螺纹钢产业链日报 2025/11/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,089.00 | +32↑ RB主力合约持仓量(手) | 1432705 | -80706↓ | | | RB合约前20名净持仓(手) | -82833 | +23041↑ RB1-5合约价差(元/吨) | -29 | +12↑ | | | RB上期所仓单日报(日，吨) | 65158 | +338↑ HC2601-RB2601合约价差(元/吨) | 206 | -7↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | +21↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report On Monday, the RB2601 contract rebounded with reduced positions. The People's Bank of China conducted an 800 - billion - yuan buy - out reverse repurchase operation on the 17th, resulting in a net injection of 500 billion yuan in November. The weekly output of rebar continued to decline, with the capacity utilization rate dropping to 43.85%. Inventory has decreased for several consecutive weeks, and the increase in futures rebar prices has driven up spot trading. Most steel mills have announced blast furnace maintenance plans, and positive macro - level expectations have boosted market confidence. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising. The market may be oscillating strongly, and risk control should be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,097 yuan/ton, up 44 yuan; the position volume was 1,729,748 lots, down 107,385 lots. - The net position of the top 20 in the RB contract was - 73,835 lots, up 6,420 lots; the RB1 - 5 contract spread was - 50 yuan/ton, up 2 yuan. - The RB Shanghai Futures Exchange warehouse receipt was 108,272 tons, down 3,655 tons; the HC2601 - RB2601 contract spread was 205 yuan/ton, up 2 yuan [2]. 3.2现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,270 yuan/ton, up 30 yuan; (actual weight) was 3,354 yuan/ton, up 31 yuan. - The price in Guangzhou (theoretical weight) was 3,380 yuan/ton, up 70 yuan; in Tianjin (theoretical weight) was 3,220 yuan/ton, up 10 yuan. - The basis of the RB main contract was 173 yuan/ton, down 14 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 790 yuan/wet ton, up 6 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,970 yuan/ton, up 30 yuan. - The iron ore inventory at 45 ports was 151.2592 million tons, up 2.3111 million tons; the coke inventory of sample coking plants was 360,300 tons, down 1,200 tons [2]. 3.4 Industry Situation - The coke inventory of sample steel mills was 6.2215 million tons, down 44,100 tons; the billet inventory in Tangshan was 1.1666 million tons, down 33,400 tons. - The blast furnace operating rate of 247 steel mills was 82.79%, down 0.36 percentage points; the blast furnace capacity utilization rate was 88.82%, up 1.03 percentage points. - The rebar output of sample steel mills was 2 million tons, down 85,400 tons; the rebar capacity utilization rate was 43.85%, down 1.87 percentage points. - The rebar inventory in sample steel mills was 1.6042 million tons, down 64,200 tons; the social inventory of rebar in 35 cities was 4.1575 million tons, down 99,500 tons. - The operating rate of independent electric arc furnace steel mills was 69.79%, up 2.08 percentage points; the monthly output of domestic crude steel was 72 million tons, down 1.49 million tons. - The monthly output of Chinese rebar was 1.541 million tons, up 66,000 tons; the net export of steel products was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The national real estate climate index was 92.43, down 0.34. - The cumulative year - on - year growth rate of fixed - asset investment was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80 percentage points. - The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20 percentage points. - The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of new housing construction area was 490.61 million square meters, down 36.62 million square meters. - The unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - The third round and fifth batch of central ecological and environmental protection inspections have been fully launched, targeting Beijing, Tianjin, Hebei and several central enterprises, with an inspection period of one month. - Many places in Henan and Hebei have lifted the emergency response to heavy pollution weather [2].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View On Wednesday, the RB2601 contract rebounded with a decrease in positions. The central bank's Q3 2025 China Monetary Policy Implementation Report emphasized strengthening the consistency of macro - policy orientation and conducting counter - cyclical and cross - cyclical adjustments. The weekly output of rebar decreased and remained at a low level, with Xinjiang expected to reduce construction steel output by about 2 million tons during the winter shutdown period, accounting for about 25% of the estimated total construction steel output in Xinjiang in 2025. Terminal demand declined, but inventories have been falling for four consecutive weeks. Overall, the macro - environment shows positive signals, and there is an expectation of further contraction in construction steel output, causing steel prices to fluctuate within a range. