Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The iron ore market is in a game between expectations and reality, with ore prices fluctuating in a narrow range [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of I2605 was 777.5 yuan/ton, down 5.5 yuan/ton or 0.70%. The持仓 was 518,849 hands, a decrease of 1,835 hands [1] - **Spot Price**: Imported ore prices, including Carajás fines (65%), PB fines (61.5%), Jimbobara fines (61%), and Super Special fines (56.5%), all decreased, while domestic ore prices of Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spread**: The basis of I2605 against Super Special fines decreased by 3.2 yuan/ton, and the basis against Jimbobara fines increased by 0.1 yuan/ton. The spreads between different contracts and different ore types also changed [1] 2. Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [1] - Many real - estate companies are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate companies need to report financial indicators such as asset - liability ratio to the special team in their headquarters city regularly [1] 3. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view. The range of trend intensity is [-2, 2], where -2 is the most bearish and 2 is the most bullish [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The report focuses on the iron ore market, stating that it is in a game between expectations and reality, with prices fluctuating [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures decreased by 5.0 yuan/ton, a decline of 0.63%. The I2605 contract had a closing price of 783.0 yuan/ton, with a position of 564,613 hands and a decrease of 6,440 hands [1] - **Spot Prices**: Imported ore prices such as Carajás fines (65%), PB fines (61.5%), Jinbuba (61%), and Super Special (56.5%) all decreased by 2.0 yuan/ton. Domestic ore prices in Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spreads**: The basis of I2605 against Super Special and Jinbuba increased by 2.8 yuan/ton. The spread between I2605 - I2609 remained unchanged at 18.5, while the spread between I2609 - I2701 decreased by 0.5 to 12.0. The spreads between Carajás fines - PB fines, PB fines - Jinbuba, and PB fines - Super Special remained unchanged [1] 3.2 Macro and Industry News - China's industrial enterprise profits above designated size in December increased by 5.3% year - on - year, and the annual increase was 0.6% [1] - Many real estate companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real estate companies are required to report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [1] 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view. The range of trend intensity is [-2, 2], where -2 is the most bearish and 2 is the most bullish [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The report indicates that there is still a rigid demand for iron ore, and its price is fluctuating [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of I2605 was 784.5 yuan/ton, down 10.5 yuan/ton or 1.32%. The position was 568,175 hands, with a decrease of 636 hands [1] - **Spot Price**: The prices of imported ores such as Carajás fines (65%), PB (61.5%), Jinbuba (61%), and Super Special (56.5%) remained unchanged. The prices of domestic ores like Hanxing (66%) and Laiwu (65%) decreased by 27 yuan/ton [1] - **Basis and Spread**: The basis of I2605 against Super Special and Jinbuba increased by 10.5 yuan/ton. The spread of I2605 - I2609 increased by 1 yuan/ton, while the spread of I2609 - I2701 decreased by 2 yuan/ton. The spreads between different ore types remained unchanged [1] 3.2 Macro and Industry News - On January 20, the 1 - year LPR was 3% and the 5 - year - plus LPR was 3.5%, both remaining the same as last month [1] 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view [1]

Group 1: Report Industry Investment Rating - The report suggests a cautious approach towards chasing long positions in iron ore due to high valuation [1] Group 2: Core Viewpoints of the Report - The iron ore market is currently over - valued, and investors are advised to be cautious when increasing long positions [1] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Futures**: The closing price of iron ore futures was 813.0 yuan/ton, down 15.0 yuan/ton or 1.81% from the previous day. The open interest was 636,674 lots, a decrease of 29,907 lots [1] - **Spot Prices**: Imported ore prices (including Carajás fines, PB fines, etc.) decreased by 3.0 yuan/ton, while some domestic ore prices remained unchanged [1] - **Spreads**: The basis of 12605 contract against Super Special and Jinbuba increased, while the spread between 12605 and 12609 decreased, and the spread between 12601 and 12605 increased [1] Macro and Industry News - China's RatingDog Composite PMI in December 2025 was 51.3, slightly up from 51.2 in November, indicating further growth in the overall production and operation volume of Chinese enterprises at the end of 2025 [2] Trend Intensity - The iron ore trend intensity is -1, suggesting a relatively bearish view [2]

