1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The macro - level has no unexpected positive news. Fundamentally, both supply and demand of rebar increase while inventory decreases. Coupled with raw material supply disruptions, there is support for short - term rebar prices [78]. 3. Summary by Directory 3.1 Part 1: Rebar Futures Market Review 3.1.1 Recent Important Information Overview - Economic data: As of the end of September, M2 balance was 335.38 trillion yuan, up 8.4% year - on - year, down 0.4% from last month; M1 balance was 113.15 trillion yuan, up 7.2% year - on - year, up 1.2% from last month; M0 balance was 13.58 trillion yuan, up 11.5% year - on - year, down 0.2% from last month. In the first three quarters, net cash injection was 761.9 billion yuan. From January to September 2025, national fixed - asset investment (excluding rural households) was 371,535 billion yuan, down 0.5% year - on - year, with infrastructure investment (excluding power, heat, gas and water production and supply) up 1.1% year - on - year. National real estate development investment was 677.06 billion yuan, down 13.9% year - on - year; residential investment was 520.46 billion yuan, down 12.9% year - on - year. Newly - built commercial housing sales area was 658.35 million square meters, down 5.5% year - on - year [8]. - Policy information: On October 30, local time, the leaders of China and the US met in Busan. After the meeting, the US cancelled the 10% fentanyl tariff, extended the 10% reciprocal tariff for one year, suspended the entity list penetration rule in the technology field for one year, and suspended the special port - calling fees for Chinese - related ships calling at US ports for one year. China adjusted counter - measures related to fentanyl tariffs, suspended a series of rare - earth export control measures issued on October 9 for one year, and suspended counter - measures against US maritime measures for one year. The two countries will also strengthen fentanyl anti - drug cooperation and expand agricultural product trade [7]. 3.1.2 Rebar Main Contract Trend - No specific content provided 3.2 Part 2: Futures Market Environment: Macro, Price Ratio, Basis 3.2.1 Price Ratio - Other Commodities in the Industry Chain - The prices of rebar HRB400 20mm in Shanghai, hot - rolled coil Q235B 4.75mm in Shanghai, PB powder 61.5%Fe in Qingdao Port, quasi - first - grade metallurgical coke in Qingdao Port, and low - sulfur main coking coal were 3,230 yuan/ton, 3,350 yuan/ton, 802 yuan/ton, 1,570 yuan/ton, and 1,466 yuan/ton respectively. Their weekly price increases were 0.31%, 0.91%, 2.81%, 3.29%, and 0.75% respectively; monthly price increases were 0.00%, 0.00%, 3.34%, 6.80%, and 3.64% respectively; annual price changes were - 8.76%, - 5.40%, 5.09%, - 16.93%, and - 14.59% respectively [23]. 3.2.2 Rebar Main Contract Basis - The basis data from October 21 to October 30, 2025, showed that the basis (spot - futures) ranged from 104 to 157 yuan/ton [24]. 3.3 Part 3: Rebar Spot Supply and Demand Overview 3.3.1 Steel Mill Raw Material Inventory - No specific content provided 3.3.2 Blast Furnace Profit (Various Steel Products) - No specific content provided 3.3.3 Blast Furnace Profit (Spot - Futures) - No specific content provided 3.3.4 Blast Furnace Operation - The blast furnace operation rate of 247 steel enterprises in China was 81.75% on October 31, 2025, and 84.71% on October 24, 2025 [36]. 3.3.5 Electric Furnace Operation - No specific content provided 3.3.6 Daily Average Hot Metal Output - No specific content provided 3.3.7 Weekly Steel Output - On October 31, 2025, the output of five major steel products was 789.32 million tons, with a year - on - year increase of 0.005746614 and a month - on - month increase of 0.012922682 [45]. 3.3.8 Weekly Rebar Output - On October 31, 2025, rebar output was 212.59 million tons, with a month - on - month increase of 0.026657652 and a year - on - year decrease of 0.125935367 [49]. 3.3.9 Steel Mill Inventory of Steel Products - The steel mill inventory data showed fluctuations, with values such as 171.71, 184.63, 184.64, 192.34, and 158.91, and corresponding month - on - month changes [60]. 3.3.10 Social Inventory of Steel Products - The social inventory data showed values such as 430.81, 437.49, 456.41, 467.31, and 443.34, and corresponding month - on - month changes [60]. 3.3.11 Rebar Social Inventory - The rebar social inventory data showed values such as 430.81, 437.49, 456.41, 467.31, 443.34, and 471.89, and corresponding month - on - month changes [65]. 