Report Industry Investment Rating - Not provided in the given content Core Viewpoints - On Wednesday, the RB2605 contract fluctuated with a slight upward trend. Macroscopically, the Central Financial Office responded to economic hot - issues, stating that next year efforts will be made to stabilize the real estate market from both supply and demand sides. The supply side should strictly control increments, revitalize stocks, and accelerate inventory digestion, while the demand side should take more targeted measures to fully release residents' rigid and improvement - oriented housing demands. In terms of supply and demand, the weekly output of rebar dropped to 1.7878 million tons, at a historically low level in the same period. The terminal demand in the off - season continued to shrink, with the apparent demand dropping to 2.0309 million tons, significantly lower than the same period last year. Overall, the rebar market faced weak supply and demand, and the futures price fluctuated within a range due to the influence of furnace materials and domestic macro - expectations. Technically, the 1 - hour MACD indicator of the RB2605 contract showed that DIFF and DEA rebounded from low levels. It is recommended to conduct short - term trading and pay attention to the operation rhythm and risk control [2]. Summary by Relevant Catalogs Futures Market - The closing price of the RB main contract was 3,084 yuan/ton, up 3 yuan; the position volume was 1,604,729 lots, down 10,413 lots; the net position of the top 20 in the RB contract was 27,107 lots, down 7,450 lots; the RB1 - 5 contract spread was 11 yuan/ton, up 2 yuan; the RB Shanghai Futures Exchange warehouse receipt was 78,657 tons, unchanged; the HC2605 - RB2605 contract spread was 161 yuan/ton, down 4 yuan [2]. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,300 yuan/ton, unchanged; (actual weight) was 3,385 yuan/ton, unchanged; in Guangzhou (theoretical weight) was 3,490 yuan/ton, unchanged; in Tianjin (theoretical weight) was 3,160 yuan/ton, up 10 yuan. The basis of the RB main contract was 216 yuan/ton, down 3 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou was - 20 yuan/ton, unchanged [2]. Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 785 yuan/wet ton, up 5 yuan; the first - grade metallurgical coke at Tianjin Port (FOB price) was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,140 yuan/ton, unchanged; the price of Q235 billet in Hebei was 2,940 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 154.2786 million tons, up 1.3152 million tons; the coke inventory of sample coking plants was 499,600 tons, up 55,100 tons; the coke inventory of sample steel mills was 6.3522 million tons, up 99,700 tons; the billet inventory in Tangshan was 1.1165 million tons, down 16,000 tons. The blast furnace operating rate of 247 steel mills was 78.61%, down 1.53 percentage points; the blast furnace capacity utilization rate was 85.90%, down 1.16 percentage points [2]. Industry Situation - The weekly output of rebar of sample steel mills was 1.7878 million tons, down 105,300 tons; the capacity utilization rate was 39.19%, down 2.31 percentage points; the mill inventory was 1.408 million tons, down 18,800 tons; the social inventory in 35 cities was 3.387 million tons, down 224,300 tons. The operating rate of independent electric arc furnace steel mills was 68.75%, up 1.04 percentage points; the monthly output of domestic crude steel was 69.87 million tons, down 2.13 million tons; the monthly output of Chinese rebar was 1.475 million tons, up 41,000 tons; the net export volume of steel was 948,400 tons, up 20,400 tons [2]. Downstream Situation - The national real - estate prosperity index was 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment completion was - 2.60%, down 0.90 percentage points; the cumulative year - on - year growth rate of real - estate development investment completion was - 15.90%, down 1.20 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 1.10%, down 1.00 percentage points [2]. Industry News - As of December 16, 5 steel mills announced their winter - storage policies for 2026, covering the Northeast, North, and Northwest regions. The policies require full payment before December 20. Unsettled resources will be settled at the average price from March 16 to April 15 next year, with a daily settlement cap of 15%. The interest - calculation method is 6‰ per day, and the interest will stop accruing on the day of price - fixing. Handan launched a level - II emergency response for heavy pollution weather on December 14. Steel enterprises in the jurisdiction strictly implemented production - restriction and control measures. Three blast furnaces of plate mills were under maintenance, and the daily hot - metal output was expected to decrease by about 15,000 tons. Another blast furnace planned to join the maintenance, which would further affect the daily hot - metal output by about 5,000 tons [2]. Key Points to Watch - The weekly output, in - mill inventory, and social inventory of rebar on Thursday [2]