成材：基本面短期转暖，钢价小幅反弹

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The industry is operating at a low level with a short - term rebound potential [3] Group 3: Summary of Relevant Information Macro - economic Data - From January to September 2025, the total profit of industrial enterprises above designated size in China was 5373.2 billion yuan, a year - on - year increase of 3.2%. The ferrous metal smelting and rolling processing industry turned from loss to profit, with a profit of 973.4 billion yuan [2] Downstream Construction Projects - A survey of 36 downstream construction units showed that only 38.89% of enterprises have new projects in Q4 2025, and new projects will be concentrated in Q1 2026. Most enterprises' existing project scales are stable, but they face significant financial pressure and are cautious in procurement, keeping raw material inventory low [2] Market Performance -成材 rebounded yesterday, with a morning decline and an afternoon rally. After Sino - US consultations, a preliminary consensus was reached, improving the macro - level and boosting risk sentiment. Since Monday, some areas in Hebei have implemented a weather level - II emergency response, supporting the price of 成材 [2] Later Concerns - Macro policies and downstream demand conditions should be focused on [3]