1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The demand for rebar is recovering, but the cost support is weakening due to the callback of furnace materials, and the market is in a wait - and - see mood. It is recommended to trade the RB2605 contract in the range of 3080 - 3160, paying attention to rhythm and risk control [9] - The market may fall into range consolidation. It is recommended to sell out - of - the - money put and call options [60] 3. Summary According to Relevant Catalogs 3.1. Week - to - Week Summary 3.1.1. Market Review - As of March 27, the closing price of the rebar main contract was 3124 yuan/ton (+1), and the spot price of Zhongtian rebar in Hangzhou was 3260 yuan/ton (-10) [7] - Rebar production decreased to 197.87 tons (-5.46), year - on - year (-29.56) [7] - Apparent demand continued to increase to 225.37 tons (+17.28), year - on - year (-19.95) [7] - Both factory and social inventories decreased. The total rebar inventory was 861.91 tons (-27.5), year - on - year (+42.8) [7] - The steel mill profitability rate was 43.29%, a week - on - week increase of 0.87 percentage points and a year - on - year decrease of 10.39 percentage points [7] 3.1.2. Market Outlook - Macro aspect: Overseas, the US - Iran situation is tense; domestically, the market supervision department will strengthen anti - monopoly supervision. [9] - Cost aspect: The shipment and arrival volume of Australian and Brazilian iron ore increased, and the price of iron ore may be strong; coking coal may be range - bound [9] - Technical aspect: The RB2605 contract's rebound was blocked, with technical support around 3100 [9] 3.2. Futures and Spot Market 3.2.1. Futures Market - This week, the RB2605 contract was weak in oscillation, and it was stronger than the RB2610 contract. On the 27th, the spread was - 27 yuan/ton, a week - on - week increase of 1 yuan/ton [13] - On March 27, the rebar warehouse receipt volume on the Shanghai Futures Exchange was 99613 tons, a week - on - week increase of 33827 tons. The net short position of the top 20 holders of rebar futures contracts was 68624 lots, an increase of 12532 lots from the previous week [21] 3.2.2. Spot Market - On March 27, the spot price of Hangzhou's third - grade 20mm HRB400 rebar was 3260 yuan/ton, a week - on - week decrease of 10 yuan/ton; the national average price was 3329 yuan/ton, a week - on - week decrease of 4 yuan/ton [27] - This week, the spot price of rebar was weaker than the futures price. On the 27th, the basis was 136 yuan/ton, a week - on - week decrease of 21 yuan/ton [27] 3.3. Upstream Market 3.3.1. Iron Ore - On March 27, the price of 60.8% PB powder ore at Qingdao Port was 835 yuan/dry ton, a week - on - week decrease of 5 yuan/dry ton [31] - From March 16 - 22, 2026, the total arrival volume of 47 ports in China was 2383.1 tons, a week - on - week increase of 66.1 tons; the total arrival volume of 45 ports was 2271.6 tons, a week - on - week increase of 56.6 tons; the total arrival volume of six northern ports was 1050.4 tons, a week - on - week decrease of 179.8 tons [35] - As of March 27, the inventory of imported iron ore in 47 ports was 17666.83 tons, a week - on - week decrease of 147.35 tons; the daily average port clearance volume was 330.31 tons, a decrease of 5.61 tons [35] 3.3.2. Coke - On March 27, the spot price of first - grade metallurgical coke at Tianjin Port was 1560 yuan/ton, a week - on - week increase of 0 yuan/ton [31] - This week, the capacity utilization rate of coking plants increased to 73.70% (+0.87%); the daily average coke output was 51.41 tons (+0.65); the coke inventory was 49.78 tons (-2.67); the total coking coal inventory was 885.54 tons (+38.36); the available days of coking coal were 13.0 days (+0.4) [39] 3.4. Industry Situation 3.4.1. Supply Side - In January - February 2026, China's crude steel production was 16034 tons, a year - on - year decrease of 3.6%; the daily average crude steel production was 271.8 tons, a month - on - month increase of 23.6% [43] - On March 27, the blast furnace operating rate of 247 steel mills was 81.03%, a week - on - week increase of 1.25 percentage points and a year - on - year decrease of 1.08 percentage points; the blast furnace iron - making capacity utilization rate was 86.63%, a week - on - week increase of 1.10 percentage points and a year - on - year decrease of 2.45 percentage points; the daily average hot metal output was 231.09 tons, a week - on - week increase of 2.94 tons and a year - on - year decrease of 6.19 tons [48] - On March 26, the weekly rebar production of 139 building material production enterprises was 197.87 tons, a decrease of 5.46 tons from the previous week and a decrease of 29.56 tons from the same period last year [48] - On March 26, the weekly rebar capacity utilization rate of 139 building material production enterprises was 43.37%, a decrease of 1.2% from the previous week and a decrease of 6.48% from the same period last year [51] - This week, the average operating rate of 94 independent electric arc furnace steel mills was 68.82%, a week - on - week increase of 1.93 percentage points and a year - on - year decrease of 4.51 percentage points [51] - On March 26, the in - factory inventory of rebar in 137 building material production enterprises was 219.16 tons, a decrease of 17.04 tons from the previous week and an increase of 9.63 tons from the same period last year; the inventory of building steel in 35 major cities was 642.75 tons, a decrease of 10.46 tons from the previous week and an increase of 33.17 tons from the same period last year. The total rebar inventory was 861.91 tons, a week - on - week decrease of 27.5 tons and a year - on - year increase of 42.8 tons [54] 3.4.2. Demand Side - In January - February 2026, the national real estate development investment was 9612 billion yuan, a year - on - year decrease of 11.1%. The housing construction area was 535372 million square meters, a year - on - year decrease of 11.7%; the new housing construction area was 5084 million square meters, a decrease of 23.1%; the housing completion area was 6320 million square meters, a decrease of 27.9% [57] - In January - February 2026, the national fixed - asset investment (excluding rural households) was 52721 billion yuan, a year - on - year increase of 1.8%. Among them, private fixed - asset investment decreased by 2.6% year - on - year. From a month - on - month perspective, fixed - asset investment (excluding rural households) in February increased by 0.39% [57] 3.5. Options Market - Due to the weakening cost support and the recovery of apparent demand but lack of market confidence, the market may be range - bound. It is recommended to sell out - of - the - money put and call options [60]

Core Viewpoint - The special action for antitrust enforcement in the livelihood sector has made significant progress, focusing on key areas such as pharmaceuticals, public utilities, and platform economy to strengthen regulatory enforcement and maintain market competition [1] Group 1: Antitrust Enforcement Actions - The meeting highlighted the ongoing special action for antitrust enforcement, which has been actively promoted since its initiation [1] - Various local market regulatory departments, including those from Tianjin, Heilongjiang, Shanghai, Anhui, Guangxi, and Sichuan, shared their experiences and progress during the meeting [1] Group 2: Economic Development Focus - The emphasis is on accelerating the construction of a unified national market, addressing the concerns of the public and business entities [1] - Strengthening antitrust regulatory enforcement is seen as a means to maintain market competition order and support high-quality economic development [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On July 10, 2025, equity index futures rose while CGB futures fell; most commodities advanced, with metals and energy & chemicals leading the gains [2][9][11] - The top three gainers were poly - silicon, glass, and coking coal, while the top three decliners were rapeseed oil, eggs, and copper (BC) [9][10][11] - The report also provided analyses and outlooks for iron ore, ferrosilicon, and lithium carbonate [15][22][29] Summary According to the Directory 1. China Futures 1.1 Overview - On July 10, equity index futures rose, CGB futures fell, and most commodities advanced, with metals and energy & chemicals leading the gains [9][11] - Poly - silicon rose by 5.5% with open interest increasing by 1.5% month - on - month; glass climbed by 5.2% with open interest decreasing by 10.1% month - on - month; coking coal went up by 4.2% with open interest decreasing by 2.3% month - on - month [9][11] - Rapeseed oil dropped by 0.8% with open interest decreasing by 2.4% month - on - month; eggs fell by 0.7% with open interest decreasing by 7.5% month - on - month; copper (BC) declined by 0.5% with open interest decreasing by 1.8% month - on - month [10][11] 1.2 Daily Rise 1.2.1 Iron Ore - On July 10, iron ore increased by 3.7% to 763.5 yuan/ton. The demand is high, and fundamentals