Core Points - The article highlights the successful urban renewal and civil construction efforts in Jin City, particularly through the comprehensive renovation of 271 back streets, which has significantly improved the living environment and community satisfaction [1][2][3] Group 1: Urban Renovation Efforts - Jin City has completed the comprehensive renovation of 271 back streets, addressing community concerns and enhancing urban aesthetics [1] - The renovation included the addition of 11 waiting areas for parents, 2,300 charging stations, and the regulation of 351 temporary stalls, directly responding to public needs [1] - The transformation of streets has led to increased parking availability and improved traffic flow, making the environment more user-friendly [1][2] Group 2: Community Impact - The improvements in street conditions have reduced conflicts related to road usage and space, with a reported decrease of over 50% in disputes [2] - The integration of local cultural elements into the renovation has created spaces that resonate with community memories and enhance cultural identity [3] - The initiative has not only improved physical spaces but also enriched the spiritual life of residents, fostering a sense of community and historical continuity [3] Group 3: Future Plans - Jin City plans to continue exploring a long-term management mechanism for back streets, aiming to maintain their original character while enhancing their role as symbols of urban civilization [3]

Group 1 - The core viewpoint of the article emphasizes the challenges and importance of renovating dilapidated buildings as part of urban renewal efforts, with recent government policies supporting these initiatives [1] - The recent document titled "Opinions on Promoting High-Quality Urban Development" highlights the need to steadily advance the renovation of urban villages and dilapidated housing, encouraging self-initiated updates and original demolition and reconstruction [1] - Various regions across the country have initiated "original demolition and reconstruction" projects this year, with specific cases emerging in multiple locations, including a project currently under construction in Beijing's Xicheng District [2] Group 2 - The article notes that not only in Beijing but also in many other areas nationwide, there are concrete examples of "original demolition and reconstruction" being implemented this year [2] - Some regions have innovated methods for self-updating entire blocks based on the "original demolition and reconstruction" approach, indicating a trend towards more comprehensive urban renewal strategies [2]

Core Viewpoint - The article discusses the recent trend of "Generation Z" (post-2000s) consumers shifting from online shopping to offline shopping, particularly in revamped shopping malls that offer unique experiences and cultural elements [1][4]. Group 1: Market Trends - A significant portion of the "00s" generation is returning to physical stores, with shopping centers transforming into lifestyle experience venues that blend social, cultural, and shopping elements [1][4]. - According to a survey by the China National Commercial Information Center, 66% of surveyed enterprises plan to increase renovation and upgrade events in 2024 compared to the previous year [1][4]. - Traditional department stores are enhancing their appeal by increasing "IP density" and creating new business formats focused on the "two-dimensional economy" [4][5]. Group 2: Consumer Behavior - Young consumers are increasingly valuing experiential consumption, with 64% of consumers prioritizing spiritual consumption, especially among younger demographics [7]. - The shift in consumer demand is moving from merely purchasing products to seeking experiences and personalized offerings [7][12]. Group 3: Shopping Mall Innovations - Shopping malls are evolving from simple retail spaces to integrated urban lifestyle centers that offer social, cultural, and consumption experiences [9][12]. - Various malls are implementing innovative features such as themed pop-up events, immersive experiences, and community-oriented spaces to attract foot traffic [4][8][11]. Group 4: Challenges and Strategies - Despite increased foot traffic post-renovation, maintaining competitive advantages and achieving sustainable profitability remain significant challenges for physical retail [13]. - High renovation costs and the need for effective operational support are critical issues that many shopping centers face [13][15]. - The integration of new technologies, such as artificial intelligence, is suggested to enhance marketing precision and operational efficiency [15].

