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婚§ ZenandeMeyiwa婚§2 MarkettargetDivYield(%)ArcelorMittal45,531-9%0%2%17%1.4%2.7%-8%0%-2%4.0%3.8%1%8%15%3.2%4.6%-5%-9%-35%1.0%2.3%-6%-4%0%1.0%1.0%3%8%16%3%11%MacRoEconomicindicatoRs:China婚§3ChinaCommodityDemandIndicatorsUBSeMar-25Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-262026E7.8%ChinaTotalSocialFinancing,RMBbn5,8961,1602,2904,2251,1312,5663,5308182,4932,2137,2192,3845,227ChinaTSF(L12m%chgey/y)2.4%10.2%9.2%15.2%15.5%14.4%15.0%14.7%15.7%10.4%8.9%7.0%1.8%SHIBORFixing-3Mth1.911.751.651.631.571.551.581.601.581.601.591.571.51PledgedSupplementalLending(PLS)2,0642,0641,7941,4941,2641,1031,0151,0091,0351,0291,2041,2041,204PSL-chgem/m-2000-270-300-230-161-882517400ManufacturingPMIdiffusionindex50.549.049.549.749.349.449.849.049.250.149.349.050.4CaixinManufacturingPMI51.250.448.350.449.550.551.250.649.950.150.352.150.8CaixinServicesPMI51.950.751.150.652.653.052.952.652.152.052.356.752.1ChinaSteelPMI(CISA)46.050.646.447.850.549.847.749.248.046.349.946.750.6ChinaGDPestimate(BBG),%chgey/y7.5%6.6%6.7%7.0%6.3%6.1%6.8%6.0%5.7%6.0%6.4%6.1%6.0%Industrialproduction,%chgey/y7.7%6.1%5.8%6.8%5.7%5.2%6.5%4.9%4.8%5.2%6.3%6.3%FixedAssetInvestment(ex-rural)%chgey/y4.3%3.6%2.9%0.5%-5.2%-6.3%-6.8%-11.2%-11.1%-16.0%1.8%1.8%-ManufacturingFAI%chgey/y9.2%8.2%7.8%5.1%-0.3%-1.3%-1.9%-6.7%-4.5%-10.6%3.1%3.1%-InfrastructureFAI%chgey/y12.6%9.6%9.3%5.3%-2.0%-6.4%-8.0%-12.1%-11.9%-16.0%9.8%9.8%-RealestatedevelopmentFAI%chgey/y-10.0%-11.3%-12.0%-12.9%-17.0%-19.5%-21.3%-23.0%-30.3%-35.8%-11.1%-11.1%Totalpowerconsumption,%chgey/y4.1%3.0%2.8%3.6%4.9%3.2%3.0%9.5%4.0%1.5%1.5%1.5%3.1%4.5%6.2%3.4%Passengervehiclesales,%chgey/y10%12%14%15%14%15%12%7%2%-9%-6%-14%ChinaNEVs%39%44%33%27%24%24%20%14%15%-1%-8%-16%Excavatorsales%y/y18%18%2%13%25%13%25%8%14%19%13%13%26%Truck(ConstructionHDT)sales%y/y5%22%30%44%68%52%71%39%47%22%46%-10%25%CementproductionMtpd%y/y4%-5%-8%-4%-5%-4%-8%-19%-9%-7%6%6%-23%Chinagridspend,%chgey/y18%-2%33%4%-1%26%-11%-14%-1%Chinaairconditionerproduction,%chgey/y9%2%1%1%2%12%-4%-12%-24%-9%-9%-9%2%Propertystarts%chgey/y-19%-23%-17%-9%-15%-10%-14%-30%-28%-19%-23%-23%Propertysales,%chgey/y-2%-3%-6%-8%-8%-11%-11%-19%-17%-16%-14%-14%Propertycompletions,%chgey/y-12%-28%-19%-2%-30%-21%0%-28%-25%-18%-28%-28%-28%-10%-10%-20%Inventory(2014high=~19mths)22.724.525.828.929.028.831.031.232.532.933.535.434.6Secondarypriceindex(May2004=100,6cities)620.7616.5610.7603.8596.7588.2579.0570.5561.5498.6494.1495.7497.6婚§4120100120100806040200JanFebMarAprMayJunJulAugSepOctNovDec2023202420252026400350400350300250200150100500JanFebMarAprMayJunJulAugSepOctNovDec2023202420252026 