1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel - The current off - season demand restricts the elasticity of steel spot, with demand being more likely to decline than increase. Although the decline in the apparent demand of five major steel products is not significant, the apparent demand of external profile materials has decreased. The previous supply contraction expectation affected the futures market, and the market sentiment improvement led to a price rebound. With the implementation of production restrictions in Tangshan from early to mid - July, the spot has short - term support. In the absence of supply - demand contradictions, steel prices will follow the trend of coking coal in the short term. The reference range for the hot - rolled coil main contract is 3150 - 3300, and for rebar is 3050 - 3150 [1][3]. Iron Ore - The global iron ore shipment volume decreased this week, and the arrival volume at ports will also decline. The iron - water production decreased due to steel mill overhauls and Tangshan's production restrictions. Although the billet export is strong, the terminal demand may weaken in the off - season. The port inventory decreased slightly, and the steel mill's equity ore inventory increased slightly. In July, the iron - water production will continue to decline, with an average expected to be between 230 - 240 tons. The short - term iron ore will fluctuate, and the medium - to - long - term view on the 09 contract remains bearish. It is recommended to buy the iron ore 2509 contract at low prices and conduct a 9 - 1 positive spread arbitrage [4]. Coke and Coking Coal - Coke and coking coal futures showed an oscillating upward trend, and the spot was stable with a slight upward bias. The coking coal auction in the domestic market improved, and the number of rising coal types increased. The fourth round of coke price cuts was implemented on June 23. After the end of the environmental protection inspection in late June, the supply is expected to increase. The demand may decrease due to potential environmental protection production restrictions in Tangshan, and the iron - water production is expected to remain between 230 - 240 tons per day in July. For coke, it is recommended to conduct short - selling hedging on the coke 2601 contract, buy the coke 2509 contract at low prices after a pullback, and conduct a 9 - 1 positive spread arbitrage. For coking coal, it is recommended to conduct short - selling hedging on the coking coal 2601 contract, buy the coking coal 2509 contract at low prices after a pullback, and conduct a 9 - 1 positive spread arbitrage [7]. 3. Summary by Relevant Catalogs Steel Steel Prices and Spreads - Rebar spot prices in East, North, and South China remained unchanged. Rebar futures contracts 05, 10, and 01 increased by 3, 2, and 3 respectively. Hot - rolled coil spot prices in East and South China were stable, while the price in North China decreased by 10. Hot - rolled coil futures contracts 05 and 01 increased by 5 and 4 respectively, and the 10 - contract remained unchanged [1]. Cost and Profit - The steel billet price remained unchanged, while the slab price remained at 3730. The cost of Jiangsu electric - arc furnace rebar increased by 4, and the cost of Jiangsu converter rebar increased by 3. The profits of rebar and hot - rolled coil in East, North, and South China all decreased [1]. Production and Inventory - The daily average iron - water production decreased by 1.5 to 240.8, a decline of 0.6%. The output of five major steel products increased by 4.2 to 885.2, an increase of 0.5%. The rebar output increased by 3.2 to 221.1, an increase of 1.5%, including an increase in electric - arc furnace output of 0.9 to 25.8 (3.4%) and an increase in converter output of 2.4 to 195.2 (1.2%). The hot - rolled coil output increased by 0.9 to 328.1, an increase of 0.3%. The inventory of five major steel products decreased slightly by 0.1 to 1339.9, a decline of 0.0%. The rebar inventory decreased by 3.8 to 545.2, a decline of 0.7%, and the hot - rolled coil inventory increased by 3.8 to 344.9, an increase of 1.1% [1]. Transaction and Demand - The building materials trading volume decreased slightly by 0.2%. The apparent demand of five major steel products increased by 5.4 to 885.3, an increase of 0.6%. The apparent demand of rebar increased by 5.0 to 224.9, an increase of 2.3%, and the apparent demand of hot - rolled coil decreased by 1.9 to 324.4, a decline of 0.6% [1]. Iron Ore