新质生产力加快发展，4月制造业收入同比增长4.4%

Investment Rating - The report maintains a neutral rating for the steel industry [3]. Core Insights - In April, industrial enterprises' sales revenue increased by 3.7% year-on-year, with manufacturing sales revenue growing by 4.4%, driven by policies supporting "two new" initiatives [1][2]. - High-tech industries and core sectors of the digital economy saw sales revenue growth of 15.3% and 13.4% year-on-year, respectively [1][2]. - The weekly consumption of five major steel varieties reached 9.1376 million tons, a week-on-week increase of 8%, with construction materials and board consumption rising by 16.2% and 5.2% respectively [1][7]. - The profitability of 247 steel mills was reported at 59.31%, with a week-on-week increase of 0.44 percentage points [7]. Summary by Sections Industry Overview - In April, the sales revenue of industrial enterprises grew by 3.7%, with manufacturing specifically increasing by 4.4% [1][2]. - The construction sector saw significant investment, with water conservancy construction investment reaching 294.36 billion yuan from January to April [2]. Manufacturing - The machinery sector reported a 17.6% year-on-year increase in excavator sales, with domestic sales up by 16.4% and exports by 19.3% [2]. - The automotive industry experienced a production and sales increase of 12.9% and 10.8% year-on-year, respectively, with new energy vehicles seeing a remarkable growth of 48.3% in production [2]. Steel Supply and Demand - The total inventory of five major steel varieties decreased to 14.3066 million tons, a week-on-week decline of 3.1% [7]. - The weekly production of rebar was reported at 2.2653 million tons, with apparent consumption at 2.6029 million tons [56]. Pricing Trends - As of May 16, 2025, rebar prices were reported at 3,210 yuan per ton, reflecting a week-on-week increase of 1.26% but a year-on-year decrease of 11.81% [24][25]. - The prices of hot-rolled and cold-rolled steel also showed increases of 2.17% and 1.94% week-on-week, respectively [24]. Investment Recommendations - For general steel products, it is suggested to focus on high-dividend and leading companies in various downstream sectors, such as Hualing Steel and Baosteel [8]. - The special steel and new materials sector is expected to grow rapidly due to strong policy support and increasing domestic demand [8].