1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term and intraday view of Iron Ore 2601 is oscillating weakly, and the medium - term view is oscillating. Attention should be paid to the pressure at the MA5 line. The core logic is that the supply - demand pattern has weakened, and the ore price is under pressure [2]. - The supply - demand pattern of iron ore continues to weaken, with a significant increase in inventory. Under the disturbance of production restrictions, steel mill production weakens, the terminal consumption of ore continues to decline, and the weak demand in the steel market suppresses the ore price. The supply pressure continues to increase, and the ore price is under pressure to run weakly [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the weakening supply - demand pattern and the ore price under pressure [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken, with a large inventory build - up. Steel mill production weakens under production restrictions, and ore terminal consumption declines. The weak demand in the steel market restrains the ore price. The arrival of ore at domestic ports has recovered as expected, and the overseas miners' shipments have declined but are still at a high level this year. The supply pressure continues to increase, and the ore price is under pressure [3].

一、螺纹、热卷 更新时间：2025年11月07日08时16分 报告导读： 供需方面，本周的数据显示螺纹表观需求环比回落 ，螺纹产量下降，库存继续回落。热卷的库存在大幅回升后已经远高于同期水平 ，本周总库存继 续上升。焦煤和焦炭现货偏强运行，对成本构成一定支撑。不过，由于钢厂毛利大幅回落，且消费高峰期即将过去，未来钢厂预计将压减产量从而 可能会引发阶段性的负反馈循环。从技术上看，在日 K 线图上，螺纹和热卷的期价突破了上方 10 日均线的压制后有所回调，目前均已经跌破了下 方 10 日均线的支撑，目前下方有布林带下轨的支撑。 投资咨询系列报告 操作建议： 维持观望，不可追涨杀跌，耐心等待企稳后逢低做多，中线交易。 山金期货黑色板块日报 | 数据类别 | 指标 | 单位 | 最新 | | 较上日 | | 较上周 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 螺纹钢主力合约收盘价 | 元/吨 | 3037 | 13 | 0.43% | -69 | -2.22% | | 期现货价格 | 热轧卷板主力合约收盘价 | 元/吨 | 3256 | 3 | 0. ...

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Relevant Catalogs Iron Ore Spot Market - Newman powder: latest price 778, daily change +4, weekly change -24, conversion to contract price 832.4, import profit -26.42 [1] - PB powder: latest price 785, daily change +4, weekly change -20, conversion to contract price 832.7, import profit -17.42 [1] - Macfarlane powder: latest price 780, daily change +2, weekly change -15, conversion to contract price 851.9, import profit 6.55 [1] - Jinbuba powder: latest price 736, daily change +3, weekly change -19, conversion to contract price 828.0, import profit -1.76 [1] - Mixed powder: latest price 737, daily change 0, weekly change -26, conversion to contract price 866.8, import profit -5.29 [1] - Super special powder: latest price 687, daily change 0, weekly change -27, conversion to contract price 902.4, import profit -9.16 [1] - Carajás powder: latest price 893, daily change 0, weekly change -27, conversion to contract price 838.3, import profit -0.15 [1] - Brazilian mixed powder: latest price 821, daily change 0, weekly change -21, conversion to contract price 836.3, import profit -3.93 [1] - Brazilian coarse IOC6: latest price 787, daily change +4, weekly change -20, conversion to contract price 863.3 [1] - Brazilian coarse SSFG: latest price 792, daily change +4, weekly change -20 [1] - Ukrainian concentrate: latest price 890, daily change +2, weekly change -27, conversion to contract price 982.5 [1] - 61% Indian powder: latest price 725, daily change +3, weekly change -19 [1] - Karara concentrate: latest price 892, daily change +2, weekly change -25, conversion to contract price 913.9 [1] - Roy Hill powder: latest price 772, daily change +4, weekly change -20, conversion to contract price 849.8, import profit 11.82 [1] - KUMBA powder: latest price 844, daily change +4, weekly change -20, conversion to contract price 835.3 [1] - 57% Indian powder: latest price 622, daily change 0, weekly change -27 [1] - Atlas powder: latest price 732, daily change 0, weekly change -26 [1] - Tangshan iron concentrate: latest price 1008, daily change 0, weekly change -30, conversion to contract price 895.0 [1] Iron Ore Futures Market - i2601: latest price 777.5, daily change +1.5, weekly change -25.0, monthly spread -42.5, latest monthly spread 50.5, daily change +1.7, weekly change +4.6 [1] - i2605: latest price 756.0, daily change +2.0, weekly change -23.5, monthly spread 21.5, latest monthly spread 72.0, daily change +1.2, weekly change +3.1 [1] - i2609: latest price 735.0, daily change +1.0, weekly change -23.5, monthly spread 21.0, latest monthly spread 93.0, daily change +2.2, weekly change +3.1 [1] - FE01: latest price 100.47, daily change -0.14, weekly change -3.55, monthly spread -4.37, latest monthly spread -33.3, daily change +1.8, weekly change -3.3 [1] - FE05: latest price 98.18, daily change -0.20, weekly change -3.48, monthly spread 2.29, latest monthly spread -36.8, daily change -0.2, weekly change -2.8 [1] - FE09: latest price 96.10, daily change -0.19, weekly change -3.40, monthly spread 2.08, latest monthly spread -40.1, daily change +0.2, weekly change -1.9 [1]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: November 6, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The current fundamentals of iron ore show an expectation of increased supply and weakening demand due to the profit constraints of downstream steel enterprises, leading to a weak overall fundamental situation and a downward trend in ore prices. The current iron ore futures market lacks a clear main operating logic, and the price fluctuates within the previous trading range. It is necessary to observe whether there are signs of improvement in steel enterprise profits and the support level of the lower edge of the previous trading range. Considering that the current ratio of rebar to iron ore is at a historically low level, an arbitrage strategy of "going long on rebar and short on iron ore" can be considered [11]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market - On November 5, the main 2601 contract of iron ore futures fluctuated weakly, opening lower and then rising slightly, closing at 776.0 yuan/ton, down 0.26% [7]. - The table shows the price, trading volume, and open interest of steel and iron ore futures main contracts on November 5. For example, the RB2601 contract closed at 3024 yuan/ton, down 1.21%; the I2601 contract closed at 776 yuan/ton, down 0.26% [5]. - The table also shows the open interest of the top 20 long and short positions in the black - series futures on November 5. The long - short position difference of the I2601 contract was - 7,262, with a deviation of - 2.06% [8]. 3.1.2 Spot Market and Technical Analysis - On November 5, the main iron ore overseas quotes decreased by 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port remained unchanged from the previous trading day [9]. - Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [9]. 3.1.3 Future Outlook - Supply: The shipments from Australia and Brazil have increased, and the arrivals have significantly rebounded after two consecutive weeks of low levels. Considering the cumulative shipments of 109.784 billion tons in the past four weeks, a 3.78% increase compared with the previous four - week period, it is expected that the shipment volume will remain at a relatively high level, and the arrivals in November will fluctuate at a relatively high level, showing a pattern of being low in the first half and high in the second half. The first shipment of iron ore from Simandou in Guinea is expected to be sent in November, which may suppress the prices of far - month iron ore contracts [10][11]. - Demand: The daily average pig iron production has continued to decline and has been below 2.4 million tons for two consecutive weeks, mainly due to the continuous narrowing of steel production profits, with more than half of steel enterprises in a loss state. It is expected that the pig iron production will continue to decline. The production and demand of the five major steel products have recovered, but there is a divergence from the pig iron production data, and the sustainability of the demand recovery needs to be observed. Considering the cooling weather, the demand for construction steel may be suppressed [11]. - Inventory: Steel mills have returned to the state of replenishing inventory on demand, with the inventory available days at a relatively low level of 20 - 21 days this year. The port inventory has continued to accumulate and has reached 145 million tons, and it is expected that the port inventory will continue to accumulate slightly [11]. 3.2 Industry News - According to Mysteel data, from October 27 to November 2, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.7436 million square meters, a 3% increase compared with the previous period and a 35.9% decrease compared with the same period last year. The total transaction (signing) area of second - hand housing was 2.1225 million square meters, a 5.9% decrease compared with the previous period and an 18.5% decrease compared with the same period last year [12]. - On the afternoon of October 31, President Xi Jinping met with Canadian Prime Minister Justin Trudeau during the 32nd APEC Economic Leaders' Meeting in Gyeongju, South Korea, reaching important consensus and providing strategic guidance for the improvement and development of China - Canada relations. The Chinese side is willing to work with the Canadian side to resume and restart exchanges and cooperation in various fields and promote the solution of specific economic and trade issues of mutual concern [12]. 