就便民方面来说，规划要建立健全多层级、全覆盖的公共服务网络，优先补齐民生领域公共服务设施短 板，合理满足人民群众生活需求。 城市更新是房地产发展进入新模式阶段的重要举措，关系到很多人的切身利益，在规划、资金、运营、 治理着力是重要抓手，从深层次解决存在的矛盾是加大改革力度的方向。 日前，住房和城乡建设部召开全国城市更新工作推进会。倪虹部长在推进会上表示，城市更新要着力在 规划、资金、运营、治理四个方面下功夫，因地制宜、探索创新，持续推进城市更新行动。 今年5月，中办、国办发布了《关于持续推进城市更新行动的意见》（下称《行动意见》），提出的主 要目标是：到2030年，城市更新行动实施取得重要进展，城市更新体制机制不断完善，城市开发建设方 式转型初见成效，安全发展基础更加牢固，服务效能不断提高，人居环境明显改善，经济业态更加丰 富，文化遗产有效保护，风貌特色更加彰显，城市成为人民群众高品质生活的空间。 不久前发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》也提出，坚持城市内 涵式发展，大力实施城市更新，建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。 当前，我国房地产业发展进入构建新模式 ...

证券研究报告：房地产|行业周报 发布时间：2025-11-24 | 行业基本情况 | | --- | | 收盘点位 | | 2271.52 | | --- | --- | --- | | 52 | 周最高 | 2506.48 | | 52 | 周最低 | 1870.99 | 行业相对指数表现 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 2024-11 2025-02 2025-04 2025-06 2025-09 2025-11 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 行业投资评级 强于大市|维持 《地产数据加速下滑 政策放松预期升 温》 - 2025.11.17 房地产行业报告 （2025.11.17-2025.11.23） 量价承压 信心与预期仍待修复 ⚫ 投资要点 当前房地产行业仍处于调整周期，销售端整体同比延续下滑态 势，政策层面持续加码城市更新与存量盘活，成为推动行业转型的关 键抓手。我们认为目前市场信心 ...

Group 1: Key Points on the TAZARA Railway Project - The TAZARA Railway activation project was inaugurated with the participation of the Chinese Premier and leaders from Zambia and Tanzania, aiming to enhance industrial and agricultural modernization in the region [1] - The railway, originally built in the 1970s, spans 1860.5 kilometers and includes 320 bridges and 22 tunnels, with the activation expected to increase freight capacity from approximately 200,000 tons to 2.4 million tons annually, while reducing transit time by two-thirds [1] Group 2: Urban Renewal Initiatives - A national urban renewal conference was held to promote high-quality urban development, focusing on creating modern, resilient, and smart cities [2] - The initiative emphasizes the necessity of urban renewal for accelerating urban energy transformation and aims to stimulate investment and consumption through new industries and business models [2] - A sustainable financing system for urban construction and operation is being established, encouraging financial institutions to develop long-term, low-interest credit products [2] Group 3: Geopolitical Developments and Investment Opportunities - Expectations for peace talks between Ukraine and Russia have increased, with Ukraine's delegation set to participate in negotiations regarding a U.S. peace plan [3] - A joint statement from multiple European nations indicates that the U.S. proposal could serve as a foundation for further discussions, highlighting the geopolitical context that may influence international engineering projects under the Belt and Road Initiative [3] Group 4: Recommended Investment Sectors - The report suggests focusing on sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure development in Western regions as potential investment opportunities [4]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On November 24, the manganese - silicon 2601 contract was reported at 5630, rising 0.50%. The inventory has rebounded rapidly, the output has continued to decline slightly at a high level, and the inventory has rebounded for 8 consecutive weeks. The port inventory of imported manganese ore at the raw material end increased by 330,000 tons, and the iron - water demand has a seasonal decline overall. The short - term trend is expected to be weak and volatile [2]. - On November 24, the silicon - iron 2603 contract was reported at 5456, rising 0.04%. The weakening of coal has led to a correction in alloys. Market transactions are mainly for terminal rigid - demand replenishment, prices have declined, and the inventory in this period has decreased. The short - term trend is expected to be weak and volatile [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price: 