Core Viewpoint - The Chinese government is intensifying urban renewal policies to promote high-quality urban development, integrating these efforts with safety, housing market stability, and real estate quality improvement [1][9]. Group 1: Policy Framework - The State Council emphasized the importance of urban renewal in its recent study, linking it to safety and real estate market stability [1]. - A series of policies have been implemented this year, including the issuance of the "Opinions on Continuing to Promote Urban Renewal Actions," which outlines specific goals and measures for urban renewal [3]. - The Central Urban Work Conference identified high-quality urban renewal as a key task for future urban development [4]. Group 2: Implementation and Support - The Ministry of Housing and Urban-Rural Development has highlighted the need for comprehensive assessments and planning for urban renewal projects [4]. - Local governments are actively introducing supportive policies, such as the Tianjin Urban Renewal Regulations and the Chongqing Three-Year Action Plan for Urban Renewal [5]. - Financial mechanisms are being innovated to address funding challenges, including a competitive selection process for central financial support to 20 cities, with over 20 billion yuan planned for urban renewal actions [6]. Group 3: Financial Innovations - The introduction of REITs for urban renewal projects is expected to provide sustainable financing channels and enhance social capital participation [7]. - The government is exploring various financial support methods, including special bonds and innovative bank loan products tailored for urban renewal [7][8]. Group 4: Future Trends - Urban renewal policies are expected to focus on systemic, coordinated, and sustainable approaches in 2026, addressing challenges such as funding pressures and coordination difficulties [9][10]. - A multi-goal collaborative policy framework is anticipated, integrating urban renewal with safety, livelihood, and economic objectives [10]. - The establishment of a linkage mechanism between urban renewal and the real estate market is expected to drive structural reforms in housing supply [10].

中经记者 吴静 卢志坤 北京报道 12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第 十七次专题学习。 会议强调，要认真学习贯彻党中央关于深入实施新型城镇化战略的决策部署，坚持以人为本提高城镇化 质量水平，充分释放城乡融合发展蕴藏的巨大内需潜力，为经济社会发展提供强劲动力。 业内专家指出，此次专题学习释放明确信号：新型城镇化仍是未来推动经济增长、扩大内需的重要战 略，而与之紧密相关的房地产行业也将迎来以"提质"为导向、以"城市更新"为抓手的崭新阶段。 稳楼市需依托城市更新 专题学习会议指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。展望"十五 五"时期，新型城镇化发展空间仍然很大。这一判断为正处于调整期的房地产市场注入了稳定预期和发 展信心。 李宇嘉进一步阐释了城市更新作为稳楼市底层逻辑的角色。他指出，房地产市场正处于从"上半场"（建 房子）到"下半场"（把房子填满人、产业和业态）的转换期，房地产的"价格锚"正从投资属性下的金融 收益率，回归到居住属性下的物业空间使用价值。而当前部分住房价格承压，根本原因在于其使用价值 不足或性价比不高。城市更新 ...

（来源：乌兰察布财政） 为深入学习贯彻党的二十届四中全会精神，一体落实自治区、全市全会部署要求，近日卓资县财政系统 以系列宣传报道为抓手，紧扣以人为本的新型城镇化和乡村振兴等核心部署，立足职能定位细化落实举 措，推动全会精神落地生根。 聚焦财政赋能发展主线，展现多维度实践路径：经济建设领域统筹投资消费，优化政府投资结构、激发 民间活力，完善政策协同机制，助力基础设施建设与城乡融合发展；农牧工作强化多元投入，优化支农 资金结构，推动农牧业提质增效，夯实乡村振兴根基；绩效管理以三个服务为宗旨，深化预算改革，提 升财政资源配置效能；综合保障聚焦标准化建设，优化后勤服务，为财政工作高效运转保驾护航。 下一步，我县财政部门将持续锚定"十五五"发展目标，深化政策落实与改革创新，为推进卓资县新型城 镇化建设、乡村全面振兴及高质量发展注入坚实财政力量。 作者I 武飞燕 （来源：乌兰察布财政） 为深入学习贯彻党的二十届四中全会精神，一体落实自治区、全市全会部署要求，近日卓资县财政系统 以系列宣传报道为抓手，紧扣以人为本的新型城镇化和乡村振兴等核心部署，立足职能定位细化落实举 措，推动全会精神落地生根。 聚焦财政赋能发展主线，展 ...

