★Macro★
01★★★
【Major Deployment by the State Council! Focus on Boosting Consumption】
On February 10, Qiang Li presided over an executive meeting of the State Council to discuss measures to boost consumption. The meeting emphasized the need to fundamentally shift perspectives and place greater importance on boosting consumption. It also highlighted increasing support for reinvestment by foreign enterprises within China and encouraging foreign investment in equity. Additionally, the meeting called for accelerating the development of new-type consumption and promoting "artificial intelligence + consumption."
02★★★
【YoY Growth in National Home Appliance Production in 2024】
According to data from the Ministry of Industry and Information Technology (MIIT), from January to December 2024, the production of household refrigerators reached 103.957 million units, up 8.3% YoY; room air conditioners reached 265.984 million units, up 9.7% YoY; and household washing machines reached 117.365 million units, up 8.8% YoY.
03★★
【NDRC: Increase Support for Silver-Haired Tourism Trains with Ultra-Long-Term Special Bonds】
On February 11, nine entities, including the Ministry of Commerce, the Ministry of Culture and Tourism, and China Railway Group, jointly released the "Action Plan for Expanding Silver-Haired Tourism Trains and Promoting Service Consumption Development." The plan proposes including the adaptation of silver-haired tourism trains for aging, green, and comfort upgrades into the scope of large-scale equipment renewal and trade-in support for consumer goods. Liu Ming, Director of the Social Development Department of the National Development and Reform Commission (NDRC), stated that the NDRC will collaborate with relevant departments to increase funding support. In the application process for large-scale equipment renewal projects, silver-haired tourism trains will be prioritized in the cultural and tourism sector, with increased support from ultra-long-term special bonds. Based on funding availability and project progress, projects will be arranged in batches, forming a rolling implementation and funding support mechanism.
04★★
【Tesla Shanghai Energy Storage Gigafactory Officially Commences Production, Capacity Ramp-Up Begins This Quarter】
The production commencement ceremony for Tesla's Shanghai Energy Storage Gigafactory was held in Lingang on February 11. The factory officially broke ground in May 2024 in the Lingang New Area of Shanghai, completing the entire process from groundbreaking to product rollout in just nine months, three months faster than Tesla's Shanghai Gigafactory for vehicles, once again setting records for "Tesla speed" and "Shanghai speed." It is reported that the Tesla Shanghai Energy Storage Gigafactory will begin its capacity ramp-up this quarter.
★Industry and Downstream★
01★★★★
【Shagang Adjusts General Steel Prices Upward for February 2025 (Second Period)】
On February 11, Shagang announced its mid-February ex-factory prices, with coiled rebar prices up by 100 yuan. Current prices: rebar at 3,500 yuan, coiled rebar at 3,610 yuan. All prices include tax and take effect from February 11, 2025. 【SMM Steel】
02★★★★
【Yonggang Keeps General Steel Prices Stable for February 2025 (Second Period)】
On February 11, Jiangsu Yonggang announced its mid-February ex-factory prices, with rebar and coiled rebar prices remaining stable. Current prices: rebar at 3,570 yuan, coiled rebar at 3,780 yuan. All prices include tax and take effect from February 11. 【SMM Steel】
03 ★★★★
【Operating Rate of 50 Major Electric Furnace Steel Mills Producing Construction Materials at 7.2%】
According to an SMM survey, as of February 11, the operating rate of 50 major electric furnace steel mills producing construction materials nationwide was 7.2%, down 0.98% MoM. Currently, 10% of electric furnace mills have resumed production after the holiday, with most expected to resume after the Lantern Festival.
04★★
【"New 20 Measures" Implemented, Shandong Real Estate Market Shows Signs of Recovery】
Recently, nine departments, including the Shandong Provincial Department of Housing and Urban-Rural Development, jointly issued the "Action Plan for Promoting Consumption in the Housing Sector," which includes 20 innovative measures such as housing voucher resettlement, trade-in policies, and old residential community renovations, injecting vitality into Shandong's real estate market. Since the beginning of 2025, Shandong has introduced a series of new real estate policies to stabilize and recover the market. Under the current stimulus policy package, some markets in Shandong have been reactivated, with core cities leading the recovery. Recently, reporters visiting multiple properties in Jinan observed a noticeable increase in foot traffic at sales offices, with some properties even seeing queues of prospective buyers.
05★★
【Domestic Commodity Futures Mostly Declined, Silicon Manganese Hit Limit Down】
Domestic commodity futures mostly declined, with silicon manganese hitting limit down, falling 8%. Caustic soda fell over 4%, rebar nearly 2%, while coking coal, SHFE nickel, HRC, coke, and SHFE silver fell over 1%. Meanwhile, European container shipping rates rose over 5%, crude oil rose over 2%, and palm oil, SHFE gold, and fuel oil rose over 1%.
★Other Hot Topics★
⭕【Goldman Sachs: 70% Probability of US Imposing 10% Import Tariff on Copper by the End of 2025】
Goldman Sachs predicts that the US Midwest aluminum premium will rise to 50¢/lb ($1,036/mt), compared to an average premium of 24¢/lb ($529/mt) in January 2025. Goldman Sachs stated that their baseline forecast includes a 70% probability of the US imposing a 10% import tariff on copper by the end of 2025.
⭕【CPCA: Domestic Car Market Retail Sales Expected to Reach 23.4 Million Units in 2025, Up 2%】
According to the China Passenger Car Association (CPCA), based on the continuation of 2024 trade-in policies and new standards, it is estimated that domestic car market retail sales will reach 23.4 million units in 2025, up 2%. Retail sales of passenger NEVs are expected to reach 13.3 million units, up 20%, with a penetration rate of 57%.
