成材：情绪趋缓整理运行

Report Industry Investment Rating - No information provided Report's Core View - The industry is still in adjustment, and it is recommended to wait and see [4] Summary by Relevant Catalogs - Production Data: According to the weekly data of Steel Union, the output of rebar increased by 101200 tons to 2.2118 million tons, the output of hot-rolled coil decreased by 79000 tons to 3.1489 million tons, and the total output of the five major steel products increased by 17900 tons to 8.6921 million tons [3] - Inventory Data: The total inventory of rebar increased by 103900 tons to 5.5668 million tons, the total inventory of hot-rolled coil increased by 86800 tons to 3.5663 million tons, and the total inventory of the five major steel products increased by 234700 tons to 13.7536 million tons [3] - Apparent Demand Data: The apparent demand for rebar increased by 73800 tons to 2.1079 million tons, the apparent demand for hot-rolled coil decreased by 137900 tons to 3.0621 million tons, and the apparent demand for the five major steel products decreased by 62900 tons to 8.4574 million tons [3] - Market Performance: The finished steel rose first and then fell yesterday The increase in raw material prices supports steel prices from the cost side, and the anti-involution at the macro level still disturbs the black series The fundamentals are bearish mainly due to weak downstream demand that is difficult to reverse in the short term [3] - Later Concerns: Macro policies, supply-side production cuts, and downstream demand [4]