Report Industry Investment Rating - No information provided Core View of the Report - As the policy expectations of the Two Sessions gradually materialize, the black commodity sector will return to fundamental logic. The current core contradiction in the market lies in the mismatch between the "reality of high inventory" and the "expectation of peak - season demand". In the short term, whether the intensity of demand recovery can match the speed of supply recovery will be the key variable, and the market is expected to be mainly volatile [1][2] Summary by Related Catalogs Spot and Basis - For rebar, the spot price is not given, and the basis is 100, which is bullish. For hot - rolled coils, the spot price is 3260 yuan/ton, and the basis is - 15, which is neutral [1][2] Profit and Cost - No information provided Capacity and Inventory - Rebar: The inventory in 35 major cities across the country is 6.5455 million tons, with both a month - on - month and year - on - year increase, which is bearish. Hot - rolled coils: The inventory in 33 major cities across the country is 3.8231 million tons, with both a month - on - month and year - on - year increase, and the social inventory has climbed to the highest level since April 2020, with prominent inventory pressure, which is bearish [1][2] Rebar Demand and Downstream - No information provided Hot - Rolled Coil Demand and Downstream - The recovery strength of downstream consumption of hot - rolled coils is still insufficient to digest the high - level inventory [2] Macro - No information provided

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - As the policy expectations of the Two Sessions gradually materialize, the black - series commodities will return to the fundamental logic. The current core contradiction in the market lies in the mismatch between the "reality of high inventory" and the "expectation of peak - season demand". In the short term, whether the intensity of demand recovery can match the supply recovery speed will be the key variable, and the market is expected to be mainly in a volatile state [1][2] 3. Summary by Relevant Catalogs 3.1 Spot and Basis - **Rebar**: The spot price of rebar and the basis is 101, which is bullish [1] - **Hot - rolled coil**: The spot price of hot - rolled coil is 3260 yuan/ton, and the basis is - 10, which is neutral [2] 3.2 Profit and Cost No information provided. 3.3 Capacity and Inventory - **Rebar**: The inventory in 35 major cities across the country is 6.3775 million tons, increasing both month - on - month and year - on - year, which is bearish [1] - **Hot - rolled coil**: The inventory in 33 major cities across the country is 3.8161 million tons, increasing both month - on - month and year - on - year. The social inventory has climbed to the highest level since April 2020, and the inventory pressure is particularly prominent, which is bearish [2] 3.4 Rebar Demand and Downstream No information provided. 3.5 Hot - rolled Coil Demand and Downstream - The downstream consumption volume of hot - rolled coil has increased, but the strength is still insufficient to digest the high - level inventory [2] 3.6 Macro No information provided.

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - As the policy expectations of the Two Sessions gradually materialize, the black - series commodities will return to the fundamental logic. The current core contradiction in the market lies in the mismatch between the "high - inventory reality" and the "peak - season demand expectation". In the short term, whether the demand recovery intensity can match the supply recovery speed will be the key variable, and the market is expected to be mainly in a volatile state [1][2] Summary by Relevant Catalogs Spot and Basis - For rebar, the spot price and basis information are provided, with a basis of 102, indicating a bullish signal. For hot - rolled coil, the spot price is 3230 yuan/ton and the basis is 0, showing a neutral signal [1][2] Profit and Cost - For rebar, the supply is continuously recovering, the inventory of steel mills and society is accumulating, the spot price is under pressure, and the disk profit is further declining, showing a bearish signal [1] Capacity and Inventory - Rebar: The inventory in 35 major cities across the country is 6.3775 million tons, with both a month - on - month and year - on - year increase, showing a bearish signal. Hot - rolled coil: The social inventory has climbed to the highest level since April 2020, and the inventory in 33 major cities across the country is 3.8161 million tons, with both a month - on - month and year - on - year increase, showing a bearish signal [1][2] Rebar Demand and Downstream - No specific content provided in the report Hot - Rolled Coil Demand and Downstream - The downstream consumption volume has increased, but the intensity is still insufficient to digest the high - level inventory, showing a bearish signal [2] Macro - As the policy expectations of the Two Sessions gradually materialize, the black - series commodities will return to the fundamental logic, and the market is expected to be mainly in a volatile state [1][2]