Report Core View - The prices of various black building materials are mainly in a state of volatile operation, and different varieties face different supply - demand situations and influencing factors [1][3][5][7] Steel Market Analysis - Yesterday, the main contract of rebar futures closed at 3,038 yuan/ton, and the main contract of hot - rolled coil closed at 3,255 yuan/ton. The national building materials trading volume was 91,600 tons. This week, the production and sales of building materials increased month - on - month, inventory decreased month - on - month, and demand rebounded slightly. However, there is a possibility of weakening demand in the off - season. The output of strip steel decreased due to production restrictions in North China this week, demand remained resilient, and inventory decreased slightly month - on - month. The contradiction of strip steel lies in its high inventory and production, and steel prices are suppressed due to export profit losses, and production cuts are needed to resolve the fundamental contradictions [1] Strategy - Unilateral: Volatile and weak [2] Iron Ore Market Analysis - Yesterday, the price of iron ore futures rose slightly. The prices of mainstream imported iron ore varieties at Tangshan Port increased slightly. Traders' enthusiasm for quoting was average, and quotes mostly followed the market. Steel mills' procurement was mainly for rigid demand. The cumulative trading volume of iron ore at major ports across the country was 988,000 tons, a month - on - month decrease of 8.35%. This week, the shipment of iron ore continued to decline, and the supply of iron ore was in a loose state. With steel mills' loss - induced production cuts, the demand for iron ore was under pressure. The current relative valuation of the Platts index of iron ore is relatively high, and the ore price is under downward pressure, but it is difficult to have a trend direction in the short term supported by downstream restocking demand [3] Strategy - Unilateral: Volatile and weak [4] Coking Coal and Coke Market Analysis - Yesterday, the main contracts of coking coal and coke futures fluctuated downward. In terms of coke, there were more coking maintenance operations, and supply decreased due to environmental protection factors in some areas. In terms of coking coal, market sentiment cooled slightly, and the auction non - success rate of coking coal increased. For imported Mongolian coal, the transaction center of Mongolian coal moved down, and the partial transaction price of Mongolian 5 raw coal dropped to about 1,120 - 1,130 yuan/ton. The seasonal off - season characteristics of the terminal demand for steel are obvious, and there is an expectation of a further decline in hot metal production, and terminal demand is suppressed. Coupled with the recovery of Mongolian coal customs clearance volume and relatively high imports, the supply contraction logic is weakened to a certain extent [5] Strategy - Coking coal: Volatile; Coke: Volatile [6] Thermal Coal Market Analysis - In terms of origin, the prices of main producing areas fluctuated. Currently, the procurement of metallurgical, chemical, and large - scale station customers is stable, and the prices of some coal mines are temporarily stable. However, as the wait - and - see sentiment increases, the procurement rhythm of traders slows down, the number of coal - pulling trucks in some coal mines decreases, and the price slightly回调. Currently, the inventory of coal mines is not high, and the port prices are relatively strong, so coal mines are not very willing to cut prices. At ports, the port shipments increased, downstream buyers were waiting and watching, and the trading activity was low. Traders expect the winter supply - demand situation to be tight, and the quotes remain firm, but downstream buyers have limited acceptance of high prices, and the game between buyers and sellers intensifies. In terms of imports, the recent trend of the imported coal market is stable and slightly strong, the price advantage of imported coal is obvious, terminal customers centrally purchase imported coal with cost - performance advantages, and the price of imported coal rises accordingly, maintaining a stable cost - performance advantage [7] Strategy - None [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market warmed slightly yesterday, but the prices of finished steel products showed a weak and volatile trend. The demand for steel has officially entered the off - season, and there are still inventory risks for hot - rolled coils. Future attention should be paid to the pace of production cuts. With the gradual implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve, and steel consumption may gradually recover. In the short term, affected by the cost side, the price center of finished products has slightly shifted down, and the demand is still weak, so the prices will continue the weak and volatile trend. However, with the implementation of policies and changes in the macro - environment, future demand is expected to turn around [2]. - For iron ore, due to environmental protection restrictions and the decline in steel mill profitability, the demand for iron ore continues to weaken, and the inventory pressure remains. In the short term, the price of iron ore will still run weakly, and attention should be paid to the support level of 750 - 760 yuan/ton [5]. - For manganese silicon, its fundamentals are still not ideal and lack major contradictions. Attention should be paid to the situation of manganese ore. If the commodity sentiment warms up and the black - metal sector strengthens, manganese ore may become the driving force for manganese silicon's market. If not, manganese silicon is expected to follow the black - metal sector. For silicon iron, its supply - demand fundamentals have no obvious contradictions or drivers, and it has fluctuated with the cost of electricity recently, with a relatively low operational cost - effectiveness [10]. - For industrial silicon, its supply and demand are both weak, and the cost support is stable. It is expected that the price will consolidate and wait for new drivers. For polysilicon, the supply - demand pattern may improve marginally, but the short - term de - stocking amplitude is expected to be limited. Attention should be paid to whether the upstream futures and spot prices can remain firm [13][15]. - For glass, the market lacks strong support from the supply - demand fundamentals, and the cost support is weakening. It is expected that the price will remain weak in the short term. For soda ash, the industry supply is shrinking, the downstream demand is stable, but the price increase is limited by high inventory and weak demand. It is expected that the price will continue to fluctuate in the short term [18][20]. 