本周值 环比变化 上月末值 本月变化 同期值（农历） 同期变化 周度产量 308.71 -5.60 319.01 -10.30 311.85 -3.14 高炉产能利用率（%） 85.92 -1.16 87.98 -2.06 88.53 -2.61 表观需求量 311.97 -2.89 320.22 -8.25 318.91 -6.94 冷轧卷板周产量 86.31 0.79 84.76 1.55 84.70 1.61 总库存 397.09 -3.26 400.90 -3.81 315.23 81.86 厂内库存 84.03 4.11 78.02 6.01 78.40 5.63 社会库存 313.06 -7.37 322.88 -9.82 236.83 76.23 热轧卷板周度数据（20251212） 供给 需求 库存 270 280 290 300 310 320 330 340 热轧卷板周产量（农历） 2026 2025 2024 2023 2022 70 75 80 85 90 95 高炉产能利用率（农历） 2026 2025 2024 2023 2022 250 270 290 310 330 350 热 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply - demand pattern of hot - rolled coils has little change. High supply and high inventory situations remain, but demand performs well. The industry contradictions are not continuously accumulating. Market sentiment supports a recent increase in hot - rolled coil prices. However, there are still demand concerns, and the fundamentals have no substantial improvement. Be cautious of the market operation logic switching to the industrial side, which may cause prices to decline. Attention should be paid to demand performance [1] Group 3: Summary by Related Catalogs Supply - Hot - rolled coil weekly production increased by 1.10 tons week - on - week, remaining at a high level for the year. Plate steel mills' production is stable, but supply pressure is still large due to limited high - level inventory reduction [1] Demand - Hot - rolled coil demand shows good performance, with weekly apparent demand increasing week - on - week and remaining at a high level compared to the same period. However, high - frequency transactions are relatively weak, and the fundamentals of the main downstream cold - rolled products have not improved, so demand concerns remain. The relative positive factor is the marginal improvement of external demand, but it needs to be tracked after the price increase [1] Inventory - The total inventory of hot - rolled coils is at a high level, with a week - on - week decrease of 8.33 tons. Factory inventory increased by 0.31 tons week - on - week, while social inventory decreased by 8.64 tons week - on - week. High - level inventory reduction is limited, and supply pressure remains large [1]

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - During the holiday, the supply - demand pattern of hot - rolled coils continued to weaken. The production of plate mills was weakly stable, with weekly output down 1.40 tons week - on - week but still at a high level this year. High inventory led to relatively large supply pressure, which continued to weigh on steel prices. Meanwhile, hot - rolled coil demand was weak during the holiday, with weekly apparent demand down 33.64 tons week - on - week. Although the high output of cold - rolled products provided some support, there were concerns about hot - rolled coil demand due to unresolved cold - rolled industry contradictions and limited improvement in external demand. Currently, hot - rolled coil supply remains high while demand is weak, the fundamentals continue to deteriorate, inventory has increased significantly during the holiday, and prices are under pressure. Attention should be paid to post - holiday demand performance [6] 3. Summary by Relevant Catalogs Supply - Weekly output of hot - rolled coils was 323.29 tons, a week - on - week decrease of 1.40 tons, and a month - on - month decrease of 1.40 tons. Compared with the same period, it increased by 15.10 tons. The blast furnace capacity utilization rate was 90.55%, down 0.10 percentage points week - on - week and month - on - month, and up 3.04 percentage points compared with the same period [2] Demand - The apparent demand for hot - rolled coils was 290.97 tons, a week - on - week and month - on - month decrease of 33.64 tons, and a year - on - year decrease of 24.99 tons. The weekly output of cold - rolled coils was 88.07 tons, a week - on - week and month - on - month increase of 0.04 tons, and a year - on - year increase of 4.16 tons [2] Inventory - The total inventory of hot - rolled coils was 412.90 tons, a week - on - week and month - on - month increase of 32.32 tons, and a year - on - year increase of 29.60 tons. The in - plant inventory was 83.60 tons, a week - on - week and month - on - month increase of 2.40 tons, and a year - on - year decrease of 1.57 tons. The social inventory was 329.30 tons, a week - on - week and month - on - month increase of 29.92 tons, and a year - on - year increase of 31.17 tons [2]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - The supply - demand situation of hot - rolled coils has changed. The production of plate mills is stable, and the weekly output of hot - rolled coils has increased by 1.79 million tons week - on - week, remaining at a high level this year with relatively large supply pressure. Meanwhile, the demand toughness