Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The policy boosts macro - market confidence, but there is still downward pressure on market prices. The supply pressure of steel products is gradually increasing, the inventory of building materials is accumulating, and the marginal support of supply and demand is weakening. The building materials' own fundamental driving force is insufficient, and the futures price follows the raw material fluctuations. Attention should be paid to the implementation of relevant production - restriction policies before September [74]. Group 3: Summary According to the Catalog 1. Threaded Steel Futures Market Review 1.1 Recent Important Information Overview - From January to June, national real - estate development investment was 4,665.8 billion yuan, a year - on - year decrease of 11.2%. Residential investment was 3,577 billion yuan, a decrease of 10.4%. Other real - estate indicators such as construction area and new - start area also showed varying degrees of decline. In the first half of 2025, national fixed - asset investment was 24,865.4 billion yuan, a year - on - year increase of 2.8%, and infrastructure investment increased by 4.6%. In June 2025, the national CPI increased by 0.1% year - on - year, and the PPI decreased by 3.6% year - on - year and 0.4% month - on - month. The US plans to impose a 100% tariff on imported semiconductors, and the tariff executive order signed by the US president took effect on August 7. The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th CPC Central Committee in October [7]. 1.2 Threaded Steel Main Contract Trend - There is no specific description of the trend in the provided content. 2. Futures Market Environment: Macro, Comparison, Basis 2.1 Macro - Interest Rate - On August 7, 2025, the SHIBOR was 1.5290, compared with 1.5570 on July 7, showing a month - on - month decrease in interest rates [15]. 2.2 Macro - Currency Price - There is no specific content provided. 2.4 Comparison - Other Commodities in the Industrial Chain - The prices of various commodities and their price changes over different periods are presented. For example, the price of HRB400 20mm threaded steel in Shanghai was 3,340 yuan/ton, with a weekly decline of 0.30%, a monthly increase of 4.67%, and a yearly increase of 5.00% [22]. 2.5 Threaded Steel Main Contract Basis - The basis (spot - futures) of the threaded steel main contract on different dates is given. For example, on August 7, 2025, the futures main contract was 3231, the cheapest delivery product was 3350, and the basis was 119 [25]. 3. Threaded Steel Spot Supply and Demand Overview 3.1 Steel Mill Raw Material Inventory - There is no specific content provided. 3.2 Blast Furnace Profit (Various Steel Products) - There is no specific content provided. 3.3 Blast Furnace Profit (Futures and Spot) - There is no specific content provided. 3.4 Blast Furnace Operation - There is no specific content provided. 3.5 Electric Furnace Profit - There is no specific content provided. 3.6 Electric Furnace Operation - There is no specific content provided. 3.7 Daily Average Hot Metal Output - There is no specific content provided. 3.8 Steel Weekly Output - On August 8, 2025, the output of steel products (including threaded steel, hot - rolled coil, wire rod, and medium - thick plate) was 783.16 million tons, with a year - on - year increase of 0.11500897 and a month - on - month increase of 0.003742438. The weekly output of threaded steel was 221.18 million tons, with a month - on - month increase of 0.047948451 and a year - on - year increase of 0.312329417 [46][51]. 3.10 Steel Mill Steel Inventory - On August 8, 2025, the steel mill's steel inventory was 492.96 million tons, with a year - on - year decrease of 0.11371604 and a month - on - month increase of 0.017419302 [54]. 3.11 Steel Social Inventory - There is no specific content provided. 3.13 Threaded Steel Social Inventory - There is no specific content provided. 3.14 Building Materials Transaction - There is no specific content provided. 3.15 Consumption Indication - Cement Price - There is no specific content provided. 3.16 Downstream High - Frequency Data - Land Transaction Area - There is no specific content provided. 3.17 Downstream High - Frequency Data - Real Estate Transaction - There is no specific content provided. 4. Future Outlook - The policy boosts market confidence, but the downward pressure on market prices persists. The supply of steel products is increasing, the inventory of building materials is accumulating, and the support of supply and demand is weakening. The building materials' futures price follows the raw material fluctuations, and attention should be paid to the implementation of production - restriction policies before September [74].