Price and Spread - The warehouse - receipt costs of most iron ore varieties decreased, except for the increase in the warehouse - receipt cost of Jinbuba powder. The 09 - contract basis of most varieties decreased significantly. The 5 - 9 spread remained unchanged, the 9 - 1 spread decreased by 3.7%, and the 1 - 5 spread increased by 6.1%. The spot prices of most iron ore varieties at Rizhao Port decreased [4]. Supply and Demand - The weekly global shipment volume of iron ore decreased by 10.8%, and the 45 - port arrival volume decreased by 5.1%. The daily average iron - water production of 247 steel mills decreased by 0.6%. The 45 - port daily average port - clearing volume decreased by 2.0%. The monthly national iron and crude steel production increased by 2.1% and 0.6% respectively [4]. Inventory - The 45 - port inventory decreased by 0.4%, and the 247 steel mills' imported ore inventory increased by 0.8%. The inventory available days of 64 steel mills remained unchanged [4]. Coke and Coking Coal Price and Spread - The price of Shanxi first - grade wet - quenched coke remained unchanged, the price of Rizhao Port quasi - first - grade wet - quenched coke increased by 1.7%. The coke 09 and 01 contracts increased slightly. The coking coal (Shanxi warehouse - receipt), coking coal (Mongolian coal warehouse - receipt), and coking coal 09 and 01 contracts also showed an upward trend. The 09 and 01 basis of coke and coking coal changed, and the J09 - J01 and JM09 - JM01 spreads also changed [7]. Supply and Demand - The weekly coke production decreased slightly, and the daily average production of 247 steel mills remained stable. The iron - water production decreased by 0.6%. The weekly production of Fenwei sample coal mines increased. The demand for coke and coking coal may be affected by potential production restrictions in Tangshan [7]. Inventory - The total coke inventory decreased by 1.1%, the inventory of full - sample coking plants decreased by 9.7%, the inventory of 247 steel mills increased by 1.6%, and the port inventory decreased by 4.5%. The coking coal inventory of full - sample coking plants and 247 steel mills increased, and the port inventory decreased [7].

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

Core Insights - The article discusses the significant progress in patent commercialization in Chinese universities and research institutions, driven by policy reforms and improved incentive mechanisms [1][10] - The commercialization rate of patents has notably increased, with a 29.9% year-on-year growth in national patent transfer and licensing registrations, and a 39.1% increase from universities and research institutions [1][10] Group 1: Patent Commercialization Progress - The patent commercialization rate has improved significantly, with 613,000 national patent transfer and licensing registrations in 2024, marking a 29.9% increase year-on-year [1] - Universities and research institutions accounted for 76,000 of these registrations, reflecting a 39.1% growth, indicating a strong upward trend in patent commercialization [1][10] Group 2: Challenges and Solutions - Long-standing barriers to patent commercialization included unclear ownership rights, lack of incentive mechanisms, and complex processes, which have been addressed through policy reforms [1][4] - The introduction of ownership reform measures has clarified rights distribution, allowing researchers to retain a larger share of the benefits from their inventions [4][5] Group 3: Incentive Mechanisms - Financial incentives have been enhanced, with some institutions allocating up to 90% of commercialization revenue to researchers, significantly boosting their motivation to engage in patent commercialization [5][9] - Policies in various regions have been implemented to exempt certain patents from asset evaluation requirements, reducing the burden on researchers [6][9] Group 4: Professional Support Services - The establishment of specialized services for patent valuation and commercialization has helped researchers overcome knowledge gaps, facilitating smoother transitions from research to market [11][15] - Institutions are employing comprehensive evaluation systems to identify high-value patents, ensuring that researchers focus on commercially viable innovations [12][15] Group 5: Case Studies and Examples - The successful commercialization of a corn harvesting machine by a research team in Heilongjiang Province exemplifies the effective collaboration