1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. The market logic is that some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting, which will cause a phased contraction of regional crude steel supply. The actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. The trading strategy is to continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Measures" to further reduce housing purchase restrictions. - On February 25, 2026, the Australian Anti-dumping Commission announced that the Australian Minister for Industry, Innovation and Science approved the final anti-dumping review recommendation on steel reinforcing bars with a diameter of 50 mm or less imported from China, and decided to levy anti-dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the floor price method from the date of the announcement. - On February 16, 2026, the Mexican Ministry of Economy announced that at the request of Mexican producer Ternium México, S.A. de C.V., it launched an anti-dumping investigation on cold-rolled coils originating from China, the United States, and Malaysia, and also launched a countervailing investigation on the products from the United States. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025. The涉案 products are cold-rolled coils with a thickness of less than 4.75 mm, unlimited width, uncoated or unplated, alloy or non-alloy, and unannealed or annealed. [1] 3.3 Market Logic - Some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting. The control is based on the principles of independent emission reduction and staggered production, focusing on key emission processes such as blast furnaces. The supply of crude steel in the region will be phased contracted, but the actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. [1] 3.4 Trading Strategy - Continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1]

Group 1: Hot News - Trump announced in his State of the Union address that he will bypass Supreme Court rulings and continue to impose tariffs through other legal means, and proposed to replace personal income tax with tariff revenue. He also expressed a preference for diplomatic solutions to the Iranian nuclear issue but will not allow Iran to possess nuclear weapons. However, there were inaccurate data and misleading views in his speech [2] - At the end of January, the national passenger car industry inventory was 3.57 million vehicles, a decrease of 80,000 vehicles month-on-month and an increase of 580,000 vehicles year-on-year. The inventory support for future sales days was 70 days, indicating relatively high inventory pressure [2] - The US Department of Commerce will impose countervailing duties on crystalline silicon solar cell components imported from India, Indonesia, and Laos, with subsidy rates of 125.87%, 104.38%, and 80.67% respectively [2] - Some steel mills in Tangshan have received notices of self - emission reduction during the Two Sessions from March 4th to March 11th, with a blast furnace load reduction of no less than 30%. It is expected that molten iron output will decline in early March [3] - Zimbabwe has suspended the export of lithium concentrates and raw ores to promote local processing business [3] Group 2: Plate Performance - Key focus: Urea, lithium carbonate, platinum, PVC, asphalt [4] - Night session performance: Non - metallic building materials rose 1.95%, precious metals rose 34.48%, oilseeds rose 7.77%, soft commodities rose 2.73%, non - ferrous metals rose 26.86%, coal - coke - steel - ore rose 9.75%, energy rose 2.60%, chemicals rose 10.19%, grains rose 1.12%, and agricultural and sideline products rose 2.55% [4] Group 3: Plate Position - The document shows the changes in the positions of commodity futures plates in the past five days [5] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index rose 0.72% daily, 0.71% monthly, and 4.49% annually; the S&P 500 rose 0.81% daily, 0.10% monthly, and 1.47% annually; the Hang Seng Index rose 0.66% daily, - 2.27% monthly, and 4.43% annually, etc. [6] - Fixed - income: 10 - year treasury bond futures fell 0.13% daily, rose 0.16% monthly, and rose 0.57% annually; 5 - year treasury bond futures fell 0.10% daily, rose 0.17% monthly, and rose 0.29% annually, etc. [6] - Commodity: The CRB commodity index rose 0.53% daily, - 2.70% monthly, and 4.24% annually; WTI crude oil rose 0.00% daily, 0.72% monthly, and 15.01% annually, etc. [6] - Others: The US dollar index fell 0.24% daily, rose 0.56% monthly, and fell 0.62% annually; the CBOE volatility index rose 0.00% daily, 12.10% monthly, and 30.77% annually [6]

Group 1 - North China steel companies have received a temporary self-reduction notice for emissions during the 2026 National Two Sessions, requiring a reduction in high furnace load by at least 30% from March 4 to March 11 [2][3] - The reduction measures focus on self-reduction and staggered production, targeting key emission processes such as high furnaces [2][3] - Companies are required to develop specific reduction execution plans based on their equipment, production, and raw material inventory, and submit these plans for record [2][3]