来源：@华夏时报微博 华夏时报记者 刘诗萌 北京报道 "稳楼市"的提法，在一年一度的中央经济工作会议前夕，再度出现在高层会议的表述中。 12月3日，国务院以"深入推进以人为本的新型城镇化，着力构建城乡融合发展新格局"为主题，进行第十七次专题 学习。国务院总理李强在会上强调，要深入实施城市更新行动，把城市更新和消除安全隐患、稳楼市等工作结合 起来，扎实推进好房子建设和房地产高质量发展。 值得注意的是，去年的中央经济工作会议明确提出要"稳住楼市股市"，并在多处强调了大力实施城市更新、城中 村改造，赋予"稳楼市"在新一轮高质量发展中的重要使命，今年3月政府工作报告也再次提到稳住楼市股市。而相 比之下，"消除安全隐患"则是一个新的提法，在近期香港大埔宏福苑火灾事故发生之后，各地也掀起了高层建筑 火灾隐患的排查行动。 上海易居房地产研究院副院长严跃进向《华夏时报》记者表示，在城市发展新阶段，将城市更新与消除安全隐患 紧密结合，是保障城市安全运行的必然要求，体现城市韧性发展导向。这一新表述说明2026年关于危旧房的安全 隐患消除工作会提速，将明显提高房屋体检等工作的重要性，同时危旧房改造力度也会加大。 新提"消除安全隐患 ...

| | | 沪镍产业日报 2025-12-04 存亦呈现增长。技术面，持仓持稳价格调整，多空分歧增加。观点参考：预计短线沪镍震荡调整，关注119 000阻力。 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 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。 | 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:沪镍(日,元/吨) | 117760 | -110 01-02月合约价差:沪镍(日,元/吨) | -180 | 20 | | | LME3个月镍(日,美元/吨) | 14875 | 135 主力合约持仓量:沪镍(日,手) | 118041 | -57 ...

通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货大概率将偏强震荡：IF2512 阻力位 4565 和 4575 点，支撑位 4511 和 4492 点；IH2512 阻力位 2977 和 2990 点，支撑位 2944 和 2935 点；IC2512 阻力位 7027 和 7054 点，支撑位 6925 和 6891 点；IM2512 阻 力位 7261 和 7290 点，支撑位 7161 和 7116 点。 2025 年 12 月 4 日 股指期货将偏强震荡 铜期货再创上市以来新高 铜、锡期货 将震荡偏强 氧化铝期货再创上市以来新低 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投 ...

望态度，且本周订单较少，采买量级较少，部分企业选择使用库存进行生产，部分企业进行少量刚需采买 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 。现货升水下跌至-150元/吨；LME库存小幅增加，现货升水上涨。技术面，放量增仓上影阳线，多空分歧 免责声明 | | | 沪锡产业日报 2025-12-04 | 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:沪锡(日,元/吨) | 316230 | 3860 1月-2月合约收盘价:沪锡(日,元/吨) | -740 | -120 | | | LME3个月锡(日,美元/吨) | 40750 | 1910 主力合约持仓量:沪锡(日,手) | 52057 | -998 | | | 期货前20名净持仓:沪锡(日,手) | -815 | 685 LME锡:总库存(日,吨) | 3195 | 50 | | | 上期所库存:锡(周,吨) | 6359 | 130 LME锡:注销仓单(日,吨) | ...

：预计不锈钢期价震荡调整，关注M30压力。 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 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 不锈钢产业日报 2025-12-04 | 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:不锈钢(日,元/吨) | 12425 | -40 01-02月合约价差:不锈钢(日,元/吨) | -95 | -15 -871 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8837 | 204 主力合约持仓量:不锈钢(日,手) | 96076 | | | | 仓单数量:不锈钢(日,吨) | 62157 | -180 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/ ...