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core View of the Report - The report indicates that iron ore is experiencing repeated fluctuations at high levels [2] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I 2605 was 783.0 yuan/ton, up 4.5 yuan/ton or 0.58%. The position was 580,731 lots, with an increase of 13,627 lots [1] - **Spot Prices**: Imported ore prices increased slightly, with the price of Carajás fines (65%) rising to 874.0 yuan/ton, up 6.0 yuan/ton; PB fines (61.5%) rising to 797.0 yuan/ton, up 4.0 yuan/ton; Jinbuba fines (61%) rising to 750.0 yuan/ton, up 4.0 yuan/ton; and Super Special fines (56.5%) rising to 675.0 yuan/ton, up 2.0 yuan/ton. Domestic ore prices remained stable [1] - **Price Spreads**: The basis of I 2605 against Super Special fines decreased by 2.3 yuan/ton to 102.8 yuan/ton, and the basis against Jinbuba fines decreased by 0.2 yuan/ton to 48.7 yuan/ton. The spread between I 2605 and I 2609 increased by 0.5 yuan/ton to 22.0 yuan/ton, and the spread between I 2601 and I 2605 decreased by 1.0 yuan/ton to 18.5 yuan/ton. The price difference between Carajás fines and PB fines increased by 2.0 yuan/ton to 77.0 yuan/ton, and the price difference between PB fines and Super Special fines increased by 2.0 yuan/ton to 122.0 yuan/ton [1] 3.2 Macro and Industry News - From January to November, the total profit of industrial enterprises above the designated size in China reached 6,626.86 billion yuan, a year - on - year increase of 0.1%. Among them, the total profit of state - holding enterprises was 2,008.36 billion yuan, a year - on - year decrease of 1.6%; that of joint - stock enterprises was 4,956.56 billion yuan, a decrease of 0.4%; that of foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises was 1,635.53 billion yuan, an increase of 2.4%; and that of private enterprises was 1,931.99 billion yuan, a decrease of 0.1% [1] 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral trend [1]

Group 1 - Report industry investment rating: Not provided Group 2 - Core view of the report: The iron ore market is affected by multiple events and shows a moderately strong and fluctuating trend. The trend strength of iron ore is 1, indicating a moderately positive view [1] Group 3 Summary based on relevant catalogs - **Fundamental tracking**: - **Futures**: The closing price of futures contract 12601 was 780.5 yuan/ton, down 3.5 yuan/ton or 0.45%. The position was 447,365 lots, a decrease of 26,627 lots [1] - **Spot prices**: Among imported ores, the price of Carajás fines (65%) was 918 yuan/ton, up 1 yuan/ton; PB fines (61.5%) was 779 yuan/ton, unchanged; Jinbuba fines (61%) was 748 yuan/ton, unchanged; Super Special fines (56.5%) was 708 yuan/ton, up 1 yuan/ton. Among domestic ores, the price of Langna (66%) was 952 yuan/ton, unchanged; Laiwu (65%) was 870 yuan/ton, unchanged [1] - **Spreads**: The basis of 12601 against Super Special fines was 141.5 yuan/ton, up 4.6 yuan/ton; against Jinbuba fines was 49.1 yuan/ton, up 3.5 yuan/ton. The spread between 12509 and 12601 was -40 yuan/ton, up 1 yuan/ton; between 12601 and 12605 was 21 yuan/ton, down 0.5 yuan/ton. The spread between Carajás fines and PB fines was 139 yuan/ton, up 1 yuan/ton; between PB fines and Jinbuba fines was 31 yuan/ton, unchanged; between PB fines and Super Special fines was 71 yuan/ton, down 1 yuan/ton [1] - **Macro and industry news**: Affected by the US government shutdown, the data on the change in non - farm payrolls in the US in September and the US unemployment rate in September, originally scheduled to be announced at 20:30 Beijing time, have not been released [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report focuses on iron ore, stating that its expectations are fluctuating and it is in a high - level oscillation state [1]. 3. Key Points by Section 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the 12601 iron ore futures was 784.0 yuan/ton, down 6.0 yuan/ton or - 0.76%. The yesterday's position was 473,992 hands, with a decrease of 34,937 hands [1]. - **Spot Prices**: Imported ores like 65% Carajás fines dropped from 920.0 to 915.0 yuan/ton, 61.5% PB fines from 785.0 to 780.0 yuan/ton, 61% Jimbobara from 755.0 to 750.0 yuan/ton, and 56.5% Super Special from 713.0 to 710.0 yuan/ton. Domestic ores such as 66% Youbang and 65% Laiwu remained unchanged at 952.0 and 870.0 yuan/ton respectively [1]. - **Price Spreads**: The basis of 12601 against Super Special increased by 2.7 yuan/ton to 140.2 yuan/ton, while the basis of 12601 against Jimbobara decreased by 0.5 yuan/ton to 47.7 yuan/ton. The spread of 12509 - 12601 decreased by 1.5 yuan/ton to - 41.0 yuan/ton, and the spread of 12601 - 12605 increased by 1.0 yuan/ton to 21.5 yuan/ton. The Carajás fines - PB spread remained at 135.0 yuan/ton, the PB - Jimbobara spread at 30.0 yuan/ton, and the PB - Super Special spread decreased by 2.0 yuan/ton to 70.0 yuan/ton [1]. 3.2 Macro and Industry News - From January to August, the total profit of industrial enterprises above designated size in China reached 4,692.97 billion yuan, a year - on - year increase of 0.9% [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a neutral - to - slightly positive outlook within the [-2, 2] range [1].

