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].

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 6 月 6 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿震荡回升 核心观点 螺纹钢：主力期价震荡回升，录得 0.57%日涨幅，量增仓缩。现阶段， 螺纹钢供应持续收缩，但需求同样走弱，供需双弱局面基本面未见好 转，钢价继续承压运行，相对利好则是库存低位，现实端矛盾不大，预 期现实博弈下预计螺纹价格延续低位震荡运行态势，重点关注需求表现 情况。 热轧卷板：主力期价震荡运行，录得 0.55%日涨幅，量稳仓增。目前来 看，热卷供应持续回升，而需求弱稳运行，供强需弱局面下热卷基本面 有所走弱，库存开始增加，热卷继续承压，相对利好则是中美贸易风险 暂缓，市场情绪回暖，短期乐观情绪主导下预计热卷价格震荡企稳，关 注需求表现情况。 铁矿石：主力期价震荡走高，录得 0.86%日涨幅，量仓扩大。现阶 段，铁矿石供需格局变化不大，需求维持高位但存走弱预期，利好效应 不强，相反财年末矿商发运积极，供应压力偏大，供强需弱局面矿石基 本面将走弱，矿价承压运行，相对利好则是期价深度贴水，且市场情绪 回暖，修贴水逻辑支撑下下行阻力较大， ...

投资咨询业务资格：证监许可【2011】1778 号 核心观点 螺纹钢：主力期价低位回升，录得 0.47%日涨幅，量增仓缩。现阶段， 螺纹钢供需格局变化不大，周产量环比虽有所下降，但供应仍是年内高 位；周度表需小幅增加，高频成交则是低位运行，需求表现平稳，但季 节性走弱预期未退，螺纹基本面并未好转，钢价继续承压运行，相对利 好的是库存低位，多空因素博弈下预计钢价延续弱势寻底态势，关注需 求表现情况。 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 钢材&铁矿石 | 日报 2025 年 5 月 29 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿震荡企稳 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 热轧卷板：主力期价低位震荡，录得 0.32%日涨幅，量仓扩大。目前 ...

Group 1: Investment Ratings - There is no information about the industry investment rating in the provided reports. Group 2: Core Views - For the steel market, risk preference has generally strengthened. On Wednesday, futures prices opened low and closed high, with some under - performing furnace material varieties making up for losses. Spot trading volume increased compared to Tuesday, and steel inventory and apparent demand data improved but did not return to pre - May Day levels. After the long - holiday impact, steel union's apparent demand data may rise this week, but inventory changes are more important. The medium - term cost loosening and supply - demand relaxation in the industry remain unchanged. Tariff war easing may boost market sentiment, but the supply - demand structure in May may be weaker than in April, and there is a risk of price decline after the market sentiment fades [6]. - In the coking coal and coke market, there is an expectation of "grabbing exports" during the tariff suspension period, causing commodities to strengthen. However, the first round of coke price cuts is expected to be implemented soon, coal mines are accumulating inventory, and coking coal prices are falling. Although the futures market rebounded on Wednesday, the spot market is still weak. It is recommended to take a short - selling approach on single - side trading and consider JM9 - 1 calendar spread arbitrage [6]. - Regarding ferroalloys, in the silicon - iron market, some manufacturers in Ningxia have stopped production, which may lead to a tight supply - demand situation. In the manganese - silicon market, the area of production cuts has expanded, and the cost has a certain loosening expectation. The rebound of silicon - iron may continue strongly, while the rebound of manganese - silicon may slow down in the short term [6]. - For iron ore, the rebound driven by improved macro - sentiment provides a good cost basis. Considering the high comprehensive tariff and the end of the peak season, the market needs to consider the situation of steel apparent demand peaking and inventory under high hot - metal production. Without considering production restrictions, iron ore will remain in a volatile state in May. After May, if the steel fundamentals weaken, it is more likely that steel products will be weaker than iron ore [6]. Group 3: Summary by Related Catalogs Futures Market - **Prices and Changes**: On May 14, for far - month contracts, RB2601 closed at 3155 yuan/ton with a 48 - yuan increase (1.54% increase), HC2601 at 3283 yuan/ton with a 46 - yuan increase (1.42% increase), etc. For near - month contracts, RB2510 closed at 3127 yuan/ton with a 38 - yuan increase (1.23% increase), HC2510 at 3267 yuan/ton with a 41 - yuan increase (1.27% increase), etc. [2] - **Spreads**: The cross - month spreads such as RB2510 - 2601 was - 28 yuan/ton on May 14 with a 5 - yuan decrease. The spreads/price ratios/profits like the coil - to - rebar spread was 140 yuan/ton on May 14 with a 4 - yuan increase [2]. Spot Market - **Prices and Changes**: On May 14, Shanghai rebar was priced at 3270 yuan/ton with a 30 - yuan increase, Shanghai hot - rolled coil at 3340 yuan/ton with a 90 - yuan increase, etc. [2] - **Basis**: On May 14, the basis of HC (hot - rolled coil) was 73 yuan/ton with a 38 - yuan increase, the basis of RB (rebar) was 143 yuan/ton with an 18 - yuan decrease, etc. [2]

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 5 月 14 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪偏暖，钢矿强势上行 核心观点 螺纹钢：主力期价震荡走高，录得 1.23%日涨幅，量增仓缩。现阶段， 螺纹钢供应收缩难持续，且主要下游行业未好转，需求易季节性走弱， 基本面并未实质性改善，钢价继续承压，相对利好则是市场情绪偏暖， 短期走势维持震荡回升，关注需求表现情况。 热轧卷板：主力期价偏强运行，录得 1.27%日涨幅，量增仓缩。目前来 看，热卷供应高位运行，压力相对偏大，而需求有所走弱，供强需弱局 面下基本面表现偏弱，热卷价格继续承压，相对利好则是海外风险暂 缓，市场情绪回暖，预期修复局面下短期热卷价格偏强震荡，关注需求 表现情况。 铁矿石：主力期价持续上行，录得 2.43%日涨幅，量仓扩大。现阶 段，得益于市场情绪回暖，贴水修复逻辑支撑下矿价强势上涨，短期维 持偏强运行态势，但矿石需求趋于触顶，且供应维持高位，基本面仍易 转弱，上行驱动不强，高位谨慎看涨，谨防逻辑切换至现实端。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格 ...