Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On Monday, the HC2605 contract rebounded with a reduction in positions. The terminal demand is resilient, and there is still support from the cost side, but the international situation is volatile with many uncertainties. It is recommended to conduct short - term trading and pay attention to risk control [2] Group 3: Summary by Related Catalogs 1. Futures Market - The closing price of the HC main contract is 3,308 yuan/ton, up 9 yuan; the position volume is 846,816 lots, down 72,722 lots; the net position of the top 20 in the HC contract is - 47,685 lots, up 7,307 lots; the HC5 - 10 contract spread is - 15 yuan/ton, down 4 yuan; the HC Shanghai Futures Exchange warehouse receipt is 549,618 tons, up 6,457 tons; the HC2605 - RB2605 contract spread is 169 yuan/ton, down 6 yuan [2] 2. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,320 yuan/ton, up 10 yuan; in Guangzhou is 3,310 yuan/ton, up 20 yuan; in Wuhan is 3,350 yuan/ton, unchanged; in Tianjin is 3,230 yuan/ton, up 10 yuan. The basis of the HC main contract is 12 yuan/ton, up 1 yuan; the spread between Hangzhou hot - rolled coils and rebar is 40 yuan/ton, down 10 yuan [2] 3. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 792 yuan/wet ton, up 4 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,180 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,970 yuan/ton, up 10 yuan. The inventory of iron ore at 45 ports is 16,996.84 tons, down 105.83 tons; the inventory of coke at sample coking plants is 49.76 tons, down 2.59 tons; the inventory of coke at sample steel mills is 691.73 tons, up 3.95 tons; the inventory of Hebei billets is 239.94 tons, down 9.59 tons [2] 4. Industry Situation - The blast furnace operating rate of 247 steel mills is 81.05%, up 1.25%; the blast furnace capacity utilization rate is 86.65%, up 1.10%. The output of hot - rolled coils at sample steel mills is 305.61 tons, up 5.4 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 78.07%, up 1.38%. The factory inventory of hot - rolled coils at sample steel mills is 83.85 tons, down 1.11 tons; the social inventory of hot - rolled coils in 33 cities is 369.42 tons, down 6.91 tons. The domestic crude steel output is 6,818 tons, down 169 tons; the net export volume of steel is 747 tons, up 18 tons [2] 5. Downstream Situation - The monthly output of automobiles is 167.24 million, down 77.74 million; the monthly sales volume of automobiles is 180.52 million, down 54.13 million. The monthly output of air conditioners is 2,162.89 million, up 660.29 million; the monthly output of household refrigerators is 1,001.15 million, up 56.95 million; the monthly output of household washing machines is 1,197.50 million, down 3.80 million [2] 6. Industry News - On March 26, Mysteel information showed that the actual output of hot - rolled coils this period was 305.61 tons, a week - on - week increase of 5.4 tons; the factory inventory was 83.85 tons, a week - on - week decrease of 1.11 tons; the social inventory was 369.42 tons, a week - on - week decrease of 6.91 tons; the total inventory was 453.27 tons, a week - on - week decrease of 8.02 tons; the apparent demand was 313.63 tons, a week - on - week increase of 3.12 tons. The Ministry of Commerce determined that the measures of the Mexican government to increase import tariff rates on products from non - free - trade partners such as China constitute a trade and investment barrier [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The weekly output of hot-rolled coils continued to decline, and the capacity utilization rate dropped to around 75%. Terminal demand rebounded, and inventory decreased slightly. Overall, the decrease in hot-rolled coil output alleviated the supply pressure. The international situation was volatile with many uncertainties, and the international oil price corrected from its high level, weakening the support for furnace materials and steel prices. Technically, the 1-hour MACD indicator of the HC2605 contract showed that DIFF and DEA were operating above the 0 axis, with green bars expanding. It is recommended to conduct short-term trading and pay attention to risk control [2] 3. Summary According to Different Categories 3.1 Futures Market - The closing price of the HC main contract was 3,310 yuan/ton, a decrease of 3 yuan; the trading volume was 1,171,958 lots, a decrease of 7,990 lots. The net position of the top 20 in the HC contract was -12,695 lots, an increase of 3,937 lots. The HC5 - 10 contract spread was -1 yuan/ton, unchanged. The HC warehouse receipt on the Shanghai Futures Exchange was 478,788 tons, an increase of 600 tons. The HC2605 - RB2605 contract spread was 170 yuan/ton, an increase of 5 yuan [2] 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,320 yuan/ton, an increase of 10 yuan; in Guangzhou, it was 3,290 yuan/ton, an increase of 10 yuan; in Wuhan, it was 3,340 yuan/ton, an increase