between academia and industry, resulting in significant economic benefits [8][10] - The implementation of a patent scoring system at Harbin Engineering University has led to the successful commercialization of 374 technology achievements since the start of the 14th Five-Year Plan [12][15]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled Coil: ★☆☆ [1] - Iron Ore: ★★★ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Silicomanganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Views - The steel market is influenced by supply - side reform expectations, with short - term fluctuations. Attention should be paid to terminal demand and policy changes [2]. - The iron ore market is expected to follow the trend of finished products, showing a relatively strong oscillation in the short term [3]. - The coke and coking coal markets face upward pressure on the futures due to inventory, and the "anti - involution" has limited impact currently [4][6]. - The silicomanganese market has limited fundamental improvement, with pressure at the 6750 level [7]. - The ferrosilicon market has a general driving force for continuous price rebound [8]. Summary by Commodity Steel - Today's steel futures rose first and then fell. Thread demand recovered, production increased, and inventory decreased slowly. Hot - rolled coil demand declined slightly, production remained high, and inventory accumulated slightly. Iron - making water production decreased but remained high. Concerns about negative feedback eased. The infrastructure recovery lacked sustainability, real - estate sales remained low, and the manufacturing industry had resilience. The supply - side reform expectations dominated the market, but substantial measures were yet to be implemented [2]. Iron Ore - Today's iron ore futures oscillated, and the basis narrowed to a low level. Global iron ore shipments ended the end - of - season rush, with a downward expectation. Domestic arrivals remained high, and port inventory was basically flat. Terminal demand in the off - season was resilient, steel mill profitability was okay, and iron - making water production declined from a high level. Supply - side contraction expectations strengthened, and market sentiment improved. The iron ore fundamentals had limited contradictions, and it was expected to follow the finished products with a relatively strong oscillation [3]. Coke - Coke prices rose today. Coking plants had price - increase expectations, with meager profits, and daily production declined. Coke inventory decreased, and traders' purchasing willingness improved slightly. The carbon supply was abundant, and the impact of "anti - involution" was limited. The futures had a four - round premium, and there was upward pressure due to inventory [4]. Coking Coal - Coking coal prices rose today. Coking coal mine production increased, spot auction improved, and terminal inventory rose. Total coking coal inventory decreased, and production - end inventory decreased significantly. The carbon supply was abundant, and the impact of "anti - involution" was limited. The futures had a premium, and there was upward pressure due to inventory [6]. Silicomanganese - Silicomanganese prices oscillated downward today. Due to previous production cuts, inventory decreased, but weekly production increased, and on - balance - sheet inventory increased. Manganese ore inventory was expected to increase in the medium - to - long - term, and the current inventory was low, with stronger price - holding intentions of mines. The spot resources of Comilog oxidized ore were scarce, and the August 2025 shipment price to China decreased slightly. With the "anti - involution" expectation in steel, silicomanganese followed the upward trend of thread, but its fundamentals improved limitedly, with pressure at the 6750 level [7]. Ferrosilicon - Ferrosilicon prices oscillated downward today. Iron - making water production decreased slightly but remained above 240. Export demand was about 30,000 tons, with a marginal impact. Metal magnesium production increased, and secondary demand remained high. Ferrosilicon supply decreased, market transactions were average, on - balance - sheet inventory decreased, but production - end inventory increased. Some producers may use a trading model to help with inventory reduction. With the "anti - involution" expectation in steel, ferrosilicon followed the upward trend of thread, but the driving force for continuous price rebound was general [8].

