成材：情绪回暖，小幅反弹

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The report suggests treating the market with a strategy of short - selling on rebounds [4] - Although the market rebounded due to the positive outcome of the Sino - US talks, it is currently in the off - season of demand, and there is still room for further decline in the short term [3] Group 3: Summary According to Related Content Market Situation - From June 9th to 10th local time, the first meeting of the Sino - US economic and trade consultation mechanism was held in London. The two sides reached a principled agreement on the measures framework for implementing the important consensus of the leaders' phone call on June 5th and consolidating the results of the Geneva economic and trade talks, and made new progress in addressing each other's economic and trade concerns [3] - This week, the average含税 cost of steel billets of mainstream sample steel mills in Tangshan was 2,832 yuan/ton, a week - on - week decrease of 30 yuan/ton. Compared with the current ex - factory price of common square billets of 2,920 yuan/ton on June 11th, the average profit of steel mills was 88 yuan/ton, a week - on - week increase of 60 yuan/ton [3] - On June 11th, the ex - factory含税 price of common square billet resources in Qian'an, Tangshan increased by 20 yuan in total, reaching 2,920 yuan/ton [3] Market Outlook - The market rebounded yesterday, and market sentiment improved slightly due to the Sino - US talks. However, it has entered the off - season of demand, and there is little chance of effective improvement in downstream demand in the short term, with further decline possible [3] Suggestion - It is still recommended to try short - selling on rebounds based on the current situation [3][4] Factors to Watch - Macro - policies and downstream demand conditions should be monitored in the later stage [4]