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]