成材：缺乏自身驱动跟随原料波动

Group 1 - Report's industry investment rating: Oscillatory operation [3] Group 2 - The report's core view: The finished products lack their own drivers and mainly fluctuate following the raw material end. The price is mainly consolidating. Driven by raw materials such as iron ore, the price center has shifted upward. After the domestic meeting, the output of some steel mills in the northern region may continue to rise. The current focus of steel is on the start - up of downstream demand [1][2] Group 3 - Automobile sales data: In February, China's automobile sales were 1.805 million, a year - on - year decrease of 15.2%. New energy vehicle sales were 765,000, a year - on - year decrease of 14.2%. In February, automobile exports were 672,000, a year - on - year increase of 52.4% [2] - Project start - up data: In February 2026, 1,062 projects started across the country, with a total investment of about 514.583 billion yuan [2] - Home air - conditioner export situation: Since the continuous escalation of the Middle East conflict, the export production schedule of home air - conditioners has been significantly reduced compared with the previous plan. Overseas customers have cancelled or postponed orders due to freight increases or war surcharges by shipping companies. It is expected to be reduced by more than 500,000 units in March [2] - Later concerns: Macroeconomic policies; downstream demand [3]