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that the centers of DIFF and DEA are moving up. The recommended operation is to go long on dips and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,038 yuan/ton, up 13 yuan; the position volume was 1,868,036 hands, down 55,665 hands. - The net position of the top 20 in the RB contract was - 80,255 hands, up 14,373 hands; the spread between RB1 - 5 contracts was - 58 yuan/ton, up 6 yuan. - The daily warehouse receipt of RB on the Shanghai Futures Exchange was 117,093 tons, down 5,119 tons; the spread between HC2601 - RB2601 contracts was 217 yuan/ton, unchanged [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,230 yuan/ton, unchanged; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,313 yuan/ton, unchanged. - The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,290 yuan/ton, unchanged; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,210 yuan/ton, unchanged. - The basis of the RB main contract was 192 yuan/ton, down 13 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 780 yuan/wet ton, up 3 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged. - The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. - The inventory of iron ore at 45 ports was 148.9481 million tons, up 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, down 12,900 tons [2]. 3.4 Industry Situation - The inventory of coke at sample steel mills was 6.2656 million tons, down 23,200 tons; the inventory of billets in Tangshan was 1.2 million tons, up 4,300 tons. - The blast furnace operating rate of 247 steel mills was 83.15%, up 1.42 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 87.79%, down 0.80 percentage points. - The output of rebar at sample steel mills was 2.0854 million tons, down 40,500 tons; the capacity utilization rate of rebar at sample steel mills was 45.72%, down 0.88 percentage points. - The inventory of rebar at sample steel mills was 1.6684 million tons, down 48,700 tons; the social inventory of rebar in 35 cities was 4.257 million tons, down 51,100 tons. - The operating rate of independent electric arc furnace steel mills was 67.71%, unchanged; the domestic crude steel output was 73.49 million tons, down 3.88 million tons. - China's monthly rebar output was 1.541 million tons, up 66,000 tons; the net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 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 percentage points. - The cumulative year - on - year growth rate of real estate development investment completion was - 13.90%, down 1.00 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was 1.10%, down 0.90 percentage points. - The cumulative value of housing construction area was 6.4858 billion square meters, down 54.71 million square meters; the cumulative value of new housing construction area was 453.99 million square meters, down 55.98 million square meters. - The area of unsold commercial housing was 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - Starting from 18:00 on November 12, 2025, Handan will launch a level - II emergency response for heavy pollution weather, which is expected to be lifted around November 16. - Last week, the total transaction area of newly - built commercial housing in 10 key cities was 1.2796 million square meters, down 26.6% month - on - month and 38.3% year - on - year; the total transaction area of second - hand housing (contract signing) was 2.0211 million square meters, down 4.8% month - on - month and 27% year - on - year [2].

Core Points - The stock price of Kailuan Co., Ltd. dropped by 2.09% on November 11, trading at 6.56 yuan per share with a market capitalization of 10.416 billion yuan [1] - The company has seen a year-to-date stock price increase of 0.92%, but a decline of 8.76% over the past 20 days [1] - Kailuan's main business includes coal mining, processing, and sales, with revenue composition primarily from metallurgical coke (48.61%) and other coal chemical products [1] Financial Performance - For the period from January to September 2025, Kailuan reported operating revenue of 12.944 billion yuan, a year-on-year decrease of 16.97%, and a net profit attributable to shareholders of 185 million yuan, down 71.45% year-on-year [2] - The company has distributed a total of 5.685 billion yuan in dividends since its A-share listing, with 1.879 billion yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.90% to 37,700, while the average number of circulating shares per person increased by 10.99% to 42,168 shares [2] - Major shareholders include various ETFs, with notable increases in holdings from Huatai-PB SSE Dividend ETF and Guotai CSI Coal ETF [3]