Market Overview - The A-share market showed mixed performance on July 4, with the Shanghai Composite Index rising slightly by 0.05% to 3462.99, while the Shenzhen Component and ChiNext Index fell by 0.35% and 0.31% respectively [2][3] - The total trading volume reached 1.77 billion hands, with a turnover of 190.16 billion [4] Sector Performance - The steel sector saw a collective rise, with notable stocks like Liugang and Linggang hitting the daily limit up [10][11] - The banking sector also experienced gains, with several banks, including Zheshang Bank and Shanghai Bank, reaching new highs [16][17] - The pharmaceutical sector remained strong, with stocks like Hotgen and Guangsheng rising over 10% [12][13] Notable Stocks - Hangzhou Garden surged to the daily limit within two minutes of opening, while Nanling Technology also hit the limit up [20][22] - In the steel sector, Liugang shares increased by 10.02%, and Linggang shares rose by 10.16% [11] - In the pharmaceutical sector, Hotgen's stock price increased by 14.57%, and Guangsheng's by 10.75% [13] Industry Insights - The Ministry of Industry and Information Technology emphasized the need for orderly competition in the photovoltaic industry, aiming to improve product quality and phase out outdated capacity [8] - A report indicated that the photovoltaic industry may face weakening demand in the second half of the year, prompting leading companies to reduce production to improve supply-demand dynamics [9]

Group 1: Market Overview - On July 2, the Hong Kong stock market saw a net inflow of 50.36 billion HKD from northbound trading, with 12.79 billion HKD from the Shanghai Stock Connect and 37.57 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Innovent Biologics (01801), and Meituan-W (03690) [1] - The most sold stocks were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2: Stock Performance - Alibaba-W had a buy amount of 11.91 billion HKD and a sell amount of 19.79 billion HKD, resulting in a net outflow of 7.88 billion HKD [2] - Xiaomi Group-W had a buy amount of 13.02 billion HKD and a sell amount of 15.25 billion HKD, leading to a net outflow of 2.22 billion HKD [2] - Tencent had a buy amount of 7.39 billion HKD and a sell amount of 11.10 billion HKD, resulting in a net outflow of 3.71 billion HKD [2] Group 3: Sector Insights - The Tracker Fund of Hong Kong (02800) received a net inflow of 16.74 billion HKD, with analysts suggesting that the current market conditions provide a favorable window for investment, particularly in the technology sector [5] - Innovent Biologics (01801) and 3SBio (01530) received net inflows of 6.51 billion HKD and 1.09 billion HKD, respectively, following new measures to support the development of innovative drugs [5] - Meituan-W (03690) saw a net inflow of 3.38 billion HKD, while Alibaba-W and Tencent experienced significant net outflows [6] Group 4: Company-Specific Developments - Chongqing Steel (01053) received a net inflow of 1.44 billion HKD amid rumors of production cuts in Tangshan, which could impact capacity utilization [6] - Pop Mart (09992) received a net inflow of 1.22 billion HKD after being recognized in Time magazine's list of the "100 Most Influential Companies" for 2025 [7] - Xiaomi's Yu7 model orders exceeded expectations, leading to an upward revision of shipment forecasts for 2025 to 2027 [8]

Group 1 - The black metal sector is experiencing a compression in steel mill profits, with rebar prices being driven up by raw material fluctuations [1] - Current trading logic includes acceptable steel mill profitability, short-term strong pig iron output, and a decline in raw material supply leading to a rebound, while seasonal steel demand is weakening [1] - The expectation of a Federal Reserve interest rate cut and the upcoming vote on a new fiscal bill are increasing market sentiment towards dual easing in U.S. fiscal and monetary policy [1] Group 2 - Rebar price expectations remain stable, with inventory levels low and limited expectations for significant accumulation in the future [1] - The acceleration of special bond issuance in June is noted, but the allocation towards practical work funds is decreasing, and real estate sales are weakening [1] - Attention is required on the July Politburo meeting for potential new policy stimuli for the real estate sector, with cautious outlooks on rebar prices and rebound heights [1] Group 3 - Hot-rolled coil prices have shown a recent increase in year-on-year demand, but there are expectations of weakening in reality, leading to a contraction in the price difference between hot and cold rolled products [1] - The steel mills are experiencing weaker order intake, with exports increasing year-on-year, but a significant decline in June exports is anticipated [1] - The market sentiment is positively influenced by the expectation of a Federal Reserve interest rate cut, but demand expectations remain under pressure [1] Group 4 - Iron ore prices are showing strength due to seasonal declines in shipments expected in July and rising expectations for a Federal Reserve interest rate cut [1] - Global shipments and arrivals have decreased, alleviating supply pressure, while iron water output remains stable with strong profit margins for blast furnaces [1] - The trading strategy suggests a gradual shift to short positions after a rebound, with resistance levels for the September contract noted at 720-740 yuan and support levels at 680 yuan and 640-650 yuan [1]

