Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The report suggests treating steel products with a strategy of short - selling on rebounds [3]. 3. Summary by Related Content - **Industry Event News**: The Australian Anti - Dumping Commission postponed the basic fact report of the anti - dumping investigation on Chinese hot - rolled steel coils to December 10, 2025, and the final arbitration report will be submitted to the minister by February 25, 2026. The consumer goods trade - in policy has no change, and the subsidy funds are being used as expected, with central funds to be issued in the third and fourth quarters [2]. - **Industry Data**: Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.79%, a 0.21 - percentage - point increase from the previous week; the steel mill profitability rate was 59.31%, a 0.87 - percentage - point increase; the daily average hot - metal output was 242.18 million tons, a 0.57 - million - ton increase. The average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 54.54%, a 2.19 - percentage - point decrease from the previous week and a 0.81 - percentage - point increase year - on - year [2]. - **Market Situation**: Last week, steel products showed little change, consolidating at the bottom. Although the price center shifted up slightly, it was still a narrow - range adjustment at a low level. The macro and fundamental aspects were relatively calm, and the weekly fundamentals continued the previous situation of strong supply and weak demand. As it has entered the off - season of demand, there is a possibility of further decline in future demand, and the probability of effective improvement in terminal demand is low. Without macro - policy promotion, the industry fundamentals are more likely to lead to prices falling rather than rising [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The report suggests treating the market by short - selling on rebounds [3] - The steel market is still in a situation of strong supply and weak demand, and it is recommended to short - sell on rebounds based on the current situation [2] Group 3: Summary by Related Contents Steel Industry Operating Data - Last week, the average capacity utilization rate of 90 independent electric arc furnace steel mills nationwide was 56.73%, a week - on - week decrease of 1.97 percentage points The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.58%, a week - on - week decrease of 0.07 percentage points; the steel mill profitability rate was 58.44%, a week - on - week decrease of 0.43 percentage points; the daily average pig iron output was 2.4161 million tons, a week - on - week decrease of 0.19 million tons [2] Home Appliance Industry Sales Data - According to Aowei Cloud Network, the offline retail sales of color TVs in May increased by 34.2% year - on - year; among various white - goods categories in May, the offline retail sales of refrigerators, freezers, washing machines, independent dryers, and air conditioners increased by 29.3%, 8.6%, 28.7%, 41.0%, and 38.7% year - on - year respectively [2] Steel Market Analysis - Last week, the steel price moved sideways The good communication between China and the US at the macro - level had a certain impact on the price, but the driving force was insufficient The market mainly traded based on the industry fundamentals The steel fundamentals announced by the Steel Union last week were normal without many highlights Overall, the steel still faced a situation of strong supply and weak demand The steel mill operating rate and pig iron output remained at a high level, but the downstream had entered the off - season High temperature, rainfall, and the high - school entrance examination and college entrance examination affected construction, and there were no signs of short - term improvement in the downstream, and there was even room for further decline [2] Later Focus - Later, attention should be paid to macro - policies and downstream demand situations [3]