 yuan, and from Brazil was 23.15 yuan; the SGX swap (current month) was 104.33 yuan; the Platts Index (CFR, 62%) was 104.90 yuan [10]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Daily Increase (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,037 | 0.40 | 3,042 | 3,017 | 884,740 | - 264,825 | 2,020,353 | - 11,428 | | Hot - rolled Coil | - | 3,256 | 0.22 | 3,271 | 3,241 | 462,037 | 14,203 | 1,365,348 | - 7,743 | | Iron Ore | - | 777.5 | 0.65 | 779.5 | 771.0 | 259,605 | - 22,010 | 537,495 | - 7,164 | [14] 3.4 Related Charts - **Steel Inventory**: There are charts showing the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil [17][23]. - **Iron Ore Inventory**: There are charts showing the inventory of 45 ports in China, including inventory changes, seasonal inventory, and the inventory of 247 steel mills [22][25]. - **Steel Mill Production Situation**: There are charts showing the blast furnace start - up rate, capacity utilization rate, independent electric furnace start - up rate, profitability of steel mills, and the inventory of domestic mine iron concentrate [31][32][35]. 3.5后市研判（Translated as Future Market Judgment） - **Rebar**: Both supply and demand have weakened. The weekly output of rebar decreased by 40,500 tons month - on - month, and the supply has shrunk again but is still at a relatively high level this year, with high inventory levels and supply pressure not relieved. At the same time, rebar demand has weakened as expected, with the weekly apparent demand decreasing by 136,600 tons month - on - month. Speculative demand is weak due to weak steel prices. Both are at low levels in recent years, and downstream conditions have not improved. As the off - season approaches, demand is likely to continue to weaken, putting pressure on steel prices. It is expected that the subsequent trend will continue to fluctuate and find the bottom, and attention should be paid to the production situation of steel mills [38]. - **Hot - rolled Coil**: Both supply and demand are weakening. Affected by production restrictions, the weekly output of hot - rolled coil decreased by 54,000 tons month - on - month, with a limited decline, and it is still at a relatively high level this year. High inventory levels and unrelieved supply pressure continue to suppress hot - rolled coil prices. At the same time, hot - rolled coil demand has begun to weaken, with the weekly apparent demand decreasing by 175,900 tons month - on - month, and high - frequency transactions remaining sluggish. The production of the main downstream cold - rolled products has continued to decline, and industrial contradictions have not been alleviated, continuing to drag down hot - rolled coils. In addition, the improvement in external demand is limited, and the resilience of hot - rolled coil demand is weakening. It is expected that the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [39]. - **Iron Ore**: The supply - demand pattern continues to weaken. Affected by production restrictions, the terminal demand for ore has continued to decline. Last week, the average daily hot metal output and imported ore consumption of sample steel mills decreased month - on - month, and the decline continued to expand, indicating an obvious trend of weakening demand. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production - restriction disturbances, ore demand is expected to continue to decline, and weak demand is likely to drag down ore prices. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined. Both are at relatively high levels, and domestic ore supply has increased, increasing the supply pressure of ore. It is expected that the subsequent trend will continue to be weakly fluctuating, and attention should be paid to the performance of steel products [40].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The main contract price of rebar strengthened again, with a daily increase of 1.54%. The demand for rebar has a seasonal rebound, but the supply has also increased. The fundamentals have not improved under the situation of both supply and demand increasing, and the pressure of inventory reduction remains. Supported by market sentiment and cost, the rebar price is expected to stabilize in a volatile manner. Attention should be paid to the demand performance [4]. - The main contract price of hot - rolled coil oscillated upwards, with a daily increase of 1.45%. The market sentiment has improved, and the price of hot - rolled coil has rebounded from a low level. However, the supply pressure remains, and there are concerns about demand. With cost support, the price is expected to continue the volatile and stable trend, and attention should be paid to the demand performance [4]. - The main contract price of iron ore strengthened, with a daily increase of 1.94%. The market sentiment has improved, and the iron ore price has rebounded from a low level. However, the supply of iron ore is at a high level, while the demand continues to weaken. The fundamentals of iron ore are not good under the situation of strong supply and weak demand. The high - valued iron ore price is still prone