Market Overview - The three major indices in the A-share market experienced a decline, with the Shanghai Composite Index closing at 3380.19 points, down 0.22% [3] - The Shenzhen Component Index closed at 10219.62 points, down 0.72%, and the ChiNext Index closed at 2045.57 points, down 0.96% [3] - Among the Shenwan first-level industries, only banking, media, and household appliances saw gains, with increases of 1.00%, 0.12%, and 0.04% respectively [3] - A total of 882 stocks rose while 4261 stocks fell [3] Fiscal Data Insights - Recent fiscal data for January to April indicates a continuation of improvement in both total and structural aspects, showing signs of income recovery and optimized expenditure [1] - Government debt issuance has accelerated fiscal spending, particularly in infrastructure-related expenditures, which has supported the economy [1] - April saw a marginal improvement in fiscal revenue compared to the first quarter, with tax and non-tax revenue structures moving towards balance, and land revenue showing signs of recovery [1] - Overall, the improvement in fiscal revenue and expenditure is expected to stabilize the economic fundamentals amid external challenges, potentially boosting domestic consumption [1] Policy Measures for SMEs - A new set of measures to support financing for small and micro enterprises has been jointly issued by several regulatory bodies, aiming to improve the financing environment for these businesses [2] - The measures include encouraging eligible small and micro enterprises to list on the New Third Board and facilitating their transition to the Beijing Stock Exchange [2] - The policy is expected to alleviate liquidity pressures for small businesses in the short term and promote the development of innovative SMEs in the long term, thereby optimizing the economic structure [2] Trade Relations - The completion of the China-ASEAN Free Trade Area 3.0 negotiations was announced, which includes new chapters on digital economy, green economy, and supply chain connectivity among others [2] - This development is seen as a significant step towards expanding mutual openness and enhancing regional economic integration between China and ASEAN [2] - The 3.0 version is prioritized in bilateral economic cooperation and is expected to strengthen the institutional framework for trade between the two regions [2]

Report Summary 1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core Viewpoints - In the medium to long - term, the capital market is expected to rise steadily under the suspension of Sino - US tariff policies and domestic policy support, but there is short - term pressure as the market enters a densely traded area. It is recommended to maintain long positions with a medium - to - low position. The long - term performance of IH and IM is favored [8]. - In terms of market style, the long - term science and technology narrative logic remains, and high - growth technology stocks and dividend sectors may be more advantageous [8]. 3. Summary by Sections 3.1. Market Review and Future Outlook - **Market Review**: On May 21, 2025, the Wind All - A Index rose 0.08% with over 60% of stocks falling. Among index spot, CSI 300 and SSE 50 rose 0.47% and 0.43% respectively, while CSI 500 rose 0.18% and CSI 1000 fell 0.23%. In index futures, IF, IH, and IC rose 0.41%, 0.49%, and 0.08% respectively, and IM fell 0.31%. Coal, non - ferrous metals, and power equipment sectors led the gains, while media, electronics, and beauty care sectors led the losses [6]. - **Future Outlook**: Overseas, US Treasury yields are likely to rise further, and the US dollar index has declined. Domestically, the Q1 economic data was good, and the Q2 macro - economy may perform better than expected. The capital market is expected to rise steadily in the medium to long - term, but there is short - term pressure. High - growth technology stocks and dividend sectors may be more advantageous, and the long - term performance of IH and IM is promising [7][8]. 3.2. Data Overview - The report provides various data charts including domestic major index performance, market style performance, industry sector performance, trading volume of Wind All - A, index spot, index futures, and related basis and spread trends, with data sourced from Wind and the Research and Development Department of CCB Futures [9][14][18]. 3.3. Industry News - The People's Bank of China will implement a moderately loose monetary policy to support the real economy [25]. - China opposes EU's unilateral sanctions on Chinese companies and will safeguard its legitimate rights [26]. - China and ASEAN have completed the negotiation of the 3.0 version of the China - ASEAN Free Trade Area, which will promote regional and global trade [28]. - There are signs that Israel may attack Iranian nuclear facilities according to US intelligence [28].