3. Summary by Related Catalogs Steel Market Information - The closing price of the rebar main contract in the afternoon was 3038 yuan/ton, up 13 yuan/ton (0.429%) from the previous trading day. The registered warehouse receipts on that day were 95,493 tons, a decrease of 5,119 tons from the previous day. The position of the main contract was 1.868036 million lots, a decrease of 55,665 lots. In the spot market, the aggregated price of rebar in Tianjin was 3210 yuan/ton, unchanged from the previous day; the aggregated price in Shanghai was 3190 yuan/ton, also unchanged. The closing price of the hot - rolled coil main contract was 3255 yuan/ton, up 13 yuan/ton (0.400%) from the previous trading day. The registered warehouse receipts on that day were 95,543 tons, a decrease of 1,485 tons. The position of the main contract was 1.311464 million lots, a decrease of 15,428 lots. In the spot market, the aggregated price of hot - rolled coils in Lecong was 3270 yuan/ton, unchanged from the previous day; the aggregated price in Shanghai was 3270 yuan/ton, an increase of 10 yuan/ton [1]. Strategy Viewpoints - Yesterday, the overall atmosphere in the commodity market warmed slightly, and the prices of finished steel products showed a weak and volatile trend. Fundamentally, the supply and demand of rebar both decreased, and the inventory continued to decline, showing a neutral performance overall; the demand for hot - rolled coils declined significantly, and it was difficult to absorb the production, resulting in an inverse - seasonal inventory build - up. In general, the steel demand has officially entered the off - season, and there are still inventory risks for hot - rolled coils. Future attention should be paid to the pace of production cuts. With the gradual implementation of the Fed's easing expectations and positive signals from the China - US meeting, the market sentiment and capital environment are expected to improve. Coupled with the expected recovery of manufacturing demand, steel consumption may gradually recover in the future. In the short term, affected by the cost side, the price center of finished products has slightly shifted down, and the demand is still weak, so the prices will continue the weak and volatile trend. However, with the implementation of policies and changes in the macro - environment, future demand is expected to turn around [2]. Iron Ore Market Information - Yesterday, the main iron ore contract (I2601) closed at 774.00 yuan/ton, with a change of +1.44% (+11.00), and the position changed by - 29,119 lots to 501,200 lots. The weighted position of iron ore was 924,900 lots. The price of PB fines at Qingdao Port was 784 yuan/wet ton, with a basis of 59.44 yuan/ton and a basis rate of 7.13%. The Simandou Iron Ore Project was officially put into operation on November 11 [4]. Strategy Viewpoints - In terms of supply, the overseas iron ore shipment volume in the latest period continued to decline month - on - month. In the shipment end, the shipment volumes from Australia and Brazil continued to fall. Among the major mines, Vale and Rio Tinto contributed to the reduction. The shipment volume from non - mainstream countries increased, and the near - term arrival volume decreased month - on - month. In terms of demand, the average daily pig iron output in the latest period according to the Steel Union's statistics was 234,220 tons, a decrease of 21,400 tons month - on - month. The environmental protection restrictions in Hebei had a significant impact, contributing a large part of the maintenance volume. The profitability rate of steel mills reached a new low this year, with 60% of steel mills below the break - even point, and some steel mills increased maintenance. In the inventory end, the port inventory increased at a faster pace, and the steel mill inventory increased month - on - month. The terminal data was weak. Fundamentally, affected by environmental protection restrictions and the decline in steel mill profitability, the pig iron output continued to decline, the demand for iron ore continued to weaken, and the inventory pressure remained. Macroscopically, the China - US summit in October and the Fed's interest rate meeting have both taken place. Overall, during the macro - vacuum period, the futures price trend is likely to follow the real - world logic. The fundamentals of iron ore are weak, and the short - term price will still run weakly. Attention should be paid to the support level of 750 - 760 yuan/ton [5]. Manganese Silicon and Silicon Iron Market Information - On November 12, the main manganese silicon contract (SM601) closed down 0.03% at 5762 yuan/ton. In the spot market, the price of 6517 manganese silicon in Tianjin was 5700 yuan/ton, equivalent to 5890 yuan/ton on the futures basis, unchanged from the previous day, with a premium of 128 yuan/ton over the futures price. The main silicon iron contract (SF601) closed up 0.04% at 5590 yuan/ton. In the spot market, the price of 72 silicon iron in Tianjin was 5550 yuan/ton, unchanged from the previous day, with a discount of 10 yuan/ton to the futures price. On the daily - line level, the manganese silicon futures price was still in the oscillation range of 5600 - 6000 yuan/ton, with no obvious directional trend. Currently, it is approaching the downward trend line since February this year. Attention should be paid to the support level around 5600 - 5700 yuan/ton. For silicon iron, the futures price was in the oscillation range of 5400 - 5800 yuan/ton, and attention should be paid to the support level around 5400 yuan/ton [7][8]. Strategy Viewpoints - In October, the market was affected by many macro - events. In November, the macro - environment entered a relatively quiet period, and the pricing of the black - metal sector returned to fundamentals. This week, the pig iron output continued to decline, and the profitability rate of steel mills fell below 40%. The steel demand remained weak, especially the demand for plates declined significantly and started to build inventory again. Affected by multiple factors, the commodity sentiment that just showed signs of warming cooled down again. The market is trying to conduct "negative feedback" trading in the black - metal sector, but this is considered a temporary shock and emotional release, with limited downward space. For the future of the black - metal sector, it is more cost - effective to look for callback positions to buy for a rebound rather than shorting. The height after the rebound depends on whether stimulus policies are introduced and their intensity. For manganese silicon, its fundamentals are not ideal and lack major contradictions. Attention should be paid to the situation of manganese ore. If the commodity sentiment warms up and the black - metal sector strengthens, manganese ore may become the driving force for manganese silicon's market. If not, manganese silicon is expected to follow the black - metal sector. For silicon iron, its supply - demand fundamentals have no obvious contradictions or drivers, and it has fluctuated with the cost of electricity recently, with a relatively low operational cost - effectiveness [9][10]. Industrial Silicon and Polysilicon Industrial Silicon - **Market Information**: Yesterday, the main industrial silicon contract (SI2601) closed at 9195 yuan/ton, with a change of +0.16% (+15). The weighted contract position changed by - 14,588 lots to 412,146 lots. In the spot market, the price of non - oxygen - blown 553 industrial silicon in East China was 9350 yuan/ton, unchanged from the previous day, with a basis of 155 yuan/ton for the main contract; the price of 421 was 9750 yuan/ton, unchanged from the previous day, with a basis of - 245 yuan/ton for the main contract after conversion [12]. - **Strategy Viewpoints**: Yesterday, the price of industrial silicon declined during the day and then rebounded in the afternoon. In the short term, the price fluctuated. In October, the production of industrial silicon continued to increase. Although the operating rate in the southwest production area decreased during the dry season, the production in the northwest increased, offsetting the production decline caused by the dry season. It is expected that the production in the southwest will continue to decline in November. If the operating rate in the northwest stabilizes, the supply pressure may be relieved. In terms of demand, the production plan of polysilicon in November decreased, and some leading enterprises started maintenance, mainly in the