3.3.12 Building Materials Transactions - No specific content provided 3.3.13 Rebar Inventory in Steel Mills - No specific content provided 3.3.14 Total Rebar Inventory - No specific content provided 3.3.15 Rebar Apparent Consumption - No specific content provided 3.4 Part 4: Future Outlook - Supply: Some steel mills increased production, and with the allocation of hot metal among varieties, rebar production continued to rise this week. The supply of five major steel products was 875.29 million tons, a week - on - week increase of 9.97 million tons, or 1.2%. Rebar weekly output was 212.59 million tons, a week - on - week increase of 5.52 million tons [76]. - Demand: At the end of the traditional peak season, terminal consumption showed some resilience this week. The weekly consumption of five major steel products was 916.42 million tons, with building materials consumption up 5.1% week - on - week and plate consumption up 1.3% week - on - week. The total inventory of five major steel products was 1513.74 million tons, a week - on - week decrease of 41.13 million tons, or 2.6% [77]. - Raw materials: The supply of imported iron ore remained stable. China strengthened safety inspections on coal mines, restricting coal production. Coupled with a brief impact on Mongolian coal imports, the supply of coal and coke was weak, and there was support for prices [77].

Group 1 - The overall performance of the "China Coal Price Index" is strong, with the spot index at 1209 points, up 15 points (1.26%), the bidding index at 1296 points, up 44 points (3.51%), and the long-term contract index remaining flat at 1109 points [1] - Downstream steel prices are also performing strongly, with an increase in production for all steel varieties except cold-rolled, particularly notable in rebar production. There is a pre-season rush in demand, leading to continued growth in construction and plate consumption [3] - The supply-demand balance for steel has improved, supported by strong raw material prices for coking coal and coke, which bolster steel price costs [3] Group 2 - Coking coal prices are also strong, with limited production release from major coal mining areas, maintaining a tight supply situation. Steel companies are primarily engaged in essential procurement of coking coal [5] - The coking coal supply-demand structure is tight, with continuous depletion of inventory at production sites and rising online auction prices. However, many steel companies are experiencing low profit levels, leading to reduced willingness to accept deliveries, suggesting potential narrowing of price increases in the future [5] - The coking industry is seeing improved profits, maintaining normal production levels, and a tight supply-demand situation for coke, with smooth shipments and low inventory levels. A second round of price increases for coke has been fully implemented, indicating expectations for continued strong pricing [4]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply - demand pattern of hot - rolled coils has little change. High supply and high inventory situations remain, but demand performs well. The industry contradictions are not continuously accumulating. Market sentiment supports a recent increase in hot - rolled coil prices. However, there are still demand concerns, and the fundamentals have no substantial improvement. Be cautious of the market operation logic switching to the industrial side, which may cause prices to decline. Attention should be paid to demand performance [1] Group 3: Summary by Related Catalogs Supply - Hot - rolled coil weekly production increased by 1.10 tons week - on - week, remaining at a high level for the year. Plate steel mills' production is stable, but supply pressure is still large due to limited high - level inventory reduction [1] Demand - Hot - rolled coil demand shows good performance, with weekly apparent demand increasing week - on - week and remaining at a high level compared to the same period. However, high - frequency transactions are relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The relative positive factor is the marginal improvement of external demand, but it needs to be tracked after the price increase [1] Inventory - The total inventory of hot - rolled coils is at a high level, with a week - on - week decrease of 8.33 tons. Factory inventory increased by 0.31 tons week - on - week, while social inventory decreased by 8.64 tons week - on - week. High - level inventory reduction is limited, and supply pressure remains large [1]

Market Overview - The Hong Kong stock market opened higher due to the Federal Reserve's interest rate cut, while the A-share market had already priced in the news, leading to a midday drop before recovering slightly. The Hang Seng Index closed down 0.24% [1] - The Federal Reserve cut rates by 25 basis points, but Chairman Powell's hawkish remarks indicated internal disagreements within the FOMC and downplayed expectations for a guaranteed rate cut in December, despite a high probability of it occurring [1] US-China Summit Outcomes - The recent US-China summit concluded without the usual agreements or press conferences, leading to market reactions. However, the US made concessions, including the cancellation of a 10% tariff on fentanyl-related goods and a one-year suspension of certain export controls and investigations [2] - The outcome of the summit suggests a shift in the US-China relationship, with China being recognized as a respected competitor rather than a subordinate [2] Commodity Market Dynamics - The G7 is expected to announce a critical mineral production