have no obvious contradiction. After the upward movement, the futures price reached an important resistance level, and the spot market is dominated by wait - and - see sentiment. Short - term price fluctuation is expected [15][17] - Overseas mines ended their end - of - quarter shipment rush this week, with shipments falling month - on - month. The arrival volume at 45 ports rebounded slightly but was lower than expected, and there may be a concentrated arrival in the next 1 - 2 weeks. Steel enterprises' profit rate has stabilized, and molten iron output remains at a high level year - on - year. Ports slightly destocked due to lower - than - expected arrival and high demand, and the overall supply - demand contradiction is not prominent [16][17] 1.2.2 Ferrosilicon - On July 10, ferrosilicon increased by 3.6% to 5576 yuan/ton. The current supply - demand relationship is relatively healthy, but there is a possibility of supply - demand gap filling in the future, increasing market destocking difficulty. The price upward driving force is insufficient, but due to industry losses and cost support, the futures market is expected to mainly fluctuate in the short term. Attention should be paid to electricity cost adjustment [22][24] - On the supply side, manufacturers' operating rate rebounded from a low level, and overall supply tends to increase. On the demand side, steel product output remains high, but there is an expectation of a slight decline in finished steel product output during the off - season. The support duration of steelmaking demand for ferrosilicon prices needs cautious consideration. Hebei Iron and Steel's July bidding started with a purchase volume of 2,700 tons, an increase of 500 tons month - on - month. Magnesium metal manufacturers have growing sentiment to support prices, but downstream acceptance of high - priced sources is still cautious [23][24] 1.3 Daily Drop 1.3.1 Lithium Carbonate - On July 10, lithium carbonate decreased by 0.4% to 64180 yuan/ton. Supply and demand remain in surplus, but short - term reduction in warehouse receipts supports the price, and the price is expected to fluctuate [29][31] - The market sentiment of "anti - involution" continues to ferment, and futures warehouse receipts are not high, so the price strengthened slightly in the short term. Weekly output decreased slightly month - on - month, domestic lithium ore output maintains growth, but imported lithium salts are expected to decline. From January to June, domestic cathode materials maintained growth. July is the traditional off - season, but demand production scheduling expectation is good, and leading enterprises also have signs of purchasing. Social inventory continues to accumulate, while warehouse receipt inventory has been continuously destocked recently. Policy changes are significant, with domestic anti - involution sentiment fermenting and the US "Big Beautiful Act" having a negative effect on demand [30][31] 2. China News 2.1 Macro News - The Ministry of Commerce has launched a special campaign to combat the smuggling and export of strategic minerals since May 2025 and reviews relevant export license applications in accordance with laws and regulations [34][35] - The General Office of the State Council issued the "Notice on Further Increasing Policy Support for Stabilizing Employment", proposing policy measures from 7 aspects to promote high - quality economic development [34][35] - The State Administration for Market Regulation emphasized strengthening fair competition review and intensifying anti - monopoly supervision and law enforcement on July 9, 2025 [34][35] - Starting from January 1, 2025, the basic pension levels for retirees who have gone through retirement procedures in accordance with regulations and receive monthly basic pensions by the end of 2024 will be increased by 2%, with the overall adjustment level being 2% of the monthly average basic pension of retirees in 2024 [34][35] 2.2 Industry News - Benzene futures and options will be listed for trading on Zhengzhou Commodity Exchange at 9:00 and 21:00 on July 22, 2025, respectively. The first batch of benzene futures contracts to be listed are PL2601, PL2602, PL2603, PL2604, PL2605, PL2606, and PL2607 [35]

The provided content does not contain any information related to quantitative models or factors. It primarily includes financial market updates, company performance summaries, and general economic news. No quantitative models, factors, or related analyses are discussed in the documents.