Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The black metal sector continued to decline today but rebounded slightly at the end of the session. Steel spot trading was weak overall, with poor speculative interest and mainly刚需 purchases. After the holiday, steel prices are expected to remain in a bottom - oscillating pattern with limited downside space. If downstream demand recovers beyond expectations in October, steel prices may rise further. Also, the "15th Five - Year Plan" content will affect market fluctuations. The spread between hot - rolled coils and rebar is expected to expand [8]. - The steel market is under pressure due to continuous inventory accumulation and a significant drop in demand. Although the short - term market is affected by news and under pressure, the low valuation of the futures market and the rise in thermal coal prices suggest that steel prices will maintain a bottom - oscillating pattern in the short term [8]. Group 3: Summary by Relevant Catalogs 3.1 Market Information - **Rebar Futures**: RB05 was at 3114 yuan/ton (down 25 yuan from yesterday), RB10 at 2970 yuan/ton (down 16 yuan), and RB01 at 3061 yuan/ton (down 22 yuan). The 05 - contract rebar盘面 profit was - 142 yuan (up 7 yuan), the 10 - contract was - 285 yuan (up 19 yuan), and the 01 - contract was - 166 yuan (up 9 yuan) [3]. - **Rebar Spot**: Shanghai Zhongtian was at 3180 yuan/ton (down 10 yuan), Nanjing Xicheng at 3280 yuan/ton (down 20 yuan), Shandong Shiheng at 3160 yuan/ton (unchanged), and Tangshan Tanggang at 3110 yuan/ton (down 10 yuan). The cheapest delivery product was 3160 yuan/ton. Rebar profits in different regions showed various changes, with East China rebar profit at - 228 yuan/ton (down 1 yuan) and Tangshan rebar profit at - 319 yuan/ton (up 2 yuan) [3]. - **Hot - Rolled Coil Futures**: HC05 was at 3248 yuan/ton (down 26 yuan), HC10 at 3442 yuan/ton (up 5 yuan), and HC01 at 3241 yuan/ton (down 20 yuan). The 05 - contract hot - rolled coil盘面 profit was - 8 yuan (up 6 yuan), the 10 - contract was 187 yuan (up 40 yuan), and the 01 - contract was 14 yuan (up 11 yuan) [3]. - **Hot - Rolled Coil Spot**: Tianjin Hegang hot - rolled coil was at 3220 yuan/ton (down 30 yuan), and Shanghai Angang hot - rolled coil was at 3260 - 3290 yuan/ton (down 20 - 30 yuan). The cheapest delivery product was 3260 yuan/ton. Hot - rolled coil profits in different regions also changed, with Tianjin hot - rolled coil profit at - 341 yuan/ton (down 18 yuan) and East China hot - rolled coil profit at - 227 yuan/ton (down 21 yuan) [3]. 3.2 Market Judgement - **Related Prices**: The spot price of Shanghai Zhongtian rebar was 3180 yuan (down 10 yuan), Beijing Jingye was 3130 yuan (down 10 yuan), Shanghai Angang hot - rolled coil was 3290 yuan (down 30 yuan), and Tianjin Hegang hot - rolled coil was 3220 yuan (down 30 yuan) [7]. - **Trading Strategies** - **Unilateral**: Maintain a bottom - oscillating pattern, and it is recommended to buy on dips [9]. - **Arbitrage**: It is recommended to continue holding the 1 - 5 positive spread and go long on the spread between hot - rolled coils and rebar [10]. - **Options**: It is recommended to wait and see [10]. - **Important News** - In September 2025, 19,858 excavators were sold, a year - on - year increase of 25.4%. Domestic sales were 9,249 units, a year - on - year increase of 21.5%, and exports were 10,609 units, a year - on - year increase of 29%. From January to September, a total of 174,039 excavators were sold, a year - on - year increase of 18.1% [11]. - The Ministry of Transport issued a document on charging port fees for US ships, which has limited impact on iron ore transportation [8]. 3.3 Related Attachments - The report provides multiple charts, including those related to rebar and hot - rolled coil contract basis, spreads, and profit margins, with data sources from Galaxy Futures, Mysteel, and Wind [15].

图:热卷 2601 周线图 成文日期：20250922 报告周期:周报 究分析师：安致远（期货从业资格证号：F03143832;投资咨询证书号：Z0022799) 热卷期货周报 核心观点： 本周期货盘面行情受原材料的上涨成材被动跟涨，但涨幅明显 微弱，主要还是需求上没有明显改善,市场预期不佳交易情绪消极。 据钢联数据显示,高炉开工率环比上升 0.15%至 83.98%,钢厂盈利 率环比下滑 1.30%至 58.87%，但热卷生产利润相对其他成材不错, 钢厂在利润被压缩后,一定会在成材品中做生产调配。本周全国热 卷周产量 326.49 万吨环比增加 1.35 万吨,五大品总库存环比下降 1.78 万吨至 1519.74 万吨，其中螺纹环比下降 3.58 万吨，热卷库存 环比上升 4.67 万吨;需求 321.82 万吨环比下降 4.34 万吨。热卷需 求端表现不佳，加之产量上升，抑制了现货价格上涨。 1 期货市场 1.1 合约价格 当周热卷期货价格呈现冲高回落小幅收涨的状态,周初两天连 续快速拉升后连续两天快速回落,周五开始回稳最终小幅收阳,周 K 线收涨 10 点，从主力合约走势图不难看出当周的上涨走势比较艰 ...