of 10 yuan; and in Tianjin, it was 3,230 yuan/ton, an increase of 10 yuan. The basis of the HC main contract was 10 yuan/ton, an increase of 13 yuan. The price difference between hot-rolled coils and rebar in Hangzhou was 30 yuan/ton, an increase of 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 799 yuan/wet ton, an increase of 8 yuan. The market price of quasi-primary metallurgical coke in Hebei was 1,490 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax-excluded) was 2,190 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,980 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 171.918 million tons, an increase of 690,800 tons. The inventory of coke at sample coking plants was 561,000 tons, a decrease of 69,300 tons. The inventory of coke at sample steel mills was 6.8762 million tons, an increase of 160,900 tons. The inventory of billets in Hebei was 2.4051 million tons, an increase of 78,600 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 78.36%, an increase of 0.67 percentage points; the blast furnace capacity utilization rate was 82.9%, a decrease of 2.40 percentage points. The weekly output of hot-rolled coils at sample steel mills was 2.9526 million tons, a decrease of 58,500 tons; the capacity utilization rate of hot-rolled coils was 75.43%, a decrease of 1.49 percentage points. The inventory of hot-rolled coils at sample steel mills was 892,800 tons, a decrease of 8,000 tons; the social inventory of hot-rolled coils in 33 cities was 3.8231 million tons, an increase of 7,000 tons. The monthly output of crude steel in China was 6.818 million tons, a decrease of 169,000 tons; the net export volume of steel was 747,000 tons, an increase of 18,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 1.6724 million, a decrease of 777,400; the monthly sales of automobiles was 1.8052 million, a decrease of 541,300. The monthly output of air conditioners was 21.6289 million, an increase of 6.6029 million; the monthly output of household refrigerators was 10.0115 million, an increase of 569,500; the monthly output of household washing machines was 11.975 million, a decrease of 38,000 [2] 3.6 Industry News - In February 2026, China exported 740,000 automobiles, a year-on-year increase of 75.1%; from January to February, the cumulative export was 1.53 million, a year-on-year increase of 57.9%. In February, China imported 30,000 automobiles, a year-on-year decrease of 11.6%; from January to February, the cumulative import was 70,000, a year-on-year increase of 24.7%. In February, China exported 408 ships, a year-on-year increase of 35.5%; from January to February, the cumulative export was 930, a year-on-year increase of 9.2% [2] 3.7 Key Points to Watch - The weekly output, in-plant inventory, and social inventory of hot-rolled coils on Thursday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On Thursday, the HC2605 contract rose and then pulled back. Macroscopically, US President Trump said that there were "almost no targets left to strike" in Iran and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received any internal instructions to stop the military action. In terms of supply and demand, the weekly output of hot-rolled coils continued to decline, and the capacity utilization rate dropped to around 75%; terminal demand rebounded and inventory decreased slightly. Overall, the decline in hot-rolled coil output alleviated the supply pressure, but the trading atmosphere in the spot market was cautious, and tariff disturbances reappeared. The chaotic situation between the US and Iran affected market sentiment. Technically, the 1-hour MACD indicator of the HC2605 contract showed that DIFF and DEA were running above the 0-axis. It is suggested that the short-term market may be sorted out in the range of 3300 - 3240, and risk control should be noted [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,275 yuan/ton, up 6 yuan; the trading volume was 1,243,723 lots, down 21,377 lots; the net position of the top 20 in the HC contract was -5,691 lots, down 8,482 lots; the spread between the HC5 - 10 contracts was -9 yuan/ton, unchanged; the daily warehouse receipt of HC on the Shanghai Futures Exchange was 478,483 tons, down 2,649 tons; the spread between HC2605 - RB2605 contracts was 155 yuan/ton, up 1 yuan [2]. 