Core Points - The article highlights the significant growth in China's intellectual property landscape, with the number of valid invention patents reaching 4.97 million by May this year, establishing China as a major patent powerhouse [10] - The National Intellectual Property Administration (NIPA) is enhancing patent examination efficiency and quality, with a reported accuracy rate of 95.1% for invention patent examinations by Q1 2025 [3][4] - There is a strong emphasis on the transformation of innovative achievements into practical productivity, with successful collaborations between universities and enterprises leading to high-value patents [7] Group 1: Patent Growth and Innovation - As of May this year, China has 4.97 million valid invention patents, showcasing its status as a leading patent nation [10] - Various innovation entities, including universities and companies, are demonstrating robust creativity, contributing to the development of new productive forces [2] - The NIPA has reported a 37.5% year-on-year increase in patent applications entering examination through protection centers, totaling 109,000 applications from January to May [6] Group 2: Patent Examination Efficiency - The NIPA has conducted 84,000 priority examinations and 116,000 rapid examinations from January to May this year, enhancing the core competitiveness of industries [3] - The NIPA aims to improve the quality of patent examination by increasing the sample size for social satisfaction surveys regarding examination quality [3][4] - The introduction of artificial intelligence in patent examination processes is being explored to further enhance efficiency and quality [4] Group 3: Intellectual Property Protection - China has established 77 national-level intellectual property protection centers across 29 provinces, covering 80% of national high-tech industrial development zones [5] - These centers provide rapid pre-examination, confirmation, and rights protection services to 172,000 registered entities [5] - The centers have handled 38,000 intellectual property rights cases with an average resolution time of under two weeks from January to May [6] Group 4: Effective Transformation of Innovations - Successful collaborations, such as the one between Nantong University and related enterprises, have led to the development of over ten high-value patents, significantly improving road material durability and reducing costs [7] - The patent agency sector, with over 6,231 agencies and 41,026 registered patent agents, has a high patent agency rate exceeding 94% for invention patents [7] - The NIPA is committed to enhancing the service chain for innovation entities, providing high-quality and efficient intellectual property agency services [8]

Core Points - The article discusses the potential outcomes of the upcoming US-EU trade negotiations, highlighting four possible scenarios that could unfold before the July 9 deadline [1][3][4] - The EU has shown a willingness to accept a 10% tariff on various goods, while seeking commitments from the US to lower tariffs in key sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft [1][3] - The EU has made it clear that digital legislation will not be part of the trade negotiations, maintaining its sovereignty over regulatory decisions [5][6] Group 1: Potential Scenarios - Four potential scenarios outlined by EU officials include: reaching an acceptable but asymmetric agreement, the US proposing an unacceptable agreement, extending the deadline for negotiations, or the Trump administration exiting the talks and raising tariffs [1][3] - The most likely scenario involves the EU retaliating against the US if the Trump administration withdraws from negotiations and increases tariffs [4] Group 2: Tariff Discussions - The EU is pushing for the US to significantly reduce tariffs on automobiles and parts, which are currently at 25%, and on steel and aluminum products, which are at 50% [3][4] - The EU's acceptance of a 10% tariff marks a shift from its initial stance against such a rate, indicating a potential compromise in negotiations [3] Group 3: Digital Legislation - The EU has explicitly stated that its digital market and service laws will not be included in the trade talks, emphasizing its commitment to existing regulations [5][6] - The EU's digital market law aims to regulate major tech companies, predominantly US firms, and has already resulted in significant fines for companies like Apple and Meta [5][6] Group 4: Trade Data and Implications - The EU estimates that US tariffs currently cover approximately €380 billion worth of products, which constitutes about 70% of its total exports to the US [7] - In 2024, the EU exported $52.8 billion worth of automobiles and parts to the US, making it the largest export destination for these products [7]

