1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - From November 21st to 27th, SH2601 fell 1.03% to close at 2212 yuan/ton, and BZ2603 declined and then rebounded, closing at 5454 yuan/ton [2] - Last week, the operating rates of petroleum benzene and hydrogenated benzene decreased month - on - month, and the domestic pure benzene output declined [2] - The operating rates of downstream styrene and caprolactam decreased, while those of phenol, aniline, and adipic acid increased. The weighted operating rate of pure benzene downstream decreased slightly [2] - The inventory at East China ports continued to accumulate, higher than the same period in previous years. The profit of petroleum benzene was slightly repaired but remained at a low - valuation level due to weak supply and demand [2] - This week, a domestic disproportionation unit is under maintenance, but the imported resources arriving at ports are increasing. The domestic petroleum benzene supply is expected to increase slightly [2] - In December, the impact of domestic petroleum benzene maintenance is not much different from that in November [2] - The downstream styrene plants are both under commissioning and restarting, and there are also expectations of increased loads for phenol and caprolactam, which may drive a slight increase in pure benzene demand and ease the wide - balance state of spot supply and demand [2] - In terms of cost, geopolitical uncertainties in Russia - Ukraine and US - Venezuela still exist, and the market expects an increased probability of the Fed cutting interest rates in December. Recently, international oil prices have fluctuated strongly [2] - In the short term, BZ2603 is expected to show a volatile trend, with the daily range expected to be around 5370 - 5460 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of pure benzene futures main contract decreased by 19 yuan/ton to 5454 yuan/ton, and the settlement price decreased by 19 yuan/ton to 5433 yuan/ton [2] - The trading volume of the main contract was 1193 lots, and the open interest was 11245 lots, a decrease of 551 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5320 yuan/ton, 5270 yuan/ton, 5300 yuan/ton, and 5246 yuan/ton respectively, with changes of - 35 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 19 yuan/ton [2] - The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5375 yuan/ton and 5150 yuan/ton respectively, with no change [2] - The FOB mid - price of pure benzene in South Korea was 657 US dollars/ton, an increase of 3 US dollars/ton; the CFR mid - price of pure benzene in China was 668.82 US dollars/ton, with no change [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 64.47 US dollars/barrel, and the CFR mid - price of naphtha in Japan was 567.5 US dollars/ton, a decrease of 4 US dollars/ton [2] - The capacity utilization rate of pure benzene was 76.59%, a decrease of 0.08 percentage points; the weekly output was 44.62 tons, a decrease of 0.05 tons [2] - The port inventory of pure benzene was 1.7 tons, and the production cost was 5246.8 yuan/ton, a decrease of 67.6 yuan/ton; the production profit was 78 yuan/ton, an increase of 38 yuan/ton [2] 3.4 Downstream Situation - The operating rate of styrene decreased by 1.66 percentage points; the capacity utilization rate of caprolactam was 67.29%, a decrease of 1.54 percentage points [2] - The capacity utilization rates of phenol, aniline, and adipic acid were 81.16%, 77.19%, and 59.4% respectively, with changes of 2.45 percentage points, 1.51 percentage points, and 3.9 percentage points [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On November 11th, the economic indicators may continue to decline, with the fundamentals under slight pressure, which supports the bond market. Currently, the liquidity gap is not large. The market has weak expectations for the actual scale of the central bank's bond - buying in the open market in November. Under the weak sentiment of the bond market, it is sensitive to news - related factors. In the short term, it may continue to fluctuate weakly, and still awaits the determination of the direction from uncertain factors such as the central bank's treasury bond trading scale in November and the new fund redemption rules [2] 3. Summary According to the Catalog Futures Market - **Futures Price and Volume**: T, TF, TS, and TL main - contract closing prices decreased by 0.07%, 0.06%, 0.02%, and 0.51% respectively; T, TF, TS main - contract volumes