成材：宏观和基本面共振，钢价延续反弹

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The steel price of finished products continued to rebound, with prices trending strongly. The recent macro - market sentiment has warmed up, and the upcoming meeting between Chinese and US leaders, along with environmental production restrictions in some areas of Hebei, provided support to the prices. Demand remained relatively stable, while the real - estate sector was weak. - Raw materials are expected to operate at a low level with a short - term rebound potential [1]. 3) Summary According to Relevant Content - Macro - economic Situation: The Federal Reserve cut the federal funds rate by 25 basis points to 3.75% - 4.00% for the second time this year and will end the balance - sheet reduction from December 1st. The Chinese and US leaders are to hold a meeting, which has improved the macro - market sentiment [1]. - Cost and Profit of Steel Mills: This week, the average含税 cost of steel billets of mainstream sample steel mills in Tangshan was 3033 yuan/ton, a week - on - week increase of 30 yuan/ton. Compared with the ex - factory price of 3000 yuan/ton of common square billets on October 29th, the average loss of steel mills was 33 yuan/ton [1]. - Fund Availability of Construction Sites: As of October 28th, the fund availability rate of sample construction sites was 59.7%, a week - on - week increase of 0.08 percentage points. The fund availability rate of housing construction projects was 52.81%, a week - on - week increase of 0.05 percentage points [1]. - Market Performance of Finished Products and Raw Materials: Finished products continued to rebound yesterday with strong prices. Raw materials are in a low - level operation with a potential short - term rebound [1].