Report Summary 1. Industry Investment Rating - The investment rating for the steel and ore industry is "Oscillating, Slightly Bullish" [1] 2. Core Viewpoints - The steel and ore market is expected to oscillate. For specific varieties, the support and pressure levels are as follows: the support level for rebar is 3000, and the pressure level is 3200; for hot - rolled coils, the support level is 3180, and the pressure level is 3350; for iron ore, the support level is 750, and the pressure level is 840 [1] 3. Summary by Directory 3.1 Market Review - On Wednesday, rebar and hot - rolled coils rose first and then fell. Both steel and ore closed down at night [1] 3.2 Important News - The National Development and Reform Commission has launched a new batch of 13 landmark major foreign - funded projects with a planned investment of $13.4 billion, focusing on manufacturing and increasing support for the service industry [1] - In January - February 2026, China's cumulative steel exports were 15.591 million tons, a year - on - year decrease of 8.1%; cumulative steel imports were 0.827 million tons, a year - on - year decrease of 21.7%; cumulative imports of iron ore and its concentrates were 210.023 million tons, a year - on - year increase of 10.0%; cumulative imports of coal and lignite were 77.222 million tons, a year - on - year increase of 1.5% [1] - In February 2026, China's steel plate exports were 4.63 million tons, a year - on - year decrease of 12.6%; cumulative exports from January - February were 9.33 million tons, a year - on - year decrease of 14.5%. In February, China's steel bar exports were 1.19 million tons, a year - on - year decrease of 7.7%; cumulative exports from January - February were 2.32 million tons, a year - on - year decrease of 5.9% [1] - Iran's largest natural gas field and some petrochemical facilities were attacked by the US and Israel, and Iran vowed to retaliate by attacking oil facilities in three Middle - Eastern countries. Qatar reported that an Iranian missile hit a natural gas hub, causing serious damage, and Iran also attacked a US - exclusive area of a refinery in Riyadh, causing a fire [1] - The Federal Reserve announced that it would maintain the federal funds rate target range between 3.5% and 3.75%, holding steady for the second consecutive time, in line with market expectations [1] 3.3 Market Logic - On the 18th, the market prices of mainstream imported iron ore varieties at Qingdao Port remained stable. For example, 60.8% PB powder was 794 (unchanged), Super Special powder was 675 (unchanged), 61.6% PB lump was 905 (unchanged), Carajas powder was 953 (unchanged), and SPGF mixed powder was 764 (unchanged) [1] - On the 17th, Shanghai Zhongtian rebar was 3260, up 10; Shanghai Angang/Benxi hot - rolled coils were 3310, up 20 [1] - On the 18th, the spot market for port coke remained stable. The trading atmosphere in the domestic spot market was average. The volume of trade shipments at the two ports was stable compared to the previous working day, and the total inventory at the two ports was stable compared to the previous working day. Rizhao Port had 43 (unchanged), Qingdao Port had 69 (unchanged), and the total inventory was 112, a decrease of 2.3 compared to last week [1] 3.4 Trading Strategies - Unilateral trading: Gradually reduce long positions in steel and ore [1] - Arbitrage trading: Continue to hold the strategy of going long on the spread between hot - rolled coils and rebar. As of the night session on Wednesday, the spread was 173. It is recommended to raise the stop - loss level to a spread of 130 and set the take - profit level at around 200 [2] - For the ratio of rebar to iron ore, which was 3.87, it is recommended to opportunistically go long on the ratio (go long on rebar and short on iron ore), with the target of raising the ratio above 4. At the same time, pay attention to the possible impact of the later main contract roll - over [2]

