Core Viewpoint - The report highlights the current state of various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into price changes, production rates, and market conditions. Liquidity - The BCI small and medium enterprise financing environment index for November 2025 is 52.50, with a month-on-month increase of 0.17% [4] - The M1 and M2 growth rate difference in October 2025 is -2.0 percentage points, a decrease of 0.80 percentage points from the previous month [4] - The current price of London gold is $4,219 per ounce [4] Infrastructure and Real Estate Chain - Total inventory of five major steel varieties is at the highest level for the same period in four years [5] - Price changes this week include rebar up by 0.93% and cement price index up by 0.22%, while rubber decreased by 0.34% and coking coal by 3.14% [5] - National blast furnace capacity utilization rate, cement, and asphalt operating rates have changed by -0.60 percentage points, -1.27 percentage points, and +8.1 percentage points respectively [5] Real Estate Completion Chain - Prices of titanium dioxide and flat glass remain stable, with glass gross profit at -58 yuan/ton and titanium dioxide gross profit at -4,026 yuan/ton [6] - The operating rate for flat glass this week is 74.52% [6] Industrial Products Chain - Major commodity price changes this week include cold-rolled steel down by 0.25%, copper up by 1.77%, and aluminum up by 0.33% [7] - The gross profit for cold-rolled steel has turned from loss to profit, while the losses for other commodities have increased by 1.86% and 1.49% respectively [7] - The national semi-steel tire operating rate is 69.19%, a decrease of 1.88 percentage points [7] Subcategories - Tungsten concentrate prices have reached a new high since 2012, currently at 339,000 yuan/ton, with a week-on-week increase of 3.04% [8] - The price of graphite electrodes is 18,500 yuan/ton, with a gross profit of 1,357.4 yuan/ton, down by 17.59% [8] - The price of electrolytic aluminum is 21,430 yuan/ton, with estimated profit at 4,223 yuan/ton (excluding tax), up by 1.49% [8] Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.08 [10] - The price difference between hot-rolled and rebar steel is 40 yuan/ton, while the price difference between cold-rolled and hot-rolled steel is 490 yuan/ton, down by 50 yuan/ton [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [10] Export Chain - The new export orders PMI for China in October 2025 is 45.90%, a decrease of 1.9 percentage points [11] - The CCFI comprehensive index for container shipping rates is 1,121.80 points, down by 0.09% this week [11] - The capacity utilization rate for crude steel in the U.S. is 76.90%, an increase of 0.70 percentage points [11] Valuation Percentiles - The CSI 300 index has increased by 1.64%, with the best-performing cyclical sector being industrial metals, up by 3.46% [12] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 is 37.40% and 86.64% respectively [12] - The current PB ratio for the ordinary steel sector relative to the CSI 300 is 0.53, with the highest value since 2013 being 0.82 [12]

Core Viewpoint - The article discusses the current state of various industries, focusing on liquidity, construction, real estate, industrial products, pricing relationships, export chains, and valuation metrics, highlighting both opportunities and challenges in the market. Liquidity - The M1 and M2 growth rate difference was -3.7 percentage points in June 2025, with a month-on-month increase of 1.9 percentage points [3] Infrastructure and Real Estate Chain - Rebar prices reached a new high for the year, with weekly price changes showing rebar up by 5.50%, cement price index down by 2.05%, rubber up by 3.09%, coke up by 8.55%, coking coal up by 6.60%, and iron ore up by 0.64% [4] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires decreased by 0.08 percentage points, 6.80 percentage points, 1.8 percentage points, and 0.08 percentage points respectively [4] Real Estate Completion Chain - Prices for titanium dioxide and flat glass changed by -0.38% and 0.00% respectively, with flat glass profit at -58 yuan/ton and titanium dioxide profit at -1350 yuan/ton; flat glass operating rate was 75% [5] Industrial Products Chain - Major commodity prices showed cold-rolled steel, copper, and aluminum increasing by 6.42%, 1.05%, and 0.19% respectively, with corresponding profit changes of +107.38%, -18.19%, and -1.86% [6] - The national operating rate for semi-steel tires was 75.87%, down by 0.12 percentage points [6] - The PMI new orders index for June was 50.20% [6] Subcategory Products - Prices for graphite electrodes were 18,000 yuan/ton, unchanged, with a comprehensive profit of 1357.4 yuan/ton, down by 15.09% [7] - Electrolytic aluminum price was 20,800 yuan/ton, up by 0.19%, with estimated profit at 3260 yuan/ton (excluding tax), down by 1.86% [7] - Electrolytic copper price was 79,580 yuan/ton, up by 1.05% [7] Pricing Relationships - The price ratio of rebar to iron ore was 4.37 this week; the price difference between hot-rolled and rebar was 100 yuan/ton [8] - The price difference between Shanghai cold-rolled and hot-rolled steel reached 370 yuan/ton, up by 10 yuan/ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) was 150 yuan/ton, down by 6.25% from last week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, up by 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1261.35 points, down by 3.24% [9] - The U.S. crude steel capacity utilization rate was 78.00%, down by 0.70 percentage points [9] Valuation Metrics - The CSI 300 index increased by 1.69%, with the best-performing cyclical sector being cement manufacturing, which rose by 13.13% [10] - The PB ratio of the ordinary steel sector relative to the CSI 300 is currently at 0.57, with a historical high of 0.82 reached in August 2017 [11]

Core Viewpoint - The article discusses the current economic indicators and trends in various sectors, highlighting the performance of key commodities, financing conditions for small and medium enterprises, and the state of the real estate market in China. Group 1: Liquidity and Financing Environment - The BCI small and medium enterprise financing environment index for June 2025 is 49.12, with a month-on-month increase of 0.07% [3] - The M1 and M2 growth rate difference in June 2025 is -3.7 percentage points, showing a month-on-month increase of 1.9 percentage points [3] Group 2: Infrastructure and Real Estate Chain - Rebar prices have reached a new high since April, with a week-on-week increase of 0.93% [4] - The national average capacity utilization rate for blast furnaces increased by 0.99 percentage points, while the cement and asphalt rates decreased by 3.30 percentage points and 2.6 percentage points, respectively [4] - The cumulative year-on-year completion area of commercial housing from January to June is -14.80% [5] Group 3: Industrial Products Chain - The national half-steel tire operating rate is at a five-year high of 75.99%, with a month-on-month increase of 3.07 percentage points [6] - The June PMI new orders index is at 50.20% [6] Group 4: Price Trends of Specific Commodities - Tungsten concentrate prices have reached the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, with a comprehensive gross profit of 1,357.4 yuan/ton, down 22.59% month-on-month [7] Group 5: Price Relationships - The price ratio of rebar to iron ore is 4.14 this week [8] - The price difference between hot-rolled and rebar steel is 110 yuan/ton [8] Group 6: Export Chain - The new export orders PMI for June 2025 is 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is 1,303.54 points, down 0.77% [9] Group 7: Valuation Metrics - The CSI 300 index increased by 1.09%, with the commercial vehicle sector performing the best at +5.98% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently at 0.54, with the highest value since 2013 being 0.82 [10]