of hot - rolled coils has weakened, with the weekly apparent demand decreasing by 4.44 million tons week - on - week and low - frequency trading performance. Although the downstream cold - rolled production remains high, providing support for hot - rolled coil demand, the upcoming end of the Sino - US tariff "exemption period" may lead to the fermentation of external risks, and demand concerns still exist. Overall, the supply of hot - rolled coils remains stable at a high level, while demand has weakened, and fundamental contradictions have accumulated. The price of hot - rolled coils continues to be under pressure and operates in a low - level oscillation. Attention should be paid to the tariff risks after the end of the "exemption period" [8]. 3. Summary by Directory Supply - Weekly output: The weekly output of hot - rolled coils is 327.24 million tons, with a week - on - week increase of 1.79 million tons, a month - on - month increase of 7.69 million tons, and a year - on - year increase of 5.39 million tons [2]. - Blast furnace capacity utilization rate: The blast furnace capacity utilization rate is 90.83%, with a week - on - week increase of 0.04 percentage points, a month - on - month increase of 0.14 percentage points, and a year - on - year increase of 1.70 percentage points [2]. Demand - Apparent demand: The apparent demand for hot - rolled coils is 326.25 million tons, with a week - on - week decrease of 4.44 million tons, a month - on - month decrease of 0.68 million tons, and a year - on - year increase of 1.59 million tons [2]. - Weekly output of cold - rolled coils: The weekly output of cold - rolled coils is 88.06 million tons, with a week - on - week decrease of 0.29 million tons, a month - on - month increase of 0.06 million tons, and a year - on - year increase of 1.86 million tons [2]. Inventory - Total inventory: The total inventory of hot - rolled coils is 341.16 million tons, with a week - on - week increase of 0.99 million tons, a month - on - month increase of 8.35 million tons, and a year - on - year decrease of 71.64 million tons [2]. - In - plant inventory: The in - plant inventory of hot - rolled coils is 78.22 million tons, with a week - on - week increase of 1.70 million tons, a month - on - month increase of 3.20 million tons, and a year - on - year decrease of 11.78 million tons [2]. - Social inventory: The social inventory of hot - rolled coils is 262.94 million tons, with a week - on - week decrease of 0.71 million tons, a month - on - month increase of 5.15 million tons, and a year - on - year decrease of 59.86 million tons [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The supply - demand pattern of hot - rolled coils continues to weaken. Although steel mill maintenance has led to a decline in hot - rolled coil production (a week - on - week decrease of 41,000 tons), it remains at a high level this year. The supply pressure is difficult to relieve as steel mills mainly focus on protecting plate production. Meanwhile, the demand for hot - rolled coils is weakly stable, with the weekly apparent demand decreasing by 10,400 tons week - on - week. The high - frequency transactions have rebounded at a low level due to the high - level cold - rolled production in downstream industries, but industrial contradictions are still accumulating. The relative positive factor is the progress in Sino - US trade negotiations, which eases overseas risks. Overall, the weak supply - demand pattern of hot - rolled coils remains unchanged, with supply slightly contracting at a high level but pressure remaining, demand weakly stable, the fundamentals not improving, and inventory continuously accumulating. With the game between long and short factors, it is expected that the price of hot - rolled coils will continue to fluctuate at a low level, and attention should be paid to demand performance [7]. Group 3: Summary by Related Catalogs Supply - The weekly production of hot - rolled coils is 3,276,500 tons, a week - on - week decrease of 41,000 tons, and a decrease of 30,000 tons compared with the same period last month. The blast furnace capacity utilization rate is 90.58%, a week - on - week decrease of 0.07 percentage points and a decrease of 0.11 percentage points compared with the same period last month [2]. Demand - The apparent demand for hot - rolled coils is 3,198,800 tons, a week - on - week decrease of 10,400 tons and a decrease of 70,500 tons compared with last month. The weekly production of cold - rolled coils is 884,900 tons, a week - on - week decrease of 2,700 tons [2]. Inventory - The total inventory of hot - rolled coils is 3,454,100 tons, a decrease of 684,200 tons. The in - plant inventory is 765,300 tons, a decrease of 127,100 tons, and the social inventory is 2,688,800 tons, a decrease of 557,100 tons [2].