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 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 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]

Report Title - The report is titled "Iron Ore: Weakening Prices, Focus on Downstream Restocking Rhythm" [2] Report Date - The report is dated January 21, 2026 [1] Core View - The price of iron ore is weakening, and attention should be paid to the downstream restocking rhythm [2] Industry Investment Rating - No industry investment rating is provided in the report Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of I2605 was 789.5 yuan/ton, down 4.5 yuan/ton or -0.57%. The position was 586,412 hands, down 29,929 hands [3] - **Spot Price**: Imported ore prices decreased, with declines of 5 yuan/ton for Carajás fines (65%), PB fines (61.5%), and Jimbara fines (61%), and a 3 yuan/ton decline for Super Special fines (56.5%). Domestic ore prices remained unchanged [3] - **Price Spreads**: The basis for I2605 against Super Special fines increased by 1.2 yuan/ton, while the basis against Jimbara fines decreased by 0.9 yuan/ton. The spread between I2605 and I2609 increased by 0.5 yuan/ton, and the spread between I2601 and I2605 decreased by 1.0 yuan/ton. The spreads between Carajás fines and PB fines, PB fines and Jimbara fines remained unchanged, and the spread between PB fines and Super Special fines decreased by 2.0 yuan/ton [3] 2. Macro and Industry News - On January 20, the 1-year LPR was 3% and the 5-year LPR was 3.5%, both unchanged from the previous month [3] 3. Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral outlook [3]

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The report indicates that the macro - risk appetite for iron ore is boosted again, and it will be in a high - level oscillation state [1]. 3. Summary by Sections 3.1 Fundamentals Tracking - **Futures Data**: The closing price of iron ore futures was 780.0 yuan/ton, up 2.5 yuan/ton or 0.32%. The position of I2605 was 534,905 hands, with an increase of 16,750 hands [1]. - **Spot Price**: Among imported ores, the price of 65% Carajás fines (Carajas) was 874.0 yuan/ton, up 2.0 yuan/ton; 61.5% PB fines was 795.0 yuan/ton, up 1.0 yuan/ton; 61% Jimbobara fines was 748.0 yuan/ton, up 1.0 yuan/ton; 56.5% Super Special fines was 677.0 yuan/ton, down 1.0 yuan/ton. Among domestic ores, the price of 66% Langna ore and 65% Laiwu ore remained unchanged at 956.0 yuan/ton and 874.0 yuan/ton respectively [1]. - **Price Spreads**: The basis of I2605 against Super Special fines decreased by 3.6 yuan/ton to 108.0 yuan/ton; the basis against Jimbobara fines decreased by 1.4 yuan/ton to 49.6 yuan/ton. The spread between I2605 and I2609 decreased by 0.5 yuan/ton to 22.0 yuan/ton; the spread between I2601 and I2605 decreased by 1.5 yuan/ton to 18.0 yuan/ton. The spread between Carajás fines and PB fines increased by 1.0 yuan/ton to 79.0 yuan/ton; the spread between PB fines and Jimbobara fines remained unchanged at 47.0 yuan/ton; the spread between PB fines and Super Special fines increased by 2.0 yuan/ton to 118.0 yuan/ton [1]. 3.2 Macro and Industry News - From January to November, the national real estate development investment was 7,859.1 billion yuan, a year - on - year decrease of 15.9%, among which residential investment was 6,043.2 billion yuan, a decrease of 15.0% [1]. 3.3 Trend Intensity - The trend intensity of iron ore is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The short - term positive factors for iron ore have been realized, and the upward driving force has slowed down [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Information**: The closing price of iron ore futures was 736.5 yuan/ton, down 0.5 yuan or - 0.07%. The previous day's position was 757,976 lots, with an increase of 13,617 lots [4]. - **Spot Price**: Imported ore prices decreased, with the price of 65% Carajás fines dropping 3 yuan to 863 yuan/ton, 61.5% PB fines down 5 yuan to 773 yuan/ton, 61% Jimbobara fines down 2 yuan to 738 yuan/ton, and 56.5% Super Special fines down 4 yuan to 642 yuan/ton. Domestic ore prices remained unchanged [4]. - **Spread**: The basis of 12505 contract against Super Special fines decreased by 10.4 yuan to 48 yuan/ton, and against Jimbobara fines decreased by 8.2 yuan to 17.3 yuan/ton. The spread between 12509 - 12601 increased by 1 yuan to 38.5 yuan/ton, and 12505 - 12509 increased by 6.5 yuan to 65 yuan/ton. The difference between Carajás fines and PB fines increased by 2 yuan to 90 yuan/ton, PB - Jimbobara decreased by 3 yuan to 35 yuan/ton, and PB - Super Special decreased by 1 yuan to 131 yuan/ton [4]. 3.2 Macro and Industry News - As of the end of April, the balance of broad - money (M2) was 325.17 trillion yuan, a year - on - year increase of 8% [4]. 3.3 Trend Intensity - The trend intensity of iron ore is - 1, indicating a relatively bearish outlook [4].