螺纹钢产业链日报 2025/5/21 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) +3↑ RB主力合约持仓量(手) | 3,061.00 | | 2169396 | +9067↑ | | | RB合约前20名净持仓(手) +14294↑ RB10-1合约价差(元/吨) | -87879 | | -24 | +1↑ | | | RB上期所仓单日报(日，吨) | 44087 | -7538↓ HC2510-RB2510合约价差(元/吨) | 15 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On Wednesday, the HC2510 contract fluctuated and trended stronger. The NDRC has accelerated the introduction of measures to stabilize employment and the economy and promote high - quality development, with most policies to be implemented by the end of June. The weekly hot - rolled coil output decreased by 84,000 tons, the capacity utilization rate remained around 80%, the factory and social inventories both decreased, the total inventory decreased by 175,500 tons, and the apparent demand increased by 200,000 tons. Overall, the terminal demand for hot - rolled coils has strong resilience, but there is a lack of confidence in the long - term, and the market may fluctuate. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are below the 0 axis. It is recommended to conduct intraday short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,211 yuan/ton, up 9 yuan; the trading volume was 1,349,258 lots, down 1,615 lots; the net position of the top 20 in the HC contract was 53,291 lots, up 8,355 lots; the HC10 - 1 contract spread was - 12 yuan/ton, up 1 yuan; the HC2510 - RB2510 contract spread was 150 yuan/ton, up 6 yuan; the HC main contract basis was 69 yuan/ton, down 9 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,280 yuan/ton, unchanged; in Guangzhou was 3,350 yuan/ton, unchanged; in Wuhan was 3,300 yuan/ton, unchanged; in Tianjin was 3,200 yuan/ton, unchanged; the Hangzhou hot - rolled coil - rebar spread was 80 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 764 yuan/wet ton, up 1 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,450 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,240 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,930 yuan/ton, unchanged. The domestic iron ore port inventory was 141.6609 million tons, down 726,200 tons; the coke inventory of sample coking plants was 652,500 tons, up 41,000 tons; the coke inventory of sample steel mills was 6.6352 million tons, down 72,300 tons; the Hebei billet inventory was 745,100 tons, down 79,800 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 84.13%, down 0.51 percentage points; the blast furnace capacity utilization rate was 91.74%, down 0.37 percentage points. The weekly output of hot - rolled coils of sample steel mills was 3.1198 million tons, down 84,000 tons; the capacity utilization rate of hot - rolled coils was 79.69%, down 2.15 percentage points; the factory inventory of hot - rolled coils of sample steel mills was 782,200 tons, down 65,800 tons; the social inventory of hot - rolled coils in 33 cities was 2.6935 million tons, down 109,700 tons. The monthly domestic crude steel output was 86.02 million tons, down 6.82 million tons; the monthly net steel export volume was 994,000 tons, down 2,000 tons [2] 3.5 Downstream Situation - The monthly automobile output was 2.6188 million vehicles, down 387,100 vehicles; the monthly automobile sales were 2.5896 million vehicles, down 325,900 vehicles; the monthly air - conditioner output was 30.833 million units, down 2.8789 million units; the monthly household refrigerator output was 8.179 million units, down 1.2045 million units; the monthly household washing machine output was 9.651 million units, down 1.3512 million units [2] 3.6 Industry News - The China - ASEAN Economic and Trade Ministers' Special Meeting was held online on May 20, and both sides announced the completion of the negotiation of the China - ASEAN Free Trade Area 3.0. From May 1 - 18, the retail sales of the national passenger car market were 932,000 vehicles, a year - on - year increase of 12% compared with the same period in May last year and a month - on - month increase of 18%, with a cumulative retail sales of 7.804 million vehicles this year, a year - on - year increase of 8%; the wholesale volume of national passenger car manufacturers was 858,000 vehicles, a year - on - year increase of 18% compared with the same period in May last year and a month - on - month decrease of 2%, with a cumulative wholesale volume of 9.326 million vehicles this year, a year - on - year increase of 12% [2] 3.7 Key Points of Attention - The weekly output, factory inventory, and social inventory of hot - rolled coils on Thursday [2]

Core Points - The China-ASEAN Free Trade Area 3.0 negotiations have been fully completed, aiming to create an inclusive, modern, comprehensive, and mutually beneficial free trade agreement [1] - The 3.0 version includes nine new chapters focusing on digital economy, green economy, supply chain connectivity, standards and technical regulations, customs procedures and trade facilitation, sanitary and phytosanitary measures, competition and consumer protection, small and medium-sized enterprises, and economic and technological cooperation [1] - This agreement is expected to promote deeper regional economic integration and enhance the integration of production and supply chains between China and ASEAN countries [1] - The next step involves both parties actively advancing their domestic signing and approval processes, with the goal of officially signing the upgraded protocol by the end of the year [1]

中国与东盟十国全面完成中国—东盟自贸区3.0版谈判 金十数据5月21日讯，5月20日，中国—东盟经贸部长特别会议以线上方式举行，双方经贸部长共同宣布 全面完成中国—东盟自贸区3.0版谈判。3.0版谈判于2022年11月启动，历经近两年时间、9轮正式谈判， 于2024年10月实质性结束。在各国经贸部长全力协调和共同推动下，双方全面完成谈判，向签署升级议 定书的目标又迈出关键一步。 相关链接 ...

Group 1 - The total import and export value of Shanghai to ASEAN reached 143.52 billion yuan in the first quarter, with a year-on-year growth of 7.1% [1] - Shanghai Jingrong Technology Co., Ltd. achieved an export order growth rate of over 10% through continuous transformation in smart, digital, and green practices [1] - The customs authority simplified the certificate of origin process for Shanghai Jingrong, reducing time and labor costs for the company [1] Group 2 - A direct shipping route from Shanghai Port to Cambodia's Kampot Port was opened, successfully delivering nearly 10,000 tons of equipment and vehicles within the first month [2] - The direct route reduces maritime transport time by 50%, taking only 8 days to complete the journey [2] - This new shipping line enhances trade cooperation between China and Cambodia, contributing to regional supply chain stability [2]