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade/low - grade ores and PB powder, the basis between iron ore spot and the January contract, the shipment volumes from Brazil and Australia, the arrivals at 45 ports, domestic mine capacity utilization, main port iron ore trading volumes, steel mill iron ore inventory available days, imported sintered powder ore inventory, port iron ore inventory and dispatch volumes, sample steel mill tax - free pig iron costs, blast furnace and electric furnace operating rates and capacity utilization rates, national daily average pig iron production, the apparent consumption of the five major steel products, the weekly production of the five major steel products, and the steel mill inventory of the five major steel products. All data sources are from Mysteel and the Research and Development Department of CCB Futures [16][20][26][28][29][35][40][45]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.40%. Currently, rebar supply has declined, but demand has also decreased. In the situation of weak supply and demand, industrial contradictions remain unresolved, inventory reduction is limited, and steel prices continue to be under pressure. The relative positive factor is cost support. It is expected that the subsequent trend will continue to fluctuate and find the bottom. Pay attention to the production situation of steel mills [5]. - The main contract price of hot - rolled coil fluctuated, with a daily increase of 0.22%. Currently, the supply of hot - rolled coil has declined from a high level, but demand is also poor. In the situation of weak supply and demand, industrial contradictions continue to accumulate, and hot - rolled coil prices continue to be under pressure. Given the cost support, the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [5]. - The main contract price of iron ore fluctuated and stabilized, with a daily increase of 0.65%. Currently, iron ore supply remains high, while demand continues to decline. In the situation of increasing supply and weak demand, industrial contradictions in the ore industry lead to accelerated inventory accumulation, and ore prices continue to be under pressure. The relative positive factor is the short - term market recovery. The subsequent trend will continue to be weakly fluctuating. Pay attention to the performance of steel products [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - In October 2025, the average monthly working hours of major construction machinery products in China was 80.9 hours, a year - on - year decrease of 9.03% and a month - on - month increase of 3.62%. The monthly average working hours of excavators was 68.6 hours. The monthly start - up rate of major construction machinery products was 55%, a year - on - year decrease of 10.1 percentage points and a month - on - month decrease of 0.16 percentage points. The start - up rate of excavators was 55.1% [7]. - In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period last year, the total bond financing of real estate enterprises increased significantly. From the perspective of financing structure, the credit bond financing of the real estate industry was 32.7 billion yuan, a year - on - year increase of 50.7%, accounting for 63.8%; overseas bond financing was 2.85 billion yuan, accounting for 5.6%; ABS financing was 15.7 billion yuan, a year - on - year increase of 115.8%, accounting for 30.6%. The average bond financing interest rate was 2.56%, a year - on - year decrease of 0.42 percentage points and a month - on - month decrease of 0.13 percentage points. In the first 10 months of this year, the total bond financing of real estate enterprises was 488.24 billion yuan, a year - on - year increase of 8.6% [8]. - In the third quarter of 2025, the iron ore production of Canadian mining company IOC was 4.41 million tons, a year - on - year increase of 15% and a month - on - month decrease of 1%. The year - on - year significant increase was mainly due to the impact of a 11 - day shutdown after forest fires in the third quarter of 2024. The salable iron ore production (concentrate + pellets) was 4 million tons, a year - on - year increase of 11% and a month - on - month decrease of 6% [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,160 yuan, 3,190 yuan, and 3,220 yuan respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,270 yuan, 3,190 yuan, and 3,318 yuan respectively; the price of Tangshan billet was 2,930 yuan; the price of Zhangjiagang heavy scrap was 2,170 yuan; the coil - rebar price difference was 110 yuan; the