southwest. The demand for industrial silicon from polysilicon weakened. The production of organosilicon is expected to be stable. The absolute value of the visible inventory is still high, but the marginal change is limited, and the marginal pressure on the price is small. Fundamentally, the supply and demand of industrial silicon are both weak, and the cost support such as electricity and coal - coke is stable. It is expected that the price will consolidate and wait for new drivers [13]. Polysilicon - **Market Information**: Yesterday, the main polysilicon contract (PS2601) closed at 53,460 yuan/ton, with a change of +2.95% (+1530). The weighted contract position changed by +532 lots to 234,715 lots. In the spot market, the average price of N - type granular silicon according to SMM was 50.5 yuan/kg, unchanged from the previous day; the average price of N - type dense material was 51 yuan/kg, unchanged from the previous day; the average price of N - type re - feeding material was 52.15 yuan/kg, a decrease of 0.05 yuan/kg from the previous day, with a basis of - 1310 yuan/ton for the main contract [14]. - **Strategy Viewpoints**: Fundamentally, in November, some polysilicon production capacities started maintenance, and the production plan decreased to 120,000 tons, mainly in the southwest. The production in the last two months is expected to decline. The operating rate of downstream silicon wafers is also expected to decline slightly, and the production is expected to decrease month - on - month compared with October. In the future, with a significant reduction in supply, the supply - demand pattern of polysilicon may improve marginally, but the short - term de - stocking amplitude is expected to be limited. The price of second - and third - tier silicon wafer enterprises has loosened, which has a negative impact on the upstream price, especially when there is no actual progress in the platform company and stockpiling. The futures price has adjusted periodically. Future attention should be paid to whether the upstream futures and spot prices can remain firm. Currently, both long and short news about stockpiling and the platform company can easily affect the futures price, causing rapid declines or increases. Attention should be paid to distinguishing the authenticity and using position control to manage risks [15]. Glass and Soda Ash Glass - **Market Information**: On Wednesday afternoon at 15:00, the main glass contract closed at 1053 yuan/ton, down 1.50% (-16). The price of large - sized glass in North China was 1110 yuan, unchanged from the previous day; the price in Central China was 1140 yuan, unchanged from the previous day. The weekly inventory of float glass sample enterprises was 63.136 million cases, a decrease of 2.654 million cases (-4.03%) from the previous week. In terms of positions, the top 20 long - position holders increased their long positions by 19,034 lots today, and the top 20 short - position holders increased their short positions by 625 lots [17]. - **Strategy Viewpoints**: Currently, the float glass market lacks strong support from the supply - demand fundamentals. As the optimistic sentiment brought by the production line shutdown in Shahe is gradually digested by the market, downstream procurement has become more cautious, and the production - sales ratio in some areas has slowed down. Although the supply in some regions has shrunk due to environmental protection policies, the impact on the overall supply - demand structure is limited. At the same time, the cost support for the price is continuously weakening, and the production profit of enterprises is generally under pressure. The market sentiment is generally pessimistic. In general, it is expected that the price will remain weak in the short term [18]. Soda Ash - **Market Information**: On Wednesday afternoon at 15:00, the main soda ash contract closed at 1215 yuan/ton, down 0.90% (-11). The price of heavy soda ash in Shahe was 1164 yuan, a decrease of 12 yuan from the previous day. The weekly inventory of soda ash sample enterprises was 1.7142 million tons, an increase of 12,200 tons (4.03%) from the previous week, including 899,600 tons of heavy soda ash, an increase of 13,200 tons, and 814,600 tons of light soda ash, a decrease of 1000 tons. In terms of positions, the top 20 long - position holders increased their long positions by 2689 lots today, and the top 20 short - position holders increased their short positions by 19,653 lots [19]. - **Strategy Viewpoints**: Currently, some soda ash enterprises are reducing production, and Chongqing Heyou Industrial plans to shut down soon. The overall industry supply is shrinking. The downstream demand is stable, but the market transactions are mainly for low - price goods. The order - receiving situation of soda ash manufacturers is generally good. Affected by the shortage of some light soda ash in the Middle East, the price of new orders has increased. However, due to the high inventory and weak demand, the price increase space is still limited. It is expected that the market will be influenced by both long and short factors in the short term, and the price may continue to fluctuate [20].

1. Report Industry Investment Rating No information provided. 2. Core Views - Steel: Currently, the apparent demand for steel is seasonally weak, and destocking has slowed down. Considering the high steel inventory and winter storage pressure, the iron - making capacity of steel mills in the January contract is likely to decline. The iron ore supply in the January contract is turning loose, and there is a basis for negative feedback in the iron - element chain. It is not recommended to go long. The long - coking coal and short - hot - rolled coil arbitrage can continue to be held. For single - side trading, it is advisable to wait and see, and pay attention to the support levels of 3000 for rebar and 3200 for hot - rolled coil [1]. - Iron Ore: The iron ore price is strengthening, and the basis is continuing to narrow. If the steel mill losses continue to intensify and the finished product destocking is not as expected, the iron ore price may hit a new low. However, the probability of negative feedback in iron - making capacity is low under the current profit rate and inventory level of steel mills. For the long - coking coal and short - iron ore arbitrage, partial profit - taking can be considered, and then pay attention to this arbitrage again after the coking coal price stabilizes [4]. - Coking Coal and Coke: The coking coal futures showed a weak and volatile trend yesterday, with a certain deviation between the futures and spot markets. The coke futures were in a low - level volatile trend. The coke is still expected to raise prices due to cost support. For both coking coal and coke, single - side trading should be viewed as volatile, and 1 - 5 positive arbitrage is recommended, while guarding against the negative feedback risk caused by the decline in steel prices [7]. 