尹力强调，中央生态环境保护督察是习近平总书记亲自谋划亲自部署亲自推动的重大体制创新和重大改 革举措。各相关区和部门要切实提高思想认识、增强政治自觉，不折不扣抓好督察发现问题整改工作， 全面压实责任，确保按期高质量完成整改任务。要举一反三，深化标本兼治，不断完善常态化、长效化 工作机制，以问题整改为契机，压紧压实生态环境保护责任，持续深入打好污染防治攻坚战，以更高标 准扎实推进美丽北京建设，不断提升首都生态文明建设水平。 本报讯（记者祁梦竹 范俊生）昨天下午，市委书记尹力到怀柔区督导推进中央生态环境保护督察问题 整改工作，并检查灾后恢复重建进展。他强调，要贯彻落实党的二十届四中全会精神，深入学习贯彻习 近平生态文明思想，以中央生态环境保护督察问题整改为契机，进一步健全生态环境保护长效机制，坚 定不移走好生态优先、绿色发展之路，统筹好高质量发展和高水平安全，以更高标准、更实举措抓好各 项工作，努力在新时代首都发展中展现更大作为。 尹力强调，要高质高效推进灾后恢复重建任务。当前要集中力量加快推进"一年基本恢复"项目，确保汛 前全面建成并投入使用。坚持安全第一、科学规划，严格做好民房、养老院、学校等新建项目选址论 证 ...

Group 1 - The news highlights a case in Shanxi where a village cadre was detained for 15 days and fined 1,000 yuan for assaulting a resident after drinking [1] - In Yunnan, a man was penalized for refusing military service, facing a fine of 27,187.2 yuan and being barred from public service employment [2] - A significant safety incident in Fujian resulted in the investigation of 14 public officials following a construction accident that caused five fatalities and economic losses of 8.93 million yuan [4] Group 2 - In Shanghai, a new policy was introduced to establish a guardianship system for the elderly, including a city-level information platform for monitoring [3] - Beijing's health commission released plans to integrate artificial intelligence into healthcare, emphasizing the importance of human oversight in medical decisions [6]

Group 1 - The Central First Ecological Environment Protection Inspectorate has transferred the 30th batch of public complaints to Beijing, consisting of 33 cases, with one case not disclosed according to relevant regulations [1] - The public can access the list of complaints and the status of the ecological environment protection inspections through a QR code [1]

Group 1 - The city has completed the investigation and handling of the 30th batch of 9 public complaints regarding environmental issues, with 8 cases concluded and 1 case provisionally concluded [1] - The handling of the related complaints will continue in accordance with the requirements of the Central Ecological and Environmental Protection Supervision [1] - The public complaints and the ongoing rectification work will be promoted as part of the "supervision and improvement" process [1]

Core Viewpoint - The article reports on the completion of investigations into the 30th batch of 13 public complaints regarding environmental issues, with findings indicating that 2 cases were fully substantiated, 8 partially substantiated, and 3 unsubstantiated [1] Group 1 - The investigations were conducted in accordance with the requirements of the Central Third Ecological and Environmental Protection Inspection Team [1] - Out of the 13 cases, 8 have been concluded while 5 remain unresolved [1] - The article also mentions the handling of 4 cases from the 28th batch that were granted extensions for investigation [1]

Core Viewpoint - The Central First Ecological Environment Protection Inspectorate has transferred 15 public complaint cases to Beijing as part of its 26th batch of reports, which will be publicly disclosed [1] Group 1 - The report includes a list of public complaints regarding ecological and environmental issues [1] - The complaints are part of ongoing efforts to enhance environmental protection and accountability [1] - The public can access the detailed information through a QR code provided in the report [1]