rebar - scrap price difference was 990 yuan [10]. - The price of 61.5% PB powder at Shandong ports was 785 yuan; the price of Tangshan iron concentrate was 803 yuan; the sea freight from Australia was 9.63 yuan, and from Brazil was 23.15 yuan; the SGX swap (current month) was 104.33 yuan; the Platts Index (CFR, 62%) was 104.90 yuan [10]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Daily Increase (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,037 | 0.40 | 3,042 | 3,017 | 884,740 | - 264,825 | 2,020,353 | - 11,428 | | Hot - rolled Coil | - | 3,256 | 0.22 | 3,271 | 3,241 | 462,037 | 14,203 | 1,365,348 | - 7,743 | | Iron Ore | - | 777.5 | 0.65 | 779.5 | 771.0 | 259,605 | - 22,010 | 537,495 | - 7,164 | [14] 3.4 Related Charts - **Steel Inventory**: There are charts showing the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil [17][23]. - **Iron Ore Inventory**: There are charts showing the inventory of 45 ports in China, including inventory changes, seasonal inventory, and the inventory of 247 steel mills [22][25]. - **Steel Mill Production Situation**: There are charts showing the blast furnace start - up rate, capacity utilization rate, independent electric furnace start - up rate, profitability of steel mills, and the inventory of domestic mine iron concentrate [31][32][35]. 3.5后市研判（Translated as Future Market Judgment） - **Rebar**: Both supply and demand have weakened. The weekly output of rebar decreased by 40,500 tons month - on - month, and the supply has shrunk again but is still at a relatively high level this year, with high inventory levels and supply pressure not relieved. At the same time, rebar demand has weakened as expected, with the weekly apparent demand decreasing by 136,600 tons month - on - month. Speculative demand is weak due to weak steel prices. Both are at low levels in recent years, and downstream conditions have not improved. As the off - season approaches, demand is likely to continue to weaken, putting pressure on steel prices. It is expected that the subsequent trend will continue to fluctuate and find the bottom, and attention should be paid to the production situation of steel mills [38]. - **Hot - rolled Coil**: Both supply and demand are weakening. Affected by production restrictions, the weekly output of hot - rolled coil decreased by 54,000 tons month - on - month, with a limited decline, and it is still at a relatively high level this year. High inventory levels and unrelieved supply pressure continue to suppress hot - rolled coil prices. At the same time, hot - rolled coil demand has begun to weaken, with the weekly apparent demand decreasing by 175,900 tons month - on - month, and high - frequency transactions remaining sluggish. The production of the main downstream cold - rolled products has continued to decline, and industrial contradictions have not been alleviated, continuing to drag down hot - rolled coils. In addition, the improvement in external demand is limited, and the resilience of hot - rolled coil demand is weakening. It is expected that the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [39]. - **Iron Ore**: The supply - demand pattern continues to weaken. Affected by production restrictions, the terminal demand for ore has continued to decline. Last week, the average daily hot metal output and imported ore consumption of sample steel mills decreased month - on - month, and the decline continued to expand, indicating an obvious trend of weakening demand. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production - restriction disturbances, ore demand is expected to continue to decline, and weak demand is likely to drag down ore prices. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined. Both are at relatively high levels, and domestic ore supply has increased, increasing the supply pressure of ore. It is expected that the subsequent trend will continue to be weakly fluctuating, and attention should be paid to the performance of steel products [40].