Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - The iron ore market shows a pattern of near - term strength and long - term weakness, and the 5 - 9 positive spread position should continue to be held [1] - Near - term factors such as the escalation of the US - Iran conflict, a significant increase in energy costs, and the possible restriction of BHP iron ore purchases drive the price rebound of near - term iron ore contracts, while the long - term impact is relatively small [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing price of futures decreased by 5.5 yuan/ton, a decline of 0.67%. The closing price of I2605 was 811.0 yuan/ton, with a yesterday's position of 455,521 hands and a position change of - 6,207 hands [1] - **Spot Price**: Among imported ores, the price of Carajás fines (65%) decreased by 2.0 yuan/ton to 951.0 yuan/ton, PB (61.5%) decreased by 4.0 yuan/ton to 794.0 yuan/ton, Jimbour (61%) decreased by 4.0 yuan/ton to 746.0 yuan/ton, and Super Special (56.5%) decreased by 5.0 yuan/ton to 670.0 yuan/ton. Among domestic ores, the prices of Hanxing (66%) and Laiwu (65%) remained unchanged at 964.0 yuan/ton and 882.0 yuan/ton respectively [1] - **Basis and Spread**: The basis of I2605 against Super Special increased by 0.1 yuan/ton to 64.0 yuan/ton, and against Jimbour increased by 1.2 yuan/ton to 54.4 yuan/ton. The spread of I2605 - I2609 increased by 1.0 yuan/ton to 32.0 yuan/ton, and I2609 - I2701 increased by 0.5 yuan/ton to 21.0 yuan/ton. The spread of Carajás fines - PB increased by 2.0 yuan/ton to 157.0 yuan/ton, PB - Jimbour remained unchanged at 48.0 yuan/ton, and PB - Super Special increased by 1.0 yuan/ton to 124.0 yuan/ton [1] 2. Macro and Industry News - The US - Iran conflict escalation and energy cost increase, along with potential restrictions on BHP iron ore purchases, drive the near - term iron ore contract price rebound, while the long - term impact is small [1] - In 2026, the government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [1] - The daily average pig iron output of 247 steel enterprises is 221.2 million tons, a decrease of 6.39 million tons compared with the previous period [2] 3. Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral view on the market [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The iron ore market shows a pattern of near - term strength and long - term weakness, and a 5 - 9 positive spread arbitrage is recommended [1] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures decreased by 2.5 yuan/ton, a decline of 0.31%. The I2605 contract had a closing price of 809.0 yuan/ton, with a position of 458,852 hands, a decrease of 12,644 hands [1] - **Spot Price**: Imported ore prices such as PB (61.5%), Jinbuba (61%), and Super Special (56.5%) decreased, while domestic ore prices such as Hanxing (66%) and Laiwu (65%) increased [1] - **Basis and Spread**: The basis of I2605 against Super Special and Jinbuba decreased. The spread of I2605 - I2609 decreased by 2.5, while the spread of I2609 - I2701 remained unchanged. The spread between different ore types also had corresponding changes [1] 3.2 Macro and Industry News - **Market Trend**: Near - term, the escalation of the US - Iran conflict, increased energy costs, and potential restrictions on BHP iron ore procurement drove the rebound of near - term iron ore contract prices, with less impact on the long - term [1] - **Government Policy**: The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [1] - **Steel Production**: The daily average hot metal output of 247 steel enterprises was 221.2 million tons, a decrease of 6.39 million tons compared with the previous period [2] 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively neutral view on the market trend [2]

