成材：缺乏驱动，偏弱整理

Group 1: Report's Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - The industry lacks upward drivers and is in a weak consolidation phase, with overall pressure due to weak downstream demand and entering the seasonal off - season [2][3] Group 3: Summary by Relevant Data Construction Steel - In April, the daily average trading volume of national construction steel was 11,660 tons, a month - on - month increase of 8.25% and a year - on - year decrease of 29.93% [3] Hot - Rolled Coil - In April, the total output of sample hot - rolled coil steel mills was 1.2679 billion tons, the final inventory was 2.8286 billion tons, and the apparent demand was 3.2436 billion tons [3] Real Estate - In April, the average price of new residential buildings in 100 cities was 16,764 yuan per square meter, a structural month - on - month increase of 0.14% and a year - on - year increase of 2.50% - In April, the average price of second - hand residential buildings in 100 cities was 13,892 yuan per square meter, a month - on - month decrease of 0.69% and a year - on - year decrease of 7.23% [3] Market Situation - During the holiday, overseas markets showed mixed trends, and the overseas iron ore market declined slightly. The macro - environment has limited impact on black - series products - Before the holiday, the performance of finished products was weak. Although there were rumors of crude steel production restrictions driving up steel prices, the price quickly gave back all the gains due to weak downstream demand - The market is currently trading based on fundamental logic, and steel prices lack upward drivers as it enters the seasonal off - season [3]