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Overseas, the Fed's "rate cut + halt to balance sheet reduction" signals a major shift in post - pandemic monetary policy. A December rate cut is likely, but future policies will be more flexible and uncertain due to internal US disputes, data gaps from government shutdowns, and inflation stickiness [1][54] - The eurozone economy shows "strengthened stage expansion and intensified structural differentiation." Short - term resilience depends on the service sector, while long - term growth faces challenges such as manufacturing drag, external tariff impacts, and insufficient policy coordination [2][54] - Domestically, the economy in the first three quarters met expectations, showing strong resilience and vitality. Despite pressure on consumption and investment, policies ensure stable growth. Sino - US relations are easing, and fiscal stimulus in Q4 will support the economy [2][55] - The real estate market is neutral to bearish as front - end indicators are declining, and it lacks conditions for a quick recovery [6][84] - Steel exports exceeded 10 million tons in September, with plate leading the growth. Exports are expected to remain above 9 million tons per month in Q4 [7][84] - Steel inventories are higher than usual after the National Day, and if the current destocking rate continues, there will be inventory pressure in November and December, weighing on steel prices [7] - Annual crude steel production may be around 950 million tons, a reduction of 50 million tons, with a decline in rebar production and an increase in hot - rolled coil production [7] - The auto market has grown rapidly this year, especially the new - energy vehicle sector, but high - base growth will be difficult in the second half of the year [7] - The home appliance market benefited from policies in the peak season but faces a decline in year - end production scheduling and uncertain exports in Q4, with only a slight annual increase [7] - In November, steel prices are under pressure, with limited room for a sharp decline, and are likely to move lower and then consolidate at a low level [7][85] - In October, the iron ore market had a supply - strong and demand - weak pattern, with macro factors driving prices up. In November, trading will return to the real - world situation as macro drivers weaken [12][114] - Iron ore supply pressure may ease in November. Demand will continue to decline, and inventory accumulation may slow down or slightly decline. Prices are expected to trade in a range [12][115] - In October, the coking coal and coke market rebounded. In November, as supply increases steadily, demand faces seasonal decline, and inventory may accumulate, the market's fundamental support may weaken [15][16] Group 3: Summary by Directory Part 1: Macro - Fed Cuts Rates as Expected, Domestic Demand Remains Under Pressure - **Market Operation Logic** - **US**: In October, the US economy was under pressure with manufacturing and services "double - pressured." The Fed cut rates by 25 basis points and ended balance sheet reduction. Manufacturing was in long - term contraction, services growth slowed sharply, the labor market cooled, and inflation fell more than expected [21][25] - **Eurozone**: In October, the eurozone economy showed "strengthened stage expansion and intensified structural differentiation." Services drove economic expansion, while manufacturing recovery was weak. The labor market was stable, and inflation was cooling overall [27][29] - **Domestic**: In Q3, China's GDP grew steadily, with the service sector driving growth. Investment declined, consumption slowed, and exports showed resilience. Price indices showed some recovery, and the PMI indicated stable production [32][50] - **Market Trend Judgment** - Overseas, the Fed's policy shift and future uncertainties will impact the global financial market. The eurozone's economic future depends on key variables. Domestically, Sino - US relations are easing, and fiscal stimulus in Q4 will support the economy [54][55] - **Later Concerns/Risk Factors** - Overseas economic trends, monetary policy changes, US tariff policy evolution, domestic incremental policies, and terminal demand [57] Part 2: Finished Products - Demand Suppresses Prices, Steel Prices Weakly Operate - **Market Operation Logic** - **Real Estate**: The real estate market is neutral to bearish for building materials as investment, sales, and other indicators are declining, and the market is slow to recover [59][60] - **Exports**: In September, steel exports exceeded 10 million tons again, with high - value - added plates leading. Exports are diversifying, and Q4 exports are expected to remain above 9 million tons per month [64] - **Inventory**: Steel inventories are accumulating, which will pressure prices in November and December if the current destocking rate continues [66] - **Crude Steel Production**: Crude steel production is decreasing, and annual production may be around 950 million tons, with rebar production falling and hot - rolled coil production rising [7][70] - **Automobile Market**: The automobile market is growing rapidly, especially the new - energy vehicle sector. However, high - base growth will be difficult in the second half of the year [71][74] - **Home Appliance Market**: Home appliance production scheduling is declining in November. Exports are