decreased by 6895, 353, and 214 respectively, while TL main - contract volume increased by 36154 [2] - **Futures Spreads**: Some spreads such as TL2603 - 2512, T03 - TL03 increased, while some like TF2603 - 2512, TF03 - T03 decreased [2] - **Futures Positions**: T main - contract position increased by 5501, TF and TS main - contract positions decreased by 330 and 224 respectively, and TL main - contract position decreased by 880. The net short positions of T, TF, and TS among the top 20 decreased, while that of TL increased [2] Bond Market - **CTD Bond Net Prices**: The net prices of some CTD bonds such as 250018.IB and 230014.IB increased, while those of 230012.IB and 210005.IB decreased [2] - **Active Bond Yields**: The yields of 3 - year active bonds increased by 1.00bp, while those of 5 - year, 7 - year, and 10 - year decreased by 1.00bp, 0.75bp, and 0.15bp respectively [2] Interest Rates - **Short - term Interest Rates**: The silver - pledged overnight rate increased by 2.93bp, the silver - pledged 7 - day rate increased by 4.00bp, and the silver - pledged 14 - day rate decreased by 3.00bp. Shibor overnight, 7 - day, and 14 - day rates decreased by 0.50bp, 2.00bp, and 1.20bp respectively [2] - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged [2] Open - Market Operations - The issuance scale of reverse - repurchase operations was 1563 billion, the maturity scale was 3021 billion, with an interest rate of 1.4% for 7 - day operations, and a net withdrawal of 1458 billion [2] Industry News - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the comprehensive PMI output index was 49.7%, down 0.3 percentage points [2] - The National Development and Reform Commission encourages private investment and promotes its high - quality development [2] - The China Securities Regulatory Commission drafts a plan to launch a pilot program for commercial real - estate investment trust funds to promote the high - quality development of the REITs market [2] Key Events to Watch - On December 3rd at 16:30, listen to the speech of ECB President Lagarde; on December 5th at 23:00, pay attention to the US September core PCE price index [3]

研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 塑料产业日报 2025-12-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6831 | 28 1月合约收盘价:聚乙烯(日,元/吨) | 6831 | 28 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6886 | 23 9月合约收盘价:聚乙烯(日,元/吨) | 6931 | 39 | | | 成交量(日,手) | 248435 | -56638 持仓量(日,手) | 407064 | -27318 | | | 1-5价差 | -55 | 5 期货前20名持仓:买单量:聚乙烯(日,手) | 486290 | -11223 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 580268 | -15819 期货前20名持仓:净买单量:聚乙烯(日,手) | -93978 | 4596 | | 现货市场 | LLDPE(7042 ...

Core Viewpoint - Synthetic rubber futures experienced a rapid increase, with the main contract reaching a peak of 10,675.0 yuan, closing at 10,670.0 yuan, reflecting a rise of 3.84% [1] Group 1: Market Analysis - According to Ruida Futures, the BR2601 contract is expected to fluctuate in the range of 10,000 to 10,600 yuan in the short term [2] - Southwest Futures anticipates a wide range of price consolidation for styrene-butadiene rubber in the upcoming period, with limited downside potential [3] Group 2: Supply and Demand Dynamics - The domestic production of styrene-butadiene rubber is recovering as many previously shut down facilities are restarting, leading to an increase in supply [2] - The demand side shows a decrease in the operating rate of tire companies, with an increase in inventory turnover days, indicating a lack of strong terminal demand [3] - As of November 19, the social inventory of styrene-butadiene rubber stood at 31,500 tons, reflecting a week-on-week increase of 2.24% [3]

证券日报网讯 12月1日，瑞达期货在互动平台回答投资者提问时表示，截至股权登记日2025年11月30 日，公司股东总户数（未合并融资融券信用账户）为22，701户。 （文章来源：证券日报） ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: Globally, the end of the US corn harvest has increased supply pressure, and the relatively loose supply - demand of global and US soybeans has suppressed international corn prices. In China, in the Northeast region, low - temperature storage conditions, farmers' reluctance to sell, and transportation bottlenecks support the bottom price. With rising processing profits and higher operating rates, consumption and procurement by enterprises are increasing, and purchase prices remain strong. In the North China and Huanghuai regions, high mold rates due to rainy weather during the harvest have led to quality issues. After building inventories, feed