According to Guosheng Securities Research Reports, data from Wind and the National Bureau of Statistics show that in November 2024, the monthly profit of the black metal smelting and rolling industry reached 31.18 billion yuan, an increase of 20.4 billion yuan month-on-month, setting a new monthly high since November 2021, benefiting from weaker raw material prices, resulting in significant profit increases for steel mills. Last week's November economic data showed steady growth in fixed asset investment, while Consumer spending, services, and imports and exports continued to recover. The steel demand from downstream sectors such as home appliances and autos, as well as retail sales in construction decoration, increased by 22.2%, 6.6%, and 2.9%, respectively, leading to further recovery in demand for sheet metal. Subsequent expectations for supply-side regulation and transformation upgrades in the industry are heating up, coupled with improving demand trends, the long-term fundamentals of steel are expected to continue to improve.