螺矿产业链月报 汪楠 从业资格号：F3069002 投资咨询号：Z0017123 中航期货 2025-8-1 04 后市研判 目录 01 行情回顾 03 供需分析 02 宏观分析 行情PA回RT顾01 钢材：本月现货价格修复，基差走阔 行情PA回RT顾01 铁矿：现货价格上涨，基差进一步收敛 美国与贸易伙伴谈判取得进展，但后续仍存不确定性 宏观PA分RT析02 Ø 美国与贸易伙伴谈判取得进展，预期乐观：当地时间7月7日，美国总统特朗普签署行政命令，延长所谓"对等关税"暂缓期，将实施时间 从7月9日推迟到8月1日。美国将对等关税推迟至8月1日，市场预期美国及其贸易伙伴之间将达成贸易协议，这提振了风险情绪。 Ø 美国总统特朗普在社交平台宣布，美国分别与菲律宾和印尼达成了贸易协定。特朗普称，将菲律宾商品关税从20%下调至19%。菲律宾将对 美国开放市场，并实行零关税。印尼将对美国取消99%的关税壁垒。而印尼出口到美国的所有产品则需缴纳19%的关税。此外，印尼将向美国供 应其珍贵的关键矿产，并签署价值数百亿美元的重大协议，采购波音飞机、美国农产品和美国能源。特朗普表示，将对世界其他大部分国家征 收15%至50%的简单 ...

螺纹钢：市场情绪降温，宽幅震荡 2025 年 8 月 4 日 热轧卷板：市场情绪降温，宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 来源：Mysteel，同花顺，国泰君安期货研究所 【宏观及行业新闻】 7 月 31 日钢联周度数据：产量方面，螺纹-0.9 万吨，热卷+5.3 万吨，五大品种合计+0.65 万吨；总 库存方面，螺纹+7.65 万吨，热卷+2.79 万吨，五大品种合计+15.39 万吨；表需方面，螺-13.17 万吨，热 卷-8.31 万吨，五大品种合计-15.9 万吨。（数据来源：上海钢联） 【中共中央政治局:依法依规治理企业无房竞争。推进重点行业产能治理】会议指出要坚定不移深化改 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | （元/吨） 昨日收盘价 | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB ...

铁矿周报 2025 年 8 月 4 日 市场情绪降温 铁矿震荡为主 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1/11 ⚫ 需求端：上周钢厂生产部分受到天气不利因素影响， 日均铁水环比减少，但仍保持在240万吨以上水平。 上周247家钢厂高炉开工率83.46%，环比上周持平， 同比去年增加2.18个百分点，日均铁水产量 240.71 万吨，环比上周减少1.52万吨，同比去年增加4.09万 吨。 ⚫ 供应端：上周海 ...

Report Industry Investment Ratings - **Macro Finance**: Both stock index and treasury bonds are rated as "Oscillating" [1][6] - **Black Building Materials**: Rebar is rated as "Temporarily on the sidelines", iron ore as "Oscillating", and coking coal and coke as "Oscillating" [1][8][10] - **Non - ferrous Metals**: Copper is rated as "Range trading or on the sidelines", aluminum as "Buy on dips after a pullback", nickel as "Short on rallies or on the sidelines", tin as "Range trading", gold as "Range trading", and silver as "Range trading" [1][12][14][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are rated as "Oscillating"; polyolefin as "Wide - range oscillating"; soda ash's 09 contract as "Maintain short position" [1][23][25][28][33][34][36] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are rated as "Oscillating adjustment", apple and jujube as "Oscillating weakly" [1][38][39] - **Agricultural and Livestock**: Live pigs are rated as "Short on rallies", eggs as "Short on rallies", corn as "Range oscillating", soybean meal as "Limited upside", and oils as "High - level correction risk increasing" [1][40][42][44][46][48] Core Views - The report provides investment ratings and trading suggestions for various futures products based on market conditions, supply - demand relationships, and macro - economic factors. It also analyzes the influencing factors of each product's price movement, including macro - economic data, policy changes, and industry - specific events [1][6][8][12] Summary by Directory Macro Finance - **Stock Index**: Due to weak US non - farm payroll data, internal strife within the Fed, high domestic margin trading, and the approaching mid - report disclosure period, the stock index is expected to oscillate [6] - **Treasury Bonds**: After a volatile week, the market is tired, and the stock - bond seesaw effect is obvious. After the market shock and repair caused by anti - involution expectations and Politburo Meeting uncertainties end, treasury bonds are expected to oscillate [6] Black Building Materials - **Rebar**: The price oscillated weakly last Friday. With over - optimistic macro expectations cooling and balanced supply - demand, it is recommended to wait and see or conduct short - term trading [8] - **Iron Ore**: In July, the iron ore market first rose and then fell. With increasing overseas supply and expected decline in iron water demand, it is expected to oscillate strongly and can be used as a long - leg configuration when shorting other black varieties [8][9] - **Coking Coal and Coke**: Coking coal supply has disturbances, and demand has rigid support. Coke supply has limited increase, and demand is strong. Both are expected to oscillate, and short - term key factors need to be closely monitored [10][11] Non - ferrous Metals - **Copper**: Due to the Fed's stance divergence, weak US economic data, and domestic industry policies, copper supply has disturbances, but it is in the off - season, and overseas inventory may flow back. Copper is expected to oscillate weakly, with support at 77600 [12] - **Aluminum**: With rising