and processing enterprises adjust prices flexibly. Corn futures are generally strong but have slowed down recently, and caution is advised when chasing the rise [2]. - **Starch**: As new - season corn supply increases, the industry's operating rate rises, increasing supply pressure. However, downstream demand is good, and some customers have switched back to corn starch due to the large increase in tapioca starch prices. The inventory of corn starch enterprises has decreased. Starch futures have also slowed down after a continuous rise, and caution is needed when chasing the rise [3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2542 yuan/ton, down 24 yuan/ton [2]. - Corn monthly spread (1 - 5) is - 3 yuan/ton, up 6 yuan/ton; corn starch monthly spread (1 - 3) is - 37 yuan/ton [2]. - Corn futures open interest (active contract) is 950183 lots, down 9437 lots; corn starch futures open interest (active contract) is 230178 lots, down 7962 lots [2]. - Net long positions of the top 20 in corn starch futures are - 180343 lots, down 1441 lots; for corn, it is - 35223 lots [2]. - Registered warehouse receipts for yellow corn are 60215 lots, and for corn starch, it is 0 lots [2]. - The CS - C spread of the main contract is 358 yuan/ton [2]. 3.2 Outer Market - CBOT corn futures closing price (active contract) is 447.75 cents/bushel, up 1.5 cents/bushel [2]. - CBOT corn total open interest (weekly) is 1655731 contracts, up 59370 contracts [2]. - CBOT corn non - commercial net long positions are - 120964 contracts, down 28611 contracts [2]. 3.3 Spot Market - Average spot price of corn is 2331.67 yuan/ton, up 1.87 yuan/ton [2]. - Factory quotes for corn starch in Changchun, Weifang, and Shijiazhuang are 2590 yuan/ton, 2800 yuan/ton, and 2730 yuan/ton respectively, with no change [2]. - FOB price of corn in Jinzhou Port is 2290 yuan/ton, with no change; CIF price of imported corn is 2021.85 yuan/ton, down 0.63 yuan/ton; international freight for imported corn is 0 dollars/ton [2]. - The basis of the main corn starch contract is 24 yuan/ton, up 6 yuan/ton; the basis of the main corn contract is 95.67 yuan/ton, up 9.87 yuan/ton [2]. - The price difference between Shandong starch and corn (weekly) is 470 yuan/ton, down 20 yuan/ton [2]. - The price difference between tapioca starch and corn starch (weekly) is 601 yuan/ton, up 147 yuan/ton; the price difference between corn starch and 30 - powder is - 225 yuan/ton, down 1 yuan/ton [2]. 3.4 Upstream Situation - Forecasted sown area and production of corn in the US, Brazil, Argentina, China, and Ukraine are provided. For example, the sown area of corn in the US is 427.11 million hectares, up 0.55 million hectares; production is 131 million tons [2]. - Corn inventory in southern ports (weekly) is 59.9 tons, down 2.9 tons; deep - processing corn inventory (weekly) is 269.8 tons, down 2.9 tons [2]. 3.5 Industry Situation - Corn inventory in northern ports (weekly) is 140 tons, up 6 tons; starch enterprise weekly inventory (weekly) is 106.9 tons, down 4 tons [2]. - Monthly import volume of corn is 6 tons, down 2 tons; monthly export volume of corn starch is 12.78 tons, down 2.02 tons [2]. - Monthly production of feed is 2957 tons, down 171.7 tons; corn starch processing profit in Shandong is - 6 yuan/ton, down 7 yuan/ton; in Hebei, it is 97 yuan/ton, with no change; in Jilin, it is - 43 yuan/ton, with no change [2]. - Sample feed corn inventory days (weekly) is 27.83 days, up 1.6 days [2]. 3.6 Downstream Situation - Deep - processing corn consumption (weekly) is 142.34 tons, up 4.03 tons [2]. - Alcohol enterprise operating rate (weekly) is 71.34%, up 1.89%; starch enterprise operating rate (weekly) is 61.38%, up 0.49% [2]. 3.7 Option Market - 20 - day historical volatility of corn is 8.6%, down 0.24%; 60 - day historical volatility is 8.44%, down 0.08% [2]. - Implied volatility of at - the - money call options for corn is 8.83%, down 3.16%; for at - the - money put options, it is 8.83%, down 3.4% [2]. 3.8 Industry News - As of November 26, the sown area of the 2025/26 corn season in Argentina reached 39.3% of the expected area, up 2% from the previous week [2]. - Analysts predict that the net export sales volume of US corn for the week ending October 23, 2025, will be between 1.1 million and 2.5 million tons [2]. 3.9 Key Focus The weekly consumption of corn and the operating rate and inventory of starch enterprises from Thursday to Friday as reported by Mysteel [3].