5,630.00 yuan/ton, up 24.00 yuan; SF main contract closing price: 5,456.00 yuan/ton, down 16.00 yuan [2]. - SM futures contract holding volume: 718,487.00 lots, down 32,735.00 lots; SF futures contract holding volume: 436,286.00 lots, down 12,267.00 lots [2]. - Manganese - silicon top 20 net holding volume: - 7,574.00 lots, down 181.00 lots; Silicon - iron top 20 net holding volume: - 10,992.00 lots, up 2,577.00 lots [2]. - SM 5 - 1 month contract spread: 62.00 yuan/ton, down 6.00 yuan; SF 5 - 1 month contract spread: - 14.00 yuan/ton, up 12.00 yuan [2]. - SM warehouse receipts: 20,797.00 pieces, up 460.00 pieces; SF warehouse receipts: 9,039.00 pieces, up 763.00 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18: 5,450.00 yuan/ton, up 30.00 yuan; Inner Mongolia silicon - iron FeSi75 - B: 5,270.00 yuan/ton, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18: 0.00 yuan/ton, down 5,500.00 yuan; Qinghai silicon - iron FeSi75 - B: 5,130.00 yuan/ton [2]. - Yunnan manganese - silicon FeMn68Si18: 5,500.00 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B: 5,220.00 yuan/ton, up 20.00 yuan [2]. - Manganese - silicon index average: 5,515.75 yuan/ton, down 63.25 yuan; SF main contract basis: - 236.00 yuan/ton, up 36.00 yuan [2]. - SM main contract basis: - 180.00 yuan/ton, up 6.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port: 32.00 yuan/ton - degree, unchanged; Silica (98% in Northwest China): 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1,300.00 yuan/ton, unchanged; Semi - coke (medium material in Shenmu): 880.00 yuan/ton, unchanged [2]. - Manganese ore port inventory: 4.263 million tons, unchanged [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate: 39.13%, down 0.46%; Silicon - iron enterprise operating rate: 33.81%, down 1.03% [2]. - Manganese - silicon supply: 196,910.00 tons, down 2,660.00 tons; Silicon - iron supply: 108,300.00 tons, down 800.00 tons [2]. - Manganese - silicon manufacturer inventory: 363,000.00 tons, up 13,500.00 tons; Silicon - iron manufacturer inventory: 73,050.00 tons, down 8,310.00 tons [2]. - Manganese - silicon inventory of national steel mills: 15.70 days, down 0.23 days; Silicon - iron inventory of national steel mills: 15.67 days, up 0.15 days [2]. - Manganese - silicon demand of five major steel types: 121,407.00 tons, up 2,818.00 tons; Silicon - iron demand of five major steel types: 19,543.00 tons, up 469.20 tons [2]. 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills: 82.17%, down 0.62%; Blast furnace capacity utilization rate of 247 steel mills: 88.56%, down 0.26% [2]. - Crude steel output: 71.997 million tons, down 1.4931 million tons [2]. 3.6 Industry News - Foreign institutions generally predict that China's economy will maintain steady growth in 2026 with policy support. Goldman Sachs has raised its forecasts for China's export growth rate and real GDP growth rate [2]. - In October 2025, the crude steel output of 70 countries/regions included in the World Steel Association's statistics was 143.3 million tons, a year - on - year decrease of 5.9% [2]. - In October, the total electricity consumption of the whole society was 857.2 billion kWh, a year - on - year increase of 10.4%, the first single - month increase exceeding 10% this year [2]. - The Ministry of Housing and Urban - Rural Development held a national urban renewal work promotion meeting, aiming to focus on four aspects: planning, funds, operation, and governance [2]. 3.7 Market Pricing - HeSteel Group's final price for silicon - manganese in November was 5,820 yuan/ton, unchanged from the previous month [2]. - HeSteel's tender price for 75B silicon - iron in November was 5,680 yuan/ton, 20 yuan/ton higher than the previous round [2]. 