bauxite prices in Guinea and changes in supply and demand of alumina and electrolytic aluminum, it is recommended to buy on dips after a pullback [14] - **Nickel**: In the medium - to - long term, the nickel industry has over - supply, and demand growth is limited. It is recommended to short on rallies, with a reference range of 118000 - 124000 yuan/ton for the main contract [19] - **Tin**: With improving tin ore supply and weak downstream demand, it is recommended for range trading, with a reference range of 250,000 - 272,000 yuan/ton for the 09 contract [20] - **Gold and Silver**: After the weak US non - farm payroll data, the market's expectation of a September interest rate cut has increased. However, considering the Fed's stance and concerns about the US fiscal situation, it is recommended to buy on dips after a pullback [21][22] Energy and Chemicals - **PVC**: With high upstream production pressure, uncertain export sustainability, and insufficient fundamental support, it is expected to oscillate in the short term, with the 09 contract focusing on 4950 - 5150 [23][24] - **Caustic Soda**: With high supply, rigid but slow - growing demand, and the influence of macro factors, it is expected to oscillate, with the 09 contract focusing on 2500 - 2600 [25][26] - **Styrene**: With limited fundamental positives and a warming macro - environment, it is expected to oscillate, focusing on 7200 - 7500 [28][29] - **Rubber**: With high raw material costs and inventory changes, rubber is expected to oscillate, with pressure at 15000 [30][32] - **Urea**: With a slight decrease in supply, increasing demand from compound fertilizer enterprises, and stable industrial demand, it is expected to first weaken and then strengthen, with support at 1700 - 1730 and pressure at 1820 - 1850 [33] - **Methanol**: With a slight increase in supply, stable demand from methanol - to - olefins, and weak traditional demand, it is expected to oscillate in the short term [34][35] - **Polyolefin**: Affected by macro factors and cost support, with weak demand in the off - season and slight inventory reduction, it is expected to correct in the short term, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35][36] - **Soda Ash**: With increasing supply and weak demand, the 09 contract is recommended to maintain a short position [36][37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption in the new season, and weak downstream consumption, it is expected to oscillate and adjust [38] - **Apple**: With slow apple shipments and normal new - fruit growth, prices are under pressure and are expected to oscillate weakly [38][39] - **Jujube**: With the growth of jujube trees in Xinjiang and changes in the market supply and demand in the sales area, it is expected to oscillate weakly in the short term [39] Agricultural and Livestock - **Live Pigs**: With increasing supply and weak demand, the futures are under pressure. It is recommended to short on rallies for the 11 and 01 contracts and pay attention to the 05 - 03 spread arbitrage [40][42] - **Eggs**: With short - term seasonal factors and long - term supply pressure, it is recommended to short on rallies for the 09 contract and go long on dips for the 12 and 01 contracts [42][44] - **Corn**: With short - term supply - demand games and long - term supply tightening, it is recommended for range trading and to pay attention to the 9 - 1 reverse spread arbitrage [44][45] - **Soybean Meal**: With sufficient supply in the short term and potential supply gaps in the long term, it is recommended to be cautious about going long in the short term and go long on dips in the long term [46][47] - **Oils**: With increasing short - term correction risks and limited correction amplitudes, it is recommended to take profits on existing long positions and pay attention to the soybean - palm oil 09 spread rebound strategy [48][52]

