大规模增量政策有望推出，利好钢材价格走势钢铁

Investment Rating - The report maintains a "Positive" investment rating for the steel industry [1]. Core Viewpoints - The steel industry is expected to benefit from large-scale incremental policies that will be announced in November, which is anticipated to boost steel prices [2][3]. - Despite facing supply-demand imbalances and declining overall industry profits, the steel demand is expected to remain stable or slightly increase due to support from real estate stabilization, steady infrastructure investment, and high steel exports [3]. - The overall supply-demand situation in the steel industry is likely to remain stable, with a tightening supply under the expectation of production control policies [3]. Summary by Sections Market Performance - The steel sector rose by 4.45% this week, outperforming the broader market, while the special steel sector fell by 0.27% [1][8]. - The average daily pig iron production as of November 1 was 2.3547 million tons, a week-on-week decrease of 0.22% [10][12]. Key Data - As of November 1, the production of five major steel products was 7.7 million tons, a week-on-week decrease of 130,000 tons, or 1.66% [10][12]. - The social inventory of five major steel products decreased by 20.18 million tons week-on-week, down 2.38% [16]. Consumption and Demand - The consumption of five major steel products was 8.917 million tons as of November 1, a week-on-week decrease of 2.10 million tons [13][14]. - The transaction volume of construction steel by mainstream traders was 117,000 tons, a week-on-week decrease of 0.35 million tons [13]. Price Trends - The comprehensive index for ordinary steel as of November 1 was 3720.7 yuan/ton, reflecting a week-on-week increase [1][2]. - The profit per ton of rebar from blast furnaces was -100.91 yuan, a week-on-week decrease of 3.9 yuan [1][2]. Investment Suggestions - The report suggests focusing on high-margin special steel companies and leading steel enterprises with strong cost control and scale effects, which are expected to have valuation recovery opportunities [3]. - Specific companies to watch include Jiu Li Special Materials, Changbao Co., and Baosteel [3].