Report Summary 1. Report Industry Investment Rating - The report gives an "oscillating" rating for the iron ore in the black building materials industry [1] 2. Core Viewpoints - Iron ore prices are expected to oscillate. The pressure level for the main 2605 contract is 800, and the support level is 734 [1] 3. Summary by Related Catalog Market Review - Iron ore closed higher during the night session on Wednesday [1] Important Information - Beijing optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - Beijing household families, allowing multi - child families to buy an additional house within the Fifth Ring Road, and adjusting mortgage and provident fund loan policies [1] - In mid - December, the average daily output of crude steel from key steel enterprises was 1.845 million tons, a 1.3% decrease from the previous period. Steel inventory was 16.01 million tons, an 8.6% increase from the previous ten - day period and a 2.6% increase from the same period last month [1] - The US government announced on the 23rd that it will impose tariffs on Chinese chips in 2027, ending the trade investigation initiated by the previous Biden administration. However, it decided not to impose additional tariffs on Chinese chips for at least 18 months [1] - This year, the State Grid will complete fixed - asset investment exceeding 650 billion yuan, setting a new record [1] Market Logic - Last week, both the shipment and arrival of iron ore decreased. Mines may make concentrated shipments near the end of the month, which restricts the upward space of iron ore prices [1] Trading Strategy - Iron ore is expected to oscillate. The pressure level for the main 2605 contract is 800, and the support level is 734 [1]

Market Performance - On August 8, 2025, A-shares saw a collective decline with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.26%, and ChiNext Index down 0.38%. The North Stock 50 fell by 1.22%. The total trading volume in the Shanghai and Shenzhen markets was approximately 17102.27 billion yuan, a decrease of about 1152.63 billion yuan from the previous trading day [1] - Hong Kong stocks experienced fluctuations, with all three major indices dropping over 1% at one point. The Hang Seng Index closed down 0.89% or 222.81 points at 24858.82 points, with a total trading volume of 2067.2 billion HKD. The Hang Seng China Enterprises Index fell by 0.96%, and the Hang Seng Tech Index dropped by 1.56%. For the week, the Hang Seng Index rose by 1.43% [1] - U.S. stocks collectively rose on August 8, 2025, with the Nasdaq reaching a record high. The Dow Jones Industrial Average increased by 0.47% to 44175.61 points, the S&P 500 rose by 0.78% to 6389.45 points, and the Nasdaq Composite gained 0.98% to 21450.02 points, marking a second consecutive day of record closing [1] Economic Indicators - According to the National Bureau of Statistics, in July, the national consumer price index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4%. Urban prices were flat, while rural prices decreased by 0.3%. Food prices fell by 1.6%, while non-food prices rose by 0.3%. The average CPI from January to July decreased by 0.1% compared to the same period last year [4] - In July, the national CPI increased by 0.4% month-on-month, with urban areas rising by 0.4% and rural areas by 0.3%. Food prices decreased by 0.2%, while non-food prices increased by 0.5%. Consumer goods prices rose by 0.2%, and service prices increased by 0.6% [4] Real Estate Policy - Beijing has optimized its housing purchase policy, allowing eligible families to buy an unlimited number of properties outside the Fifth Ring Road starting August 9, 2025. This includes both new and second-hand properties [5] - The policy also enhances support for housing provident fund loans, increasing the loan limit from 100,000 yuan to 150,000 yuan for first-time buyers, and raising the maximum loan amount for second homes from 600,000 yuan to 1 million yuan. The minimum down payment ratio for second homes is now uniformly set at no less than 30%, without distinction between areas inside and outside the Fifth Ring Road [5]