Group 1 - The core point of the article is the appointment of Zhang Jianmin as the Deputy Director of the National Data Bureau, which is part of the restructuring of the bureau's leadership [1] - The National Data Bureau was officially established on October 25, 2023, and is managed by the National Development and Reform Commission, focusing on data resource integration and the development of digital economy and society [1] - The leadership structure of the National Data Bureau now consists of one director and four deputy directors, with Liu Liehong as the director and Zhang Jianmin among the deputy directors [1] Group 2 - The National Data Work Conference held on December 29-30, 2025, emphasized the importance of facilitating data flow and resource allocation to enhance the data market and promote economic development [2] - The conference outlined eight key tasks for 2026, including the integration of data technology innovation with industry innovation and the promotion of digital industry clusters [2] - Six special actions were proposed to enhance data's role in artificial intelligence development, focusing on foundational expansion, application empowerment, quality improvement, management services, value release, and annotation challenges [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On Monday, the RB2605 contract saw increasing positions and a downward trend. In the macro - aspect, the National Data Work Conference was held in Beijing, stating that 2026 is the "Year of Data Element Value Release", aiming to smooth data flow and resource allocation channels and activate data market supply and demand. In terms of supply - demand, the weekly output of rebar slightly increased with a capacity utilization rate of 40.42%; the apparent demand declined, and inventory continued to be depleted. Overall, in the off - season of consumption, rebar production is at a low level, terminal demand decreases, resulting in a situation of weak supply and demand, and the mainstream positions reduced long positions and increased short positions. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are moving downward with an expanding green column. The reference view is that the market is oscillating weakly, and risk control should be noted [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract is 3,104.00 yuan/ton, down 18 yuan; the position volume is 1,548,351 lots, up 43,067 lots; the net position of the top 20 in the RB contract is - 22,812 lots, down 24,902 lots; the RB5 - 10 contract spread is - 42 yuan/ton, down 2 yuan; the RB warehouse receipt at the Shanghai Futures Exchange is 78,444 tons, unchanged; the HC2605 - RB2605 contract spread is 144 yuan/ton, down 4 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,320.00 yuan/ton, down 10 yuan; (actual weight) is 3,405 yuan/ton, down 10 yuan. The price in Guangzhou (theoretical weight) is 3,510.00 yuan/ton, unchanged; in Tianjin (theoretical weight) is 3,170.00 yuan/ton, unchanged. The basis of the RB main contract is 216.00 yuan/ton, up 8 yuan; the spot price difference between hot - rolled coil and rebar in Hangzhou is - 30.00 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 809.00 yuan/wet ton, up 9.00 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,540.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,160.00 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,930.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 158.6194 million tons, up 3.538 million tons; the inventory of coke at sample coking plants is 486,000 tons, down 13,700 tons; the inventory of coke at sample steel mills is 6.4383 million tons, up 14,300 tons; the inventory of billets in Tangshan is 1.2661 million tons, up 86,000 tons. The blast furnace operating rate of 247 steel mills is 78.96%, up 0.66 percentage points; the blast furnace capacity utilization rate is 85.28%, up 0.32 percentage points [2]. 3.4 Industry Situation - The weekly output of rebar at sample steel mills is 1.8439 million tons, up 27,100 tons; the capacity utilization rate is 40.42%, up 0.59 percentage points. The inventory at sample steel mills is 1.4006 million tons, up 5,200 tons; the social inventory of rebar in 35 cities is 2.9419 million tons, down 188,100 tons. The operating rate of independent electric arc furnace steel mills is 69.79%, up 2.08 percentage points. The monthly output of domestic crude steel is 69.87 million tons, down 2.13 million tons; the monthly output of Chinese rebar is 14.34 million tons, up 590,000 tons; the net export volume of steel is 9.48 million tons, up 200,000 tons [2]. 3.5 Downstream Situation - The national real - estate climate index is 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment is - 2.60%, down 0.90 percentage points; the cumulative year - on - year growth rate of real - estate development investment is - 15.90%, down 1.20 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment is - 1.10%, down 1.00 percentage points. The cumulative value of housing construction area is 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area is 534.57 million square meters, down 43.95 million square meters; the unsold area of commercial housing is 393.61 million square meters, up 2.84 million square meters [2]. 3.6 Industry News - Mysteel's survey shows that the blast furnace operating rate of 247 steel mills is 78.94%, up 0.62 percentage points from last week and 0.84 percentage points from last year; the blast furnace iron - making capacity utilization rate is 85.26%, up 0.32 percentage points from last week and 0.71 percentage points from last year; the daily average pig iron output is 2.2743 million tons, up 0.85 million tons from last week and 2.23 million tons from last year. Guizhou has introduced 18 measures to expand private investment, planning that by 2027, the growth rate of private investment in Guizhou Province will be higher than that of all fixed - asset investment, and the proportion of private investment in fixed - asset investment will strive to reach about 42% [2].