产业生态圈洞察：政策积极有为，见效尚需耐心

Macro Insights - The report indicates a shift towards more proactive macro policies aimed at stabilizing expectations and boosting confidence, with a focus on fiscal policy to enhance livelihoods and consumption [14][19][20] - The central economic work conference emphasized the need for a more active fiscal policy, increasing the fiscal deficit ratio and expanding fiscal spending, while monetary policy will remain moderately loose [19][20] - The report highlights that the economic situation remains complex, with insufficient effective demand and low inflation, necessitating patience for the effects of these policies to materialize [8][16] Industry Insights - In the steel industry, November saw a continued increase in supply, but the growth rate has slowed, with steel consumption weakening and exports maintaining double-digit growth [32][36] - The report notes that the profitability of different steel products is diverging, with rebar profits deteriorating while hot-rolled and cold-rolled products show improvement [33][66] - The magnesium market is expected to see an increase in operating rates and production due to rising demand from the automotive and 3C industries, despite a slight decline in average magnesium prices [46][47][71] New Energy - The new energy vehicle market continues to thrive, with November sales reaching 151.2 million units, a year-on-year increase of 47.4%, driven by strong demand and supportive policies [76][80] - The report anticipates that the demand for lithium batteries will remain robust, with production levels stabilizing and a positive outlook for the industry as supply chain issues are addressed [51][80] - The report also mentions that the overall price of lithium carbonate has stabilized at around 76,000 yuan per ton, indicating a bottoming out of prices [81]