1. Report Industry Investment Ratings - Thread steel: ★☆☆, indicating a bullish bias but poor operability on the trading floor [1] - Hot-rolled coil: ★☆★, with a certain upward trend [1] - Iron ore: ☆☆☆, suggesting a relatively balanced short - term trend and poor operability [1] - Coke: ★☆★, showing a certain upward trend [1] - Coking coal: ★☆☆, indicating a bullish bias but poor operability on the trading floor [1] - Silicon manganese: No rating provided - Silicon iron: ★☆★, showing a certain upward trend [1] 2. Core Viewpoints - In the steel market, low inventory and positive market sentiment may keep the futures prices strong in the short term, while the focus is on terminal demand and relevant policies at home and abroad [2] - Iron ore prices may remain strong in the short term, but there is a risk of increased price fluctuations [3] - Coke and coking coal prices are mainly driven by the trend of thread steel and may have some upward momentum in the short term [4][6] - Silicon manganese and silicon iron prices mainly follow the trend of thread steel and are expected to have some upward space [7][8] 3. Summary by Related Catalogs Steel - Thread steel: This week, both apparent demand and output decreased slightly, and inventory continued to decline slowly [2] - Hot-rolled coil: Demand and output declined, and inventory continued to accumulate slightly [2] - Overall: Low inventory and high iron - water production result in little negative feedback pressure on the market. The focus is on the demand - bearing capacity in the off - season [2] Iron Ore - Supply: Global shipments decreased significantly after the end of the quarterly volume rush, while domestic arrivals rebounded, and there is little pressure on port inventory accumulation in the short term [3] - Demand: Apparent demand for steel weakened slightly in the off - season, and there is still some pressure on iron - water production reduction [3] - Macro: High expectations for the upcoming important meeting and reduced external trade uncertainties have boosted market sentiment [3] Coke - Supply: Coking production has declined from the annual high, and overall inventory has continued to decrease [4] - Demand: Purchasing intentions of traders and steel mills have slightly improved [4] - Price: The price is mainly driven by the trend of thread steel and may have some upward momentum in the short term [4] Coking Coal - Supply: The output of coking coal mines has increased slightly, and the closure of the Sino - Mongolian port during the Naadam Festival has improved the transaction of Mongolian coal [6] - Demand: Iron - water production remains high in the off - season, and the procurement is mainly on - demand [6] - Price: The price is mainly driven by the trend of thread steel and may have some upward momentum in the short term [6] Silicon Manganese - Supply: After continuous production cuts, inventory has decreased, but weekly output has begun to increase, and inventory on the balance sheet has started to rise [7] - Price: The price has broken through the 6750 resistance and is expected to have some upward space [7] Silicon Iron - Supply: Supply has continued to decline, and inventory on the balance sheet has decreased, but production - end inventory has started to accumulate [8] - Demand: Overall demand is fair, with stable export demand and increased production of magnesium [8] - Price: The price is mainly driven by the trend of thread steel, and the expectation of electricity price adjustment has enhanced the upward momentum [8]

Core Viewpoint - The 2025 Government Work Report emphasizes the development of new productive forces, the enhancement of consumption, and the investment in human resources to improve people's livelihoods [1][2]. Group 1: Development of New Productive Forces - The report calls for the development of new productive forces tailored to local conditions and the acceleration of a modern industrial system [2]. - It highlights the importance of nurturing emerging and future industries, promoting the transformation and upgrading of traditional industries, and stimulating innovation in the digital economy [2][5]. - Companies are seen as crucial micro-level entities in the development of new productive forces and the enhancement of people's livelihoods [3]. Group 2: Nurturing Emerging and Future Industries - The report advocates for the integrated cluster development of strategic emerging industries and large-scale application demonstrations of new technologies and products [5]. - Companies like De Fang Nano Technology emphasize the need for technological innovation and the importance of addressing the high failure rates of overseas projects for Chinese new energy companies [6]. - Yao Lijun from Ningbo Jiangfeng Electronic Materials highlights the significance of independent research and development in creating a diversified product system centered on semiconductor materials [6]. Group 3: Upgrading Traditional Industries - The report stresses the need for high-quality development of key manufacturing industry chains and the digital transformation of manufacturing [8]. - Companies like Midea Group are transitioning from appliance manufacturers to technology groups, focusing on diversification and innovation [9]. - Suggestions include leveraging AI and digital technologies to transform traditional mining and textile industries, as proposed by industry leaders [10][11]. Group 4: Investment in People and Livelihood Services - The report emphasizes a people-centered approach, shifting economic policies to focus on improving livelihoods and stimulating consumption [12]. - Representatives from various industries, including TCL and Jinfei Holdings, advocate for policies that support flexible employment and promote motorcycle consumption to enhance domestic demand [12].