3.2 Spot Market - The price of 4.75 hot-rolled coils in Hangzhou was 3,290 yuan/ton, up 10 yuan; in Guangzhou was 3,270 yuan/ton, up 10 yuan; in Wuhan was 3,320 yuan/ton, up 10 yuan; in Tianjin was 3,190 yuan/ton, up 20 yuan. The basis of the HC main contract was 15 yuan/ton, up 4 yuan; the spread between hot-rolled coils and rebar in Hangzhou was 10 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 780 yuan/wet ton, up 5 yuan; the market price of quasi-primary metallurgical coke in Hebei was 1,540 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax-excluded) was 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,950 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 171.2272 million tons, up 264,100 tons; the inventory of coke at sample coking plants was 630,300 tons, up 4,400 tons; the inventory of coke at sample steel mills was 6.7153 million tons, down 35,300 tons; the inventory of billets in Hebei was 2.4051 million tons, up 78,600 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 77.69%, down 2.55 percentage points; the blast furnace capacity utilization rate was 85.3%, down 2.18 percentage points. The weekly output of hot-rolled coils at sample steel mills was 2.9526 million tons, down 58,500 tons; the capacity utilization rate of hot-rolled coils at sample steel mills was 75.43%, down 1.49 percentage points. The inventory of hot-rolled coils at sample steel mills was 892,800 tons, down 8,000 tons; the social inventory of hot-rolled coils in 33 cities was 3.8231 million tons, up 7,000 tons. The monthly output of domestic crude steel was 68.18 million tons, down 1.69 million tons; the net export volume of steel was 10.78 million tons, up 3.3111 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 1.672 million vehicles, down 777,900 vehicles; the monthly sales volume of automobiles was 1.805 million vehicles, down 541,500 vehicles. The monthly output of air conditioners was 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators was 10.0115 million units, up 569,500 units; the monthly output of household washing machines was 11.975 million units, down 38,000 units [2]. 3.6 Industry News - US President Trump said that there were "almost no targets left to strike" in Iran and the US military action against Iran was "coming to an end", but US and Israeli officials said they had not received any internal instructions to stop the military action. Since the Middle East conflict has continued to intensify, the export production plan of household air conditioners has been significantly reduced compared with the previous plan. Overseas customers have cancelled or postponed orders due to rising freight rates or war surcharges imposed by shipping companies, with a projected reduction of over 500,000 units in March [2].

1. Report Industry Investment Rating - The investment rating for the hot-rolled coil industry is oscillating with a bullish bias [2] 2. Core Viewpoints - On Monday, the HC2605 contract increased in price while reducing positions. The macro - economic aspect shows that the investment in key areas such as water network, power grid, computing power network, etc. will exceed 7 trillion yuan this year. In terms of supply and demand, the weekly output of hot - rolled coils continued to decline, with the capacity utilization dropping to around 77%. Terminal demand was weaker than expected, apparent demand declined, and inventory increased. Overall, the hot - rolled coil market has both positive and negative factors, but the continuous rise in international oil prices supports commodity prices. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are rebounding upwards with an enlarged red column [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,270 yuan/ton, up 40 yuan; the position volume was 1,292,623 lots, down 106,185 lots; the net position of the top 20 in the HC contract was 37,176 lots, up 1,235 lots; the HC5 - 10 contract spread was - 12 yuan/ton, up 2 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 479,016 tons, up 5,901 tons; the HC2605 - RB2605 contract spread was 151 yuan/ton, up 9 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,290 yuan/ton, up 50 yuan; in Guangzhou was 3,270 yuan/ton, up 30 yuan; in Wuhan was 3,320 yuan/ton, up 20 yuan; in Tianjin was 3,180 yuan/ton, up 40 yuan. The basis of the HC main contract was 20 yuan/ton, up 10 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 0 yuan/ton, up 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 778 yuan/wet ton, up 16 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,540 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 2,930 yuan/ton, up 20 yuan. The inventory of iron ore at 45 ports was 171.2272 million tons, up 264,100 tons; the inventory of coke at sample coking plants was 630,300 tons, up 4,400 tons; the inventory of coke at sample steel mills was 6.7153 million tons, down 35,300 tons; the inventory of billets in Hebei was 2.3265 million tons, up 131,900 tons [2] 3.4 Industry Situation - The blast - furnace operating rate of 247 steel mills was 77.69%, down 2.55 percentage points; the blast - furnace capacity utilization rate was 85.3%, down 2.18 percentage points. The weekly output of hot - rolled coils at sample steel mills was 3.0111 million tons, down 85,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 76.92%, down 2.17 percentage points. The inventory of hot - rolled coils at sample steel mills was 900,800 tons, down 47,000 tons; the social inventory of hot - rolled coils in 33 cities was 3.8161 million tons, up 242,400 tons. The