Core Viewpoint - Beijing's key engineering plan for 2026 was officially released, focusing on 300 major projects across technology innovation, infrastructure, and public welfare, with total investments exceeding 300 billion yuan for the year [1][2]. Group 1: Technology Innovation and Modern Industry - The plan includes 100 major technology innovation and modern industry projects, with an investment of 142.8 billion yuan, aimed at enhancing technological self-reliance [1]. - Notable projects include the Beijing Institute of Technology innovation platform cluster laboratory and the Beijing (Pinggu) Agricultural Microbiology International Innovation Research Institute [1]. - Additionally, 50 emerging and future industry projects are included, such as the AI Innovation Street and the Sanofi biopharmaceutical raw material industrialization project [1]. Group 2: Infrastructure - The 100 major infrastructure projects will receive an investment of 67.4 billion yuan, covering railways, subways, highways, and urban roads [3]. - Key initiatives include the addition of stations on the Yizhuang Line and Line 15, as well as the construction of a suburban railway network [3]. - The plan also includes 12 highway projects and 21 urban road projects, aimed at improving transportation efficiency [3]. Group 3: Public Welfare Improvement - The 100 major public welfare improvement projects are set to receive an investment of 102.7 billion yuan, focusing on housing, education, healthcare, and cultural projects [4][5]. - There are 35 education projects aimed at optimizing resource allocation, including new constructions and expansions of schools [4]. - Healthcare projects include the construction of new hospital facilities, such as the Xuanwu Hospital's Fangshan branch and the Tongren Hospital's Yizhuang branch [5]. Group 4: Future Project Planning - The plan includes a reserve of 200 major projects expected to be implemented in subsequent years, with efforts to advance some projects to start in 2026 [5]. - The city aims to enhance project management and ensure timely commencement of new projects while increasing the intensity of ongoing projects [5].

Core Viewpoint - Hailing District has been accelerating its development through the integration of modern service industries and advanced manufacturing, aiming for high-quality, diversified, and specialized service sectors to drive economic growth and optimize industrial structure [1][2]. Group 1: Economic Contribution and Service Sector Growth - Since the beginning of the 14th Five-Year Plan, the service sector in Hailing District has shown significant growth, with a projected service sector added value of 53.425 billion yuan in 2024, accounting for 63.8% of GDP, an increase of 6.9 percentage points from 2020 [2]. - Emerging service sectors have also seen growth, with leasing and business services making up 8.3%, scientific research and technical services at 5.1%, and information transmission at 4.5%, reflecting increases of 2.9, 2.5, and 0.1 percentage points respectively since 2020 [2]. - In the first half of 2025, 129 enterprises in the regulated service sector achieved operating income of 2.094 billion yuan, a year-on-year increase of 22.7%, surpassing the city's growth rate by 4.6 percentage points [2]. Group 2: Industrial Structure Optimization - The industrial structure in Hailing District has been adjusted from a ratio of 2.2:40.8:57 in 2020 to 1.9:34.2:63.8 by 2024, indicating a shift towards a more service-oriented economy [3]. - By the end of 2024, strategic emerging industries are expected to account for over 60% of the district's output, supporting stable economic development [3]. - The emergence of new modern service enterprises, such as Jiangsu Minhui Smart Technology Co., has exemplified the district's efforts in transforming traditional industries through digitalization [3]. Group 3: Innovation and Integration - Hailing District has been promoting the integration of modern service industries with advanced manufacturing, with knowledge-intensive sectors like information transmission and software services experiencing a 57.5% year-on-year growth in operating income in the first half of 2025 [4]. - The district is focusing on digital transformation and fostering a data element market system, while also revitalizing old factory spaces into new commercial districts [4]. Group 4: Infrastructure Development - Hailing District is enhancing service industry infrastructure and promoting the development of strategic emerging industry clusters to provide practical applications and meet real demands [5]. - The establishment of the North Logistics Park as a provincial-level service industry cluster and ongoing projects like the multi-modal transport and cold chain logistics park are part of the district's strategy to create a modern logistics system [6]. - The district is also focusing on building modern office spaces, with the Cultural and Creative Building becoming a hub for cultural industries and headquarters economy, generating tax revenue of 103 million yuan [6].