Report Summary 1) Report Industry Investment Rating - Investment Rating: ★★ [5] 2) Core Viewpoints - Last week, the price of the rebar 2510 contract rose by 0.03%. The production of rebar increased for the second consecutive week, factory inventory and apparent demand turned from decline to increase, and social inventory decreased for the 16th consecutive week. Recently, the macro - sentiment has improved, while the supply and demand of steel have both weakened. The production has rebounded in the past two weeks. Currently, the fundamental contradictions are not prominent, and the steel price is expected to fluctuate in the medium term. It is recommended to wait and see [4][5][35][36] 3) Summary by Relevant Catalogs Price Analysis - **Futures Price**: The daily K - line chart of the rebar futures main contract is presented, with data from Wind Information and Hualong Futures Investment Consulting Department [8][9] - **Spot Price**: The market price of rebar is mentioned, with data from Wind Information and Hualong Futures Investment Consulting Department [10][12] - **Basis and Spread**: Data is from Wind Information and Hualong Futures Investment Consulting Department [16] Important Market Information - Li Qiang chaired an executive meeting of the State Council to hear a report on implementing the spirit of the National Science and Technology Conference and accelerating the construction of a science - and technology power. The second - quarter regular meeting of the Monetary Policy Committee of the People's Bank of China in 2025 proposed to increase the revitalization of existing commercial housing and land and consolidate the stability of the real estate market. On June 25, the People's Bank of China carried out 300 billion yuan of Medium - term Lending Facility (MLF) operations with a one - year term [17] Supply - side Situation - The data of Tangshan blast furnace operating rate is involved, but specific data is not provided in the given content [18] Demand - side Situation - As of May 2025, the current value of the non - manufacturing PMI in the construction industry was 51, a month - on - month decrease of 0.9%; the current value of the purchasing manager index in the steel circulation industry of Lange Steel was 47.5, a month - on - month decrease of 1.3%. Information on construction new starts, construction and completion floor area, commercial housing sales, and Shanghai terminal wire and rod procurement volume is also mentioned [25][31] Fundamental Analysis - According to Mysteel data, on the 27th, safety inspections in Guxian, Linfen, Shanxi Province became stricter. A local coal mine was shut down for rectification due to safety hazards, involving a production capacity of 900,000 tons, mainly producing low - sulfur primary coking coal, with a shutdown period of 10 - 15 days. Last week, the weekly production of rebar was 2.1784 million tons, a week - on - week increase of 56,600 tons; the factory inventory was 1.856 million tons, a week - on - week increase of 32,800 tons; the social inventory was 3.634 million tons, a week - on - week decrease of 53,500 tons. The weekly production of the five major steel products was 8.8099 million tons, a week - on - week increase of 124,800 tons; the total inventory was 13.4003 million tons, a week - on - week increase of 11,400 tons; the apparent demand was 8.7985 million tons, a week - on - week decrease of 43,300 tons. The blast furnace operating rate of 247 steel mills was 83.82%, unchanged week - on - week and a year - on - year increase of 0.71%; the blast furnace iron - making capacity utilization rate was 90.83%, a week - on - week increase of 0.04% and a year - on - year increase of 1.70%; the steel mill profitability rate was 59.31%, unchanged week - on - week and a year - on - year increase of 16.45%; the daily average pig iron output was 2.4229 million tons, a week - on - week increase of 110,000 tons and a year - on - year increase of 285,000 tons. Jiangsu Yonggang plans to overhaul a 1080³ blast furnace for two months starting in early July, which is expected to affect about 200,000 tons of pig iron [34] 后市展望 - Last week, the production of rebar increased for the second consecutive week, factory inventory and apparent demand turned from decline to increase, and social inventory decreased for the 16th consecutive week. Recently, the macro - sentiment has improved, while the supply and demand of steel have both weakened. The production has rebounded in the past two weeks. Currently, the fundamental contradictions are not prominent, and the steel price is expected to fluctuate in the medium term [35] Operation Strategy - It is recommended to wait and see [36]