1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On Tuesday, the RB2510 contract declined with decreasing positions. Macroscopically, Zheng Shanjie encouraged enterprises to boost confidence, seize opportunities, and utilize both domestic and international markets and resources to contribute to expanding domestic demand and stabilizing employment. In terms of supply and demand, the weekly output of rebar continued to decline, and downstream buyers mainly purchased on - demand during the off - season, leading to a continuous increase in inventory. Overall, market sentiment cooled, the mainstream positions significantly reduced long positions, and futures prices were under pressure. The short - term market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2510 contract showed that DIFF and DEA tested the 0 - axis pressure, and the red bars shrank. The operation suggestion is short - term trading with attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,113.00 yuan/ton, down 25 yuan; the position volume was 1,308,206 lots, down 39,624 lots; the net position of the top 20 in the RB contract was - 112,560 lots, down 8,361 lots; the RB10 - 1 contract spread was - 72 yuan/ton, up 14 yuan; the RB warehouse receipt at the Shanghai Futures Exchange was 162,206 tons, unchanged; the HC2510 - RB2510 contract spread was 254 yuan/ton, up 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,320.00 yuan/ton, down 20 yuan; (actual weight) was 3,405 yuan/ton, down 21 yuan. In Guangzhou (theoretical weight), it was 3,320.00 yuan/ton, unchanged; in Tianjin (theoretical weight), it was 3,270.00 yuan/ton, down 10 yuan. The basis of the RB main contract was 207.00 yuan/ton, up 5 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 110.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 774.00 yuan/wet ton, down 7.00 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,590.00 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,300.00 yuan/ton, unchanged; the price of Q235 billet in Hebei was 3,020.00 yuan/ton, down 30.00 yuan. The iron ore inventory at 45 ports was 138.452 million tons, up 259,300 tons; the coke inventory of sample coking plants was 393,800 tons, up 3,300 tons [2] 3.4 Industry Situation - The coke inventory of sample steel mills was 6.0969 million tons, down 900 tons; the billet inventory in Tangshan was 1.1609 million tons, up 35,700 tons. The blast furnace operating rate of 247 steel mills was 83.34%, down 0.23%; the blast furnace capacity utilization rate was 90.27%, up 0.03%. The rebar output of sample steel mills was 2.1465 million tons, down 58,000 tons; the rebar capacity utilization rate was 47.05%, down 1.28%. The rebar inventory in sample steel mills was 1.7453 million tons, up 22,700 tons; the social rebar inventory in 35 cities was 4.3251 million tons, up 175,800 tons. The operating rate of independent electric arc furnace steel mills was 70.83%, down 1.05%. The monthly output of domestic crude steel was 79.66 million tons, down 3.53 million tons; the monthly output of Chinese rebar was 16.58 million tons, up 1.4 million tons; the monthly net export volume of steel was 9.39 million tons, up 180,000 tons [2] 3.5 Downstream Situation - The national real estate climate index was 93.34, down 0.25; the cumulative year - on - year growth rate of fixed - asset investment was 1.60%, down 1.20%; the cumulative year - on - year growth rate of real estate development investment was - 12.00%, down 0.80%; the cumulative year - on - year growth rate of infrastructure investment was 3.20%, down 1.40%. The cumulative value of housing construction area was 6.38731 billion square meters, down 54.1 million square meters; the cumulative value of new housing construction area was 352.06 million square meters, down 48.42 million square meters; the area of unsold commercial housing was 405.36 million square meters, up 2.85 million square meters [2] 3.6 Industry News - In mid - August, the average daily output of key steel enterprises' crude steel was 2.115 million tons, a 2.0% increase from the previous period; the inventory of steel products was 15.67 million tons, a 4.0% increase from the previous ten - day period. Zheng Shanjie chaired a symposium to solicit opinions and suggestions on expanding domestic demand and stabilizing employment during the 15th Five - Year Plan period, and encouraged enterprises to be confident and competitive [2]

Group 1 - The central government aims to establish a national carbon emissions trading market covering major industrial sectors by 2027, with a complete voluntary emissions reduction market by 2030 [1] - The People's Bank of China has adjusted the pricing mechanism for commercial personal housing loans in Shanghai, eliminating the distinction between first and second homes [2] - The National Development and Reform Commission is focusing on expanding domestic demand and stabilizing employment through policy measures and support for enterprises [2] Group 2 - Chipone Technology has set the initial inquiry transfer price at 105.21 yuan per share, representing a 33.4% discount from the closing price, with full subscription from 37 institutional investors [3] - Dongfeng Motor Group has acquired a 55% stake in Dongfeng Motor Co., changing the controlling shareholder to Dongfeng Investment [4] - Hunan Development plans to purchase 90% stakes in multiple hydropower assets for 1.512 billion yuan, constituting a major asset restructuring [5] Group 3 - Pudong Construction has announced a new investment in a company focused on intelligent computing infrastructure, although it has not yet made any financial contributions [6] - Jingsheng Technology is planning to acquire controlling interest in Beijing Weizhun Intelligent Technology, leading to a temporary suspension of its stock [6] - Feilu Co. will see a change in its actual controller to Yang Yixiao following a share transfer agreement [7] Group 4 - Changcheng Military Industry reported a 29.55% increase in revenue to 699 million yuan, with a net loss of 27.4 million yuan, showing improvement compared to the previous year [8] - Luxshare Precision achieved a 20.18% increase in revenue to 124.5 billion yuan, with a net profit of 6.644 billion yuan, up 23.13% year-on-year [9] - Tuowei Information reported a significant net profit increase of 2262.83% despite a 24.42% decline in revenue [10] Group 5 - Xinyisheng reported a 355.68% increase in net profit to 3.942 billion yuan, with revenue growth of 282.64% [11] - Huichuan Technology's revenue grew by 26.73% to 20.509 billion yuan, with a net profit increase of 40.15% [13] - Baogang Co. achieved a net profit of 151 million yuan, a 40% increase, despite an 11.02% decline in revenue [15] - Sunshine Power reported a 55.97% increase in net profit to 7.735 billion yuan, with a revenue increase of 40.34% [16] - Tianfu Communication's net profit grew by 37.46% to 899 million yuan, driven by demand in the AI and data center sectors [17]

Group 1 - The central government aims to have the national carbon emissions trading market cover major industrial sectors by 2027 [1] - Three departments issued a notice on financial support for the high-quality development of forestry [1] - The National Development and Reform Commission held a meeting to gather opinions on expanding domestic demand and stabilizing employment during the 14th Five-Year Plan period [1] Group 2 - Breakthrough achieved in the self-controllable key materials for high-end natural graphite [1] - Significant increase in inquiries for overseas properties [1] - The Hong Kong Monetary Authority officially launched optimized arrangements for offshore RMB bond repurchase business [1] Group 3 - Shanghai plans to enhance the cultivation of new agricultural social service entities [1] - Successful launch of low Earth orbit satellites for satellite internet [1]