Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The fundamentals of finished steel products are weak, and steel prices are under pressure. After the macro - level positive factors from Sino - US trade consultations and the "15th Five - Year Plan" suggestions ended, steel prices returned to their own fundamentals. The current real - estate situation is still sluggish according to statistical data, and the weekly fundamentals last week were neutral with no unexpected supply - demand changes. The weak downstream situation exerts pressure on steel prices [2][3] - The raw materials are expected to move in a downward - correction pattern [3] Group 3: Summary by Relevant Catalogs Steel Production - Some steel mills in Shanxi have proposed shutdown and maintenance plans. One steel mill's blast furnace is planned to shut down for maintenance this weekend, with a daily output impact of about 0.70 thousand tons. Three steel mills are tentatively planned for maintenance in December, with a daily output impact of about 1.35 thousand tons. In October, a total of 33 national construction steel production enterprises carried out production - cut maintenance, affecting the construction steel output by 1.762 million tons, a month - on - month decrease of 2.12%, including an impact on rebar output of 1.3108 million tons [3] Real - Estate Market - From October 27th to November 2nd, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.7436 million square meters, a month - on - month increase of 3% and a year - on - year decrease of 35.9% [3]

Group 1: Report Industry Investment Rating - The report suggests a strategy of shorting on rebounds for both steel products and raw materials [3] Group 2: Report's Core View - Last week, steel products rebounded with little change in weekly fundamentals, showing a pattern of stronger supply and weaker demand. The recent strong performance of upstream raw materials has boosted steel products, but the hot and rainy weather still has a negative impact on building material demand [3] Group 3: Summary by Relevant Catalog Steel Product Production and Utilization - The average capacity utilization rate of 90 independent electric arc furnace steel mills in the country was 54.5%, a week - on - week decrease of 0.04 percentage points and a year - on - year increase of 3.13 percentage points [3] - The blast furnace iron - making capacity utilization rate of 247 steel mills was 90.83%, a week - on - week increase of 0.04 percentage points [3] - The steel mill profitability rate was 59.31%, unchanged from the previous week [3] - The daily average pig iron output was 2.4229 million tons, a week - on - week increase of 0.11 million tons [3] Downstream Appliance Production - In July, the production schedule of household air conditioners was 15.8 million units, a 1.9% decrease compared to the actual production in the same period last year [3] - The refrigerator production schedule was 7.35 million units, a 2.4% decrease compared to the actual production in the same period last year [3] - The washing machine production schedule was 6.445 million units, a 4.2% decrease compared to the actual production in the same period last year [3] Steel Product Market Situation - Last week, steel products rebounded with little change in weekly fundamentals. The inventory of the five major steel products slightly accumulated, production increased, and demand slightly decreased, still showing a pattern of stronger supply and weaker demand [3]