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar: Spot prices in East, North, and South China remained unchanged at 3190, 3210, and 3270 yuan/ton respectively. Futures contract prices had small fluctuations, with the 05, 10, and 01 contracts at 3096, 3138, and 3038 yuan/ton respectively [1]. - Hot - rolled Coil: Spot prices in East and North China increased by 10 yuan/ton, and remained unchanged in South China. Futures contract prices also rose, with the 05, 10, and 01 contracts at 3267, 3288, and 3255 yuan/ton respectively [1]. Cost and Profit - Costs: Steel billet price remained at 2930 yuan/ton, and plate billet price at 3730 yuan/ton. Jiangsu electric - furnace rebar cost decreased by 1 yuan to 3273 yuan/ton, and Jiangsu converter rebar cost decreased by 11 yuan to 3173 yuan/ton [1]. - Profits: Profits of rebar and hot - rolled coil in different regions all decreased, with the largest decline in North China hot - rolled coil profit by 14 yuan to - 124 yuan/ton [1]. Production and Inventory - Production: Daily average pig iron output decreased by 2.1 to 234.2, a decline of 0.9%. Five - major steel products output decreased by 18.5 to 856.7, a decline of 2.1%. Rebar and hot - rolled coil production also decreased [1]. - Inventory: Five - major steel products inventory decreased by 10.2 to 1503.6, a decline of 0.7%. Rebar inventory decreased by 10.0 to 592.5, a decline of 1.7%, while hot - rolled coil inventory increased by 3.9 to 410.5, an increase of 0.9% [1]. Transaction and Demand - Building material trading volume increased slightly by 0.1 to 9.2, an increase of 0.6%. The apparent demand for five - major steel products, rebar, and hot - rolled coil all decreased significantly, with the largest decline in rebar apparent demand by 13.7 to 218.5, a decline of 5.9% [1]. Iron Ore Prices and Spreads - Warehouse receipt costs of various iron ore types increased slightly, with an increase of about 0.4%. The basis of the 01 contract for various iron ore types continued to narrow, with the largest decline in the 01 contract basis of Carajás fines by 23.6% [4]. - The 5 - 9 spread increased by 3.0 to 23.0, an increase of 15.0%, the 9 - 1 spread decreased by 3.5 to - 49.5, a decline of 7.6%, and the 1 - 5 spread increased slightly by 0.5 to 26.5, an increase of 1.9% [4]. Supply - The 45 - port arrival volume decreased by 477.2 to 2741.2, a decline of 14.8%, and the global shipment volume decreased by 144.8 to 3069.0, a decline of 4.5%. However, the national monthly import volume increased by 1111.6 to 11632.6, an increase of 10.6% [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 2.1 to 234.2, a decline of 0.9%. The 45 - port daily average desilting volume increased slightly by 0.8 to 320.9, an increase of 0.2%. The national monthly pig iron and crude steel output decreased by 5.4% and 5.0% respectively [4]. Inventory - The 45 - port inventory increased by 229.4 to 15128.19, an increase of 1.5%, the 247 steel mills' imported iron ore inventory increased by 160.1 to 9009.9, an increase of 1.8%, and the inventory available days of 64 steel mills remained unchanged at 21 days [4]. Coking Coal and Coke Prices and Spreads - Coke: The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) remained unchanged at 1662 yuan/ton, and the price of Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) increased by 11 to 1700 yuan/ton. Futures contract prices also increased slightly [7]. - Coking Coal: The price of Shanxi medium - sulfur primary coking coal (warehouse receipt) remained unchanged at 1420 yuan/ton, and the price of Mongolian No. 5 raw coal (warehouse receipt) decreased by 30 to 1301 yuan/ton. Futures contract prices increased slightly [7]. Supply - Coke production: The daily average output of all - sample coking plants decreased by 1.0 to 63.6, a decline of 1.5%, and the daily average output of 247 steel mills decreased by 0.1 to 46.1, a decline of 0.3% [7]. - Coking coal production: The raw coal output of Fenwei sample coal mines decreased by 3.4 to 848.4, a decline of 0.4%, and the clean coal output decreased by 2.0 to 433.0, a decline of 0.5% [7]. Demand - Coke demand: The pig iron output of 247 steel mills decreased by 2.1 to 234.2, a decline of 0.9% [7]. - Coking coal demand: The coke production of all - sample coking plants and 247 steel mills decreased [7]. Inventory - Coke inventory: The total coke inventory decreased by 13.0 to 887.1, a decline of 1.4%. The inventory of all - sample coking plants, 247 steel mills, and ports all decreased [7]. - Coking coal inventory: The clean coal inventory of Fenwei coal mines decreased by 0.8 to 80.4, a decline of 0.9%. The inventory of all - sample coking plants and ports increased, while the inventory of 247 steel mills decreased [7].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - In the steel market, due to the decline in steel mill profits and the end of the consumption peak season, steel mills are expected to reduce production, which may trigger a negative feedback cycle. Coal and coke prices are showing signs of weakness, and iron ore prices have fallen from their highs. Both rebar and hot-rolled coil futures prices have broken below the support of the 10-day moving average, and attention should be paid to whether they can stabilize in the future [2]. - For iron ore, the commissioning of the Simandou Iron Mine is expected to impact overall supply. Steel mills will continue to cut production, suppressing raw material prices. The global iron ore shipment volume has declined from its high, and port inventories have increased during the consumption peak season, putting pressure on futures prices. The futures price of the 01 contract has broken below the support of the middle - band of the Bollinger Bands and the 10 - day moving average, and attention should be paid to the support of the lower - band of the Bollinger Bands [4]. 3. Summary by Relevant Catalogs 3.1 Rebar and Hot - Rolled Coil - **Supply and Demand**: Last week, rebar's apparent demand decreased, production declined, and inventory continued to fall. Hot - rolled coil inventory has far exceeded the same - period level after a significant increase, and the total inventory continued to rise this week [2]. - **Cost**: Coking coal and coke spot prices are running strongly, providing some support for costs. However, due to the significant decline in steel mill profits, coal and coke prices are showing signs of weakness [2]. - **Technical Analysis**: Rebar and hot - rolled coil futures prices have broken below the support of the 10 - day moving average on the daily K - line chart, and currently, there is support from the lower - band of the Bollinger Bands [2]. - **Operation Suggestion**: Maintain a wait - and - see attitude, do not chase up or sell down. Wait patiently for the price to stabilize and then go long on dips for medium - term trading. Do not short when the price is at a low level [2]. 3.2 Iron Ore - **Supply and Demand**: The Simandou Iron Mine has been commissioned, affecting overall supply. Steel mills' iron - making output has declined, and they will continue to cut production, suppressing raw material prices. Global shipments have declined from their high, and port inventories have increased during the consumption peak season, suppressing futures prices [4]. - **Technical Analysis**: The 01 contract futures price has broken below the support of the middle - band of the Bollinger Bands and the 10 - day moving average, and currently, there is resistance from the dense trading area above. Attention should be paid to the support of the lower - band of the Bollinger Bands [4]. - **Operation Suggestion**: Maintain a wait - and - see attitude, and wait patiently for the price to stabilize and then go long on dips [4]. 