monthly output of domestic crude steel was 68.18 million tons, down 1.69 million tons; the net export volume of steel was 10.78 million tons, up 1.3 million tons [2] 3.5 Downstream Situation - The monthly output of automobiles was 2.4499 million vehicles, down 846,100 vehicles; the monthly sales volume of automobiles was 2.3465 million vehicles, down 925,800 vehicles. The monthly output of air conditioners was 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators was 10.0115 million units, up 569,500 units; the monthly output of household washing machines was 11.975 million units, down 38,000 units [2] 3.6 Industry News - In February 2026, the national ex - factory price of industrial producers decreased by 0.9% year - on - year, with the decline narrowing by 0.5 percentage points compared with the previous month, and increased by 0.4% month - on - month, the same as the previous month. From January to February, on average, the ex - factory price of industrial producers decreased by 1.2% compared with the same period of the previous year, and the purchase price of industrial producers decreased by 1.1%. The purchase price of industrial producers decreased by 0.7% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and increased by 0.7% month - on - month, with the increase expanding by 0.2 percentage points compared with the previous month. The global manufacturing purchasing managers' index in February was 51.2%, up 0.2 percentage points from the previous month, and has been above 50% for two consecutive months [2]

Group 1 - The core viewpoint of the news is the release of the "Statistical Bulletin on National Economic and Social Development of the People's Republic of China for 2025" by the National Bureau of Statistics, highlighting various industrial growth rates and production statistics [1] Group 2 - In 2025, the value added of the agricultural and sideline food processing industry increased by 5.6% compared to the previous year [1] - The textile industry saw a growth of 3.0%, while the chemical raw materials and chemical products manufacturing industry grew by 7.8% [1] - The non-metallic mineral products industry experienced a decline of 0.6%, whereas the black metal smelting and rolling processing industry grew by 4.5% [1] - General equipment manufacturing increased by 8.0%, and specialized equipment manufacturing grew by 4.3% [1] - The automotive manufacturing industry reported a significant growth of 11.5%, and the electrical machinery and equipment manufacturing industry grew by 9.2% [1] - The computer, communication, and other electronic equipment manufacturing industry saw a growth of 10.6%, while the electricity and heat production and supply industry grew by 2.2% [1] Group 3 - In terms of specific product outputs, the production of color TVs was 20,273.9 million units, a decrease of 2.6% year-on-year [2] - The refrigerator production reached 10,924.4 million units, marking a year-on-year increase of 1.6% [2] - The air conditioner production was 26,697.5 million units, with a slight increase of 0.7% compared to the previous year [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On Tuesday, the HC2605 contract rebounded under pressure. Macroscopically, the Ministry of Finance and the State Taxation Administration issued an announcement on February 2nd, clarifying matters related to the deduction of input VAT. In terms of supply and demand, the weekly output of hot-rolled coils increased, with a capacity utilization rate of 78.99% and a production volume of 3.0921 million tons; terminal demand increased while inventory continued to decline. Overall, the downstream demand for hot-rolled coils is relatively resilient, but the weakening of furnace materials and the strong rebound of the US dollar index put pressure on steel prices. Technically, the 1-hour MACD indicator of the HC2605 contract shows that DIFF and DEA are running at a low level with a stable green bar. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,265 yuan/ton, up 4 yuan; the position volume of the HC main contract is 1,477,230 lots, down 21,563 lots; the net position of the top 20 in the HC contract is - 15,885 lots, up 15,291 lots; the spread between the HC5 - 10 contracts is - 21 yuan/ton, down 6 yuan; the daily warehouse receipt of the HC on the Shanghai Futures Exchange is 204,847 tons, unchanged; the spread between the HC2605 - RB2605 contracts is 166 yuan/ton, up 3 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,300 yuan/ton, up 10 yuan; in Guangzhou, it is 3,270 yuan/ton, up 10 yuan; in Wuhan, it is 3,300 yuan/ton, down 10 yuan; in Tianjin, it is 3,160 yuan/ton, unchanged. The basis of the HC main contract is 35 yuan/ton, up 6 yuan; the spread between hot - rolled coils and rebar in Hangzhou is 40 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 793 yuan/wet ton, up 6 yuan; the price of quasi - first - grade metallurgical coke in Hebei