160160140120100806040200JanFebMarAprMayJunJulAugSepOctNovDec2023202420252026MacRoEconomicindicatoRs:EuRopEa§5Mar-25Apr-25May-25Jun-2549.51%49.5-1%48.60%49.51%49.5-1%48.60%0%49.40%48.81%49.00%48.81%49.8-1%49.81%49.61%49.81%1%1%Apr-Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-266040200-20-40-60-80GermanifoMetalsApr-Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-26110105100959085807570GermanifoBusinessClimate婚§6FFFFFFFFFFFFFFFFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeeeebbbbbbbbbbbbbbbbbbbbbbbbbb0000000001111111111222222212345678901234567890123456Aug-20Aug-20Aug-21Aug-22Aug-23Aug-24Aug-254000 Aug-25Aug-24Aug-23Aug-22Aug-21Aug-25Aug-24Aug-23Aug-22Aug-21Aug-20婚§7 %y/y-16%-5%5%-19%21%0%-18%-4%-2%-5%-19%-28%-39%-31%-24%-22%-1%-20%3%-9%-1%9%-9%8%-37%-8%-7%-1%69%25%4%28%13%3%-24%-31%-28%-29%2%-15%-17%-9%-12%28%21%14%6%10%-3%20%-4%-1%-2%-4%-1%-7%-18%-28%-33%-33%-24%-25%-21%-20%-11%5%3%36%9%80%-23%24%-18%-47%53%-8%41%22%2%-41%-44%38%-23%43%47%-28%-2%-11%-38%-3%-13%29%19%-8%-26%-6%-4%19%46%16%14%13%-13%-12%-11%-16%-1%0%4%-3%-2%-17%-7%-1%0%-2%-2%6%14%32%16%-4%12%3%-3%14%2%12%5%-17%10%13%24%41%20%9%16%-2%-26%-3%29%-8%34%14%-16%40%-7%-27%-35%-53%-43%-22%-29%-39%-3%-15%-1%-5%-24%-26%-51%-3%-9%25%24%35%21%2%-8%-15%-2%-27%-35%-28%-55%-49%-27%-54%-9%-5%23%-17%-9%-18%19%20%7%45%14%15%33%-2%-11%-22%-48%-56%-50%-54%-39%-12%-4%7%0%18%21%6%17%7%25%17%29%31%-7%-13%-11%12%-17%-19%-2%-29%18%35%19%35%30%-15%-12%17%-16%20%-5%-14%8%8%27%9%-3%-7%-15%-11%-16%-11%-8%-13%7%-11%-12%-3%-23%-19%-6%-9%8%-14%4%-4%14%28%9%32%20%29%17%0%-6%-10%-2%19%4%-5%0%-16%14%6%8%27%44%-4%14%-6%14%60%12%28%8%-2%6%14%10%4%3%42%4%8%9%8%3%-12%-3%24%43%38%19%2%-8%7%-21%-30%-33%-35%-5%12%35%24%21%4%-10%-21%-8%4%0%-21%7%3%18%54%15%14%3%-14%-20%-25%-24%-25%-21%-10%-7%4%12%2%3%5%4%5%NorthAmerica5%-7%12%26%34%32%10%9%-11%0%-7%-18%-8%-10%-2%-4%9%24%30%3%-8%-7%15%-8%9%23%39%7%8%6%3%-4%-19%-18%-14%-7%3%-1%-4%-5%-2%-4%-2%-5%-2%-2%-6%9%20%33%47%23%-8%-20%-20%-14%-5%-16%-14%-17%-10%2%-1%10%22%16%8%6%9%125%145%76%154%60%19%15%-23%-5%-6%0%-9%8%30%18%30%-19%-17%-13%-10%60%28%8%-4%-15%3%-3%10%28%2%8%3%-3%-4%-7%-18%-21%-27%-26% -26%-11%-7%7%-4%-12%-1%6%5%-46%-28%-1% -58%308%60%3%143%-43%-22%-7%5%15%24%47%63%175%109%92%-75%-85%-77%-64%15%-20%-36%17%10%39%48%-16%22%-15%-41%31%-12%15%-6%-11%-7%72%111%183%15%15%-8%-19%-11%-56%-7%23% 34%170%17%-3% -7%18%0%-9%-10%30%-54%-49%-37%-63%40%53% 19%16%3%26%0%-26%-15%18%3%48%30%-10%5%-13%-21%-19%-39%-44%-27%-41%-35%-14%-41%-17%-22%-33%-33%-58%31%-20%9%21%10%63%6%6%-13%-21%-25%-42%-44%-54%-48%-40%-25%2%10%-5%22%-22%-22%11%-12%-15%-13%23%5%13%-10%-6%8%-8%4%-5%-26%-36%-12%-16%-8%-5%-16%-40%0%17%-6%27%5%1%43%11%25%33%3%24%-3%-3%-15%-44%-48%-61%-48%-26%-4%1%-14%-21%-18%7%41%8%-3%-19%11%2%18%44%6%31%27%-2%15%-5%0%9%-2%23%9%12%2%0%50%20%48%58%-4%0%-15%-15%-8%29%51%41%28%-3%-28%-10%-12%-28%-1%-18%-15%6%10%11%3%-13%-11%14%-2%-23%7%-4%21%71%7%-15%-16%-18%-37%-26%-28%-29%18%41%56%32%11%4%-7%-12%-6%-11%26%-19%-8%-23%-21%69%12%49%6%-4%-21%-34%-15%-27%-15%13%5%-1%-22%-36%-17%-12%32%0%NorthAmerica7%-13%6%20%24%-15%11%12%48%46%10%8%9%46%8%7%-18%-3%6%-2%9%3%-8%-16%-3%-11%-9%-7%-19%-11%-6%4% 