2025 年 8 月 4 日 宏观政策落地 钢价震荡为主 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 钢材周报 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1/8 ⚫ 宏观面：中美经贸会谈达成共识，双方将继续推动已暂 停的美方对等关税24%部分以及中方反制措施如期展期 90天。中共中央政治局7月30日召开会议，会议强调， 做好下半年经济工作，要保持政策连续性稳定性，增强 灵活性预见性。纵深推进全国统一大市场建设，推动市 场竞争秩序持续优化。依法依规治理企业无 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The A-share market had a minor correction on August 1, 2025, with reduced trading volume. Futures prices of various commodities showed different trends, affected by factors such as supply and demand, policies, and weather [1][2]. - The markets of different commodities are in various situations. For example, the supply of carbon elements is abundant, and the demand for some commodities is affected by the season and policies. Future trends depend on factors like policy implementation, weather conditions, and market sentiment [4][6]. Summary by Commodity Stock Index Futures - On August 1, the three major A-share indexes declined slightly. The Shanghai Composite Index fell 0.37% to 3559.95 points, the Shenzhen Component Index dropped 0.17% to 10991.32 points, and the ChiNext Index decreased 0.24% to 2322.63 points. The trading volume of the two markets was 1598.4 billion yuan, a significant reduction of 337.7 billion yuan from the previous day [1]. Coke and Coking Coal - On August 1, the coke weighted index was weakly volatile, closing at 1603.8, down 57.2. The coking coal weighted index also remained weak, closing at 1055.2 yuan, down 86.3 [2][3]. - Coke is in the fifth round of price increase with thin profits, and its daily production has slightly increased. The overall inventory continues to decline slightly, and traders' purchasing willingness is good. For coking coal, the total inventory has increased, but the production - end inventory has decreased significantly and is likely to continue to decline in the short term [4]. Zhengzhou Sugar - Due to the weakening US economy and improved global supply, the US sugar price declined on August 1. The Zhengzhou sugar 2601 contract had a slight decline at night on August 1. In the first half of July, the sugar production in the central - southern main producing areas of Brazil increased by 15.07% year - on - year, reaching 3.406 million tons. India's net sugar production in 2025 - 26 is expected to increase to 30 million tons [4]. Rubber - Due to a large short - term decline, the Shanghai rubber futures had a slight decline at night on August 1. As of August 1, the inventory of natural rubber in the Shanghai Futures Exchange decreased by 2388 tons to 208426 tons, and the futures warehouse receipts decreased by 4390 tons to 177630 tons. The 20 - grade rubber inventory increased by 2319 tons to 43849 tons, and the futures warehouse receipts increased by 2318 tons to 39716 tons [5]. Soybean Meal - Internationally, the excellent rate of US soybeans is 70%, and the growing conditions are good. If the weather continues to cooperate, the expected increase in US soybean production will impact the global soybean supply - demand pattern. Brazil's soybean production in 2025/2026 is expected to reach 182.9 million tons, an increase of 9.4 million tons year - on - year. Domestically, on August 1, the soybean meal futures price fluctuated, and the main M2509 contract closed at 3010 yuan/ton, up 0.33% [5]. Live Pigs - On August 1, the live pig futures price continued to be weak, with the main LH2509 contract closing at 14055 yuan/ton, down 0.14%. The supply is stable, and the market supply is sufficient. The demand is weak due to high - temperature weather and school holidays. The cost of feed has increased, reducing the expected profit of pig farming [6]. Shanghai Copper - The Shanghai copper price still has a slight downward pressure. The short - term support from the "anti - involution" has weakened, and the price will fluctuate more due to major macro - events next week. After the US tariff is implemented, the non - US supply will increase significantly in the second half of the year, and the copper price is expected to fluctuate between 76,000 - 80,000 yuan per ton [7]. Cotton - On the night of August 1, the main contract of Zhengzhou cotton closed at 13565 yuan/ton. On August 4, the base - price quotation of Xinjiang designated delivery (supervision) warehouses was at least 400 yuan/ton, and the cotton inventory decreased by 133 lots compared with the previous day [7]. Iron Ore - On August 1, the main 2509 contract of iron ore closed down 0.19% at 783 yuan. Last week, the global iron ore shipment increased, the arrival volume decreased, and the port inventory decreased. The iron water production declined, but it remained at a relatively high level. The short - term iron ore price is in a volatile trend [7]. Asphalt - On August 1, the main 2509 contract of asphalt closed down 0.19% at 3658 yuan. Last week, the asphalt production capacity utilization rate increased, and the shipment volume increased. Although the rainfall still affects the demand, there is an expectation of demand recovery. The low inventory supports the price, and the short - term price will fluctuate [8]. Logs - On August 1, the log futures market showed high - level pressure. The 2509 contract opened at 822, with a low of 813, a high of 825, and closed at 821.5, with a reduction of 2321 lots. The spot prices in Shandong and Jiangsu remained unchanged. The supply - demand relationship has no major contradictions, and the spot trading is weak [8]. Steel - After the adjustment of the Politburo meeting's statement on "anti - involution", the market's expectation of overall low - price rectification and capacity reduction has cooled. However, the "anti - involution" and "stable growth" expectations still exist, and the steel demand in the off - season is okay. The short - term steel price will follow the market sentiment and fluctuate weakly [10]. Alumina - The raw material supply of alumina may be affected by events in Guinea and the rainy season, and the price is firm. Under the policy of capacity governance, the operating capacity and production growth rate of alumina may slow down. The demand for alumina from the electrolytic aluminum industry is stable [9]. Shanghai Aluminum - The operating capacity of domestic electrolytic aluminum is approaching the upper limit. The production growth rate may slow down, but it will still maintain a high - level operation. The demand is weak due to the off - season and high prices, and the inventory is slightly increasing [11]. Lithium Carbonate - The price of battery - grade lithium carbonate index decreased by 449 yuan/ton to 71025 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate decreased by 650 yuan/ton. The market trading activity has improved, but the future of mines in Jiangxi is uncertain [11][12].

1. Report Industry Investment Rating There is no relevant content provided in the report. 2. Core Viewpoints of the Report - This week, the inventory of the five major steel products increased by 153,900 tons to 1.35189 million tons, ending a four - week decline and reaching a seven - week high. The social inventory increased by 153,900 tons, and the steel mill inventory increased slightly by 1,000 tons. Specifically, the social inventory of rebar increased by 111,700 tons, while the steel mill inventory decreased by 35,200 tons. The weekly output decreased slightly, and the apparent demand decreased by 6.08% or 131,700 tons to 2.0341 million tons, the lowest in five months. The output increase of hot - rolled coils was greater than the inventory increase, and the apparent demand rebounded by 47,600 tons to 3.2 million tons. The apparent demand for cold - rolled and medium - thick plates fluctuated relatively little [2]. - Currently, the proportion of industrial logic is gradually increasing, and policy expectations are decreasing. After important events such as Sino - US tariff negotiations, the Politburo meeting, and the US interest - rate meeting have concluded, market sentiment has significantly cooled. In the short term, prices have entered a period of volatile consolidation, but the upward trend is expected to remain unchanged, although the momentum has slowed. In the later stage, attention should be paid to whether terminal demand can show better - than - expected performance [2]. - In the short term, the market will experience volatile consolidation, while in the long term, the upward trend remains unchanged [2]. 3. Summary According to the Catalog 3.1 Market Review and Price Performance 3.1.1 Futures and Spot Trend Review - Futures market: This week, the main RB2510 rebar contract retraced, closing at 3,205 yuan/ton, a week - on - week decrease of 89 yuan/ton, with a position of 1.816 million lots, a decrease of 90,000 lots. The main HC2510 hot - rolled coil contract slightly retraced, closing at 33,902 yuan/ton, a week - on - week decrease of 66 yuan/ton, with a position of 1.4339 million lots, a decrease of 73,800 lots [5]. - Spot market: This week, the spot price of rebar moved lower. As of July 31, the price of HRB400E 20MM in Beijing decreased by 60 yuan/ton to 3,270 yuan/ton compared with last week. The spot price of hot - rolled coils also moved lower. As of July 31, the price of Benxi Steel 5.75*1500*C:Q235B in Tianjin decreased by 30 yuan/ton to 3,370 yuan/ton compared with last week [6]. 