is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,170 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,920 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 170.1852 million tons, up 2.5567 million tons; the inventory of coke at sample coking plants is 441,400 tons, up 22,000 tons; the inventory of coke at sample steel mills is 6.784 million tons, up 164,100 tons; the inventory of billets in Hebei is 1.5875 million tons, up 25,500 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 79.02%, up 0.36 percentage points; the blast furnace capacity utilization rate is 85.45%, down 0.08 percentage points. The weekly output of hot - rolled coils at sample steel mills is 3.0921 million tons, up 38,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 78.99%, up 0.97 percentage points. The inventory of hot - rolled coils at sample steel mills is 772,500 tons, up 6,100 tons; the social inventory of hot - rolled coils in 33 cities is 2.7833 million tons, down 28,100 tons. The monthly output of domestic crude steel is 68.18 million tons, down 1.69 million tons; the monthly net export volume of steel is 1.078 million tons, up 130,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 3.296 million vehicles, down 235,600 vehicles; the monthly sales volume of automobiles is 3.2722 million vehicles, down 156,800 vehicles. The monthly output of air conditioners is 21.6289 million units, up 6.6029 million units; the monthly output of household refrigerators is 10.0115 million units, up 569,500 units; the monthly output of household washing machines is 11.975 million units, down 38,000 units [2] 3.6 Industry News - In January 2026, the China Trade Remedy Information Network successively announced 15 anti - dumping and countervailing investigations or rulings on Chinese steel products by foreign countries, involving carbon steel galvanized wire mesh, cold - rolled steel sheets, hot - rolled coils, stainless - steel washing troughs, and silicon - manganese steel wires. The Ministry of Commerce and eight other departments issued the "2026 'Happy Shopping during the Spring Festival' Special Activity Plan", encouraging localities to increase subsidies for the replacement of old consumer goods during the Spring Festival, strengthening support for offline physical retail, and mobilizing enterprises to carry out exhibitions and sales activities related to automobiles, home appliances, digital, and intelligent products during the Spring Festival [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On January 20, 2026, the HC2605 contract saw a decline with reduced positions. The hot - rolled coil production has been increasing for four consecutive weeks, with a capacity utilization rate of 78.77%. Terminal demand is steadily increasing, and inventory continues to decrease. Overall, the terminal demand for hot - rolled coils has strong resilience, but the decline in furnace materials exerts pressure on steel prices. Technically, the 1 - hour MACD indicator of the HC2605 contract shows that DIFF and DEA are operating below the 0 - axis. The view is that the market is oscillating with a downward bias, and risk control is needed [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,276 yuan/ton, down 23 yuan; the position volume of the HC main contract is 1,486,145 lots, down 15,864 lots; the net position of the top 20 in the HC contract is - 13,902 lots, up 5,130 lots; the HC5 - 10 contract spread is - 19 yuan/ton, up 1 yuan; the HC warehouse receipt on the Shanghai Futures Exchange is 216,602 tons, down 4,460 tons; the HC2605 - RB2605 contract spread is 165 yuan/ton, up 6 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,310 yuan/ton, down 10 yuan; in Guangzhou is 3,280 yuan/ton, down 10 yuan; in Wuhan is 3,300 yuan/ton, down 10 yuan; in Tianjin is 3,180 yuan/ton, down 10 yuan. The basis of the HC main contract is 34 yuan/ton, up 13 yuan; the price difference between hot - rolled coils and rebar in Hangzhou is 0 yuan/ton, up 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 793 yuan/wet ton, down 17 yuan; the price of quasi - first - grade metallurgical coke in Hebei is 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,160 yuan/ton, unchanged; the price of Q235 billet in Hebei is 2,950 yuan/ton, down 10 yuan. The inventory of iron ore at 45 ports is 165.5081 million tons, up 2.7087 million tons; the inventory of coke at sample coking plants is 404,800 tons, down 35,000 tons; the inventory of coke at sample steel mills is 6.502 million tons, up 43,400 tons; the inventory of billets in Hebei is 1.4931 million tons, up 85,600 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 78.82%, down 0.51 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 85.46%, down 0.60 percentage points. The hot - rolled coil production of sample steel mills is 3.0836 million tons, up 28,500 tons; the capacity utilization rate of hot - rolled coils of sample steel mills is 78.77%, up 