to pressure. The iron ore price is expected to continue to oscillate, and attention should be paid to the performance of finished steel [4]. Summary by Relevant Catalogs Industrial Dynamics - Regarding the Sino - US economic and trade consultations, the two sides agreed to further determine specific details and fulfill their respective domestic approval procedures [6]. - From January to September, the total profit of industrial enterprises above the national scale reached 5373.2 billion yuan, a year - on - year increase of 3.2%. Among them, the state - owned holding enterprises, joint - stock enterprises, foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises, and private enterprises had different profit growth rates [7]. - Tangshan Fengnan District launched a level II emergency response for heavy pollution weather from 12:00 on October 27, 2025, due to expected adverse diffusion conditions [8]. Spot Market - Rebar: The spot prices in Shanghai, Tianjin, and the national average were 3180 yuan, 3140 yuan, and 3232 yuan respectively, with price changes of 10 yuan, 30 yuan, and 13 yuan [9]. - Hot - rolled coil: The spot prices in Shanghai, Tianjin, and the national average were 3330 yuan, 3220 yuan, and 3349 yuan respectively, with price changes of 40 yuan, 20 yuan, and 16 yuan [9]. - Other: The price of Tangshan steel billet was 2960 yuan, with a change of 30 yuan; the price of Zhangjiagang heavy scrap was 2160 yuan, with a change of 20 yuan. The price of 61.5% PB powder at Shandong ports was 793 yuan, with a change of 13 yuan; the price of Tangshan iron concentrate was 813 yuan, with no change [9]. Futures Market - Rebar: The closing price of the active contract was 3100 yuan, with a daily increase of 1.54%. The trading volume was 1,696,201 lots, an increase of 614,508 lots, and the open interest was 1,953,001 lots, a decrease of 97,544 lots [14]. - Hot - rolled coil: The closing price of the active contract was 3299 yuan, with a daily increase of 1.45%. The trading volume was 595,934 lots, an increase of 165,988 lots, and the open interest was 1,482,730 lots, a decrease of 18,766 lots [14]. - Iron ore: The closing price of the active contract was 786.5 yuan, with a daily increase of 1.94%. The trading volume was 363,294 lots, an increase of 52,955 lots, and the open interest was 558,846 lots, a decrease of 6,796 lots [14]. Relevant Charts - Steel inventory: There are charts showing the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil [15][16][18]. - Iron ore inventory: There are charts showing the inventory of 45 ports in China, the inventory of 247 steel mills, etc. [20][21][26]. - Steel mill production: There are charts showing the blast furnace operating rate, capacity utilization rate, independent electric furnace operating rate, and profitability of steel mills [29][31][32]. Future Outlook - Rebar: The supply and demand have both increased. The weekly output of rebar has increased by 5.91 tons, and the demand has a seasonal rebound. However, the fundamentals have not improved, and the inventory reduction pressure remains. With market sentiment and cost support, the price is expected to stabilize in a volatile manner [36]. - Hot - rolled coil: The supply and demand pattern has improved slightly. The weekly output has increased by 0.62 tons, and the demand has performed well. However, there are concerns about demand. With cost support, the price is expected to continue the volatile and stable trend [36]. - Iron ore: The supply - demand pattern has continued to weaken. The demand for iron ore is expected to continue to decrease, while the supply is at a high level. The iron ore price is expected to continue to oscillate [37].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The steel price is expected to show a stable and fluctuating trend, and attention should be paid to the demand performance [1][2] - The short - term, medium - term, and intraday trends of rebar 2601 are fluctuating, fluctuating, and fluctuating with a slight upward bias respectively, and attention should be paid to the pressure at the MA20 line [1] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term view is fluctuating, the medium - term view is fluctuating, and the intraday view is fluctuating with a slight upward bias. The reference view is to pay attention to the pressure at the MA20 line, and the core logic is that market sentiment has improved and steel prices have stabilized after fluctuations [1] Market Driving Logic - After the China - US trade negotiation was completed, market sentiment improved, and steel spot prices rose slightly over the weekend. The supply - demand pattern of rebar has not changed much. The weekly output of rebar has rebounded from a low level, but the inventory is high, so the supply positive effect is limited [2] - Rebar demand has continued to improve, but high - frequency indicators are still at a low level in the same period in recent years, and the downstream has not improved, so the peak season is expected to be lackluster [2] - Currently, the seasonal increase in rebar demand is accompanied by an increase in supply. Under the