Group 1: Stock Indices - The Shanghai Composite Index closed down by 16.29 points, a decrease of 0.42%, ending at 3897.71 points on December 2 [4] - The Shenzhen Component Index fell by 90.01 points, down 0.68%, closing at 13056.70 points [4] - The CSI 300 Index decreased by 22.15 points, a drop of 0.48%, finishing at 4554.33 points [4] - The ChiNext Index declined by 21.35 points, down 0.69%, closing at 3071.15 points [4] - The STAR Market 50 Index fell by 16.60 points, a decrease of 1.24%, ending at 1320.16 points [4] Group 2: Commodity Indices - The document includes various commodity indices such as lithium carbonate, soybean meal, and crude oil, but specific data points are not provided in the excerpts [5][7][10]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The steel price of rebar 2601 is expected to continue the low - level oscillatory operation, with a short - term, medium - term, and intraday view of oscillation, oscillation, and oscillation on the weak side respectively, and an overall view of oscillation on the weak side due to weak fundamentals [1]. 3. Summary by Related Contents 3.1 Variety View Reference - For rebar 2601, the short - term view is oscillation, the medium - term view is oscillation, the intraday view is oscillation on the weak side, and the overall view is oscillation on the weak side. The core logic is that the fundamentals are weak and the steel price is oscillating at a low level [1]. 3.2 Market Driving Logic - The supply - demand pattern of rebar has changed little. Construction steel mills have resumed production, leading to an increase in output and relatively high inventory, so supply pressure still exists. Meanwhile, the demand for rebar has improved with a month - on - month increase in high - frequency demand indicators, but the sustainability is questionable. The downstream industries are still weak, and demand is expected to decline seasonally, dragging down the steel price. Although the steel price has oscillated and rebounded recently, the demand is weakening and supply is increasing, putting pressure on the steel price. The relatively positive factor is the low valuation [2].

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The overall view of rebar 2601 is weak and volatile, with short - term, medium - term, and intraday trends showing a weak and volatile pattern, due to the weak and stable supply - demand pattern and low - level fluctuations of steel prices [1]. - The steel price is expected to continue the low - level volatile operation, as the fundamentals have no substantial improvement with increasing supply and seasonally weakening demand, despite short - term positive factors [2]. 3. Summary by Related Content 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are all weak and volatile, and the core logic is the weak and stable supply - demand pattern and low - level fluctuations of steel prices [1]. 3.2 Market Driving Logic - Both supply and demand of rebar have increased. Rebar production has rebounded from a low level, and inventory is relatively high, so the supply pressure remains. Meanwhile, rebar demand has improved, but its sustainability is questionable, and the main downstream industries are still weak, with demand likely to weaken seasonally [2]. - Short - term positive factors such as position transfer and low warehouse receipts support the low - level rebound of steel prices. However, due to the seasonal weakening of demand and increasing supply, the fundamentals have no substantial improvement, and the steel price is under pressure with limited upward driving force [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on Rebar 2601 are all "shock - weak", with the core logic being that the fundamentals have not improved and the upward trend of steel prices is weak [1] - Although short - term favorable factors support the recovery of undervalued steel prices, the demand for rebar will seasonally weaken, and supply has increased. The fundamentals have no substantial improvement, so steel prices are still prone to pressure, with weak upward drivers, and will continue to operate in a low - level shock state [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Rebar 2601, the short - term view is shock, the medium - term view is shock, the intraday view is shock - weak, and the overall view is shock - weak. The reason is that the fundamentals have not improved and the upward trend of steel prices is weak. There are also explanations for calculating the rise - fall range and definitions of shock - strong/weak [1] 3.2 Market Driving Logic - Market sentiment has warmed up, and the low number of warehouse receipts has led to a shock increase in rebar futures prices. However, the supply - demand pattern has not improved. Construction steel mills have resumed production, with output rising from a low level and relatively high inventory, so supply pressure still exists [2] - Rebar demand has improved, with high - frequency demand indicators rising month - on - month, mainly due to the release of speculative demand. The main downstream industries are weak, and demand will seasonally weaken, continuing to drag down steel prices [2] - Short - term favorable factors support the recovery of undervalued steel prices, but the fundamentals have no substantial improvement, and steel prices are still prone to pressure, with weak upward drivers, continuing to operate in a low - level shock state. Attention should be paid to demand performance [2]

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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term, medium - term, and intraday trends of rebar 2601 are expected to be volatile, volatile, and weakly volatile respectively. Attention should be paid to the pressure at the MA5 line. The fundamental situation has not improved, and steel prices are seeking a bottom through oscillation [2]. - The supply - demand pattern of rebar has not changed significantly. With increased production by construction steel mills, rebar output has been rising continuously, and the high inventory level has increased supply pressure. Although rebar demand has improved seasonally and high - frequency demand indicators have rebounded, it is still at a low level compared to the same period in previous years, and the sustainability of the improvement is questionable. In the current situation of increasing supply and demand, the fundamentals of rebar have not improved, and steel prices continue to face pressure. However, strong cost support is a positive factor. It is expected that rebar will continue to oscillate and seek a bottom, and attention should be paid to the demand performance [3]. 3. Summaries by Relevant Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are respectively volatile, volatile, and weakly volatile. The reference view is to focus on the pressure at the MA5 line, and the core logic is that the fundamentals have not improved and steel prices are oscillating to find a bottom [2]. Market Driving Logic - The supply - demand situation of rebar has little change. Steel mill production has increased, leading to a continuous rise in output and high inventory, increasing supply pressure. Demand has seasonally improved but remains at a low level in recent years, and the sustainability is uncertain. In the context of increasing supply and demand, the fundamentals have not improved, and steel prices are under pressure. Cost support is strong, and rebar is expected to continue to oscillate and seek a bottom, with demand performance being a key factor [3].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The short - term view of rebar 2601 is weak and oscillating, the medium - term view is oscillating, and the intraday view is also weak and oscillating. It is recommended to pay attention to the pressure at the MA10 line. The core logic is that the supply - demand pattern is weak, and steel prices are under pressure [1]. - The supply and demand of rebar have both weakened. Supply has continuously shrunk to a relatively low level, but inventory is high, and the motivation for production reduction during the peak season is weak, so the positive effect is limited. Demand is weak due to holiday factors, and the downstream has not improved. The peak - season performance needs to be tracked. In the situation of weak supply and demand, industrial contradictions in the rebar industry have accumulated, and the pressure of inventory reduction is large. Steel prices are under pressure, and the cost support is a positive factor. With the game between long and short factors, steel prices are expected to oscillate to find the bottom, and attention should be paid to the demand situation [2]. Group 3: Summary According to the Catalog Varieties Viewpoint Reference - For rebar 2601, in the short - term (within one week), it is expected to be weak and oscillating; in the medium - term (two weeks to one month), it is expected to be oscillating; and intraday, it is also expected to be weak and oscillating. The reference view is to pay attention to the pressure at the MA10 line, and the core logic is the weak supply - demand pattern putting pressure on steel prices [1]. Market Driving Logic - The supply and demand of rebar have both weakened. Supply has shrunk to a low level, but high inventory and weak production - reduction motivation in the peak season limit the positive effect. Demand is weak due to holidays, the downstream has not improved, and the peak - season performance needs to be tracked. In the situation of weak supply and demand, industrial contradictions have accumulated, and the pressure of inventory reduction is large. Steel prices are under pressure, and cost support is a positive factor. With the game between long and short factors, steel prices are expected to oscillate to find the bottom, and attention should be paid to the demand [2].

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]