Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Steel Products**: In the consumption off - season, the supply and demand of steel products are both weak, and the inventory pressure remains high, but the market's expectation for policy support has increased. The steel price may form an upward breakthrough, and attention should be paid to the trend of the 05 contract [2]. - **Iron Ore**: The decline in iron - making water production by steel mills suppresses the raw material price, and the increase in port inventory also suppresses the futures price. However, policy support exists. The 01 contract price has broken through the middle track of the Bollinger Bands, and the price is still in a wide - range oscillation at a relatively high level [5]. 3. Summary by Directory **I. Thread and Hot - Rolled Coil** - **Supply and Demand**: Last week, the output of thread decreased, while that of hot - rolled coil increased. The overall output of the five major varieties increased, and the overall inventory continued to decline. The inventory pressure of hot - rolled coil is greater than that of thread. This week, the apparent demand has moderately declined. Due to the significant decline in steel mill profits and the end of the consumption peak, steel mills may cut production more than the normal seasonal scale, which may trigger a negative feedback cycle. Recently, the prices of coking coal and coke have weakened, and the cost support for steel has decreased [2]. - **Technical Analysis**: On the daily K - line chart, the futures price has oscillated upwards at a low level, reaching a one - month high, and may form an upward breakthrough. Attention should be paid to the 05 contract [2]. - **Operation Suggestion**: Maintain a wait - and - see attitude, do not chase rising or falling, and wait patiently to go long after a full adjustment [2]. - **Data Summary**: - **Price**: The closing prices of thread and hot - rolled coil futures and spot prices have increased to varying degrees compared with the previous day and week [3]. - **Production**: The output of thread decreased by 0.90% week - on - week, while that of hot - rolled coil increased by 0.95% week - on - week. The production of electric - arc furnace steel mills increased significantly [3]. - **Inventory**: The overall inventory of the five major varieties decreased by 2.15% week - on - week, with thread inventory down 3.82% and hot - rolled coil inventory down 0.37% [3]. - **Apparent Demand**: The apparent demand for the five major varieties decreased by 0.69% week - on - week [3]. **II. Iron Ore** - **Supply and Demand**: Last week, the iron - making water production of sample steel mills decreased significantly. With the arrival of the consumption off - season, iron - making water production is expected to continue to decline seasonally, which will suppress the raw material price. The global iron ore shipment has rebounded from a high, and the port inventory is rising, which also suppresses the futures price. However, policy support exists [5]. - **Technical Analysis**: The 01 contract price has broken through the middle track of the Bollinger Bands, but overall, it has not escaped the wide - range oscillation at a relatively high level [5]. - **Operation Suggestion**: Maintain a wait - and - see attitude, and wait patiently to enter the market and go long for the medium - term after the price correction [5]. - **Data Summary**: - **Price**: The settlement prices of iron ore futures and spot prices have changed to varying degrees compared with the previous day and week [5]. - **Supply**: Australian iron ore shipments decreased by 1.37% week - on - week, while Brazilian shipments increased by 15.50% week - on - week [5]. - **Inventory**: The port inventory increased by 1.03% week - on - week [5]. **III. Industry News** - From November 24th to November 30th, the global iron ore shipment volume was 3323.2 million tons, a week - on - week increase of 44.7 million tons. The shipment volume from Australia and Brazil was 2765.8 million tons, a week - on - week increase of 128.4 million tons [7]. - On November 28, 2025, the China Iron and Steel Association held a symposium on the development of domestic iron ore resources, emphasizing that domestic mining enterprises should accelerate key iron ore projects [7]. - From November 24th to November 30th, the arrival volume of iron ore at 47 ports in China was 2784.0 million tons, a week - on - week decrease of 155.5 million tons; the arrival volume at 45 ports was 2699.3 million tons, a week - on - week decrease of 117.8 million tons; the arrival volume at six northern ports was 1463.2 million tons, a week - on - week increase of 24.9 million tons [7].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The short - term view of the stock index is oscillating strongly, and the medium - term view is oscillating. Policy expectations support the stock index. Once there is a clear signal of policy benefits, the stock index may break through and rise [1][5] Group 3: Summary According to Relevant Catalogs 1. Variety View Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillating, the medium - term view is oscillating, the intraday view is oscillating strongly, and the overall view reference is oscillating strongly, with the core logic being the increasing expectation of the policy side [1] 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view is oscillating strongly, and the medium - term view is oscillating. The reference view is oscillating strongly. The core logic is that the stock index rose comprehensively yesterday. The stock market trading volume was 1364.4 billion yuan, 171.4 billion yuan more than the previous day. This was due to the stable external news during the holiday, the return of funds to the stock market, the good high - frequency data of travel during the holiday, the high possibility of macro - economic recovery, the continuous allocation of A - shares by funds like Central Huijin, the weakening of the manufacturing PMI in April indicating increasing policy measures for stable growth, and the stock index being at the position of the gap in early April, which will oscillate around the current point. Policy expectations support the stock index, and it will be oscillating strongly in the short term [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The overall view for the financial futures stock index sector is that the index futures are expected to operate with a bias towards strength in an oscillatory manner. The short - term view for IH2506 is oscillatory, the medium - term view is oscillatory, and the intraday view is oscillatory with a bias towards strength, with an overall view of range - bound oscillation. For IF, IH, IC, and IM, the intraday view is oscillatory with a bias towards strength, and the medium - term view is oscillatory [1][4]. - The core logic is that the 4 - month manufacturing PMI released last Wednesday was 49.0%, down 1.5 percentage points from the previous month, indicating that external demand decline has disturbed the macro - economy. The policy expectation is expected to heat up after the May Day holiday, and the market's cautious sentiment will fade, with trading volume in the stock market expected to pick up. It is expected that the index futures will break through the gap in early April and continue to rebound [4]. 3) Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2506, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory with a bias towards strength, and the overall view is range - bound oscillation. The core logic is the co - existence of positive policy expectations and external uncertainties [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for IF, IH, IC, and IM is oscillatory with a bias towards strength, and the medium - term view is oscillatory, with an overall view of range - bound oscillation. The 4 - month manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating external demand decline disturbing the macro - economy. Policy expectation is expected to heat up after the May Day holiday, and market sentiment is expected to recover, with index futures expected to operate with a bias towards strength in an oscillatory manner [4].