供给侧政策或徐徐展开，板块行情有望持续发酵

Investment Rating - Industry investment rating is "Recommended (Maintain)" [3][4] Core Viewpoints - The policy expectations from the Two Sessions align with forecasts, and supply-side policies are expected to gradually unfold, continuing to recommend investment opportunities in the steel sector [5][6] - The market's speculation regarding the Two Sessions policy is cooling down, with rumors of production cuts on the supply side leading to a rapid decline in iron ore prices, which in turn weakens the cost support for finished steel [5][6] - The apparent demand for rebar is 2.204 million tons, with a slight slowdown in demand recovery, but overall steel inventory remains at absolute low levels [5][6] - The acceleration of special bond issuance indicates a more proactive fiscal policy from the government, which may lead to increased physical work volume in the future [5][6] - The steel supply-demand fundamentals do not show significant contradictions, providing favorable conditions for bullish momentum [5][6] Summary by Sections Market Performance - The steel sector increased by 2.7%, outperforming the Shanghai Composite Index by 1.15 percentage points [12] Basic Market Tracking - National steel prices are generally weak, with a decrease in iron ore inventory [12][15] - The average price of rebar in major cities shows a decline, with Beijing at 3,294 CNY, Shanghai at 3,314 CNY, and Guangzhou at 3,566 CNY [12] - The profitability of steel products remains acceptable, with rebar gross profit per ton increasing by 44 CNY [9][26] Industry Dynamics - The National Development and Reform Commission has confirmed rumors regarding the reduction of crude steel supply, indicating a new round of supply-side policies may gradually unfold [6][7] - The high furnace operating rate is at 79.51%, with a slight increase of 1.22 percentage points week-on-week [9][28] - The apparent consumption of rebar increased by 29.6 thousand tons week-on-week, indicating a recovery in demand [9][34]