Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The short - term view of rebar 2601 is weakly oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. Attention should be paid to the pressure at the MA5 line. The core logic is that the fundamentals are poor and steel prices are weakly seeking the bottom [2]. - Rebar fundamentals are weak. Steel prices are under pressure and are expected to continue the oscillating bottom - seeking trend, with cost support being a relative positive factor. Attention should be paid to the production and sales data released by Steel Union today [3]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term is weakly oscillating, the medium - term is oscillating, and the intraday is weakly oscillating. The view is to pay attention to the MA5 line pressure, with the core logic of poor fundamentals and steel prices seeking the bottom weakly. There are also explanations for time - cycle and amplitude calculation [2]. Market Driving Logic - Rebar fundamentals are weak. Production is increasing, inventory is high, supply pressure is growing. Although demand has a seasonal improvement, it is still at a low level in the same period in recent years and will weaken at the end of the peak season. In the situation of increasing supply and demand, the fundamentals have not improved, and steel prices are under pressure. Cost support is a positive factor, and the trend is expected to continue to oscillate and seek the bottom. 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 期货研究报告 宝城期货螺纹钢早报（2025 年 11 月 4 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 2601 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线压力 | 基本面未改善，钢价震荡寻底 | 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 螺纹钢供需格局变化不大，建筑钢厂提产，螺纹产量持续回升，且库存水平偏高，供应压力增 加。与此同时，螺纹需求延续季节性改善，高频需求指标有所回升，但仍是近年来同期低位，且下 游行业并未好转，持续性存疑。目前来看，供需双增局面下螺纹基本面并未改善，钢价继续承压， 相对利好则 ...

投资咨询业务资格：证监许可【2011】1778 号 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。 宝城期货螺纹钢早报（2025 年 10 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 2601 | 震荡 偏弱 | 震荡 | 震荡 偏弱 | 关注 MA10 一线压力 | 供需格局偏弱，钢价承压运行 | 观点参考 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 ◼ 行情驱动逻辑 螺纹钢供需两端均有所走弱，供应持续收缩并降至相对低位，但库存偏高，且旺季减产动能不 强，利好效应有限。与此同时，假期因素扰动下需求表现疲弱，而下游 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The supply - demand pattern of rebar has changed, and the steel price will continue to fluctuate. The short - term, medium - term, and intraday trends of rebar 2601 are fluctuating, fluctuating, and weakly fluctuating respectively. Attention should be paid to the support at the MA20 line [2][3] Group 3: Summary by Relevant Catalogs 1. Variety Viewpoint Reference - For rebar 2601, the short - term trend is fluctuating, the medium - term trend is fluctuating, and the intraday trend is weakly fluctuating. The reference view is to pay attention to the support at the MA20 line. The core logic is that the supply - demand pattern has changed and the steel price continues to fluctuate. There are also explanations for the calculation of price changes and definitions of different trends [2] 2. Market Driving Logic - The supply - demand pattern of rebar has changed. The production of construction steel mills has weakened, and the weekly output has continued to decline, but the inventory is relatively high, so the positive effect on the supply side is not strong. Thanks to pre - holiday restocking by downstream industries, rebar demand has improved, with high - frequency indicators rising from low levels, but it is still at a low level in the same period in recent years, and the downstream industry has not improved, so the peak season is lackluster. Overall, due to the improvement in demand, the supply - demand pattern has improved, providing support for the steel price, but the weak downstream performance and demand concerns remain, so the upward driving force is not strong. It is expected that the steel price will maintain a fluctuating trend before the holiday, and attention should be paid to the production and sales data released by Steel Union today [3]