3.3 Industry News - As of the week ending November 12, national building materials production was 4362600 tons, a decrease of 168900 tons from the previous week; total inventory was 9545400 tons, a decrease of 196700 tons from the previous week. National hot - rolled coil production was 4114900 tons, an increase of 14600 tons from the previous week; total inventory was 4602300 tons, a decrease of 43900 tons from the previous week [6]. - On November 12, the auction prices of coking coal in the Linfen market showed mixed trends. Among the 7 reported transaction results, with a total listing of 186000 tons and a non - sale of 27000 tons, the non - sale rate was 14.5%. Two suppliers' prices increased, two decreased, and the rest remained the same [6]. - The Handan Ecological Environment Bureau announced that the Handan Heavy Pollution Weather Emergency Command decided to launch a Level II emergency response for heavy pollution weather at 18:00 on November 12, 2025, and it is expected to be lifted around November 16 [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary by Related Catalogs 3.1 Spot Market - **Australian Ore**: Newman powder price is 781, daily change is 9, weekly change is 7; PB powder price is 784, daily change is 9, weekly change is 3; Macfarlane powder price is 778, daily change is 10, weekly change is 0; Jinbuba powder price is 735, daily change is 9, weekly change is 2; Mixed powder price is 733, daily change is 8, weekly change is -4; Super special powder price is 677, daily change is 7, weekly change is -10; Carajás powder price is 884, daily change is 8, weekly change is -9; Roy Hill powder price is 771, daily change is 9, weekly change is 3; KUMBA powder price is 843, daily change is 9, weekly change is 3 [1] - **Brazilian Ore**: Brazilian mixed ore price is 819, daily change is 5, weekly change is -2; Brazilian coarse IOC6 price is 784, daily change is 9, weekly change is 1; Brazilian coarse SSFG price is 789, daily change is 9, weekly change is 1 [1] - **Other Ores**: Ukrainian concentrate price is 878, daily change is 7, weekly change is -10; 61% Indian powder price is 724, daily change is 9, weekly change is 2; Karara concentrate price is 880, daily change is 7, weekly change is -10; 57% Indian powder price is 612, daily change is 7, weekly change is -10; Atlas powder price is 728, daily change is 8, weekly change is -4 [1] - **Domestic Ore**: Tangshan iron concentrate price is 1008, daily change is 6, weekly change is 0 [1] 3.2 Futures Market - **DCE Contracts**: i2601 contract price is 774.0, daily change is 11.0, weekly change is -2.0; i2605 contract price is 747.5, daily change is 10.5, weekly change is -6.5; i2609 contract price is 724.5, daily change is 7.5, weekly change is -9.5 [1] - **SGX Contracts**: FE01 contract price is 98.40, daily change is -0.63, weekly change is -2.21; FE05 contract price is 96.10, daily change is -0.75, weekly change is -2.28; FE09 contract price is 94.00, daily change is -0.85, weekly change is -2.29 [1] 3.3 Premium and Spread - **Uzbekistan Ball/Pellet Premium**: No specific data presented in a summarized way - **PB Lump/Block Ore Premium**: No specific data presented in a summarized way - **Monthly Spread**: i2601 - i2605 spread is -49.5, daily change is -1.3, weekly change is 4.2; i2605 - i2609 spread is 26.5, daily change is -0.8, weekly change is 8.7; i2609 - i2601 spread is 23.0, daily change is 2.2, weekly change is 11.7; FE01 - FE05 spread is -4.40, daily change is -28.4, weekly change is 3.4; FE05 - FE09 spread is 2.30, daily change is -35.9, weekly change is 1.3; FE09 - FE01 spread is 2.10, daily change is -39.0, weekly change is 2.1 [1]

Group 1: Steel Industry Investment Rating - Not provided Core View - Yesterday, steel and iron ore showed relatively strong trends, while coking coal declined significantly due to the "supply guarantee" expectation. Considering the high steel inventory and winter storage pressure, the molten iron of steel mills in the January contract is likely to fall rather than rise. The iron ore port inventory continues to accumulate, and the supply of iron elements in the January contract is turning loose, with a negative feedback basis in the iron element chain. The main interference later lies in the winter iron ore replenishment of steel mills. The long coking coal and short hot-rolled coil arbitrage was affected by the decline of coking coal. Considering the inventory differentiation between the two, this arbitrage logic will continue in the near term and can be held. For single-side trading, it is advisable to wait and see, and pay attention to the support levels of 3000 for rebar and 3200 for hot-rolled coil [1]. Summary by Directory - **Steel Prices and Spreads**: The spot prices of rebar in East China, North China, and South China were 3190 yuan/ton, 3210 yuan/ton, and 3270 yuan/ton respectively, with price changes of 0, 10, and 10 yuan/ton. The prices of rebar 05, 10, and 01 contracts were 3089 yuan/ton, 3133 yuan/ton, and 3055 yuan/ton respectively, with price changes of -13, -3, and -19 yuan/ton. The spot prices of hot-rolled coil in East China, North China, and South China were 3260 yuan/ton, 3190 yuan/ton, and 3270 yuan/ton respectively, with price changes of -10, 0, and 10 yuan/ton. The prices of hot-rolled coil 05, 10, and 01 contracts were 3253 yuan/ton, 3274 yuan/ton, and 3242 yuan/ton respectively, with price changes of -10, -9, and -10 yuan/ton [1]. - **Cost and Profit**: The billet price was 2930 yuan/ton, a decrease of 10 yuan/ton, and the slab price was 3730 yuan/ton, unchanged. The profits of East China hot-rolled coil, North China hot-rolled coil, and South China hot-rolled coil were -30, -110, and -40 yuan/ton respectively, with changes of -3, -3, and -13 yuan/ton. The profits of East China rebar, North China rebar, and South China rebar were -110, -100, and -10 yuan/ton respectively, with changes of -3, 7, and 7 yuan/ton [1]. - **Production Indicators**: The daily average molten iron output was 234.2 tons, a decrease of 2.1 tons or -0.9%. The output of five major steel products was 856.7 tons, a decrease of 18.5 tons or -2.1%. The rebar output was 208.5 tons, a decrease of 4.1 tons or -1.9%, including an electric furnace output of 29.3 tons, a decrease of 0.3 tons or -0.9%, and a converter output of 179.3 tons, a decrease of 3.8 tons or -2.1%. The hot-rolled coil output was 318.2 tons, a decrease of 5.4 tons or -1.7% [1]. - **Inventory**: The inventory of five major steel products was 1503.6 tons, a decrease of 10.2 tons or -0.7%. The rebar inventory was 592.5 tons, a decrease of 10 tons or -1.7%. The hot-rolled coil inventory was 410.5 tons, an increase of 3.9 tons or 0.9% [1]. - **Trading and Demand**: The building materials trading volume was 91 tons, a decrease of 17 tons or -15.6%. The apparent demand for five major steel products was 866.9 tons, a decrease of 49.5 tons or -5.4%. The apparent demand for rebar was 218.5 tons, a decrease of 13.7 tons or -5.9%. The apparent demand for hot-rolled coil was 314.3 tons, a decrease of 17.6 tons or -5.3% [1]. Group 2: Iron Ore Industry Investment Rating - Not provided Core View - Last night, iron ore strengthened and the basis narrowed. On the supply side, the global iron ore shipment volume decreased this week, and the arrival volume at 45 ports declined. Based on recent shipment data, the subsequent average arrival volume is expected to increase. On the demand side, the steel mill profit margin has dropped significantly, the molten iron output has declined from a high level, and the steel mill replenishment demand has weakened. In terms of inventory, the port inventory is accumulating, and the port clearance volume has increased slightly. If the steel mill losses continue to intensify and the finished product destocking fails to meet expectations, the iron ore price will hit a new low. However, given the current profit rate and inventory level of steel mills, the probability of negative feedback in molten iron is relatively low. The Rio Tinto Q3 report shows that the overall commissioning progress of the Simandou project is faster than expected, and it is expected to complete the first batch of iron ore shipments to the port in October, about one month earlier than the original