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core View of the Report - The market sentiment has weakened, with supply, demand, and inventory all decreasing. Considering the support from raw material costs, the price of rebar is expected to fluctuate at a low level in the short term [75]. Group 3: Summary According to the Table of Contents 1. Rebar Futures Market Review 1.1 Recent Important Information Overview - Economic and policy information includes a meeting between Chinese and US leaders, resulting in tariff adjustments, suspension of some restrictions, and plans to strengthen cooperation in drug control and expand agricultural trade [7]. - China's central bank data shows that at the end of September, M2, M1, and M0 had different year - on - year growth rates and monthly changes, with net cash injection in the first three quarters [8]. - National Bureau of Statistics data indicates a decline in national fixed - asset investment from January to September, with different trends in infrastructure, real estate development, and related construction and sales indicators [8]. 1.2 Rebar Main Contract Trend - Not elaborated in detail in the provided content 2. Futures Market Environment: Macro, Comparison, Basis 2.2 Macro - Monetary Price - Not elaborated in detail in the provided content 2.4 Comparison - Other Commodities in the Industry Chain - The table shows the prices, weekly, monthly, and annual price changes of rebar, hot - rolled coils, PB powder, metallurgical coke, and coking coal, with different price trends among these commodities [22]. 2.5 Rebar Main Contract Basis - The table presents the basis data (spot - futures) and related prices of the rebar main contract on different dates [23]. 3. Rebar Spot Supply and Demand Overview 3.1 Steel Mill Raw Material Inventory - Not elaborated in detail in the provided content 3.2 Blast Furnace Profits (Various Steel Products) - Not elaborated in detail in the provided content 3.3 Blast Furnace Profits (Spot - Futures) - Not elaborated in detail in the provided content 3.4 Blast Furnace Operation - The blast furnace operating rate of 247 steel enterprises in China was 83.13% on November 7, 2025, up from 81.75% on October 31, 2025 [34]. 3.5 Electric Furnace Profits - Not elaborated in detail in the provided content 3.6 Electric Furnace Operation - Not elaborated in detail in the provided content 3.7 Daily Average Hot Metal Output - Not elaborated in detail in the provided content 3.8 Weekly Steel Output - On November 7, 2025, the output of four types of steel (rebar, hot - rolled coils, wire rods, and medium - thick plates) was 772.9 million tons, with a year - on - year decrease of 0.005762947 and a month - on - month decrease of 0.020802716 [44]. 3.10 Steel Mill Inventory of Steel Products - Not elaborated in detail in the provided content 3.11 Social Inventory of Steel Products - Not elaborated in detail in the provided content 3.13 Social Inventory of Rebar - The table shows the social inventory and its month - on - month changes of rebar on different dates [64]. 3.14 Building Materials Transactions - Not elaborated in detail in the provided content 3.15 Rebar Mill Inventory - The table shows the mill inventory, its month - on - month changes, and social inventory data of rebar on different dates [60]. 3.15 Rebar Total Inventory - The total rebar inventory on November 7, 2025, was 592.54 million tons, with a month - on - month decrease of 9.98 million tons [65]. 3.15 Rebar Apparent Consumption - On November 7, 2025, the apparent consumption of rebar was 218.52 million tons, with a week - on - week decrease of 13.67 million tons [68]. 4. Future Outlook - After the China - US leaders' meeting, there were tariff and policy adjustments. Fundamentally, raw material prices rose, steel mill profits declined, and some mills carried out maintenance, leading to a slight decrease in the output of five major steel products this week. The supply of rebar also contracted [74]. - In terms of demand, the peak consumption season has passed, and the consumption of five major steel products and building materials has decreased. The apparent consumption is at a low level this year, and consumption is under pressure. Due to supply contraction, the total steel inventory has decreased week - on - week, mainly contributed by rebar [75]. - On the raw material side, the supply of imported iron ore is stable, while coal and coke supply is weak due to safety inspections and import impacts, providing price support [75].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The weekly output of rebar decreased, and the capacity utilization rate dropped to 45.72%, remaining at a low level. Terminal demand declined, but inventory has been falling for four consecutive weeks. Recently, rebar prices have been falling continuously, and the weak expectations have been realized. The mainstream positions reduced short positions and increased long positions, and the downward momentum weakened. Short - term market trends may fluctuate. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA cross upward at a low level, and the green column turns red. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,037 yuan/ton, up 13 yuan; RB main contract position: 2,020,353 lots, down 11,428 lots; RB contract top 20 net position: - 113,415 lots, up 24,033 lots; RB1 - 5 contract spread: - 65 yuan/ton, up 5 yuan; RB Shanghai Futures Exchange warehouse receipt: 140,134 tons, unchanged; HC2601 - RB2601 contract spread: 219 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight) price: 3,220 yuan/ton, unchanged; Hangzhou HRB400E 20MM (actual weight) price: 3,303 yuan/ton, unchanged; Guangzhou HRB400E 20MM (theoretical weight) price: 3,280 yuan/ton, down 10 yuan; Tianjin HRB400E 20MM (theoretical weight) price: 3,180 yuan/ton, unchanged; RB main contract basis: 183 yuan/ton, down 13 yuan; Hangzhou hot - rolled coil - rebar spot spread: 100 yuan/ton, up 10 yuan [2]. 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore powder: 782 yuan/wet ton, up 7 yuan; Hebei quasi - first - grade metallurgical coke: 1,640 yuan/ton, up 50 yuan; Tangshan 6 - 8mm scrap steel: 2,190 yuan/ton, unchanged; Hebei Q235 billet: 2,930 yuan/ton, up 20 yuan; 45 - port iron ore inventory: 145.3924 million tons, up 1.1859 million tons; Sample coking plant coke inventory: 374,400 tons, up 700 tons; Sample steel mill coke inventory: 6.2888 million tons, down 43,900 tons; 247 steel mill blast furnace operating rate: 81.73%, down 3 percentage points; Tangshan billet inventory: 1.2 million tons, down 30,000 tons; 247 steel mill blast furnace capacity utilization rate: 88.59%, up 0.43 percentage points [2]. 3.4 Industry Situation - Sample steel mill rebar output: 2.0854 million tons, down 40,500 tons; Sample steel mill rebar capacity utilization rate: 45.72%, down 0.88 percentage points; Sample steel mill rebar inventory: 1.6684 million tons, down 48,700 tons; 35 - city rebar social inventory: 4.257 million tons, down 51,100 tons; Independent electric arc furnace steel mill operating rate: 67.71%, unchanged; Domestic crude steel output: 73.49 million tons, down 3.88 million tons; Chinese rebar monthly output: 1.541 million tons, up 66,000 tons; Steel net export volume: 9.92 million tons, up 910,000 tons [2]. 3.5 Downstream Situation - National real estate climate index: 92.78, down 0.27; Cumulative year - on - year growth rate of fixed asset investment: - 0.50%, down 1 percentage point; Cumulative year - on - year growth rate of real estate development investment: - 13.90%, down 1 percentage point; Cumulative year - on - year growth rate of infrastructure investment: 1.10%, down 0.9 percentage point; Cumulative value of housing construction area: 6.4858 billion square meters, down 54.71 million square meters; Cumulative value of new housing construction area: 453.99 million square meters, down 55.98 million square meters; Commercial housing unsold area: 399.37 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - On November 6, Mysteel information showed that the actual rebar output was 2.0854 million tons, a week - on - week decrease of 40,500 tons; the factory inventory was 1.6684 million tons, a week - on - week decrease of 48,700 tons; the social inventory was 4.257 million tons, a week - on - week decrease of 51,100 tons; the total inventory was 5.9254 million tons, a week - on - week decrease of 99,800 tons; the apparent demand was 2.1852 million tons, a week - on - week decrease of 136,600 tons. 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 of the previous year, the total bond financing of real estate enterprises increased significantly. On Thursday, the RB2601 contract first declined and then rose. The State Council Tariff Commission announced that starting from 13:01 on November 10, 2025, it will adjust the additional tariffs on imported goods originating from the United States, and continue to suspend the implementation of the 24% additional tariff rate on the United States for one year, while retaining the 10% additional tariff rate [2].

丨证券研究报告丨 行业研究丨行业周报丨钢铁 [Table_Title] 三季报上市钢企的盈利处于什么水平？ 报告要点 [Table_Summary] 2025Q3，上市钢企平均吨净利 92 元/吨，环比+14 元/吨，处于 2021 年来的 68%分位数。尽 管盈利高分位数下，表明三季度行业盈利比本轮下行周期中绝大部分时期都要高，印证反内卷 预期+焦煤宽松趋势下，钢铁盈利从底部修复的弹性。不过，相较于 2021Q2~Q3 行业平均近 400~500 元/吨的吨净利润，盈利向上修复的空间依然广阔。而展望 2026 年，在反内卷落地+ 铁矿宽松趋势下，钢铁行业的盈利或具有更强的修复动能。 分析师及联系人 [Table_Author] 王鹤涛 赵超 易轰 吕士诚 SAC：S0490512070002 SAC：S0490519030001 SAC：S0490520080012 SAC：S0490525080005 SFC：BQT626 SFC：BUY139 SFC：BUZ394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 三季报上市钢企 ...

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].