Report Industry Investment Rating - Not provided in the report Core View - The expected weakening of steel exports puts pressure on iron ore prices [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of I2605 was 753.5 yuan/ton, down 1.0 yuan/ton (-0.13%). The position was 532,861 hands, a decrease of 9,866 hands [1] - **Spot Prices**: Imported ore prices (such as 65% Carajás fines, 61.5% PB fines, 61% Jimbara fines, 56.5% Super Special fines) and domestic ore prices (such as 66% Hanxing ore, 65% Laiwu ore) showed different degrees of decline or remained unchanged [1] - **Basis and Spreads**: The basis and spreads of different varieties and contracts showed various changes, such as the basis of I2605 against Super Special fines decreased by 2.3 yuan/ton, and the spread between I2605 and I2609 decreased by 0.5 yuan/ton [1] Macro and Industry News - Five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, effective from February 26, 2026 [1] - Some steel enterprises in North China received a notice of temporary independent emission reduction during the Two Sessions in 2026, with a requirement to reduce blast furnace load by at least 30% from March 4 to March 11 [2] Trend Intensity - The trend intensity of iron ore is -1, indicating a relatively bearish view [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 ore prices fluctuating[1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of iron ore futures was 754.5 yuan/ton, with a daily increase of 4.0 yuan/ton and a daily increase rate of 0.53%. The position of I2605 was 542,727 hands, with a decrease of 3,955 hands[1] - **Spot Price**: The prices of imported ores such as Carajás fines (65%), PB fines (61.5%), Jimbobara fines (61%), and Super Special fines (56.5%) all increased by 6.0 yuan/ton compared to the previous day. The prices of domestic ores such as Hanxing (66%) and Laiwu (65%) remained unchanged[1] - **Basis and Spread**: The basis of I2605 against Super Special fines increased by 2.5 yuan/ton to 92.3 yuan/ton, and the basis against Jimbobara fines increased by 2.5 yuan/ton to 68.9 yuan/ton. The spread of I2605 - I2609 increased by 1.5 yuan/ton to 21.0 yuan/ton, while the spread of I2609 - I2701 remained unchanged at 12.0 yuan/ton. The spreads between different ore types such as Carajás fines - PB fines remained unchanged[1] 3.2 Macro and Industry News - On February 25, 2026, five departments in Shanghai jointly issued a notice to further optimize and adjust the real - estate policy, which will be implemented from February 26, 2026[1] - On February 25, it was reported that some steel enterprises in North China had received a notice of temporary independent emission reduction during the 2026 National Two Sessions. They are required to implement phased emission reduction control from March 4 to March 11, with a blast furnace load reduction of no less than 30% and to formulate a special emission reduction implementation plan[2] 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a moderately positive outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish)[2]

Report Title - Iron ore: Steel mills' inventory replenishment is nearing the end, and ore prices are oscillating downward [1] Report's Core View - Steel mills' inventory replenishment of iron ore is approaching the end, leading to an oscillating decline in ore prices [1] Summary According to Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of I2605 was 768.5 yuan/ton, down 13.0 yuan/ton or 1.66%. The yesterday's position was 525,113 hands, with an increase of 9,456 hands [2] - **Spot Price**: Imported ores such as Carajás fines (65%), PB (61.5%), Jimbobara (61%), and Super Special (56.5%) all saw price drops, while domestic ores like Hanxing (66%) and Laiwu (65%) remained unchanged [2] - **Basis and Spread**: The basis of I2605 against Super Special remained unchanged at 92.4 yuan/ton, while the basis against Jimbobara increased by 1.1 yuan/ton to 72.1 yuan/ton. Spreads such as I2605 - I2609 and I2609 - I2701 changed slightly [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 [2] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio to the special team in their headquarters cities regularly [2] Trend Intensity - The trend intensity of iron ore is - 1, indicating a relatively bearish outlook [3]