| | | 尿素产业日报 2025-12-01 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 响，以东北、华北为主要区域企业出货加快，尿素企业库存继续下降，考虑到储备需求推进以及部分出口 发运预期，短期尿素库存仍有小幅去库趋势。UR2601合约短线预计在1650-1700区间波动。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 郑州尿素主力合约收盘价(日,元/吨) | 1675 | -2 郑州尿素1-5价差(日,元/吨) | -69 | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, the inventory of liquid caustic soda factories accumulated significantly. Affected by the decline in caustic soda prices, the profits of Shandong chlor - alkali enterprises decreased month - on - month and maintained a contraction trend. This week, some facilities in East and North China will restart, and the newly followed - up maintenance capacity is scarce. The utilization rate of caustic soda production capacity is expected to increase month - on - month. In December, caustic soda is generally expected to be in a situation of relatively high supply. Alumina enterprises have no news of production cuts, and their procurement demand is low under the background of low profits; non - aluminum downstream may maintain rigid procurement with little change. The inventory is expected to remain at a high level, the supply will continue to be loose, the spot price will be under pressure, and it is more likely that the spot price will decline to narrow the basis in the future. SH2601 is expected to fluctuate weakly, but the high basis and low corresponding profit level may limit the decline space, with the daily range expected to be around 2180 - 2250 [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main caustic soda contract was 2212 yuan/ton, a decrease of 12 yuan/ton; the position of the main caustic soda contract was 148,447 lots, a decrease of 8006 lots; the net position of the top 20 futures was 5467 lots; the trading volume of the main caustic soda contract was 275,167 lots, an increase of 69,841 lots; the closing price of the January caustic soda contract was 2212 yuan/ton, a decrease of 12 yuan/ton; the closing price of the May caustic soda contract was 2390 yuan/ton, an increase of 2 yuan/ton; the net position of the top 20 futures was - 18,551 lots [2]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong was 730 yuan/ton, a decrease of 20 yuan/ton; in Jiangsu, it was 880 yuan/ton, unchanged; the converted - to - 100% price of 32% caustic soda in Shandong was 2281 yuan/ton, a decrease of 63 yuan/ton; the basis of caustic soda was 69 yuan/ton, a decrease of 51 yuan/ton [2]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 222.5 yuan/ton, unchanged; in the Northwest, it was 220 yuan/ton, unchanged; the price of steam coal was 654 yuan/ton, a decrease of 1 yuan/ton [2]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was 50.5 yuan/ton, unchanged; in Jiangsu, it was 150 yuan/ton, unchanged [2]. 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,060 yuan/ton, unchanged; the spot price of alumina was 2770 yuan/ton, unchanged. From November 21st to 27th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 85.0%, a month - on - month increase of 0.4%. From November 22nd to 28th, the alumina operating rate increased by 0.60% month - on - month to 86.06%, the viscose staple fiber operating rate increased by 1.20% month - on - month to 91.29%, and the printing and dyeing operating rate decreased by 1.02% month - on - month to 65.53%. As of November 27th, the factory inventory of fixed liquid caustic soda sample enterprises nationwide was 469,800 tons (wet tons), a month - on - month increase of 9.89% and a year - on - year increase of 87.95%. From November 21st to 27th, the average weekly profit of Shandong chlor - alkali enterprises was 357 yuan/ton, a decrease from the previous week [2].

Report Summary 1) Report Industry Investment Rating No information provided in the document. 2) Core Viewpoints of the Report - Short - term L2601 is expected to show a volatile trend, with daily K - line focusing on support around 6750 and resistance around 6870 [2]. - PE production and capacity utilization are expected to fluctuate slightly. Supply pressure is on the rise as new capacity is planned to be put into operation in December. Downstream开工率 is expected to weaken marginally. International oil prices are in a multi - empty game [2]. 3) Summary by Relevant Catalogs a. Futures Market - Futures prices of polyethylene contracts increased, with the 1 - month contract at 6803 yuan/ton (up 14), the 5 - month contract at 6863 yuan/ton (up 6), and the 9 - month contract at 6892 yuan/ton (up 10). Trading volume was 305073 hands (down 25026), and open interest was 434382 hands (down 23011). The 1 - 5 spread was - 60 (up 8). The net long position of the top 20 futures holders was - 98574 hands (down 5841) [2]. b. Spot Market - The average price of LLDPE (7042) in North China was 6814.78 yuan/ton (up 10.43), and in East China was 7070.24 yuan/ton (down 6.67). The basis was 11.78 (down 3.57) [2]. c. Upstream Situation - The FOB mid - price of naphtha in Singapore was 60.85 dollars/barrel (up 0.61), and the CFR mid - price of naphtha in Japan was 571.5 dollars/ton (up 5.5). The CFR mid - price of ethylene in Southeast Asia was 721 dollars/ton (unchanged), and in Northeast Asia was 741 dollars/ton (up 10) [2]. d. Industry Situation - The national PE petrochemical operating rate was 84.51% (up 1.79) [2]. e. Downstream Situation - The operating rates of PE packaging film, pipes, and agricultural film were 50.7% (down 0.23), 31.83% (down 0.17), and 49.04% (down 0.87) respectively [2]. f. Option Market - The 20 - day historical volatility of polyethylene was 9.49% (up 1.06), the 40 - day historical volatility was 9.54% (up 0.68), the implied volatility of at - the - money put options was 14.17%, and the implied volatility of at - the - money call options was 14.16% (down 3.52) [2]. g. Industry News - From November 21st to 27th, China's polyethylene production was 684800 tons (up 2.17% week - on - week), and the capacity utilization rate was 84.51% (up 1.8 percentage points). The average operating rate of downstream polyethylene products decreased by 0.4%. The inventory of polyethylene production enterprises decreased by 9.80% to 454000 tons, and the social inventory decreased by 3.05% to 471100 tons [2]. - From November 22nd to 28th, the cost of oil - based LLDPE decreased by 1.54% to 7173 yuan/ton, and the profit increased by 63.57 yuan/ton to - 346.14 yuan/ton. The cost of coal - based LLDPE increased by 0.26% to 7066 yuan/ton, and the profit decreased by 95.14 yuan/ton to - 237.43 yuan/ton [2].

