Liquidity - The BCI small and medium enterprise financing environment index for December 2025 is 47.15, a month-on-month decrease of 10.19% [4] - The M1 and M2 growth rate difference in November 2025 is -3.1 percentage points, a month-on-month decrease of 1.1 percentage points [4] - The current price of London gold is $4509 per ounce [4] Infrastructure and Real Estate Chain - The current operating rate of blast furnaces is at a five-year high for the same period [5] - Weekly price changes include rebar -1.20%, cement price index -0.92%, rubber +3.93%, coke -3.52%, coking coal -0.43%, and iron ore +2.36% [5] - The national blast furnace capacity utilization rate, cement, and asphalt operating rates have changed by -0.31 percentage points, +1.86 percentage points, and -4.1 percentage points respectively [5] Real Estate Completion Chain - The prices of titanium dioxide and glass are at low levels, with titanium dioxide price increasing by 0.76% and glass price decreasing by 1.79% [6] - The gross profit for titanium dioxide is -1706 yuan per ton, while the flat glass operating rate is 73.89% this week [6] Industrial Products Chain - The operating rate of semi-steel tires is at the median level for the same period over the past five years [7] - Major commodity price changes include cold-rolled steel -0.13%, copper +2.90%, and aluminum +8.53%, with corresponding gross profit changes showing a turnaround [7] - The national semi-steel tire operating rate is 65.89%, a decrease of 2.36 percentage points [7] Subcategories - The price of electrolytic aluminum reached a historical second-high level at 24060 yuan per ton, with a month-on-month increase of 8.53% [8] - The profit for electrolytic aluminum is 6787 yuan per ton (excluding tax), a month-on-month increase of 35.32% [8] - The price of tungsten concentrate is 484500 yuan per ton, with a week-on-week increase of 6.60% [8] Price Comparison Relationships - The price ratio of rebar to iron ore is 3.92 this week [10] - The price difference between hot-rolled and rebar steel is 20 yuan per ton, while the price difference between cold-rolled and hot-rolled steel is 460 yuan per ton, an increase of 80 yuan per ton [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 290 yuan per ton, a decrease of 3.33% from last week [10] Export Chain - The new export orders PMI for China in December is 49.00%, an increase of 1.4 percentage points month-on-month [11] - The CCFI comprehensive index for container shipping rates is 1194.89 points, a month-on-month increase of 4.21% [11] - The announcement from the Ministry of Commerce and the General Administration of Customs indicates that from January 1, 2026, export licenses will be implemented for certain steel products, which is expected to further regulate steel exports [11] Valuation Percentiles - The CSI 300 index increased by 2.79%, with the industrial sector performing best at +8.52% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB of the Shanghai and Shenzhen markets is 31.91% and 99.22% respectively [12] - The current PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is 0.50, with the highest value since 2013 being 0.82 [12]

Liquidity - M1 and M2 growth rate difference reached a nearly 56-month high in September, followed by a decline for two consecutive months [4] - The BCI small and medium enterprise financing environment index for November 2025 is 52.50, up 0.17% month-on-month [4] - The M1 and M2 growth rate difference in November 2025 is -3.1 percentage points, down 1.10 percentage points month-on-month [4] - Current London gold spot price is $4,299 per ounce [4] Infrastructure and Real Estate Chain - The national blast furnace capacity utilization rate has been below the same period last year for two consecutive weeks [5] - Price changes this week include rebar down 0.61%, cement price index up 0.86%, rubber up 1.71%, coke down 3.29%, coking coal down 0.71%, and iron ore down 0.63% [5] - National capacity utilization rates for blast furnaces, cement, and asphalt are down 1.16 percentage points, down 0.30 percentage points, and up 0.3 percentage points respectively [5] Real Estate Completion Chain - Titanium dioxide gross profit is at a low level, with a gross profit of -1,679 yuan per ton [6] - Prices for titanium dioxide and glass remain unchanged week-on-week [6] - Flat glass operating rate this week is 73.82% [6] Industrial Products Chain - The semi-steel tire operating rate is at the median level for the past five years [7] - Major commodity price performance this week includes cold-rolled steel unchanged, copper up 2.59%, and aluminum down 0.36% [8] - National semi-steel tire operating rate is 71.57%, up 0.65 percentage points week-on-week [8] Subcategories - Prebaked anode prices are at the highest level since April 2023 [9] - Graphite electrode price is 19,000 yuan per ton, unchanged, with a gross profit of 3,128.56 yuan per ton, up 55.87% [9] - Electrolytic aluminum price is 22,070 yuan per ton, down 0.36%, with estimated profit of 4,759 yuan per ton (excluding tax), up 0.19% [9] - Electrolytic copper price is 93,970 yuan per ton, up 2.59% [9] - Tungsten concentrate price is 374,000 yuan per ton, up 5.65% week-on-week [9] Price Comparison Relationships - The price ratio of London spot gold to silver reached a new low since July 2021 [10] - The price ratio of rebar to iron ore this week is 4.07 [10] - The price difference between hot-rolled and rebar steel is 0 yuan per ton [10] - The price difference between Shanghai cold-rolled and hot-rolled steel is 490 yuan per ton, down 40 yuan per ton week-on-week [10] - The price ratio of stainless steel hot-rolled to electrolytic nickel is 0.11 [10] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 190 yuan per ton, up 11.76% week-on-week [10] - The price difference between medium-thick plates and rebar is 30 yuan per ton [10] Export Chain - The China Export Container Freight Index (CCFI) composite index this week is 1,118.07 points, up 0.29% [11] - The U.S. crude steel capacity utilization rate is 75.70%, down 0.10 percentage points [11] - In November 2025, China's PMI new export orders are at 47.60%, up 1.7 percentage points month-on-month [11] - Starting January 1, 2026, China will implement export license management for certain steel products, which is expected to further regulate steel product exports [11] Valuation Percentiles - This week, the CSI 300 index is down 0.08%, with the best-performing cyclical sector being engineering machinery, up 0.30% [12] - The PB ratio of ordinary steel and industrial metals relative to the PB ratio of the Shanghai and Shenzhen markets is 34.35% and 96.70% respectively [12] - The PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is currently 0.51, with the highest value since 2013 being 0.82 (reached in August 2017) [12]