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - The report anticipates that Shanghai zinc will experience a moderately strong oscillation, and it is recommended to monitor whether it can break through 23,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract was 22,865 yuan/ton, up 110 yuan; the LME three - month zinc quotation was 3,062 US dollars/ton, up 6.5 US dollars [3]. - The total open interest of Shanghai zinc was 201,973 lots, an increase of 6,148 lots; the net open interest of the top 20 in Shanghai zinc was 15,926 lots, an increase of 3,565 lots [3]. - The Shanghai Futures Exchange inventory was 95,916 tons, a decrease of 4,431 tons; the LME inventory was 52,450 tons, an increase of 75 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,990 yuan/ton, up 200 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 23,090 yuan/ton, up 200 yuan [3]. - The basis of the ZN main contract was 125 yuan/ton, up 90 yuan; the LME zinc premium (0 - 3) was 186.85 US dollars/ton, down 64.13 US dollars [3]. - The ex - works price of 50% zinc concentrate in Kunming was 19,470 yuan/ton, up 560 yuan; the price of 85% - 86% crushed zinc in Shanghai was 16,200 yuan/ton, up 100 yuan [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance was - 21,000 tons, an increase of 6,800 tons; the ILZSG zinc supply - demand balance was 47,900 tons, an increase of 17,700 tons [3]. - The global zinc mine production was 1.0976 million tons, an increase of 21,400 tons; the domestic refined zinc production was 625,000 tons, a decrease of 26,000 tons [3]. - The zinc ore import volume was 340,900 tons, a decrease of 164,500 tons [3]. 3.4 Industry Situation - The refined zinc import volume was 18,836.76 tons, a decrease of 3,840.75 tons; the refined zinc export volume was 8,518.67 tons, an increase of 6,040.84 tons [3]. - The social zinc inventory was 137,500 tons, a decrease of 3,100 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets was 2.32 million tons, an increase of 10,000 tons; the monthly sales volume of galvanized sheets was 2.28 million tons, a decrease of 90,000 tons [3]. - The monthly new housing construction area was 490.6139 million square meters, an increase of 36.6239 million square meters; the monthly housing completion area was 348.61 million square meters, an increase of 37.3212 million square meters [3]. - The monthly automobile production was 3.279 million vehicles, an increase of 52,000 vehicles; the monthly air - conditioner production was 14.204 million units, a decrease of 3.8908 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options on zinc was 11.64%, a decrease of 0.42 percentage points; the implied volatility of at - the - money put options on zinc was 11.64%, a decrease of 0.42 percentage points [3]. - The 20 - day historical volatility of at - the - money zinc options was 10.09%, a decrease of 0.47 percentage points; the 60 - day historical volatility of at - the - money zinc options was 9.1%, an increase of 0.04 percentage points [3]. 3.7 Industry News - On December 3, the State Council conducted its 17th special study on "deeply promoting people - centered new urbanization and focusing on building a new pattern of integrated urban - rural development" [3]. - The US ADP employment in November unexpectedly declined by 32,000 people, the largest drop since March 2023, with a sharp increase in unemployment among small businesses [3]. - The US ISM services PMI index in November rose to 52.6, a nine - month high, with an expected value of 52.0 [3]. 