1. Report Industry Investment Rating - The trend strength of iron ore is 2, indicating a strong bullish view. The range of trend strength is [-2, 2], where -2 means the most bearish and 2 means the most bullish [3] 2. Core View of the Report - The short - term valuation of iron ore still has support from macro and micro aspects [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of futures contract 12601 was 770.0 yuan/ton, down 2.5 yuan/ton or -0.32% from the previous day. The previous day's position was 452,625 hands, with an increase of 1,051 hands [1] - **Spot Price Data**: Imported ore prices generally declined. For example, the price of Carajás fines (65%) dropped from 881.0 to 877.0 yuan/ton, PB fines (61.5%) from 769.0 to 767.0 yuan/ton, and Jinbuba (61%) from 745.0 to 740.0 yuan/ton. The price of Super Special (56.5%) remained unchanged at 650.0 yuan/ton. Domestic ore prices of Youbang (66%) and Laiwu (65%) remained at 922.0 and 840.0 yuan/ton respectively [1] - **Spread Data**: The basis of 12601 against Super Special increased by 2.5 yuan/ton to 88.3 yuan/ton, while the basis of 12601 against Jinbuba decreased by 2.9 yuan/ton to 50.9 yuan/ton. The spread of 12509 - 12601 increased by 0.5 yuan/ton to 19.0 yuan/ton, and the spread of 12601 - 12605 decreased by 2.0 yuan/ton to 22.5 yuan/ton. The spread of Carajás fines - PB fines decreased by 2.0 yuan/ton to 110.0 yuan/ton, PB fines - Jinbuba increased by 3.0 yuan/ton to 27.0 yuan/ton, and PB fines - Super Special decreased by 2.0 yuan/ton to 117.0 yuan/ton [1] 3.2 Macro and Industry News - All activities at the SimFer mine site are currently suspended due to a fatal incident. Rio Tinto reported an employee of a contracting company died at the SimFer mine in Guinea on August 22 [2] - On August 23, Fed Chairman Powell said at the Jackson Hole Annual Meeting that although inflation remains a concern, rising risks in the job market may lead the Fed to cut interest rates in September [2]

Group 1: Report Investment Rating - The report does not explicitly provide an industry investment rating Group 2: Core Viewpoints - The downstream demand for iron ore has reached a phased peak, and it is expected to fluctuate weakly [1] - The trend strength of iron ore is -1, indicating a bearish outlook [1] Group 3: Summary by Key Sections Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 718.0 yuan/ton, down 9.0 yuan/ton or -1.24%. The position of I2509 was 750,172 hands, a decrease of 6,175 hands [1] - **Spot Prices**: Imported ore prices such as Carajás fines (65%) decreased, while domestic ore prices in some areas remained unchanged. For example, Carajás fines dropped from 850.0 to 845.0 yuan/ton [1] - **Basis and Spreads**: The basis of I2505 against Super Special and Jinbuba increased, while some spreads such as Carajás fines - PB decreased slightly [1] Macro and Industry News - On May 20, the 5 - year LPR dropped from 3.6% to 3.5%, and the 1 - year LPR dropped from 3.1% to 3.0% [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report suggests that iron ore prices will experience wide - range fluctuations due to the boost of macro - expectations [1]. 3. Summary by Directory 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures was 737.0 yuan/ton, with a rise of 22.5 yuan/ton and a growth rate of 3.15%. The previous day's position was 744,359 hands, with an increase of 30,334 hands [1]. - **Spot Price**: Imported ore prices such as Carajas fines (65%), PB fines (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased, while domestic ore prices of Langna (66%) and Laiwu (65%) remained unchanged [1]. - **Basis and Spread**: The basis of 12505 against Super Special changed by 0.1 yuan/ton, and the basis of 12505 against Jinbuba decreased by 1.4 yuan/ton. Various spreads such as 12509 - 12601, 12505 - 12509, Carajas fines - PB fines, PB fines - Jinbuba, and PB fines - Super Special also had corresponding changes [1]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, with a year - on - year increase of 8% according to central bank data [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral stance. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].