成材：下游低迷，钢价偏弱运行

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The report predicts that the price of finished steel products will experience a period of low-level consolidation [4] Group 3: Summary Based on Related Catalogs Economic Data in 2025 - China's GDP increased by 5.0% year-on-year, reaching 140.19 trillion yuan; the added value of industrial enterprises above designated size grew by 5.9%, 0.1 percentage points faster than the previous year; the total retail sales of consumer goods increased by 3.7%, 0.2 percentage points faster than the previous year; fixed - asset investment decreased by 3.8%, with real estate development investment dropping by 17.2% [3] - At the end of 2025, China's population was 140,489,000. The number of births was 792,000, and the number of deaths was 1,131,000, resulting in a population decrease of 339,000 [3] Steel Production and Export Data in 2025 - China's crude steel production was 960.81 million tons, a year - on - year decrease of 4.4%; pig iron production was 836.04 million tons, a year - on - year decrease of 3.0%; steel production was 1,446.12 million tons, a year - on - year increase of 3.1% [3] - China's cumulative exports of steel bars were 19.15 million tons, a year - on - year increase of 42.4% [3] Market Situation of Finished Steel Products - Finished steel products fluctuated and declined yesterday. The supply - demand contradiction was not prominent, showing obvious off - season characteristics. With temperature drops in many parts of China this week, the terminal demand for building materials further weakened. The macro market was calm, having limited impact on prices [3] Later Concerns - Macro - policies and downstream demand conditions [4]