3.1.2 Spread Changes - Futures - spot spread: This week, the basis of the main RB2510 rebar contract compared with the HRB400E 20MM spot in Shanghai was 165 yuan/ton, a change of +91 yuan/ton compared with the previous week. The basis of the main HC2510 hot - rolled coil contract compared with the 5.5*1500*C:Q235B:Ansteel spot in Shanghai was 40 yuan/ton, a change of +57 yuan/ton compared with the previous week [11]. - Inter - monthly spread: This week, the RB2601 - RB2510 spread was 56 yuan/ton, a change of +13 yuan/ton compared with the previous week. The HC2601 - HC2510 spread was 7 yuan/ton, a change of - 4 yuan/ton compared with the previous week [12]. - Rebar - hot - rolled coil spread: This week, the HC2510 - RB2510 spread was 185 yuan/ton, a change of +34 yuan/ton compared with the previous week. The HC2601 - RB2601 spread was 136 yuan/ton, a change of +17 yuan/ton compared with the previous week [13]. 3.2 Supply - Demand Situation Analysis 3.2.1 Supply - This week, the blast furnace operating rate of 247 steel mills surveyed by Mysteel was 83.46%, unchanged from last week and 2.18 percentage points higher than last year. The steel mill profitability rate was 65.37%, an increase of 1.73 percentage points from last week and 58.88 percentage points higher than last year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from last week but an increase of 40,900 tons compared with last year [20]. - The total weekly output of the five major steel products was 867,420 tons, a week - on - week increase of 450 tons. The increase was mainly in cold - and hot - rolled coils, while the output of other varieties decreased to varying degrees [20]. - The profitability rate of 247 steel mills continued to increase to 65.37%, reaching a high in more than nine months. The blast furnace operating rate remained unchanged at 83.46% for the third consecutive week. The blast furnace iron - making capacity utilization rate decreased to 90.24%, and the daily average pig iron output continued to decline by 15,200 tons to 2.4071 million tons, but the year - on - year increase still reached 1.73% [20]. 3.2.2 Demand - Recently, the State Council approved the construction of a hydropower project in the lower reaches of the Yarlung Zangbo River with a total investment of 1.2 trillion yuan, indicating good prospects for future infrastructure steel demand. - On the 31st, the third round of Sino - US economic and trade negotiations ended, and both sides agreed to extend the tariff truce period originally due to expire on August 12 by 90 days. The tariffs on China remained the same as before. There are signs of easing in Sino - US trade frictions and expectations of future Fed rate cuts. It is expected that the path for the implementation of the off - season logic will be less smooth, and demand will maintain a certain level of resilience. Currently, the demand for hot - rolled coils is still stronger than that for rebar, and this pattern is expected to continue for some time due to the arrival of the seasonal off - season for building materials [30]. 3.2.3 Inventory - This week, the social inventory of steel products in major cities across the country was 942,370 tons, a week - on - week increase of 152,900 tons. The inventory of steel mills by variety was 409,520 tons, a week - on - week increase of 1,000 tons. The total inventory of social and steel mills was 1.35189 million tons, a week - on - week increase of 153,900 tons. The overall inventory is at a low level compared with the same period, and steel mills have significantly reduced their inventory, transferring it downstream, continuing a certain de - stocking trend [36]. 