13%3%-7%3%2%-8%-3%-5% -10%14%13%3%-1%1%1%-4%3%-6%3%22%13%57%35%0%-8%-28%-22%-20%-5%-12%-16%-5% -11%-1%16%5% 17%10%婚§8 MAcRoEcoNomiciNDicAToRs:US-smAIISMManufacturingPMIConstructionIndexUSCensus,%chgey/y-1.1%-2.4%-3.0%-1.8%-1.5%-1.3%-1.3%-1.3%-1.3%-0.5%-0.5%1.0%1.0%Autosales,%chgey/y3.9%5.4%4.5%3.0%3.9%3.9%4.2%3.3%2.5%2.1%2.1%0.8%-1.0%婚§9400 Figure16:DodgeMome100%80%60%40%20%0%-20%-40%May-20May-21May-20May-21May-22May-23May-24May-25 DodgeMomentumIndexCommercialBuildingInstitutionalBuilding 婚§106560555045403530202620252024202320222022026202520242023202220212020656055504540353020252025202420232022202120202019201820172016201520142013201220112010200920082007 婚§11Automotive(~15%of2025USMill婚§12(Production,munits)201620172018201920202021202220232024%growth11.2%20.1%15.8%-4.7%-23.1%-5.7%5.5%-1.7%-1.5%-1.5%-1.5%-1.5%3.43.0%growth-15.8%-4.7%-1.7%-0.7%-12.0%2.7%-24.9%16.0%5.6%1.5%1.0%1.0%1.0%1.0%21.522.322.021.116.615.915.818.017.217.016.816.616.416.3%growth2.8%3.7%-1.6%-21%-4%0%-4%-1.2%NorthAmerica17.817.117.016.313.013.014.315.715.415.315.215.315.515.8%growth2.0%-3.9%-1.0%-4.0%-20.0%0.2%9.6%9.7%-1.5%-1.0%-0.7%0.7%1.3%1.9%SouthAmerica3.13.1%growth-11.5%20.3%-4.4%-31.5%8.3%1.7%5.0%1.0%0.0%0.0%0.0%ofwhich:Brazil2.5%growth-11.1%26.1%5.2%0.9%-32.1%8.8%1.2%8.0%5.0%1.0%0.0%0.0%0.0%Asia48.750.043.647.251.651.755.256.958.459.961.4%growth7.6%2.6%-1.4%-6.4%-11.1%6.4%9.5%6.9%3.0%2.7%2.6%2.5%ofwhich:Japan8.18.1%growth-5.7%5.2%0.3%-0.3%-15.8%-3.8%-0.4%-8.4%2.7%1.6%-0.6%-0.6%-0.6%ofwhich:China27.127.626.624.323.324.626.228.829.832.933.935.036.037.1%growth14.3%-3.7%-8.5%5.3%6.4%10.0%3.7%10.5%3.0%3.0%3.0%3.0%ofwhich:SouthKorea4.14.1%growth-7.2%-4.7%-1.9%-11.1%8.5%12.7%-2.4%-0.6%0.5%0.5%1.0%0.0%ofwhich:India6.9%growth9.7%6.0%6.7%-11.0%-22.6%27.7%23.1%6.5%3.8%5.0%4.0%4.0%4.0%4.0%ofwhich:ASEAN4.04.8%growth3.0%0.3%7.7%-3.9%-30.5%24.4%25.4%-10.3%-1.0%8.0%7.0%5.0%5.0%Other0.40.4%growth180.8%-5.5%-19.3%-15.7%-17.5%39.5%-24.7%-1.6%8.4%3.0%-3.0%-3.0%-3.0%-3.0%ROW2.02.0%growth15.7%12.2%0.3%-22.3%-12.0%16.5%2.7%2.0%-5.0%-10.0%-5.0%-5.0%-5.0%93.195.394.288.774.677.282.390.589.692.894.095.496.898.4%growth4.9%2.3%-1.2%-5.8%-15.9%3.5%6.7%9.9%-1.0%3.6%1.3%1.4%1.5%1.6% 婚§130.0%-0.5%-1.0%-1.5%-2.0%-2.5%-3.0%-3.5%婚§14May-20May-20May-22May-23May-24May-25850650450250 4.0Apr-20Oct-20Apr-21Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-26120%100%80%60%40%20%0%-20%-40%-60%-80%-100%婚§154.042,00040,00038,00036,00034,00032,00030,00028,00026,000Mar-26Mar-26May-25Mar-25May-24Mar-24May-23Mar-2315%10%5%0%-5%-10% 