1. Report Industry Investment Rating - The report gives a reference view of "oscillating upward with a bullish bias" for the rebar market [2]. 2. Core View of the Report - On Monday, the RB2601 contract rose with a decrease in positions. In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, while the non - manufacturing PMI was 49.5%, down 0.6 percentage points. The weekly rebar production decreased slightly, with a capacity utilization rate of 45.18% still at a low level. The apparent demand declined slightly, but the inventory continued to decrease. Overall, the supply and demand of rebar are both weak, but the positive macro - expectations support steel prices. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising [2]. 3. Summary According to the Catalog 3.1 Futures Market - The closing price of the RB main contract was 3,134 yuan/ton, up 24 yuan; the position volume was 882,576 lots, down 89,702 lots. The net position of the top 20 in the RB contract was - 58,202 lots, down 3,981 lots. The spread between the RB1 - 5 contracts was - 33 yuan/ton, down 26 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 69,875 tons, up 10,356 tons. The spread between the HC2601 - RB2601 contracts was 193 yuan/ton, up 1 yuan [2]. 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,330 yuan/ton, up 60 yuan; (actual weight) was 3,415 yuan/ton, up 62 yuan. In Guangzhou (theoretical weight), it was 3,520 yuan/ton, up 50 yuan; in Tianjin (theoretical weight), it was 3,220 yuan/ton, up 10 yuan. The basis of the RB main contract was 196 yuan/ton, up 36 yuan. The spot price spread between hot - rolled coils and rebar in Hangzhou was 10 yuan/ton, down 40 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 793 yuan/wet ton, unchanged; the price of quasi - first - grade metallurgical coke in Hebei was 1,690 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,150 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,990 yuan/ton, up 30 yuan. The inventory of iron ore at 45 ports was 152.0607 million tons, up 1.5519 million tons; the inventory of coke at sample coking plants was 449,500 tons, up 16,200 tons; the inventory of coke at sample steel mills was 6.2553 million tons, up 31,300 tons; the inventory of billets in Tangshan was 1.1476 million tons, down 13,400 tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 81.07%, down 1.10 percentage points; the blast furnace capacity utilization rate was 87.96%, down 0.60 percentage points. The weekly output of rebar at sample steel mills was 2.0608 million tons, down 18,800 tons; the capacity utilization rate of rebar at sample steel mills was 45.18%, down 0.41 percentage points. The inventory of rebar at sample steel mills was 1.4673 million tons, down 65,900 tons; the social inventory of rebar in 35 cities was 3.8475 million tons, down 152,700 tons. The operating rate of independent electric arc furnace steel mills was 68.75%, down 1.04 percentage points. The monthly output of crude steel in China was 72 million tons, down 1.49 million tons; the monthly output of steel bars in China was 1.475 million tons, up 41,000 tons; the net export volume of steel products was 9.28 million tons, down 640,000 tons [2]. 3.5 Downstream Situation - The National Real Estate Climate Index was 92.43, down 0.34; the cumulative year - on - year growth rate of fixed - asset investment was - 1.70%, down 1.20 percentage points; the cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20 percentage points. The cumulative value of the floor area under construction of houses was 6.52939 billion square meters, down 43.59 million square meters; the cumulative value of the newly - started floor area of houses was 490.61 million square meters, down 36.62 million square meters; the unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2]. 3.6 Industry News - As of November 30, 17 cities have introduced 19 property market relaxation policies, with many places promoting full - finished - housing sales, and the real estate industry is accelerating towards the "what you see is what you get" era. At the same time, the housing provident fund policy continues to be optimized, allowing the withdrawal of provident funds for "aging - friendly" and "child - friendly" housing renovations. The National Development and Reform Commission will further broaden market access, strengthen factor support, and accelerate the establishment of a national venture capital guidance fund to enhance the sense of gain of private enterprises [2].