0.72 percentage points. The inventory of hot - rolled coils at sample steel mills is 765,300 tons, down 7,900 tons; the social inventory of hot - rolled coils in 33 cities is 2.858 million tons, down 50,100 tons. The domestic crude steel production is 68.18 million tons, down 1.69 million tons; the net export volume of steel is 1.078 million tons, up 130,000 tons [2] 3.5 Downstream Situation - The monthly automobile production is 3.296 million vehicles, down 235,600 vehicles; the monthly automobile sales are 3.2722 million vehicles, down 156,800 vehicles. The monthly production of air conditioners is 15.026 million units, up 822,000 units; the monthly production of household refrigerators is 9.442 million units, up 654,000 units; the monthly production of household washing machines is 12.013 million units, up 978,000 units [2] 3.6 Industry News - Four departments including the Ministry of Finance issued a notice to establish a special guarantee plan with a scale of 500 billion yuan through the National Financing Guarantee Fund to be implemented over two years. The plan will provide guarantees for eligible small, medium and micro - enterprises' private investment loans, supporting both long - term loans for scenario expansion and upgrading, and production and operation activities such as plant renovation, store decoration, and working capital turnover, with policy support in terms of risk ratio, compensation ceiling, guarantee amount, and guarantee fee [2] - The International Monetary Fund (IMF) released an updated report on the World Economic Outlook, raising the global economic growth forecast for 2026 by 0.2 percentage points to 3.3%. It also raised the economic growth forecasts for China, the United States, the Eurozone, and Japan in 2026 [2]

Core Insights - The Shanghai Municipal Market Supervision Administration conducted a measurement supervision sampling of household refrigerators in the circulation field, revealing that 2 out of 20 batches were non-compliant with energy efficiency standards [1][2] Group 1: Compliance Results - A total of 20 batches of household refrigerators were sampled, with 18 batches meeting the relevant standards for energy efficiency [1] - The compliant products included brands such as Midea, IKEA, Hisense, and Panasonic, among others [1] Group 2: Non-compliance Results - The two non-compliant products were identified as follows: - The first was a refrigerator from the brand Xiaxin (model BCD-78A), which failed on total volume, standard power consumption, and energy efficiency rating [2] - The second was a refrigerator from the brand Skyworth (model BCD-170D), which failed on total volume [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The steel market fundamentals are mixed, with coal and coke futures prices rebounding from their lows, ore prices remaining strong, and the downward trend of the black sector slowing down, providing support for hot-rolled coils. It is recommended to conduct short - term trading and pay attention to risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,263 yuan/ton, up 15 yuan; the trading volume is 1,274,085 lots, down 20,441 lots. The net position of the top 20 in the HC contract is 22,252 lots, down 6,347 lots. The HC5 - 10 contract spread is - 19 yuan/ton, up 4 yuan; the HC2605 - RB2605 contract spread is 152 yuan/ton, up 8 yuan. The HC warehouse receipt on the Shanghai Futures Exchange is 132,188 tons, unchanged [2] 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,300 yuan/ton, up 10 yuan; in Guangzhou it is 3,250 yuan/ton, unchanged; in Wuhan it is 3,320 yuan/ton, unchanged; in Tianjin it is 3,160 yuan/ton, down 10 yuan. The basis of the HC main contract is 37 yuan/ton, down 5 yuan; the spread between hot - rolled coils and rebar in Hangzhou is - 10 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port is 802 yuan/wet ton, down 7 yuan. The price of quasi - first - grade metallurgical coke in Hebei is 1,540 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (ex - tax) is 2,160 yuan/ton, unchanged. The price of Q235 billet in Hebei is 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 158.6194 million tons, up 3.538 million tons. The inventory of coke at sample coking plants is 486,000 tons, down 13,700 tons. The inventory of coke at sample steel mills is 6.4383 million tons, up 14,300 tons. The inventory of billets in Hebei is 1.2661 million tons, up 86,000 tons [2] 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills is 78.96%, up 0.66 percentage points; the blast furnace capacity utilization rate is 85.28%, up 0.32 percentage points. The weekly output of hot - rolled coils at sample steel mills is 2.9354 million tons, up 16,300 tons; the capacity utilization rate of hot - rolled coils at sample steel mills is 74.98%, up 0.41 percentage points. The inventory of hot - rolled coils at sample steel mills is 805,200 tons, down 29,000 tons; the social inventory