3.8 Profit Situation - Inner Mongolia's spot profit for manganese - silicon: - 260 yuan/ton; Ningxia's spot profit for manganese - silicon: - 400 yuan/ton [2]. - Inner Mongolia's spot profit for silicon - iron: - 240 yuan/ton; Ningxia's spot profit for silicon - iron: - 470 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - On November 24, the JM2601 contract closed at 1096.5, down 1.48%. The spot price of Tangshan Mongolian No. 5 coking coal was 1550, equivalent to 1330 on the futures market. The macro - situation: the NDRC issued a notice on ensuring coal supply for power generation in 2026, weakening the market's expectations. Fundamentally, the capacity utilization rate of mines has rebounded for two consecutive weeks, and the coking coal inventory of coal washing plants has increased for three consecutive weeks. The inventory is at a moderate level, and the total inventory shows a seasonal upward trend. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weakly volatile [2]. - On November 24, the J2601 contract closed at 1632.5, up 0.03%. The fourth round of price increase for coke has been implemented in the spot market. Macro: in October 2025, the crude steel output of 70 countries/regions included in the World Steel Association statistics was 143.3 million tons, a year - on - year decrease of 5.9%. Fundamentally, on the demand side, the current pig iron output is 236.28 million tons, a decrease of 0.60 million tons, and the total coke inventory is higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants in the country is 19 yuan/ton. Technically, the daily K - line is below the 20 - day and 60 - day moving averages, and the short - term trend is expected to be weakly volatile [2]. 3. Summary by Relevant Catalogs Futures Market - JM main contract closing price (daily, yuan/ton): 1096.50, down 6.50; J main contract closing price (daily, yuan/ton): 1632.50, up 18.00 [2]. - JM futures contract open interest (daily, lots): 859403.00, up 17120.00; J futures contract open interest (daily, lots): 49177.00, down 782.00 [2]. - Net open interest of the top 20 JM contracts (daily, lots): - 106865.00, up 6957.00; net open interest of the top 20 J contracts (daily, lots): - 1532.00, up 150.00 [2]. - JM May - January contract spread (daily, yuan/ton): 83.00, down 2.50; J May - January contract spread (daily, yuan/ton): 149.50, down 14.00 [2]. - Coking coal warehouse receipts (daily, pieces): 0.00, unchanged; coke warehouse receipts (daily, pieces): 2070.00, unchanged [2]. Spot Market - Ganqimao Mongolian No. 5 raw coal (daily, yuan/ton): 1000.00, unchanged; Tangshan Grade I metallurgical coke (daily, yuan/ton): 1885.00, unchanged [2]. - Russian prime coking coal forward spot (CFR, US dollars/wet ton): 162.50, unchanged; Rizhao Port quasi - Grade I metallurgical coke (daily, yuan/ton): 1670.00, unchanged [2]. - Jingtang Port Australian imported prime coking coal (daily, yuan/ton): 1570.00, unchanged; Tianjin Port Grade I metallurgical coke (daily, yuan/ton): 1770.00, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1780.00, unchanged; Tianjin Port quasi - Grade I metallurgical coke (daily, yuan/ton): 1670.00, unchanged [2]. - Medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi (daily, yuan/ton): 1610.00, unchanged; J main contract basis (daily, yuan/ton): 252.50, down 18.00 [2]. - Coking coal ex - factory price in Wuhai, Inner Mongolia: 1380.00, down 20.00; JM main contract basis (daily, yuan/ton): 513.50, up 6.50 [2]. Upstream Situation - The coking coal output of 314 independent coal washing plants (daily, million tons): 27.60, up 0.20; the coking coal inventory of 314 independent coal washing plants (weekly, million tons): 302.80, up 2.00 [2]. - Capacity utilization rate of 314 independent coal washing