alliance, aiming to reduce dependency on China, which has led to rising aluminum prices. Chinese aluminum producers like China Aluminum and China Hongqiao saw their stocks rise over 8% [3] - The demand for copper is also increasing, with companies like China Nonferrous Mining and Jiangxi Copper experiencing stock gains of over 5% [3] Energy Storage and Lithium Market - The recent policy document from the Chinese government emphasizes the development of new energy storage systems, predicting a significant increase in lithium battery demand, which may exceed 2700 GWh next year [4] - Companies like Ganfeng Lithium and Tianqi Lithium reported strong earnings, with Ganfeng's revenue reaching 14.625 billion yuan, a 5.02% increase year-on-year, and Tianqi turning a profit of 95.485 million yuan in Q3 [4] Private Equity and Mergers - Aneng Logistics announced a privatization proposal with a valuation of approximately 14.3 billion HKD, leading to a stock price increase of over 22% [5] - China Merchants Energy plans to acquire 100% of Shanghai LNG Transportation, which is expected to enhance its valuation and saw its stock rise over 12% [6] IPO and AI Sector - OpenAI is preparing for an IPO that could value the company at $1 trillion, potentially becoming the largest IPO in history, with discussions of raising at least $60 billion [7] Steel Industry Developments - The Ministry of Industry and Information Technology is seeking opinions on a new capacity replacement plan for the steel industry, aiming to control steel production in key regions [8] - The Henan Province's action plan for the steel industry emphasizes restructuring and integration, which may lead to a more balanced supply-demand situation and improved profitability for steel companies [8] Wind Energy Sector - Goldwind Technology reported strong Q3 results, with revenue of approximately 48.147 billion yuan, a 34.34% year-on-year increase, and a net profit of about 2.584 billion yuan, a 44.21% increase [10][11] - The company has a robust order backlog of 52.5 GW, with significant growth in overseas markets, indicating strong market competitiveness and future growth potential [11]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report On Thursday, the RB2601 contract faced pressure and pulled back. The macro - situation shows that the leaders of China and the US had a meeting in Busan, South Korea, agreeing to strengthen cooperation in economic and trade fields. In terms of supply - demand, the weekly output of rebar continued to increase with a capacity utilization rate of 46.6%, rising for two consecutive weeks; terminal demand increased while inventory declined for three consecutive weeks. Overall, the supply - demand environment of rebar has improved. However, with the Fed's interest rate cut and the end of the Sino - US summit, the market's mainstream funds reduced long positions and increased short positions, and the market may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are pulling back from high levels. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3) Summary According to Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,106.00 yuan/ton, down 27 yuan; the position volume was 1,894,916 lots, up 909 lots. The net position of the top 20 in the RB contract was - 68,256 lots, down 20,857 lots. The RB1 - 5 contract spread was - 64 yuan/ton, down 11 yuan. The daily warehouse receipt of RB on the SHFE was 145,840 tons, down 300 tons. The HC2601 - RB2601 contract spread was 212 yuan/ton, unchanged [2]. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,290.00 yuan/ton, down 10 yuan; (actual weight) was 3,374 yuan/ton, down 10 yuan. In Guangzhou (theoretical weight), it was 3,340.00 yuan/ton, up 10 yuan; in Tianjin (theoretical weight), it was 3,200.00 yuan/ton, up 20 yuan. The basis of the RB main contract was 184.00 yuan/ton, up 17 yuan. The spot price difference between hot - rolled coil and rebar in Hangzhou was 80.00 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 807.00 yuan/wet ton, up 4.00 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,590.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,230.00 yuan/ton, unchanged. The price of Q235 billet in Hebei was 3,000.00 yuan/ton, up 10.00 yuan. The iron ore inventory at 45 ports was 144.2065 million tons, up 1.3895 million tons. The coke inventory of sample coking plants was 373,700 tons, down 1,200 tons. The coke inventory of sample steel mills was 6.3327 million tons, down 60,000 tons. The billet inventory in Tangshan was 1.1957 million tons, down 103,900 tons. The blast furnace operating rate of 247 steel mills was 84.73%, up 0.48%; the blast furnace capacity utilization rate was 89.92%, down 0.39% [2]. Industry Situation - The weekly output of rebar of sample steel mills was 2.1259 million tons, up 55,200 tons; the capacity utilization rate was 46.60%, up 1.21%. The factory inventory of sample steel mills was 1.7171 million tons, down 129,200 tons; the social inventory of rebar in 35 cities was 4.3081 million tons, down 66,700 tons. The operating rate of independent electric arc furnace steel mills was 67.71%, unchanged. The monthly output of domestic crude steel was 73.49 million tons, down 3.88 million tons. The monthly output of Chinese rebar was 1.541 million tons, up 66,000 tons. The net export volume of steel was 992,000 tons, up 91,000 tons [2]. Downstream Situation - The national real estate climate index was 92.78, down 0.27. The cumulative year - on - year growth rate of fixed - asset investment completion was - 0.50%, down 1.00%. The cumulative year - on - year growth rate of real estate development investment completion was - 13.90%, down 1.00%. The cumulative year - on - year growth rate of infrastructure construction investment was 1.10%, down 0.90% [2].

