11月22日钢市资讯：非农就业大增，降息不确定性加大

Macro Policy - The US stock market has deviated from a healthy trajectory, with Nvidia's better-than-expected earnings boosting a post-market rally, but structural issues remain evident. The market has been weak, particularly in the tech sector, due to high valuations and insufficient investor confidence, leading to an over-reliance on Nvidia. Institutional sell-offs and cash flow pressures from AI financing have emerged, indicating that the market is mispriced based on overly optimistic expectations [1] Industry Highlights - The domestic steel market experienced a downward trend in October, with prices showing a weak oscillation. Demand has rapidly declined due to seasonal effects, leading to a return to a weak fundamental backdrop. The steel market is facing supply-demand contradictions and profit declines, prompting five departments to implement growth stabilization plans through capacity regulation and consumption expansion, likely resulting in wide fluctuations in steel prices [2] - A report from the China Association of Listed Companies indicates that the number and asset scale of high-end manufacturing listed companies in China have outpaced the overall A-share market over the past five years. R&D investment and overseas revenue have significantly increased, contributing to a historic leap during the 14th Five-Year Plan, with a focus on cutting-edge fields and key technologies in the upcoming 15th Five-Year Plan [3] - Following the implementation of the "Residential Project Standards" in May, over ten regions in China have introduced supporting policies for "good housing," with cities like Foshan, Shanghai, and Guangzhou tailoring measures to local needs. The focus on safety, sustainability, and intelligence in housing quality is expected to benefit residents and urban development, continuing into the 15th Five-Year Plan [3] - In October, steel billet exports fell by 21% compared to September, marking the first year-on-year decline in 2024, with a negative growth rate of 4% compared to the same month last year [4]