plan. For the arbitrage strategy of long coking coal and short iron ore, due to the significant decline of coking coal, considering the large discount of iron ore, partial profit-taking can be considered. Wait for the coking coal to stabilize before paying attention to this arbitrage again [4]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The warehouse receipt costs of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines were 836.3 yuan/ton, 852.4 yuan/ton, 864.2 yuan/ton, and 846.7 yuan/ton respectively, with price changes of -7.7, -2.2, -2.2, and -3.2 yuan/ton. The 01 contract basis for Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines were 36.3 yuan/ton, 52.4 yuan/ton, 64.2 yuan/ton, and 46.7 yuan/ton respectively, with price changes of -5.2, 0.3, 0.3, and -0.7 yuan/ton. The 5 - 9 spread was 21.5 yuan/ton, an increase of 0.5 yuan/ton or 2.4%. The 9 - 1 spread was -45.0 yuan/ton, a decrease of 1.0 yuan/ton or -2.3%. The 1 - 5 spread was 23.5 yuan/ton, an increase of 0.5 yuan/ton or 2.2% [4]. - **Spot Prices and Price Indexes**: The spot prices of Carajás fines, PB fines, Brazilian blended fines, and Jinbuba fines at Rizhao Port were 876.0 yuan/ton, 775.0 yuan/ton, 814.0 yuan/ton, and 718.0 yuan/ton respectively, with price changes of -2.0, 0, -2.0, and 0 yuan/ton. The prices of the Singapore Exchange 62% Fe swap and the Platts 62% Fe index were 102.8 dollars/ton and 107.7 dollars/ton respectively, with price changes of -0.5 and -0.7 dollars/ton [4]. - **Supply Indicators**: The weekly arrival volume at 45 ports was 2741.2 tons, a decrease of 477.2 tons or -14.8%. The weekly global shipment volume was 3069.0 tons, a decrease of 144.8 tons or -4.5%. The monthly national import volume was 11632.6 tons, an increase of 111.6 tons or 10.6% [4]. - **Demand Indicators**: The weekly average daily molten iron output of 247 steel mills was 234.2 tons, a decrease of 2.1 tons or -0.9%. The weekly average daily port clearance volume at 45 ports was 320.9 tons, an increase of 0.8 tons or 0.2%. The monthly national pig iron output was 6604.6 tons, a decrease of 374.7 tons or -5.4%. The monthly national crude steel output was 7349.0 tons, a decrease of 387.8 tons or -5.0% [4]. - **Inventory Changes**: The weekly inventory at 45 ports increased by 229.4 tons or 1.5% compared to Monday, reaching 15128.19 tons. The weekly imported iron ore inventory of 247 steel mills was 6.6006 tons, an increase of 160.1 tons or 1.8%. The weekly inventory available days of 64 steel mills was 21.0 days, unchanged [4]. Group 3: Coke and Coking Coal Industry Investment Rating - Not provided Core View - **Coke**: Yesterday, the coke futures showed a weak downward trend. Recently, the spot and futures markets have not been in sync. The port trade quotes have followed the futures down. The third round of price increase by mainstream coking enterprises has been implemented, and the fourth round of price increase has been initiated but not yet landed. On the supply side, the coking coal prices in the Shanxi market are strong, providing cost support for coke. However, coking enterprises still face losses after price increases, and their开工 rate has declined. On the demand side, environmental protection restrictions in Tangshan and Shanxi have led to a significant decline in steel mill molten iron output, suppressing the price increase of coke. In terms of inventory, the inventories of coking plants, ports, and steel mills have all decreased slightly, and the overall inventory is slightly lower in the middle range. Coke supply and demand are tight, and downstream enterprises are destocking passively. Although the Mongolian coal quotes have followed the futures down and the Shanxi auctions have become mixed, the coking coal prices are still firm, and coke still has the expectation of a price increase. For the strategy, take a wait - and - see attitude towards single - side trading, with the reference range of 1650 - 1780. It is recommended to carry out a long 01 and short 05 arbitrage for coke, and guard against the negative feedback risk caused by the decline in steel prices [7]. - **Coking Coal**: Yesterday, the coking coal futures showed a weak downward trend, with a certain divergence between the spot and futures markets. The Shanxi spot auction prices are running strongly, while the Mongolian coal quotes have followed the futures down. The thermal coal market has been rising recently, and the overall coal spot market is in a tight situation. On the supply side, some shut - down coal mines in Shanxi and Inner Mongolia have started to resume production, and the Mongolian coal customs clearance has increased significantly since November, with the port inventory rising from a low level. On the demand side, the decline in profits and environmental protection restrictions have led to a significant decline in molten iron output, a slight decline in coking plant开工, and a weakening of steel mill replenishment demand. In terms of inventory, coal mines and steel mills are destocking, while coking plants, coal washing plants, ports, and terminals are accumulating inventory, and the overall inventory is slightly higher in the middle range. The downstream is actively replenishing inventory. For the strategy, take a wait - and - see attitude towards single - side trading, with the reference range of 1170 - 1290. It is recommended to carry out a long 01 and short 05 arbitrage for coking coal, and guard against the negative feedback risk caused by the decline in steel prices [7]. Summary by Directory - **Coke - Related Prices and Spreads**: The prices of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) and Rizhao Port quasi - first - grade wet - quenched coke (warehouse receipt) were 1662 yuan/ton and 1689 yuan/ton respectively, unchanged. The prices of the coke 01 and 05 contracts were 1685 yuan/ton and 1831 yuan/ton respectively, with price changes of -59 and -46 yuan/ton. The 01 basis was 4 yuan/ton, and the 05 basis was -142 yuan/ton. The J01 - J05 spread was -146 yuan/ton, a decrease of 13 yuan/ton. The weekly coking profit of Mysteel was -54 yuan/ton, a decrease of 11 yuan/ton [7]. - **Coking Coal - Related Prices and Spreads**: The prices of Shanxi medium - sulfur primary coking coal (warehouse receipt) and Mongolian 5 raw coal (warehouse receipt) were 1420 yuan/ton and 1331 yuan/ton respectively, with price changes of 0 and -33 yuan/ton. The prices of the coking coal 01 and 05 contracts were 1213 yuan/ton and 1272 yuan/ton respectively, with price changes of -53 and -31 yuan/ton. The 01 basis was 118 yuan/ton, and the 05 basis was 61 yuan/ton. The JM01 - JM05 spread was -59 yuan/ton, a decrease of 22 yuan/ton. The weekly profit of sample coal mines was 34 yuan/ton, an increase of 6.4% [7]. - **Upstream Coking Coal Prices and Spreads**: The price of coking coal (Shanxi warehouse receipt) was 1420 yuan/ton, unchanged [7]. - **Overseas Coal Prices**: The arrival price of Australian Peak Downs coal was 213 dollars/ton, an increase of 0.5 dollars/ton or 0.2%. The ex - warehouse price of Australian primary coking coal at Jingtang Port was 1600 yuan/ton, a decrease of 40 yuan/ton or -2.4%. The ex - warehouse price of Australian thermal coal at Guangzhou Port was 882 yuan/ton, an increase of 2.4 yuan/ton or 0.3% [7]. - **Supply Indicators**: The weekly average daily coke output of all - sample coking plants was 63.6 tons, a decrease of 1.0 ton or -1.5%. The weekly average daily coke output of 247 steel mills was 46.1 tons, a decrease of 0.1 ton or -0.3%. The weekly average daily molten iron output of 247 steel mills was 234.2 tons, a decrease of 2.1 tons or -0.9% [7]. - **Inventory Changes**: The total coke inventory was 887.1 tons, a decrease of 13.0 tons or -1.4%. The coke inventory of all - sample coking plants was 58.3 tons, a decrease of 1.6 tons or -2.6%. The coke inventory of 247 steel mills was 626.6 tons, a decrease of 2.4 tons or -0.4%. The port inventory was 202.1 tons, a decrease of 9.0 tons or -4.3%. The coking coal inventory of Fenwei coal mines was 80.4 tons, a decrease of 0.8 tons or -0.9%. The coking coal inventory of all - sample coking plants was 1070.0 tons, an increase of 17.5 tons or 1.7%. The coking coal inventory of 247 steel mills was 787.3 tons, a decrease of 9.0 tons or -1.1%. The port inventory was 304.3 tons, an increase of 14.1 tons or 4.9% [7]. - **Coke Supply - Demand Gap Changes**: The calculated coke supply - demand gap was -3.7 tons, a decrease of 0.1 tons or -2.2% [7].