3.8 Fundamental Analysis - The upstream zinc ore import volume declined due to the worsening internal - external price ratio and increased losses in importing zinc concentrates in China [3]. - Domestic smelters have started winter raw material reserves, preferring domestic zinc concentrates, leading to increased competition and a significant decline in processing fees at home and abroad, squeezing smelter profits and restricting production in some smelters [3]. - Overseas supply remains tight, the Shanghai - London ratio has remained low, imports are at a loss, and the export window is open, expected to turn into a net export situation to ease domestic supply pressure [3]. - On the demand side, the downstream market is entering the off - season, with the real estate sector dragging down, and the infrastructure and home appliance sectors weakening, while the automotive sector shows some bright spots due to policy support [3]. 3.9 Technical Analysis - Open interest has increased along with rising prices, indicating a warming up of the bullish sentiment [3].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - On December 4, 2025, the SM2603 contract was reported at 5,796, up 0.69%, with Inner Mongolia silicon - manganese spot at 5,520. The EU will ban Russian natural gas imports from autumn 2027. Fundamentally, inventory is rising fast, production is slightly falling, and inventory has risen for 9 consecutive weeks. The port inventory of imported manganese ore increased by 87,000 tons, and iron - water demand is seasonally falling. Inner Mongolia's spot profit is - 582 yuan/ton, and Ningxia's is 380 yuan/ton. The daily K - line is below the 20 and 60 - day moving averages, with a short - term trend of bottom rebound and volatile operation [2]. - On December 4, 2025, the SF2603 contract was reported at 5,546, up 1.65%, with Ningxia silicon - iron spot at 5,250, up 50 yuan/ton. From January to November, consumer goods trade - in drove related sales over 2.5 trillion yuan. Market transactions are mainly for end - user rigid demand restocking, and inventory continues to decline this period. Inner Mongolia's spot profit is - 270 yuan/ton, and Ningxia's is - 565 yuan/ton. The daily K - line is below the 20 and 60 - day moving averages, with a short - term trend of bottom rebound and volatile operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价为5,724元/吨，环比上涨2元；SF主力合约收盘价为5,446元/吨，环比下跌2元 [2]. - SM期货合约持仓量为634,165手，环比增加6,439手；SF期货合约持仓量为456,023手，环比减少26,448手 [2]. - 锰硅前20名净持仓为 - 35,230手，环比减少8,566手；硅铁前20名净持仓为 - 30,529手，环比减少9,615手 [2]. - SM5 - 1月合约价差为50元/吨，环比上涨2元；SF5 - 1月合约价差为38元/吨，环比上涨24元 [2]. - SM仓单为21,116张，环比增加5,265张；SF仓单为13,235张，环比增加1,980张 [2]. 3.2 Spot Market - 内蒙古、贵州锰硅FeMn68Si18价格均为5,520元/吨，环比无变化；云南锰硅FeMn68Si18价格为5,550元/吨，环比无变化 [2]. - 内蒙古硅铁FeSi75 - B价格为5,300元/吨，环比上涨50元；青海硅铁FeSi75 - B价格为5,180元/吨，环比上涨30元；宁夏硅铁FeSi75 - B价格为5,250元/吨，环比上涨50元 [2]. - 锰硅指数均值为5,499元/吨，环比下跌16.75元；SF主力合约基差为 - 196元/吨，环比上涨52元；SM主力合约基差为 - 204元/吨，环比下跌2元 [2]. 3.3 Upstream Situation - 南非矿Mn38块天津港价格为32元/吨度，环比无变化；硅石（98%西北）价格为210元/吨，环比无变化 [2]. - 内蒙古乌海二级冶金焦价格为1,250元/吨，环比无变化；兰炭（中料神木）价格为870元/吨，环比下跌10元 [2]. - 锰矿港口库存为438.3万吨，环比增加8.7万吨 [2]. 3.4 Industry Situation - 锰硅企业开工率为38.09%，环比下降1.04个百分点；硅铁企业开工率为33.41%，环比下降0.40个百分点 [2]. - 锰硅供应为194,775吨，环比减少2,135吨；硅铁供应为107,200吨，环比减少1,100吨 [2]. - 锰硅厂家库存为368,000吨，环比增加5,000吨；硅铁厂家库存为71,830吨，环比减少1,220吨 [2]. - 锰硅全国钢厂库存为15.84天，环比增加0.14天；硅铁全国钢厂库存为15.80天，环比增加0.13天 [2]. - 五大钢种锰硅需求为121,727吨，环比增加320吨；五大钢种硅铁需求为19,660吨，环比增加117吨 [2]. 3.5 Downstream Situation - 247家钢厂高炉开工率为81.07%，环比下降1.10个百分点；247家钢厂高炉产能利用率为87.96%，环比下降0.60个百分点 [2]. - 粗钢产量为7,199.7万吨，环比减少149.31万吨 [2]. 3.6 Industry News - 国务院总理李强指出新型城镇化是扩大内需等的重要载体，“十五五”时期发展空间大 [2]. - 经合组织称G20经济体通胀率将从2025年的3.4%降至2027年的2.5%，多数经济体通胀将在2027年年中回归目标水平，OECD经济体公共债务率预计2027年达113%，美国国债规模已突破36万亿美元 [2]. - 欧盟将从2027年秋季开始全面禁止进口俄罗斯天然气 [2]. - 1 - 11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次，其中汽车以旧换新超1120万辆，家电以旧换新超12844万台 [2].