showing differentiation, and the market may slow down in Q4 with a slight annual increase [75][82] - **Market Trend Judgment** - Steel prices in November are under pressure, with limited room for a sharp decline, and are likely to move lower and then consolidate at a low level [85] - **Later Concerns/Risk Factors** - Changes in US trade policy and the introduction of unexpected domestic macro - stimulus policies [87] Part 3: Iron Ore - Macro Enters a Vacuum Period, Market Returns to Reality - **Market Operation Logic** - **Market Review**: In October, the iron ore market had a supply - strong and demand - weak pattern, with macro factors driving prices up. The industry reality was weak, but macro expectations were positive [12][89] - **Supply**: In October, imports increased for four consecutive months, and domestic production declined. In November, supply pressure may ease due to Australian mine maintenance and weak prices [92][101] - **Demand**: In October, domestic demand weakened, and exports had limited growth. In November, demand will continue to decline, and restocking demand may support prices [102] - **Inventory**: In October, port inventory accumulated due to strong supply and weak demand. In November, inventory accumulation may slow down or slightly decline [107] - **Market Trend Judgment** - As macro drivers weaken in November, the iron ore market will return to reality. Prices are expected to trade in the range of 760 - 800 yuan/ton for the main contract of Dalian iron ore futures, corresponding to about 100 - 105 US dollars/ton for the overseas market [114][116] - **Later Concerns/Risk Factors** - Stability of overseas ore shipments, domestic policy increments, and the speed of steel mill profit decline [118] Part 4: Coking Coal and Coke - Prices Trade in a Range, Pay Attention to Demand Resilience - **Market Operation Logic** - **Market Review in October 2025**: In October, coking coal and coke prices rebounded due to a warm macro - environment and fundamental support [121][123] - **Coking Coal**: Coal production may increase steadily in November. Imports are rising, but demand may decline seasonally, and inventory may accumulate [124][130] - **Coke**: The coke market follows the coking coal market. The key lies in demand, and if steel mills' profits deteriorate further, it will limit price rebounds [16] - **Market Trend Judgment** - In November, the coking coal and coke market's fundamental support may weaken, and prices will trade in a range [16] - **Later Concerns/Risk Factors** - Production rhythm of coking coal, coke, and steel, changes in imported coal volume, and demand negative - feedback pressure transmission [16]

Core Viewpoint - HeSteel Resources has experienced a stock price increase of 34.78% year-to-date, but has seen a decline of 2.11% in the last five trading days and 8.32% in the last 20 days, indicating volatility in its recent performance [2]. Financial Performance - For the period from January to September 2025, HeSteel Resources reported a revenue of 4.303 billion yuan, a year-on-year decrease of 7.47%, and a net profit attributable to shareholders of 538 million yuan, down 6.91% year-on-year [2]. - The company has cumulatively distributed dividends of 1.298 billion yuan since its A-share listing, with 914 million yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for HeSteel Resources was 28,300, a decrease of 6.54% from the previous period, with an average of 22,171 circulating shares per shareholder, an increase of 7.00% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.362 million shares, an increase of 1.7024 million shares from the previous period, and HSBC Jintrust Small Cap Stock, holding 6.5423 million shares, an increase of 171,050 shares [3]. Market Activity - On November 6, HeSteel Resources' stock price rose by 2.03%, reaching 18.06 yuan per share, with a trading volume of 134 million yuan and a turnover rate of 1.19%, resulting in a total market capitalization of 11.788 billion yuan [1]. - The net outflow of main funds was 11.5885 million yuan, with large orders showing a buy of 19.5532 million yuan and a sell of 23.6957 million yuan [1].

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年11月06日08时23分 报告导读： 供需方面，上周的数据显示螺纹表观需求继续回升 ，螺纹产量有回升但总库存下降速度偏慢 。热卷的库存在大幅回升后已经远高于同期水平 。焦煤 和焦炭现货偏强运行，对成本构成一定支撑。不过，由于钢厂毛利大幅回落，且消费高峰期即将过去，未来钢厂预计将压减产量从而可能会引发阶 段性的负反馈循环。从技术上看，在日 K 线图上，螺纹和热卷的期价突破了上方 10 日均线的压制后有所回调，目前均已经跌破了下方 10 日均线的 支撑，目前下方有布林带下轨的支撑。 操作建议： 维持观望，不可追涨杀跌，耐心等待企稳后逢低做多，中线交易。 投资咨询系列报告 需求方面，样本钢厂铁水产量环比出现较大幅度的回落 。由于钢厂利润的回落以及消费旺季的结束 ，钢厂或将有意继续压减产量，对原料价格形成 压制。供应端，全球发运从高位有所回落，预计一段时间之后到港量会有所回落 ，目前港口库存在消费旺季出现回升对期价有一定的压制 ，钢材库 存去化缓慢也压制整体市场情绪。随着宏观面利多的兑现，亏损叠加终端需求季节性下滑，期价面临一定的回调压力。技 ...