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The 7th Politburo meeting in July proposed "preventing involutionary vicious competition", which was listed as a key task in the 2025 government work report and further clarified in the 6th meeting of the Central Financial and Economic Commission in July. The policy boosts macro - market confidence and leads to a general increase in commodity prices. However, the PPI shows that the market price still faces downward pressure [71]. - Fundamentally, steel mills have good overall profits and no obvious intention to cut production. The iron - water output has a slight decline but remains at a high level. The supply of five major steel products has increased slightly, while the weekly output of rebar has a slight decline. The demand for building materials has started to decline, and the total social inventory of five major steel products has increased, showing a contradiction between supply and demand [71]. - On the raw material side, the prices of coal and coke have risen sharply before, driving up the prices of finished products. Recently, as the market sentiment returns to fundamentals, the raw material prices have fallen, and the cost support for the finished product futures has weakened. It is recommended to operate in the short - term [72]. 3. Summary According to the Table of Contents 3.1 Part 1: Review of Rebar Futures Market - **1.1 Recent Important Information Overview** - Economic data: From January to June, national real estate development investment decreased by 11.2% year - on - year; fixed - asset investment increased by 2.8% year - on - year in the first half of 2025; in June 2025, the CPI increased by 0.1% year - on - year, and the PPI decreased by 3.6% year - on - year [7]. - Policy information: The US increased the tariff on Canadian goods from 25% to 35% starting from August 1st; the Politburo meeting in July decided to hold the 4th Plenary Session of the 20th Central Committee in October and analyzed the current economic situation and deployed the economic work for the second half of the year [7]. - **1.2 Rebar Main Contract Trend** - No detailed information about the rebar main contract trend is provided other than the SHIBOR data which shows a decline in interest rate from July 1st to August 1st, 2025, with a bullish signal [15]. 3.2 Part 2: Futures Market Environment - Macro, Comparison, and Basis - **2.2 Macro - Monetary Price** - The SHIBOR on August 1st, 2025 was 1.5490, and on July 1st, 2025 was 1.6170. The monthly interest rate decreased, indicating a bullish signal [15]. - **2.3 Comparison - Domestic and Foreign** - No specific content is provided. - **2.4 Comparison - Other Commodities in the Industry Chain** - The prices and their changes of rebar, hot - rolled coils, PB powder, metallurgical coke, and main coking coal are presented. For example, the price of rebar HRB400 20mm in Shanghai is 3,370 yuan/ton, with a weekly decline of 0.30% and a monthly increase of 6.98% [23]. - **2.5 Rebar Main Basis** - No specific content is provided. 3.3 Part 3: Overview of Rebar Spot Supply and Demand - **3.1 Steel Mill Raw Material Inventory** - No specific content is provided. - **3.2 Blast Furnace Profit (Various Steel Products)** - No specific content is provided. - **3.3 Blast Furnace Profit (Futures and Spot)** - No specific content is provided. - **3.4 Blast Furnace Operation** - No specific content is provided. - **3.5 Electric Furnace Profit** - No specific content is provided. - **3.6 Electric Furnace Operation** - No specific content is provided. - **3.7 Daily Average Iron - Water Output** - No specific content is provided. - **3.8 Weekly Steel Output** - On August 1st, 2025, the output of five major steel products (rebar, hot - rolled coils, wire rods, and medium - thick plates) was 780.24 tons, with a year - on - year increase of 0.027821688 and a month - on - month increase of 0.000294868 [46]. - **3.9 Weekly Rebar Output** - On August 1st, 2025, the weekly rebar output was 211.06 tons, with a month - on - month decline of 0.004246084 and a year - on - year increase of 0.067307206 [49]. - **3.10 Steel Mill Steel Inventory** - On August 1st, 2025, the steel mill steel inventory was 484.52 tons, with a year - on - year decline of 0.17031405 and a month - on - month increase of 0.009479759 [52]. - **3.11 Steel Social Inventory** - No specific content is provided. - **3.13 Rebar Social Inventory** - No specific content is provided. - **3.14 Building Materials Transaction** - No specific content is provided. - **3.15 Consumption Indicator - Cement Price** - No specific content is provided. - **3.16 Downstream High - Frequency Data - Land Transaction Area** - No specific content is provided. - **3.17 Downstream High - Frequency Data - Real Estate Transaction** - No specific content is provided. 3.4 Part 4: Outlook for the Future - The policy boosts market confidence, but the PPI shows that the market price still has downward pressure. The supply of steel products has a slight increase, while the demand for building materials has declined, and the social inventory has increased. The cost support for the finished product futures has weakened, and short - term operation is recommended [71][72].