Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The report maintains a bullish outlook on the steel sector, emphasizing a positive quarterly rhythm for steel equities [1] Price Performance - The SW Steel Index is at 2,700, with a weekly increase of 4.0% and a year-to-date increase of 15.0% [3] - The average price of rebar (HRB400 20mm) is 3,320 CNY/ton, reflecting a weekly increase of 1.2% and no change year-to-date [3] - The iron ore price index is at 107 USD/ton, with a weekly increase of 1.7% [3] Inventory - Total social inventory of five major steel products is 865,000 tons, with a weekly increase of 0.1% and a year-to-date decrease of 8.0% [5] - Steel mill inventory stands at 381,000 tons, with a weekly increase of 2.1% and a year-to-date increase of 1.2% [5] - Port inventory of iron ore is 16,551,000 tons, with a weekly increase of 1.7% and a year-to-date increase of 4.3% [5] Supply and Demand - The weekly output of five major steel products is projected to be 900,000 tons [9] - The average daily molten iron production is expected to reach 245,000 tons [9] - The operating rate of blast furnaces across 247 mills is currently at a healthy level, indicating stable production capacity utilization [11]