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For the thread and hot-rolled coil market, last week's data showed a decline in the apparent demand and production of thread, and a continued decline in inventory. The inventory of hot-rolled coils has far exceeded the same period after a significant increase and continued to rise this week. Coke and coking coal prices are strong, supporting costs. However, due to the significant decline in steel mill profits and the approaching end of the consumption peak, steel mills are expected to reduce production, which may trigger a negative feedback loop. The prices of coking coal and iron ore are showing signs of weakness. Technically, the futures prices of thread and hot-rolled coils have fallen below the 10-day moving average, and now they are supported by the lower Bollinger Band. Traders should wait patiently for stabilization and then go long at low prices for medium-term trading [2]. - In the iron ore market, the iron ore production of sample steel mills continued to decline week-on-week and is expected to continue to decline this week. Due to the decline in steel mill profits and the end of the consumption peak season, steel mills will continue to reduce production, suppressing raw material prices. On the supply side, global shipments have declined from their highs, and the arrival volume is expected to decline after some time. The increase in port inventory during the consumption peak season suppresses the futures price, and the slow destocking of steel inventory also dampens market sentiment. With the realization of macro-positive factors, combined with losses and the seasonal decline in terminal demand, the futures price faces certain correction pressure [4]. Summary by Directory I. Thread and Hot-Rolled Coils - **Supply and Demand**: Last week, the apparent demand for thread decreased, production declined, and inventory continued to fall. The inventory of hot-rolled coils has far exceeded the same period and continued to rise this week. Coke and coking coal prices are strong, supporting costs. However, due to the significant decline in steel mill profits and the approaching end of the consumption peak, steel mills are expected to reduce production, which may trigger a negative feedback loop. The prices of coking coal and iron ore are showing signs of weakness [2]. - **Technical Analysis**: On the daily K-line chart, the futures prices of thread and hot-rolled coils have fallen below the 10-day moving average, and now they are supported by the lower Bollinger Band. Traders should pay attention to whether they can stabilize in the future [2]. - **Operation Suggestion**: Maintain a wait-and-see attitude, do not chase after rising or falling prices. Wait patiently for stabilization and then go long at low prices for medium-term trading. Do not short when the price is low [2]. - **Related Data**: The closing price of the thread steel main contract is 3025 yuan/ton, down 0.62% from the previous day and last week; the closing price of the hot-rolled coil main contract is 3242 yuan/ton, down 0.31% from the previous day and 0.70% from last week. The 247 steel mill blast furnace operating rate is 81.75%, down 2.96 percentage points; the average daily molten iron output is 234.22 million tons, down 0.91%. The national building materials steel mill thread production is 208.54 million tons, down 1.91%; the hot-rolled coil production is 318.16 million tons, down 1.67%. The five major varieties of social inventory are 1075 million tons, down 0.19%; the thread social inventory is 425.7 million tons, down 1.19%; the hot-rolled coil social inventory is 333.02 million tons, up 1.24% [2]. II. Iron Ore - **Supply and Demand**: The iron ore production of sample steel mills continued to decline week-on-week and is expected to continue to decline this week. Due to the decline in steel mill profits and the end of the consumption peak season, steel mills will continue to reduce production, suppressing raw material prices. On the supply side, global shipments have declined from their highs, and the arrival volume is expected to decline after some time. The increase in port inventory during the consumption peak season suppresses the futures price, and the slow destocking of steel inventory also dampens market sentiment [4]. - **Technical Analysis**: The price of the 01 contract has fallen below the middle Bollinger Band and the 10-day moving average, and now traders should mainly pay attention to the support of the lower Bollinger Band. There is resistance above formed by a dense trading area [4]. - **Operation Suggestion**: Maintain a wait-and-see attitude and wait patiently for the price to stabilize before going long at low prices [4]. - **Related Data**: The settlement price of the DCE iron ore main contract is 763 yuan/dry ton, down 0.26% from the previous day and 1.61% from last week; the settlement price of the SGX iron ore continuous contract is 101.52 US dollars/dry ton, down 0.64% from the previous day and 4.93% from last week. The Australian iron ore shipment volume is 1564.5 million tons, down 4.59%; the Brazilian iron ore shipment volume is 606.9 million tons, down 23.09%. The port inventory is 14898.83 million tons, up 2.45% [4]. III. Industry News - As of November 11, the operating rate of 50 major building material electric furnace steel mills nationwide was 36.4%, a 0.68% increase from the previous period; the capacity utilization rate was 38.31%, a 0.3% increase from the previous period; the average daily building material output was 8.53 million tons, a 0.07 million tons increase from the previous period [6]. - From November 3 to November 9, 2025, the total iron ore inventory of seven major ports in Australia and Brazil was 1262.6 million tons, a 45.8 million tons increase from the previous period, showing a slight inventory accumulation trend. The current inventory level is slightly lower than the median since the second half of the year [6]. - The total inventory of imported iron ore ports in 47 ports in China is 15819.49 million tons, a 380.41 million tons increase from last Monday; the total inventory of 45 ports is 15128.19 million tons, a 414.11 million tons increase from the previous period [7]. - During the winter shutdown and production reduction period, Xinjiang is expected to reduce the production of construction steel by about 200 million tons, accounting for about 25% of the estimated total production of construction steel in Xinjiang in 2025. Currently, some steel mills in Xinjiang are still actively promoting the spontaneous production reduction and limitation of other steel mills in winter. Some enterprises with the conditions to export to other regions and Central Asia are increasing their export efforts to reduce the inventory pressure of construction steel in Xinjiang in early 2026 [7].