situation of both supply and demand increasing, the fundamentals have not improved, and the pressure of inventory reduction remains, so steel prices are still under pressure [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - In the macro - aspect, before the release of key US CPI data, the trade situation is expected to ease, market sentiment has significantly improved, and the three major US stock indexes have generally risen. China will focus on building a modern industrial system, strengthening the real economy, achieving high - level scientific and technological self - reliance, and more [1]. - The copper market shows price increases, with the closing price of the Shanghai copper main contract rising by 0.02% during the day and 1.56% at night, and the LME copper 3M electronic disk rising by 1.49% during the day [1]. Group 3: Summary by Relevant Catalogs 1. Copper Fundamental Data - **Price and Price Changes**: The closing price of the Shanghai copper main contract was 85,400 with a daily increase of 0.02%, and the night - session closing price was 86,730 with a night - session increase of 1.56%. The LME copper 3M electronic disk closed at 10,817 with a 1.49% increase [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index was 192,281, a decrease of 9,114 from the previous day, and the open interest was 544,945, an increase of 12,219. The trading volume of the LME copper 3M electronic disk was 24,037, a decrease of 8,185, and the open interest was 316,000, a decrease of 1,677 [1]. - **Inventory and Related Ratios**: The Shanghai copper inventory was 36,048, a decrease of 505. The LME copper inventory was 136,925, an increase of 75, and the注销仓单比 was 7.87%, an increase of 1.09% [1]. - **Price Spreads**: The LME copper spread changed by - 5.19. The Shanghai copper spot - to - futures near - month spread was 10, a decrease of 20. The near - month contract to the first - continuous contract spread was - 40, unchanged [1]. 2. Macro and Industry News - **Macro News**: Before the release of US CPI data, trade tensions may ease, and US stocks have risen. China has outlined key development directions such as building a modern industrial system [1]. - **Industry News**: In August, Peru's copper production decreased by 1.6% year - on - year to 242,740 tons. Codelco plans to sell copper to European customers at a record - high premium of $325 per ton next year, a 39% increase from this year. In September, China's refined copper imports increased by 21.76% month - on - month and 7.44% year - on - year, etc. [3] 3. Trend Intensity - The copper trend intensity is 1, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]

Group 1 - The securities sector continues to experience a pullback, with the securities ETF (512880) dropping nearly 1% today, but there has been a net inflow of over 8 billion yuan in the last 10 days and over 11 billion yuan in the last 20 trading days [1] - Shanxi Securities indicates that due to the recovery of market sentiment and increased trading activity, the performance of listed securities firms is expected to rebound in the first half of 2025, with major firms showing stable performance and some smaller firms exhibiting strong elasticity [1] - A total of 42 listed securities firms achieved a combined operating income of 251.87 billion yuan, representing a year-on-year growth of 11.37%, and a combined net profit attributable to shareholders of 10.40 billion yuan, reflecting a year-on-year increase of 65.08%, with annualized ROE rising by 2.63 percentage points to 8.05% [1] Group 2 - As market sentiment continues to improve, trading activity has significantly increased, with transaction volumes and margin financing balances rising, providing stable support for the growth of securities firms' performance in the second half of the year [1]

Core Viewpoint - The stock market activity has significantly increased since the beginning of the year, particularly in the Asia-Pacific region, marking a return of positive market sentiment after three years [1][3]. Group 1: Market Sentiment and Activity - Overall market sentiment has undergone a notable transformation since the beginning of the year, with expectations for active stock capital markets, merger and acquisition (M&A) markets, and bond capital markets from now until next year [3]. - The current market momentum is primarily driven by the technology sector, with industrial technology and medical technology identified as key focus areas, alongside signs of recovery in the financial services sector [3]. Group 2: Japan Market Insights - The Japanese market is currently experiencing heightened activity, with corporate reforms translating into increased M&A activity, and financial investment institutions actively seizing opportunities [3]. - There is a growing optimism regarding the Japanese market as reforms continue, despite the economy showing moderate growth, indicating clear signs of a turning point that has significantly improved market sentiment [3]. - A comprehensive recovery in transaction activities across major industries is anticipated from the second half of 2025 to 2026 [3].