Market Overview - The Shanghai Composite Index rose by 0.06% to 4018.86, while the Shenzhen Component Index fell by 0.02% to 13688.53, and the ChiNext Index decreased by 0.23% to 3316.64 [4][8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.53 trillion yuan, an increase of 107.8 billion yuan compared to the previous trading day, with over 3200 stocks declining [5][9] Sector Performance - Quantum technology stocks continued to rise, while energy metals, the China-South Korea Free Trade Zone, steel, and battery sectors showed strong performance [5] - The steel sector saw significant activity, with companies like Anyang Steel hitting the daily limit, following the release of the "Henan Province Steel Industry Quality Improvement and Upgrading Action Plan," which aims for special steel production to account for about 50% of total steel output by 2027 [5][10] Notable Company Updates - ZTE Corporation's stock fell over 12% in Hong Kong, with a 32.69% year-on-year decline in net profit for the first three quarters, and an 87.84% drop in the third quarter alone [10] - Industrial Fulian's stock rose over 3%, reaching a new historical high, with a year-to-date increase of nearly 300% [13] - Sunshine Power's stock increased by over 4%, surpassing 200 yuan, with a total market value exceeding 410 billion yuan [14] Regulatory Developments - The China Securities Regulatory Commission announced improvements to the North Exchange's issuance and listing mechanisms, including the use of the fourth set of listing standards for unprofitable companies and optimizing disclosure requirements for innovative attributes [7]

Core Viewpoint - The "Henan Province Steel Industry Quality Improvement and Upgrading Action Plan" aims to enhance the efficiency, innovation, and environmental performance of the steel industry by 2027, focusing on resource integration, technological upgrades, and the establishment of a modern steel industry system [1][3][4]. Group 1: Overall Requirements - The plan targets the construction of a modern steel industry system with high-end, intelligent, and green development, aiming to eliminate inefficient production capacity and enhance profitability and innovation by 2027 [4][5]. - By the end of 2025, all production capacity below the energy efficiency benchmark will undergo technological upgrades or be eliminated, with a goal of achieving ultra-low emissions [4][5]. Group 2: Key Tasks - **Optimize Industrial Layout**: The plan emphasizes controlling total steel production capacity and guiding it towards regions with strong resource and market advantages, while promoting integrated layouts among steel, coking, and sintering industries [5][6]. - **Accelerate Enterprise Restructuring**: Support for advantageous enterprises to integrate steel resources through various methods, including capital increases and mixed ownership reforms, is encouraged [5][6]. - **Strengthen Industrial Regulation**: The plan includes a graded evaluation of enterprises to promote breakthroughs in safety, energy conservation, and environmental protection [6][7]. Group 3: Product Structure Upgrade - **Enhance Technological Innovation**: The plan aims to strengthen the research and development capabilities of major innovation platforms and promote the development of high-end steel products [8][9]. - **Develop a Distinctive Product System**: It focuses on adjusting product structures to enhance market supply and build a competitive product system, particularly in high-end steel products [9][10]. Group 4: Green and Intelligent Transformation - **Promote Equipment Upgrades**: The plan supports the upgrade of compliant production equipment and encourages the implementation of capacity replacement projects [10][11]. - **Enhance Green and Low-Carbon Levels**: New and expanded steel projects must meet energy efficiency and environmental performance standards, with a shift towards electric arc furnace short-process steelmaking [10][11]. Group 5: Policy Support and Industry Ecosystem - **Strengthen Policy Support**: The plan emphasizes the role of financial institutions in supporting the steel industry's transformation and development through various financing methods [12][13]. - **Encourage Industry Self-Regulation**: The steel industry association is tasked with guiding enterprises to adhere to national policies and avoid disorderly competition [12][13].