Core Insights - The "2025 Ningxia Top 100 Private Enterprises" list has been released, with an entry threshold of 584 million yuan, down from 599.8 million yuan last year. The total revenue of the listed companies reached 351.379 billion yuan, with 51 companies showing growth, adding 37.155 billion yuan [1][12] - The total assets of the top 100 companies amounted to 575.501 billion yuan, with 53 companies increasing their assets by 51.261 billion yuan. The total profit reached 50.680 billion yuan [1][12] - The top 100 private enterprises contributed a total tax revenue of 13.592 billion yuan, a year-on-year increase of 10.3%, accounting for 37.87% of the total tax revenue in the region [1][12] Industry Overview - The industrial structure of the top 100 includes 1 company from the primary industry, 81 from the secondary industry, and 18 from the tertiary industry. The manufacturing sector dominates with 73 companies, followed by real estate with 11, and construction, wholesale and retail, and energy supply with 4 each [3] - The regional distribution shows that Yinchuan has 40 companies on the list with a total revenue of 155.425 billion yuan, leading the rankings. Shizuishan has 22 companies, Wuzhong has 19, and other regions follow [3] Company Highlights - Baofeng Group ranks first with a revenue of 69.199 billion yuan, a year-on-year increase of 13.1%. It is involved in energy chemistry, new energy, and new storage industries. The company’s project in Inner Mongolia is the largest single-plant ethylene project globally [12] - Ningxia Jianlong, established in 2012, ranks third with a steel production capacity of 3.5 million tons and is part of a larger group with a total crude steel capacity of 43 million tons [5] - Tianyuan Manganese Group, the second-largest, achieved a revenue of 67.367 billion yuan, with a production capacity of 800,000 tons of electrolytic manganese, accounting for 48% of the national output [7]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On Monday, the HC2601 contract increased in price with reduced positions. There was a preliminary consensus on multiple important economic and trade issues in the negotiation, and the Fed's interest - rate cut expectation supported steel prices. The weekly output of hot - rolled coils increased slightly, terminal demand rebounded, and inventory declined. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were rising. The operation strategy is to be bullish with oscillations, paying attention to rhythm and risk control [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,299 yuan/ton, up 49 yuan; the position volume was 1,482,730 lots, down 18,766 lots; the net position of the top 20 in the HC contract was - 53,875 lots, down 4,034 lots; the HC1 - 5 contract spread was - 13 yuan/ton, up 2 yuan; the HC warehouse receipt at the SHFE was 134,667 tons, down 2,398 tons; the HC2601 - RB2601 contract spread was 199 yuan/ton, down 5 yuan [2] Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,360 yuan/ton, up 30 yuan; in Guangzhou was 3,300 yuan/ton, up 30 yuan; in Wuhan was 3,370 yuan/ton, up 20 yuan; in Tianjin was 3,220 yuan/ton, up 20 yuan. The basis of the HC main contract was 61 yuan/ton, down 19 yuan; the price difference between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2] Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 784 yuan/wet ton, up 2 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,230 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, up 10 yuan. The inventory of iron ore 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 inventory of Hebei billets was 1.2873 million tons, down 12,300 tons [2] Industry Situation - 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%. The hot - rolled coil output of sample steel mills was 3.2246 million tons, up 6,200 tons; the capacity utilization rate of hot - rolled coils was 82.37%, up 0.16%. The factory inventory of hot - rolled coils of sample steel mills was 773,500 tons, down 5,000 tons; the social inventory of hot - rolled coils in 33 cities was 3.3757 million tons, down 37,700 tons. The domestic crude steel output was 73.49 million tons, down 3.88 million tons; the net export volume of steel was 9.92 million tons, up 910,000 tons [2] Downstream Situation - The monthly output of automobiles was 3.2758 million vehicles, up 460,400 vehicles; the monthly sales of automobiles were 3.2264 million vehicles, up 369,800 vehicles. The monthly output of air conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units; the monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2] Industry News - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)", which prohibited the increase of the total steel production capacity in key areas and the transfer of steel production capacity between different key areas. Hebei's Tangshan, Langfang, Handan, and Baoding launched a level - II emergency response for heavy pollution weather on October 27 at 12:00. Some steel mills in Tangshan extended the sintering machine production - restriction time to the end of October, and blast furnaces were shut down by 30% according to capacity, which was estimated to affect the daily hot - metal output by 91,000 tons and 409,500 tons in 4.5 days [2]