婚§16Apr17Oct17Apr18Oct18Apr19Oct19Apr20Apr17Oct17Apr18Oct18Apr19Oct19Apr20Oct20Apr21Oct21Apr22Oct22Apr23Oct23Apr24Oct24Apr25Oct25Apr262,5002,2502,0001,7501,5001,2501,0007505002500USIndiana($/mt)Brazil($/mt)NEurope($/t)Asean($/mt)China($/mt)Mexico($/mt)Apr-21Oct-21Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-262400240022002000180016001400120010008006004002000Apr-17Oct-17Apr-18Oct-18Apr-19OctApr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-261,7501,5001,2501,0007505002500USHouston($/mt)Brazil($/mt)NWEurope($/t)Mexico($/t)China($/mt)Turkey($/mt)Apr-20Aug-20Apr-21Aug-21Apr-22Aug-22Apr-23Aug-23Apr-24Aug-24Apr-25Aug-25Apr-262,0002,0008004000婚§178004000Aug-26 AprApr20Apr21Apr22Apr23Apr24Apr25Apr26800600400200Aug-25Aug-249876543 婚§18Apr-17Oct-17Apr-18Oct-18Apr-19OctApr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-26Met-coal(HCCpremiumlow-volfob)(LHS)Ironore(62%finescfr)(RHS)7506004503001500250200150100500Apr-17Apr-18Apr-19Apr-17Apr-18Apr-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-268007006005004003002000婚§19Apr-21Apr-22Apr-23Apr-21Apr-22Apr-23Apr-24Apr-25Apr-2640Apr-20Apr-21Apr-20Apr-21Apr-22Apr-23Apr-24Apr-25Apr-264000Apr-20Apr-21Apr-22AprApr-20Apr-21Apr-22Apr-23Apr-24Apr-25Apr-264.003.503.002.502.001.501.000.500.00Apr-20Apr-21Apr-20Apr-21Apr-22Apr-23Apr-24Apr-25Apr-267007006004003002000a§2,0001,8001,6001,4001,2001,0008006004002000Apr-16Apr-17Apr-18Apr-Apr-16Apr-17Apr-18Apr-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-262,0001,8001,6001,4001,2001,00080060040020002,5002,0000Apr-21Aug-21Apr-21Aug-21Apr-22Aug-22Apr-23Aug-23Apr-24Aug-24Apr-25Aug-25Apr-26400000Oct-20Apr-21Oct-21Apr-22Oct-23Apr-24Oct-24Apr-251,2001,000600400-7006003002000a§8006008008006008006004002004002000200-Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23AprApr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-26Apr-20Apr-20Apr-21Apr-22Apr-23Apr-24Apr-25Apr-2640002,000400- 70060070060080040060030040020000Apr-21Apr-22Apr-23Apr-24Apr-21Apr-22Apr-23Apr-24Apr-25Apr-26Apr-18Apr-19Apr-20OctApr-18Apr-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25Oct-25Apr-262,0002,0001,8001,6001,4001,2001,000800600400200-9008007006005004003002000StEElinvEntoRiEsbyREgion:婚§22JanFebMarAprMayJunJulAugSepOctNovJanFebMarAprMayJunJulAugSepOctNovDec20232024202520262015105180016001400120010008002.72.3JanFebMarAprMayJunJulAugSepOctNovJanFebMarAprMayJunJulAugSepOctNovDec2023202420252026201816141210822 婚§23Aug-24$1,800$1,400$1,0003.503.002.502.00Aug-24$1,500$1,00010%0%-10%-20%-30%-40%$2,500$2,00040%30%20%婚§241,4005.01,2004.51,0004.08003.5600
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