3.2.4 Profit - The profitability rate of 247 steel mills continued to increase to 65.37%, reaching a high in more than nine months. The blast furnace operating rate remained unchanged at 83.46% for the third consecutive week. The blast furnace iron - making capacity utilization rate decreased to 90.24%, and the daily average pig iron output continued to decline by 15,200 tons to 2.4071 million tons, but the year - on - year increase still reached 1.73% [47]. - With the recovery of profits, electric - arc furnace steel mills continued to increase production and resume production, resulting in a significant increase in the operating rate and capacity utilization rate. However, due to poor steel sales, the overall recovery amplitude narrowed. As of July 30, the average operating rate of 87 independent electric - arc furnace steel mills in the country increased by 2.19% to 74.21%, and the capacity utilization rate increased by 1.56% to 57.05%, both reaching an eight - week high [47]. 3.2.5 Raw Material Prices - Affected by domestic policies this week, the prices of major raw materials fluctuated significantly. The price of Tangshan steel billets decreased by 100 yuan/ton to 3,097 yuan/ton, and the price of 61.5% PB powder decreased by 17 yuan/ton to 765 yuan/ton [56]. 3.3 Summary and Investment Suggestions - This week, the inventory of the five major steel products increased by 153,900 tons to 1.35189 million tons, ending a four - week decline and reaching a seven - week high. The social inventory increased by 153,900 tons, and the steel mill inventory increased slightly by 1,000 tons. Specifically, the social inventory of rebar increased by 111,700 tons, while the steel mill inventory decreased by 35,200 tons. The weekly output decreased slightly, and the apparent demand decreased by 6.08% or 131,700 tons to 2.0341 million tons, the lowest in five months. The output increase of hot - rolled coils was greater than the inventory increase, and the apparent demand rebounded by 47,600 tons to 3.2 million tons. The apparent demand for cold - rolled and medium - thick plates fluctuated relatively little [60]. - Currently, the proportion of industrial logic is gradually increasing, and policy expectations are decreasing. After important events such as Sino - US tariff negotiations, the Politburo meeting, and the US interest - rate meeting have concluded, market sentiment has significantly cooled. In the short term, prices have entered a period of volatile consolidation, but the upward trend is expected to remain unchanged, although the momentum has slowed. In the later stage, attention should be paid to whether terminal demand can show better - than - expected performance [60].

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 偏弱 | 震荡 | 震荡 偏强 | 关注 MA5 一线压力 | 乐观情绪修正，钢价震荡走弱 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 8 月 4 日） ◼ 品种观点参考 ◼ 行情驱动逻辑 周末钢材现货价格下行，成交表现偏弱，而螺纹钢供需两端均走弱，建筑钢厂生产弱稳，螺纹 周产量环比微降，但品种吨钢利润良好，供应收缩空间有限。与此同时，螺纹钢需求有所走弱，高 频指标均迎来回落，且继续位于近年来同期低位，淡季需求弱势特征未退，继续承压钢价。目前来 看，乐观情绪 ...

【#首钢园上半年665万客流2.6亿消费#】#年轻人北京旅游新偏好# 在"钢铁丛林"来张定格照、一张图证 明你在798、瞧瞧机械臂60秒灌装500瓶国民汽水、见证机器人76秒将钢板组装成整车，这个夏天，不少 年轻人游北京的行程中，闯进了一个新偏好——逛工业遗址、参观工厂。工业旅游如何从小众探索走向 大众潮流？@北京日报 记者 潘福达 ...

Core Viewpoint - The article discusses the ongoing "anti-involution" movement in various industries, emphasizing the need to shift from price wars to value-based competition, driven by recent government policies aimed at regulating low-price competition and promoting quality improvement [1][2]. Group 1: Government Policies - The Central Financial Committee's sixth meeting highlighted the need to govern low-price disorderly competition legally and to guide companies towards enhancing product quality [1]. - Recent government meetings have provided clearer arrangements for addressing "involution," indicating a top-down approach to economic governance [1]. - The draft amendment to the pricing law includes provisions related to "anti-involution," addressing issues like low-price dumping and price collusion to establish a high-level pricing governance mechanism [1]. Group 2: Industry Response - Various industries, including automotive, photovoltaic, cement, steel, pharmaceuticals, finance, catering, e-commerce, and food delivery, are calling for "anti-involution," indicating a collective need to escape the constraints of low-price competition [2]. - The shift from "price for volume" to "quality enhancement" is seen as essential for industries as China moves towards high-quality economic development [2]. - Companies are encouraged to adopt long-term development strategies, with leading firms urged to take the initiative in resisting vicious competition and fostering a healthier market environment [2].