of hot - rolled coils in 33 cities is 2.967 million tons, down 106,000 tons. The monthly output of domestic crude steel is 69.87 million tons, down 2.13 million tons; the monthly net export volume of steel is 9.48 million tons, up 200,000 tons [2] 3.5 Downstream Situation - The monthly output of automobiles is 3.5316 million vehicles, up 172,900 vehicles; the monthly sales volume is 3.429 million vehicles, up 106,900 vehicles. The monthly output of air conditioners is 15.026 million units, up 822,000 units; the monthly output of household refrigerators is 9.442 million units, up 654,000 units; the monthly output of household washing machines is 12.013 million units, up 978,000 units [2] 3.6 Industry News - Hebei Province has drafted the Interim Measures for Reward for Reporting Illegally New - added Steel Production Capacity (Draft for Comment) and is soliciting public opinions. The Passenger Car Association preliminarily estimates that the wholesale volume of new - energy passenger vehicles of national manufacturers in December 2025 is 1.57 million, a year - on - year increase of 4% and a month - on - month decrease of 8%. The cumulative wholesale volume of new - energy passenger vehicles in 2025 is expected to be 15.33 million, a year - on - year increase of 25% [2]

1. Report Industry Investment Rating - The report suggests a bullish but volatile outlook for the hot-rolled coil plate market, with a recommended focus on risk control [2] 2. Core Viewpoint of the Report - On Tuesday, the HC2605 contract saw a rally followed by a pullback. Despite a decline in the terminal demand for plates, the strong performance of furnace materials provides cost support. Additionally, positive macro - policy expectations keep the hot - rolled coil futures price in an upward trend [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the HC main contract is 3,281 yuan/ton, up 4 yuan; the position volume is 1,198,397 lots, up 9,846 lots; the net position of the top 20 in the HC contract is 24,516 lots, up 718 lots; the HC1 - 5 contract spread is - 1 yuan/ton, down 6 yuan; the HC warehouse receipt at the Shanghai Futures Exchange is 131,893 tons, unchanged; the HC2605 - RB2605 contract spread is 153 yuan/ton, up 2 yuan [2] 3.2 Spot Market - The price of 4.75 hot - rolled coil plates in Hangzhou is 3,320 yuan/ton, up 20 yuan; in Guangzhou it's 3,260 yuan/ton, unchanged; in Wuhan it's 3,330 yuan/ton, unchanged; in Tianjin it's 3,180 yuan/ton, unchanged. The basis of the HC main contract is 39 yuan/ton, up 16 yuan; the Hangzhou hot - rolled coil - rebar spread is - 10 yuan/ton, up 20 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port is 792 yuan/wet ton, down 5 yuan; the price of Hebei quasi - first - grade metallurgical coke is 1,590 yuan/ton, unchanged; the price of Tangshan 6 - 8mm scrap steel is 2,160 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,950 yuan/ton, unchanged. The 45 - port iron ore inventory is 155.0814 million tons, up 802,800 tons; the sample coking plant coke inventory is 517,800 tons, up 18,200 tons; the sample steel mill coke inventory is 6.3358 million tons, down 16,400 tons; the Hebei billet inventory is 1.1313 million tons, up 14,800 tons [2] 3.4 Industry Situation - The 247 - steel - mill blast furnace operating rate is 78.45%, down 0.16 percentage points; the blast furnace capacity utilization rate is 84.91%, down 0.99 percentage points. The sample steel mill hot - rolled coil output is 2.9191 million tons, down 168,000 tons; the sample steel mill hot - rolled coil capacity utilization rate is 74.57%, down 4.29 percentage points. The sample steel mill hot - rolled coil inventory is 834,200 tons, down 6,100 tons; the 33 - city hot - rolled coil social inventory is 3.073 million tons, down 57,600 tons. The domestic crude steel output is 6.987 million tons, down 213,000 tons; the steel net export volume is 948,000 tons, up 20,000 tons [2] 3.5 Downstream Situation - The monthly automobile production is 3.5316 million units, up 172,900 units; the monthly automobile sales are 3.429 million units, up 106,900 units. The monthly air - conditioner output is 15.026 million units, up 822,000 units; the monthly household refrigerator output is 9.442 million units, up 654,000 units; the monthly household washing - machine output is 12.013 million units, up 978,000 units [2] 3.6 Industry News - The central bank has announced a one - time credit repair policy for small - amount personal overdue information (single - amount below 10,000 yuan) within a specific period, applicable to credit cards, mortgages, and consumer loans. In November 2025, most categories of Chinese steel exports rebounded month - on - month, with a rotation in the export structure. The export of coated plates, which had led for months, declined 13.7% month - on - month to 1.753 million tons, while hot - rolled exports rebounded to the first place in monthly export volume [2]