Group 1 - New Steel Co., Ltd. experienced a stock price increase of 5.49%, reaching 4.23 CNY per share, with a trading volume of 134 million CNY and a turnover rate of 1.01%, resulting in a total market capitalization of 13.462 billion CNY [1] - The company, established on October 10, 2003, and listed on December 25, 1996, is located in Xinyu City, Jiangxi Province, and primarily engages in steel smelting, steel rolling, and the manufacturing and sales of steel products [1] - The main revenue composition of New Steel includes 89.63% from steel and steel strand sales, while other revenues account for 10.37% [1] Group 2 - Among the top ten circulating shareholders of New Steel, E Fund's ETF, E Fund CSI Dividend ETF (515180), entered the list in the third quarter, holding 19.8634 million shares, which is 0.63% of the circulating shares, with an estimated floating profit of approximately 4.37 million CNY [2] - E Fund CSI Dividend ETF (515180) was established on November 26, 2019, with a latest scale of 9.051 billion CNY, yielding 6.16% this year, ranking 3948 out of 4216 in its category, and 9.86% over the past year, ranking 3388 out of 3885 [2] Group 3 - The fund managers of E Fund CSI Dividend ETF (515180) are Lin Weibin and Song Zhaoxian, with Lin having a cumulative tenure of 12 years and 242 days, managing a total fund size of 122.692 billion CNY, achieving a best fund return of 81.77% during his tenure [3] - Song Zhaoxian has a cumulative tenure of 5 years and 57 days, managing a total fund size of 54.426 billion CNY, with a best fund return of 83.91% during his tenure [3]

Group 1 - The steel industry is focusing on carbon reduction as a core issue in its green transformation journey, with breakthroughs in Carbon Capture, Utilization, and Storage (CCUS) technology providing systematic solutions to the challenges posed by CO2 emissions during steel production [1] - The first full-chain CCUS demonstration project in the steel industry has been established at Baogang Group, which captures industrial waste gas and transforms it into usable resources, significantly improving local air quality and setting a technological foundation for similar projects in the future [2] - The CCUS technology is enabling the conversion of waste gases from steel production into "gas fertilizers" for agriculture, addressing the "carbon hunger" of crops and enhancing their growth and yield, exemplified by a 20% increase in tomato production when using gas fertilizers [3] Group 2 - The integration of CCUS technology represents a shift from single technological breakthroughs to a comprehensive upgrade of the entire industry chain, demonstrating the deep fusion of new productive forces and green development within the steel sector [4] - The advancements in CCUS not only contribute to China's dual carbon goals but also provide a model for low-carbon transformation in the global steel industry, showcasing "Chinese wisdom" in sustainable practices [4]

Core Insights - In the first three quarters of this year, Inner Mongolia's foreign exchange income and expenditure totaled 31.837 billion USD, indicating a continuous improvement in the ability of foreign exchange services to support the real economy [1] Group 1: Foreign Exchange Services - The People's Bank of China Inner Mongolia Branch facilitated 11,871 transactions for 119 quality enterprises, amounting to 26.7 billion RMB, with nearly 60% of capital project foreign exchange income achieving convenient payment [1] Group 2: Cross-Border Trade and Investment - Since the approval of the pilot program for multinational companies' integrated currency pool business, trial enterprises such as Yili Group and Baogang Group have transferred over 2.9 billion RMB through the fund pool, significantly enhancing their global fund allocation capabilities [1]