Market Overview - The A-share market showed a clear correction trend from August 11 to August 15, with the ChiNext Index rising the most at 8.58%, and the ChiNext 50 increasing by 9.90, indicating continued attractiveness in the growth sector after a short-term adjustment [2] - The major indices performed as follows: the Shanghai Composite Index rose by 1.70%, briefly surpassing the 3700-point mark, while the Wind first-level average increase was 2.03% with 89% of the Wind 100 concept index recording gains [2] - Sector performance was mixed, with telecommunications, electronics, and non-bank financials performing well, increasing by 7.66%, 7.02%, and 6.48% respectively, while textiles, steel, and banking sectors weakened, declining by 1.37%, 2.04%, and 3.19% respectively [2] Fund Issuance - A total of 23 funds were issued last week, including 14 equity funds, 6 mixed funds, and 3 bond funds, with a total issuance of 9.946 billion units [16] Fund Performance - The Wind All Fund Index rose by 1.83% last week, with the ordinary equity fund index increasing by 3.82% and the mixed equity fund index rising by 3.85% [8] - The bond fund index saw a slight decline of 0.02%, indicating a challenging environment for fixed-income investments [8] Global Asset Review - Global asset performance showed divergence, with developed markets like the US maintaining upward momentum supported by resilient tech earnings and policy expectations, while emerging markets displayed greater elasticity, particularly in Vietnam and Russia [4] - The energy sector experienced increased volatility, with oil and gas prices affected by supply-demand rebalancing and geopolitical risks, while metal prices remained resilient due to new energy demand and supply disruptions [4] Domestic Bond Market Review - The national bond futures index (CFFEX 10-year) fell by 0.29%, and the 30-year national bond futures main contract dropped by 1.48%, indicating significant downward pressure on long-term interest rates [12]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The main contract price of rebar showed a strong and volatile trend, with a daily increase of 1.45%, and the volume decreased while the open interest increased. Currently, both the supply and demand sides of rebar have increased, and the fundamentals continue the seasonal weakness. Steel prices are prone to pressure during the off - season. The relatively positive factors are the low inventory level, limited real - world contradictions, and the recent fermentation of policy benefits. The positive market sentiment supports the short - term strong operation of steel prices. Attention should be paid to the implementation of policies [4]. - The main contract price of hot - rolled coil rose in a volatile manner, with a daily increase of 1.45%, and the volume decreased while the open interest remained stable. At present, the supply and demand sides of hot - rolled coil are mainly operating stably, and the fundamentals have not improved. The inventory has been continuously accumulating. However, the expectation of policy benefits has fermented again. Under the support of optimistic sentiment, the price of hot - rolled coil will maintain a strong operation trend in the short term. Be cautious about the switch of the trading logic to the industrial side [4]. - The main contract price of iron ore showed a strong operation, with a daily increase of 2.45%, and the volume increased while the open interest decreased. Currently, the demand for iron ore shows good resilience. Coupled with the positive market sentiment, the short - term price of iron ore will operate strongly. However, there are concerns about the demand for iron ore, and the supply is showing a stable trend. The improvement of the supply - demand pattern is limited. Be cautiously optimistic about the upward height, and pay attention to the performance of finished products [4]. Summary by Directory Industry Dynamics - Guangzhou will implement the "commercial - to - public loan" policy to boost the real estate market. When the personal housing loan ratio of housing provident fund is lower than 75%, the commercial - to - public loan will be launched; when the loan ratio reaches 85% or above, preventive measures can be taken; when the loan ratio reaches 90% or above, it will be suspended [6]. - The Passenger Car Association estimated that the wholesale sales of new - energy passenger vehicles by national manufacturers in June increased by 29% year - on - year and 3% month - on - month, and the cumulative wholesale sales from January to June were 6.47 million, a year - on - year increase of 38% [7]. - Australian mining company Fenix Resources officially launched the mining of the Beebyn - W11 iron ore project. The project has a designed annual production capacity of 1.5 million tons and is expected to achieve the first shipment of iron ore in the third quarter of 2025, which will increase the company's total iron ore production capacity to 4 million tons per year [8]. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,120, 3,160, and 3,244 respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,250, 3,140, and 3,252 respectively; the price of Tangshan billet was 2,930, and the price of Zhangjiagang heavy scrap was 2,100. The volume - spread between hot - rolled coil and rebar was 130, and the volume - spread between rebar and scrap was 1,020 [9]. - The price of 61.5% PB powder at Shandong ports was 724, the price of Tangshan iron concentrate was 690, the sea freight from Australia was 7.04 and from Brazil was 18.93, the SGX swap (current month) was 95.25, and the Platts Index (CFR, 62%) was 95.10 [9]. Futures Market - The closing price of the rebar futures active contract was 3,076, with a daily increase of 1.45%, the highest price was 3,086, the lowest price was 3,050, the trading volume was 1,776,150, the volume difference was - 595,134, the open interest was 2,237,249, and the open - interest difference was 10,870 [11]. - The closing price of the hot - rolled coil futures active contract was 3,208, with a daily increase of 1.45%, the highest price was 3,217, the lowest price was 3,175, the trading volume was 694,556, the volume difference was - 225,872, the open interest was 1,595,284, and the open - interest difference was - 474 [11]. - The closing price of the iron ore futures active contract was 733.0, with a daily increase of 2.45%, the highest price was 736.5, the lowest price was 721.5, the trading volume was 452,146, the volume difference was 2,895, the open interest was 639,417, and the open - interest difference was - 8,458 [11]. Related Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory), iron ore inventory (including national 45 - port iron ore inventory, 247 - steel mill iron ore inventory, and domestic mine iron concentrate inventory), and steel mill production conditions (including 247 - sample steel mill blast furnace operating rate and capacity utilization, 87 - independent electric furnace operating rate, 247 - steel mill profitable steel mill ratio, and 75 - building material independent electric arc furnace steel mill profit and loss situation) [13][18][28] Market Outlook - For rebar, both the supply and demand sides have increased. The fundamentals continue the seasonal weakness, and steel prices are prone to pressure during the off - season. The relatively positive factors are the low inventory level, limited real - world contradictions, and the recent fermentation of policy benefits. The positive market sentiment supports the short - term strong operation of steel prices. Attention should be paid to the implementation of policies [37]. - For hot - rolled coil, the supply and demand sides are operating stably. The fundamentals have not improved, and the inventory has been continuously accumulating. However, the expectation of policy benefits has fermented again. Under the support of optimistic sentiment, the price of hot - rolled coil will maintain a strong operation trend in the short term. Be cautious about the switch of the trading logic to the industrial side [38]. - For iron ore, the demand shows good resilience, and the short - term price will operate strongly. However, there are concerns about the demand, and the supply is showing a stable trend. The improvement of the supply - demand pattern is limited. Be cautiously optimistic about the upward height, and pay attention to the performance of finished products [38].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The main contract price of rebar oscillated and rebounded with a daily increase of 0.57%. With supply and demand both weakening, the fundamentals remain unchanged, and the price is expected to continue to oscillate at a low level, focusing on demand performance [4]. - The main contract price of hot - rolled coil oscillated with a daily increase of 0.55%. The supply is increasing while the demand is weakly stable, and the price is expected to oscillate and stabilize in the short term due to improved market sentiment, also focusing on demand [4]. - The main contract price of iron ore oscillated higher with a daily increase of 0.86%. The supply is under pressure, and the demand is expected to weaken, but the price may oscillate strongly in the short term supported by the logic of narrowing the discount, focusing on the change in molten iron [4]. Summary of Each Section Industry Dynamics - The global manufacturing PMI was 49.2% in May, up 0.1 percentage points from the previous month but below 50% for three consecutive months. The US manufacturing PMI continued to decline [6]. - In May, the average monthly working hours of China's construction machinery products decreased year - on - year and month - on - month. The monthly average working hours of excavators were 72.6 hours, and the monthly starting rate was 61% [7]. - On June 3, 2025, Brazil launched an anti - dumping investigation into hot - rolled coils imported from China [8]. Spot Market - The spot prices of rebar, hot - rolled coil, Tangshan billet, and Zhangjiagang heavy scrap are provided, along with the prices of 61.5% PB powder, Tangshan iron concentrate powder, freight, SGX swaps, and the Platts index [9]. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot - rolled coil, and iron ore are presented. The rebar contract closed at 2,975 with a 0.57% increase, the hot - rolled coil at 3,092 with a 0.55% increase, and the iron ore at 707.5 with a 0.86% increase [13]. Related Charts - Include charts of steel and iron ore inventories (rebar, hot - rolled coil, 45 - port iron ore, etc.), steel mill production (blast furnace start - up rate, capacity utilization rate, etc.) [15][20][29]. Market Outlook - Rebar: Supply and demand are both weakening. The weekly output decreased by 7.05 tons, and the weekly apparent demand decreased by 19.65 tons. The price is expected to oscillate at a low level, focusing on demand [39]. - Hot - rolled coil: The supply is increasing, with a weekly output increase of 9.20 tons, while the demand is weakly stable, with a weekly apparent demand decrease of 6.01 tons. The price is expected to oscillate and stabilize, paying attention to demand [40]. - Iron ore: The supply is under pressure, and the demand is expected to weaken. The price may oscillate strongly in the short term, focusing on the change in molten iron [41].