铁矿霸权崩塌！中矿集团7天逼澳洲巨头用人民币结算，美元神话破灭 【前言】 "一吨铁矿成本15美元，卖给中国120美元！"——这个让中国钢铁业咬牙切齿20年的数字，在2024年11月5日迎来了历史性转折。当澳洲必和必拓CEO在 董事会视频里摔碎咖啡杯时，他不会想到，中矿集团那个看似简单的交易暂停通知，竟会在72小时内撬动全球大宗商品结算体系。 铁矿背后的血色账本 2003年，中国加入WTO后工业狂飙，铁矿石需求暴涨300%。但普氏能源资讯的报价权却像铁链般锁住中国咽喉——他们用"神秘公式"算出的铁矿指 数，让澳洲矿山以15美元成本赚取120美元暴利。更荒诞的是，中国作为全球最大买家，连选择结算货币的权利都没有，20年被迫用美元完成2万亿交 易，仅汇率损失就超3000亿。 中矿集团的破局密码 2024年9月30日，中矿集团突然暂停所有美元结算铁矿交易。这一记"金融重拳"直接打在必和必拓的七寸——中国占其营收58%，失去中国市场意味着 每日2.3亿利润蒸发。更致命的是，中矿同步启动的"非洲矿源替代计划"已与几内亚西芒杜铁矿签订5000万吨年供货协议。 必和必拓CEO亨利在10月3日紧急召开的董事会中拍桌怒吼："他们 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall atmosphere in the commodity market was weak yesterday, with finished steel prices showing a weak and volatile trend. Although the steel demand has officially entered the off - season and there is a risk of inventory accumulation for hot - rolled coils, with the 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 the steel consumption end may gradually recover in the future [2]. - For iron ore, the supply is still at a high level in the same period, but the demand continues to weaken, and the inventory pressure remains. After the macro - events are realized, the fundamentals of iron ore are weak, and the price is expected to be weak and volatile in the short term. If the US liquidity problem is alleviated, the price may stabilize [5]. - Regarding manganese silicon and silicon iron, the fundamentals are not ideal, and they are likely to follow the trend of the black sector. The operability is relatively low [10]. - For industrial silicon, the supply pressure persists, and the demand support weakens. The price is likely to fluctuate with the commodity market in the short term, and attention should be paid to the option game near the expiration [13]. - For polysilicon, the supply - demand pattern may improve marginally, but the short - term inventory reduction is limited. The market has strong expectations for the industry meeting, and the price is highly volatile [16]. - For glass, the market expects an improvement in the supply structure, but the price increase is restricted by the low procurement enthusiasm of downstream factories. The sustainability of the market depends on spot transactions and inventory reduction [19]. - For soda ash, the industry operating rate remains high, the loss continues to expand, and the demand is mainly for rigid restocking. The price is expected to continue the weak and volatile pattern in the short term [21]. Summary by Related Catalogs Steel Market Quotes - The closing price of the rebar main contract was 3024 yuan/ton, down 20 yuan/ton (- 0.65%) from the previous trading day. The registered warehouse receipts decreased by 2708 tons, and the main contract positions increased by 65237 lots. The Tianjin and Shanghai aggregate prices decreased by 10 yuan/ton and 30 yuan/ton respectively [1]. - The closing price of the hot - rolled coil main contract was 3253 yuan/ton, down 12 yuan/ton (- 0.36%) from the previous trading day. The registered warehouse receipts remained unchanged, and the main contract positions decreased by 23039 lots. The Lecong and Shanghai aggregate prices decreased by 10 yuan/ton and 20 yuan/ton respectively [1]. Strategy Views - Rebar shows a situation of both supply and demand increasing, with inventory continuously decreasing, performing neutrally overall. Hot - rolled coils have a continuous recovery in demand, but the production is still high, and the inventory level is still relatively high [2]. Iron Ore Market Quotes - The main contract (I2601) of iron ore closed at 776.00 yuan/ton, with a change of + 0.06% (+ 0.50). The positions decreased by 3095 lots to 54.47 million lots. The weighted position was 94.35 million lots. The spot price of PB powder at Qingdao Port was 782 yuan/wet ton, with a basis of 55.23 yuan/ton and a basis rate of 6.64% [4]. Strategy Views - Supply: The overseas iron ore shipment volume decreased slightly but remained at a high level in the same period. The shipments from Australia and