plants (weekly, %): 0.38, unchanged; raw coal output (monthly, million tons): 40675.00, down 475.50 [2]. - Coal and lignite imports (monthly, million tons): 4174.00, down 426.00; average daily raw coal output of 523 coking coal mines: 193.40, up 1.50 [2]. - Imported coking coal inventory at 16 ports (weekly, million tons): 456.90, down 31.30; coke inventory at 18 ports (weekly, million tons): 253.40, down 6.10 [2]. - Total coking coal inventory of all - sample independent coking enterprises (weekly, million tons): 1038.19, down 30.78; total coke inventory of all - sample independent coking enterprises (weekly, million tons): 65.29, up 7.14 [2]. - Coking coal inventory of 247 steel mills nationwide (weekly, million tons): 797.08, up 6.91; coke inventory of 247 sample steel mills nationwide (weekly, million tons): 622.34, down 0.06 [2]. - Available days of coking coal for all - sample independent coking enterprises (weekly, days): 12.97, up 0.10; available days of coke for 247 sample steel mills (weekly, days): 11.05, down 0.01 [2]. Industry Situation - Coking coal imports (monthly, million tons): 1059.32, down 33.04; coke and semi - coke exports (monthly, million tons): 73.00, up 19.00 [2]. - Coking coal output (monthly, million tons): 3975.92, up 279.06; capacity utilization rate of independent coking enterprises (weekly, %): 71.71, up 0.07 [2]. - Profit per ton of coke for independent coking plants (weekly, yuan/ton): 19.00, up 53.00 [2]. - Coke output (monthly, million tons): 4189.60, down 66.00 [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide (weekly, %): 82.17, down 0.62; blast furnace iron - making capacity utilization rate of 247 steel mills (weekly, %): 88.56, down 0.26 [2]. - Crude steel output (monthly, million tons): 7199.70, down 149.31 [2]. Industry News - Foreign institutions generally predict that China's economy will maintain steady growth with policy support in 2026. Morgan Stanley believes that China's economy will have moderate growth in 2026 under moderate easing policies, gradual re - balancing and restrained "anti - involution" measures. Goldman Sachs has raised its forecasts for China's export growth rate and real GDP growth rate [2]. - In October 2025, the crude steel output of 70 countries/regions included in the World Steel Association statistics was 143.3 million tons, a year - on - year decrease of 5.9% [2]. - In October, the total social electricity consumption was 857.2 billion kWh, a year - on - year increase of 10.4%, the first single - month increase of more than 10% this year [2]. - The Ministry of Housing and Urban - Rural Development held a national urban renewal work promotion meeting, emphasizing efforts in planning, funds, operation, and governance to promote urban renewal [2].

螺纹钢产业链日报 2025/11/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,089.00 | +32↑ RB主力合约持仓量(手) | 1432705 | -80706↓ | | | RB合约前20名净持仓(手) | -82833 | +23041↑ RB1-5合约价差(元/吨) | -29 | +12↑ | | | RB上期所仓单日报(日，吨) | 65158 | +338↑ HC2601-RB2601合约价差(元/吨) | 206 | -7↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,270.00 | +20↑ 杭州 HRB400E 20MM(过磅，元/吨) | 3,354 | +21↑ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | +20↑ 天津 HRB400E 20MM(理计，元/吨) | 3,210.00 | 0.00 | | | RB 主力合约基差 ...

2025年第47周，住建部两度发声推进城市更新工作，要求把城市更新摆在更加突出的位置，要因地 制宜、探索创新，着力在规划、资金、运营、治理4个方面下功夫。地方层面，政策发布频次明显加 快，且各方面政策类型均有所涉及：如郴州鼓励现房销售；杭州余杭区推出购房补贴新政，实施让利 促销的项目每套补助3万元；成都允许存量自持租赁住房转变属性，转为普通商品住房上市交易。 01 周度中央：住建部就推进城市更新工作两度发声 11月20日"中国经济圆桌会"： 住房城乡建设部建筑节能与科技司副司长张雁在会上表示，要把城市更新摆在 更加突出的位置，系统推进好房子、好小区、好社区、好城区"四好"建设，为人民群众高品质生活、新业态新 产业发展提供空间载体，为城市高质量发展提供有力支撑。张雁说，住房城乡建设部已经印发城市更新规划编 制导则和手册，指导各地依据城市体检结果，科学制定城市更新专项规划，建立完善从专项规划到片区策划， 再到项目实施方案的规划实施体系，形成发现问题、解决问题、评估成效、巩固提升的工作路径，确保城市更 新项目落地落实落细。 11月21日全国城市更新工作推进会： 会议指出，要因地制宜、探索创新，着力在4个方面下功夫： ...