Core Viewpoint - Hainan Mining's stock price has shown significant growth this year, with a 60.32% increase, and recent trading activity indicates strong investor interest and capital inflow [2][1]. Company Overview - Hainan Mining Co., Ltd. was established on August 22, 2007, and listed on December 9, 2014. The company is located in the Hainan Ecological Software Park [2]. - The company's main business includes iron ore mining, oil and gas exploration, and commodity trading, with revenue contributions of 40.82% from oil and gas, 28.72% from minerals, and 20.96% specifically from iron ore mining [2]. Financial Performance - For the period from January to September 2025, Hainan Mining reported a revenue of 3.36 billion yuan, reflecting a year-on-year growth of 5.93%. However, the net profit attributable to shareholders decreased by 42.84% to 312 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 993 million yuan, with 657 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 8.38% to 50,600, with an average of 39,072 circulating shares per person, down by 7.74% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diverse institutional interest in the company [3].

Core Viewpoint - Dazhong Mining's stock price has experienced significant fluctuations, with a year-to-date increase of 176.70% and a recent decline of 2.90% on November 12, 2023 [1][2]. Company Overview - Dazhong Mining Co., Ltd. is located in Baotou City, Inner Mongolia, and was established on October 29, 1999, with its stock listed on May 10, 2021 [2]. - The company's main business includes the production and sales of iron ore, iron concentrate, pellets, and processed sand and stone [2]. - Revenue composition: Iron concentrate (71.07%), pellets (20.48%), sulfuric acid (4.58%), sand and stone (2.73%), others (0.81%), zinc concentrate (0.32%), lithium ore (0.02%) [2]. Stock Performance - As of November 12, 2023, Dazhong Mining's stock price was reported at 23.42 CNY per share, with a market capitalization of 35.318 billion CNY [1]. - The stock has seen a trading volume of 1.39 billion CNY and a turnover rate of 0.46% [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on November 7 [2]. Financial Performance - For the period from January to September 2025, Dazhong Mining achieved a revenue of 3.025 billion CNY, reflecting a year-on-year growth of 1.60% [2]. - The net profit attributable to shareholders was 594 million CNY, showing a year-on-year decrease of 10.67% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders was 45,400, an increase of 1.44% from the previous period [2]. - The average circulating shares per person were 28,402, a decrease of 1.58% [2]. - The company has distributed a total of 1.494 billion CNY in dividends since its A-share listing, with 891 million CNY distributed over the past three years [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. Group 2: Report's Core View - There is no clear core view presented in the provided content. Group 3: Summary by Related Catalogs Spot Market - **Australian Ore**: Newman powder price is 772, unchanged daily and down 3 weekly; PB powder is 775, unchanged daily and down 7 weekly; Mac powder is 768, down 4 daily and 11 weekly; Jinbuba is 726, unchanged daily and down 8 weekly; mainstream mixed powder is 725, down 3 daily and 20 weekly; super special powder is 670, down 4 daily and 17 weekly; Carra powder is 876, down 2 daily and 18 weekly; Roy Hill powder is 762, unchanged daily and down 7 weekly; KUMBA powder is 834, unchanged daily and down 7 weekly [1]. - **Brazilian Ore**: Brazilian mixed ore is 814, down 2 daily and 8 weekly; Brazilian coarse IOC6 is 775, down 2 daily and 9 weekly; Brazilian coarse SSFG is 780, down 2 daily and 9 weekly [1]. - **Other Ores**: Ukrainian concentrate is 871, down 5 daily and 19 weekly; 61% Indian powder is 715, unchanged daily and down 8 weekly; 57% Indian powder is 605, down 4 daily and 17 weekly; Atlas powder is 720, down 3 daily and 20 weekly; Tangshan iron concentrate is 1002, unchanged daily and down 19 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 763.0, down 2.0 daily and 12.5 weekly; i2605 is 737.0, down 5.0 daily and 19.0 weekly; i2609 is 717.0, down 5.0 daily and 18.5 weekly [1]. - **SGX Contracts**: FE01 is 99.03, up 0.83 daily and down 2.90 weekly; FE05 is 96.85, up 0.76 daily and down 2.73 weekly; FE09 is 94.85, up 0.73 daily and down 2.65 weekly [1]. Other Data - **Import Profits**: Newman powder is -13.64; PB powder is -9.81; Mac powder is 14.98; Jinbuba is 5.03; mainstream mixed powder is -1.31; super special powder is -13.05; Carra powder is -2.97; Brazilian mixed ore is 7.09; Roy Hill powder is 20.22 [1]. - **Monthly Spreads and Basis/Spreads**: For DCE contracts, i2601's monthly spread is -46.0, up 2.0 daily and 3.9 weekly; i2605's is 26.0, up 5.0 daily and 10.4 weekly; i2609's is 20.0, up 5.0 daily and 9.9 weekly. For SGX contracts, FE01's is -4.18, down 1.9 daily and up 5.4 weekly; FE05's is 2.18, down 3.8 daily and up 3.0 weekly; FE09's is 2.00, down 5.6 daily and up 2.4 weekly [1].