成材：需求偏弱，钢价回调

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The steel price is expected to operate at a low level [4] Group 3: Summary According to the Catalog Steel Production and Inventory - The weekly output of rebar decreased by 105,300 tons to 1.7878 million tons, hot-rolled coil output decreased by 56,000 tons to 3.0871 million tons, and the total output of five major steel products decreased by 227,300 tons to 8.0622 million tons [3] - The total inventory of rebar decreased by 243,100 tons to 4.795 million tons, hot-rolled coil total inventory decreased by 32,600 tons to 3.9709 million tons, and the total inventory of five major steel products decreased by 335,000 tons to 13.3209 million tons [3] Steel Apparent Demand - The apparent demand for rebar decreased by 138,900 tons to 2.0309 million tons, hot-rolled coil apparent demand decreased by 28,900 tons to 3.1197 million tons, and the apparent demand for five major steel products decreased by 244,500 tons to 8.3972 million tons [3] Automobile Production and Sales - In November, China's monthly automobile production exceeded 3.5 million for the first time, setting a new record. In the first 11 months of this year, the production and sales of automobiles both exceeded 31 million, with a year-on-year increase of over 10%. Among them, the production and sales of new energy vehicles were both close to 15 million, with a year-on-year increase of over 30% [3] Real Estate Transaction Area - In November 2025, the total transaction area of newly built commercial housing in 10 key cities was 6.7731 million square meters, a month-on-month increase of 10.1% and a year-on-year decrease of 36.6%; the total transaction area of second-hand housing was 9.1397 million square meters, a month-on-month increase of 12.9% and a year-on-year decrease of 15.3% [3] Reasons for Steel Price Decline - The apparent demand in the weekly data decreased significantly, reaching a low level in recent years, and construction at construction sites will be further affected after the temperature drops in many places [3] - The double cokes at the raw material end continued to decline significantly, dragging down the finished products [3] - It is gradually entering the winter storage period, and traders have a weak willingness to store for winter and a strong wait-and-see attitude [3]