1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The steel market is dominated by expectations, and steel prices have stabilized during the off - season. For the rebar 2510, in the short - term, it is expected to be oscillating with a slight upward trend; in the medium - term, it will oscillate; and intraday, it will be oscillating with a slight downward trend. Attention should be paid to the support at the MA5 line [2]. - The rebar fundamentals continue the seasonal weakness. Although production has declined and demand is weak, the low inventory situation limits industrial contradictions, the strong raw materials provide cost support, and the policy利好 expectations are fermenting. Under the game between expectations and reality, steel prices will continue the oscillating and stabilizing trend, and the implementation of policies should be closely monitored [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the rebar 2510, the short - term trend is oscillating with a slight upward trend, the medium - term is oscillating, and the intraday trend is oscillating with a slight downward trend. The reference view is to pay attention to the support at the MA5 line, and the core logic is that expectations dominate the steel market and steel prices stabilize during the off - season [2]. 3.2 Market Driving Logic - The rebar fundamentals continue the seasonal weakness. The production of construction steel mills is weakening, and rebar production has declined again, but the decline is limited and the profit per ton of the variety is good, so the supply pressure relief is limited. The rebar demand is seasonally weakening, with weekly performance decreasing month - on - month and high - frequency transactions also shrinking, remaining at a low level in recent years. The downstream industries have not improved, and the weak demand pattern remains unchanged, still putting pressure on steel prices [3]. - Currently, although the rebar fundamentals are seasonally weak and steel prices are still prone to pressure during the off - season, the low inventory situation limits industrial contradictions. The strong raw materials provide cost support, and the policy利好 expectations are fermenting. Under the game between expectations and reality, steel prices will continue the oscillating and stabilizing trend, and attention should be paid to the implementation of policies [3].

投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 宝城期货螺纹钢早报（2025 年 6 月 25 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 基本面季节性弱势，钢价承压运 行 | 说明： 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局弱势运行，建筑钢厂提产，螺纹钢产量再度回升，相对利好则是增幅不大，关 注持续性。不过，螺纹需求表现依然疲弱，周度表需环比微降，而高频成交延续低迷，淡季需求特 征明显。总之，螺纹钢供应小幅回升，而需求延续季节性弱势，供需格局并未好转，淡季钢价承压 运行，相对 ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The short - term view of Rebar 2510 is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the fundamental contradictions are accumulating, and steel prices are running weakly [2]. 3. Summary by Related Contents 3.1 Variety Viewpoint Reference - For Rebar 2510, short - term: weak oscillation; medium - term: oscillation; intraday: weak oscillation. The view is to focus on the pressure at the MA5 line, with the core logic of accumulated fundamental contradictions and weak steel price operation. The calculation of price change amplitude is based on the closing price of night trading (for varieties with night trading) or yesterday's closing price (for varieties without night trading) as the starting price and the closing price of the day's daytime session as the ending price. A decline of more than 1% is considered a fall, 0 - 1% a weak oscillation, a rise of 0 - 1% a strong oscillation, and a rise of more than 1% an increase. Strong/weak oscillation only applies to intraday views [2]. 3.2 Market Driving Logic - The fundamentals of rebar are weak. Construction steel mills are actively producing, and supply has continued to rise and is at a high level this year. Demand has weakened, with the weekly apparent demand decreasing month - on - month, high - frequency transactions being sluggish, and the seasonal weakening expectation remaining unchanged. Under the situation of strong supply and weak demand, the fundamental contradictions of rebar are accumulating, and steel prices will still be under pressure. Coupled with weak market sentiment, steel prices will maintain a weak operation trend. Attention should be paid to the production and sales data released by Steel Union today [3].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 23 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA20 一线压力 | 供需格局走弱，钢价震荡寻底 | 说明： 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局有所变化，建筑钢厂生产积极，供应持续回升并处于年内高位，相反周度表需 虽再度回落，且仍是近年来同期低位，加之后续将季节性走弱，需求表现相对弱势，供增需弱局面 下螺纹基本面矛盾在积累，钢价继续承压，相对利好的是低位库存持续去化，多空因素博弈下钢价 延续低位震荡态势，关注需求表现情况。 （仅供参考，不构成任何投资建议） 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 19 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA20 一线压力 | 基本面弱稳运行，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 周末钢材现货价格小幅回落，成交表现一般，且得益于需求回升，螺纹钢供需格局表现尚可， 但当前需求面临季节性走弱，而高供应下需求走弱则螺纹基本面矛盾将累积，钢价仍易承压运行， 相对利好则是库存低位，多空因素博弈下钢价走势延续低位震荡运行，关注需求表现情况。 （仅供参考，不构成 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 14 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 供需格局平稳，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 商品市场情绪回暖，钢材期价震荡回升，相应的螺纹钢供需格局平稳运行，螺纹钢产量环比下 降，供应迎来收缩，持续性有待跟踪；同时假期因素扰动下需求大幅走弱，且主要下游行业并未改 善，需求或将延续季节性走弱，螺纹基本面料难实质性改善，钢价继续承压，相对利好则是库存低 位叠加市场情绪偏 ...

投资咨询业务资格：证监许可【2011】1778 号 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 宏观利好兑现，钢价震荡运行 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 宝城期货螺纹钢早报（2025 年 5 月 13 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 中美贸易谈判取得实质性进展，市场情绪回暖，黑色金属集体回升，而螺纹钢供需格局在走 弱，螺纹钢供应虽有所收缩，但持续性不强，且需求走弱更加明显，供需格局并未好转，库存已开 始累库 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 12 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线压力 | 市场情绪回暖，钢价震荡企稳 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 周末钢材现货价格平稳运行，且螺纹钢供需格局在走弱，螺纹钢产量迎来下降，供应有所收 缩，但持续性不强，且需求走弱更加明显，供需格局并未好转，库存开始累库。总之，下游行业未 见好转，螺纹需求易季节性走弱，继续拖累螺纹基本面，钢价仍将承压，相对利好则是中美贸易谈 判取得实质性进展， ...

投资咨询业务资格：证监许可【2011】1778 号 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 宝城期货螺纹钢早报（2025 年 5 月 8 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA20 一线压力 | 预期现实博弈，钢价低位震荡 | 说明： 观点参考 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 内外宏观利好虽在释放，但钢材期价冲高回落，并无如期走强，多因螺纹钢供需格局并未好 转，节前补库带来需求放量，周度表需环比大增，但主要下游并未改善，持续性不强，相反供应 ...

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA5 一线压力 | 供需格局平稳，钢价低位震荡 | 投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 5 月 6 日） ◼ 品种观点参考 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 假期钢材现货价格平稳运行，而节前螺纹钢供需格局表现尚可，建筑钢厂生产平稳，供应再度 回升并维持年内高位。与此同时，节前下游补库带来需求放量，周度表需环比大增，但下游行业并 无明显变化，需求向好持续性不强，目前来看，节前需求放量带来供需格局改善，但需求向好持续 性不强，而供应压力 ...