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 - No investment rating provided in the report. 2. Core View - The report shows that the iron ore market is experiencing narrow - range fluctuations. The trend strength of iron ore is 0, indicating a neutral stance [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of I2605 was 783.0 yuan/ton, down 8.5 yuan/ton or 1.07%. The yesterday's position was 520,684 hands, with a decrease of 20,544 hands [1]. - **Spot Prices**: Imported ores like Carajás fines (65%) dropped from 884.0 to 879.0 yuan/ton, PB (61.5%) from 794.0 to 787.0 yuan/ton, etc. Domestic ores such as Hanxing (66%) decreased from 956.0 to 950.0 yuan/ton [1]. - **Basis and Spreads**: The basis of I2605 against Super Special increased by 2.0 yuan/ton to 96.3 yuan/ton. The spread between I2605 - I2609 decreased by 2.0 yuan/ton to 17.0 yuan/ton [1]. 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [1]. - Many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio regularly [1]. 3.3 Trend Strength - The trend strength of iron ore is 0, within the range of [-2, 2], indicating a neutral view on the market [2].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3][4] 2. Core View - The report predicts that iron ore will operate in a volatile manner [4] 3. Summary by Relevant Catalogs 3.1 Iron Ore Fundamental Data - **Futures**: The closing price of I2605 was 791.5 yuan/ton, down 7.0 yuan/ton or 0.88%. The yesterday's position was 541,228 hands, with a decrease of 14,164 hands [2] - **Spot Prices**: Among imported ores, the price of PB (61.5%) was 794.0 yuan/ton, down 6.0 yuan/ton; the price of Jinbuba (61%) was 743.0 yuan/ton, down 9.0 yuan/ton; the price of Chaote (56.5%) was 680.0 yuan/ton, down 4.0 yuan/ton. Among domestic ores, the prices of Hanxing (66%) and Laiwu (65%) remained unchanged at 956.0 yuan/ton and 874.0 yuan/ton respectively [2] - **Basis and Spreads**: The basis of I2605 against Chaote increased by 2.7 yuan/ton to 94.3 yuan/ton, while the basis against Jinbuba decreased by 2.7 yuan/ton to 70.6 yuan/ton. The spread of I2605 - I2609 decreased by 0.5 yuan/ton to 19.0 yuan/ton, and the spread of I2609 - I2701 decreased by 1.0 yuan/ton to 12.5 yuan/ton. The spread of Carajás - PB increased by 6.0 yuan/ton to 90.0 yuan/ton, the spread of PB - Jinbuba increased by 3.0 yuan/ton to 51.0 yuan/ton, and the spread of PB - Chaote decreased by 2.0 yuan/ton to 114.0 yuan/ton [2] 3.2 Macro and Industry News - China's industrial enterprises above designated size saw a 5.3% year - on - year increase in profits in December and a 0.6% increase for the whole year [2] - Many real estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, but some troubled real estate enterprises need to regularly report financial indicators such as asset - liability ratio to the special team in their headquarters city [2] 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 means the most bearish and 2 means the most bullish [3]

Group 1: Report Industry Investment Rating - No information provided about the industry investment rating in the report Group 2: Core View of the Report - The report is titled "Iron Ore: Capital Rotation, Slight Uptrend", indicating a potential slight upward movement in iron ore prices [1] - The trend strength of iron ore is 1, with a range of [-2, 2], suggesting a relatively positive but not extremely strong trend [2] Group 3: Summary According to the Catalog 1. Fundamental Tracking - **Futures**: The closing price of I2605 was 798.5 yuan/ton, up 15.5 yuan/ton (1.98%) from the previous day. The previous day's position was 555,392 hands, with a decrease of 9,221 hands [1] - **Spot Prices**: Imported ores such as Carajás (65%), PB (61.5%), Jinbuba (61%), and Super Special (56.5%) all increased by 7 yuan/ton compared to the previous day, while domestic ores such as Hanxing (66%) and Laiwu (65%) remained unchanged [1] - **Basis and Spreads**: The basis of I2605 against Super Special decreased by 7.9 yuan/ton to 87.3 yuan/ton, and against Jinbuba decreased by 8.0 yuan/ton to 70.1 yuan/ton. The spreads I2605 - I2609 and I2609 - I2701 increased by 1.0 and 1.5 yuan/ton respectively. The spreads between different ore types such as Carajás - PB, PB - Jinbuba, and PB - Super Special remained unchanged [1] 2. Macro and Industry News - China's industrial enterprises above designated size had a 5.3% year - on - year profit growth in December and a 0.6% growth for the full - year [1] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to regularly report financial indicators such as asset - liability ratio [1]