Brazil both declined, with FMG having a significant decline. The shipments from non - mainstream countries decreased slightly, and the near - end arrival volume rebounded to the annual high [5]. - Demand: The daily average pig iron output decreased by 3.54 million tons to 236.36 million tons. The number of blast furnaces under maintenance far exceeded those under restart. The steel mill profitability reached a new low, and some blast furnaces started maintenance due to profit decline. Environmental protection restrictions in Hebei also affected pig iron production [5]. - Inventory: Port inventory continued to increase, while steel mill inventory decreased [5]. Manganese Silicon and Silicon Iron Market Quotes - On November 5, the main contract of manganese silicon (SM601) closed up 0.38% at 5776 yuan/ton. The spot price in Tianjin was 5680 yuan/ton, with a basis of 116 yuan/ton [7][8]. - The main contract of silicon iron (SF601) closed up 0.91% at 5560 yuan/ton. The spot price in Tianjin was 5550 yuan/ton, with a discount of 10 yuan/ton to the futures [8]. Strategy Views - The fundamentals of manganese silicon are not ideal, and the potential driver may come from the manganese ore end. If the black sector strengthens, attention should be paid to the possible disturbances in the manganese ore end [10]. - The supply - demand fundamentals of silicon iron have no obvious contradictions and drivers, and it is likely to follow the black sector [10]. Industrial Silicon and Polysilicon Market Quotes - Industrial silicon: The main contract (SI2601) closed at 9020 yuan/ton, up 1.52% (+ 135). The weighted contract positions decreased by 13071 lots to 398388 lots. The spot price of East China non - oxygenated 553 was 9300 yuan/ton, with a basis of 280 yuan/ton; the 421 was 9700 yuan/ton, with a basis of - 120 yuan/ton [12]. - Polysilicon: The main contract (PS2601) closed at 53355 yuan/ton, down 0.67% (- 360). The weighted contract positions decreased by 7354 lots to 230402 lots. The average price of N - type granular silicon was 50.5 yuan/kg, and the basis was - 1155 yuan/ton [15]. Strategy Views - Industrial silicon: The supply pressure persists. Although the production in Southwest China is reduced during the dry season, the production in Northwest China continues to rise. The demand support weakens, and the price is likely to fluctuate with the commodity market in the short term [13]. - Polysilicon: Some production capacities will be overhauled, and the production in November will be reduced to 120,000 tons. The supply - demand pattern may improve marginally, but the short - term inventory reduction is limited. The market has strong expectations for the industry meeting, and the price is highly volatile [16]. Glass and Soda Ash Market Quotes - Glass: The main contract closed at 1097 yuan/ton on Wednesday afternoon, down 0.72% (- 8). The weekly inventory of float glass sample enterprises decreased by 823,000 cases (- 1.24%). The top 20 long - position holders increased 27375 lots, and the top 20 short - position holders increased 45091 lots [18]. - Soda ash: The main contract closed at 1195 yuan/ton on Wednesday afternoon, up 0.50% (+ 6). The weekly inventory of soda ash sample enterprises decreased by 10,000 tons (- 1.24%), with heavy - soda inventory decreasing by 48,100 tons and light - soda inventory increasing by 48,000 tons. The top 20 long - position holders decreased 16327 lots, and the top 20 short - position holders decreased 16452 lots [20]. Strategy Views - Glass: The market expects an improvement in the supply structure, but the price increase is restricted by the low procurement enthusiasm of downstream factories. The sustainability of the market depends on spot transactions and inventory reduction [19]. - Soda ash: The industry operating rate remains high, the loss continues to expand, and the demand is mainly for rigid restocking. The price is expected to continue the weak and volatile pattern in the short term [21].