成材：需求偏弱，震荡运行

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report predicts that the material will experience low - level consolidation [4]. 3. Summary by Related Content - Macro - Policy Background: Premier Li Qiang chaired a State Council executive meeting to discuss measures to boost consumption, including improving long - term mechanisms, formulating the "15th Five - Year" consumption expansion plan, and the urban and rural residents' income increase plan [3]. - Steel Mill Operation Data: Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.48%, a decrease of 0.56 percentage points from the previous week; the steel mill profitability rate was 39.83%, an increase of 2.17 percentage points from the previous week; the daily average pig iron output was 2.2801 million tons, a decrease of 14,900 tons from the previous week. The average capacity utilization rate of 94 independent electric arc furnace steel mills nationwide was 57.99%, an increase of 1.09 percentage points from the previous week and 13.86 percentage points from the same period last year [3]. - Market Performance: The material fluctuated sideways last week with a small range. The fundamentals were stable with obvious off - season characteristics. With the temperature drop in many domestic areas this week, the terminal demand for building materials further weakened, and the macro - market had limited impact on prices [3]. - Later Concerns: The report suggests paying attention to macro - policies and downstream demand [4].