螺纹钢：宏观情绪提振，低位反弹，热轧卷板：宏观情绪提振，低位反弹

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Both rebar and hot-rolled coil have rebounded from low levels due to the boost of macro sentiment [1] Summary by Directory Fundamental Tracking - Futures Data: The closing prices of RB2510 and HC2510 were 3,082 yuan/ton and 3,220 yuan/ton respectively, with daily increases of 46 yuan/ton (1.52%) and 48 yuan/ton (1.51%). The trading volumes were 2,373,248 hands and 849,309 hands, and the open interests were 2,180,461 hands and 1,384,049 hands, with decreases of 163,860 hands and 37,020 hands respectively [1] - Spot Price: Rebar and hot-rolled coil spot prices in various regions showed an overall upward trend, with price increases in Shanghai, Hangzhou, and other places. The price of Tangshan billet increased by 60 yuan/ton to 2,970 yuan/ton [1] - Basis and Spread: The basis of RB2510 decreased by 10 yuan/ton to 138 yuan/ton, and the basis of HC2510 decreased by 3 yuan/ton to 60 yuan/ton. The spreads between different contracts also changed to varying degrees [1] Macro and Industry News - Steel Union Weekly Data: In terms of production, rebar increased by 4.27 million tons, hot-rolled coil increased by 1.80 million tons, and the total of five major varieties increased by 7.85 million tons. In terms of total inventory, rebar decreased by 58.33 million tons, hot-rolled coil decreased by 13.42 million tons, and the total of five major varieties decreased by 87.17 million tons. In terms of apparent demand, rebar increased by 31.77 million tons, hot-rolled coil increased by 8.36 million tons, and the total of five major varieties increased by 42.45 million tons [1][3] - Sino-US Economic and Trade Talks: On May 12, the joint statement of the Sino-US economic and trade talks in Geneva stated that the US promised to cancel a total of 91% of the tariffs imposed on Chinese goods, and modify the 34% reciprocal tariffs, with 24% of the tariffs suspended for 90 days and the remaining 10% retained. Correspondingly, China cancelled a total of 91% of the counter-tariffs and suspended 24% of the counter-tariffs for 90 days, retaining the remaining 10% [3] Trend Intensity - The trend intensity of rebar and hot-rolled coil is 1, indicating a neutral view [3]