成材：回归基本面反弹后整理运行

Group 1 - Report industry investment rating: Not mentioned Group 2 - Core view: After the rebound, the market will consolidate in the short term [3] Group 3 - Relevant logic: The Minister of Housing and Urban - Rural Development, Ni Hong, proposed to reform and improve real estate development, financing, and sales systems and promote the ready - made housing sales system. From January to September, 24,300 urban old community renovation projects were newly started, and 11 regions completed the annual plan. Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 88.61%, a decrease of 1.33 percentage points; the steel mill profitability rate was 45.02%, a decrease of 2.60 percentage points; the daily average hot metal output was 2.3636 million tons, a decrease of 35,400 tons. The average capacity utilization rate of 90 independent electric arc furnace steel mills was 52.99%, an increase of 0.7 percentage points week - on - week and a decrease of 1.36 percentage points year - on - year; the average start - up rate was 68.83%, an increase of 0.97 percentage points week - on - week and a decrease of 2.7 percentage points year - on - year [2] - Market performance: Steel products rose first and then fell last week, with the overall center of gravity moving up. The rise was mainly due to macro - level benefits such as the consensus reached in Sino - US economic and trade consultations. After the macro - level benefits were realized, the fundamentals of the varieties changed little. Although some steel mills in Hebei were restricted due to environmental protection, the weekly supply - demand and inventory changes were neutral, and the low - level downstream situation limited the increase in steel prices [2] - Later concerns: Macro policies and downstream demand conditions [3]