Report Summary 1. Report Industry Investment Rating - The report gives a view of "oscillating on the upside with attention to risk control" for the RB2605 contract of rebar [2]. 2. Core View - On Monday, the RB2605 contract fluctuated strongly. Macroscopically, the State Council executive meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference, requiring to accelerate the formulation of specific implementation plans and ensure a good start for the "14th Five - Year Plan". In terms of supply and demand, the weekly output of rebar increased slightly this period, with a capacity utilization rate of 39.83% and an expanding year - on - year decline; apparent demand increased slightly and inventory continued to decline. Overall, in the off - season of consumption, the supply and demand of rebar are both weak, but the rebound of furnace materials raises the cost. Coupled with low production and low inventory of rebar, it supports the steel price. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are running above the 0 - axis with a stable red column [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the RB main contract is 3,126 yuan/ton, up 7 yuan; the trading volume is 1,591,974 lots, up 23,108 lots; the net position of the top 20 in the RB contract is - 9,538 lots, down 20,860 lots; the spread between RB1 - 5 contracts is 2 yuan/ton, up 1 yuan; the daily warehouse receipt of the RB on the SHFE is 82,284 tons, unchanged; the spread between HC2605 - RB2605 contracts is 151 yuan/ton, up 1 yuan [2]. b. Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) is 3,330 yuan/ton, up 10 yuan; the price in Hangzhou (actual weight) is 3,415 yuan/ton, up 10 yuan; the price in Guangzhou (theoretical weight) is 3,510 yuan/ton, unchanged; the price in Tianjin (theoretical weight) is 3,170 yuan/ton, unchanged. The basis of the RB main contract is 204 yuan/ton, up 3 yuan; the spot price difference between hot - rolled coils and rebar in Hangzhou is - 20 yuan/ton, up 10 yuan [2]. c. Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 797 yuan/wet ton, up 1 yuan; the price of first - grade metallurgical coke at Tianjin Port (FOB) is 1,590 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan (tax - excluded) is 2,160 yuan/ton, unchanged; the price of Q235 billets in Hebei is 2,950 yuan/ton, unchanged. The inventory of iron ore at 45 ports is 155.0814 million tons, up 0.8028 million tons; the inventory of coke at sample coking plants is 517,800 tons, up 18,200 tons [2]. d. Industry Situation - The inventory of coke at sample steel mills is 6.3358 million tons, down 16,400 tons; the inventory of billets in Tangshan is 1.1313 million tons, up 14,800 tons. The blast furnace operating rate of 247 steel mills is 78.45%, down 0.16 percentage points; the blast furnace capacity utilization rate of 247 steel mills is 84.91%, down 0.99 percentage points. The output of rebar at sample steel mills is 1.8168 million tons, up 29,000 tons; the capacity utilization rate of rebar at sample steel mills is 39.83%, up 0.64 percentage points. The inventory of rebar at sample steel mills is 1.3954 million tons, down 12,600 tons; the social inventory of rebar in 35 cities is 3.13 million tons, down 257,000 tons. The operating rate of independent electric arc furnace steel mills is 69.79%, up 1.04 percentage points; the domestic crude steel output is 69.87 million tons, down 2.13 million tons; the monthly output of Chinese rebar is 1.434 million tons, up 59,000 tons; the net export volume of steel is 948,000 tons, up 20,000 tons [2]. e. Downstream Situation - The national real estate climate index is 91.90, down 0.52; the cumulative year - on - year growth rate of fixed - asset investment completion is - 2.60%, down 0.90 percentage points; the cumulative year - on - year growth rate of real estate development investment completion is - 15.90%, down 1.20 percentage points; the cumulative year - on - year growth rate of infrastructure construction investment is - 1.10%, down 1.00 percentage points. The cumulative value of housing construction area is 6.56066 billion square meters, down 31.27 million square meters; the cumulative value of new housing construction area is 534.57 million square meters, down 43.95 million square meters; the inventory of commercial housing for sale is 393.61 million square meters, up 2.84 million square meters [2]. f. Industry News - The third round of the fifth batch of 10 central ecological and environmental protection inspection teams were stationed in Beijing, Tianjin, Hebei and 5 central enterprises from November 16 - 19, 2025, and carried out special inspections on the ecological and environmental protection of the Grand Canal in 8 provinces and cities, and recently completed the on - site inspection stage. On December 19, some steel mills in Hebei and Tianjin proposed a third - round price cut for coke, with a 50 - yuan/ton cut for wet - quenched coke and a 55 - yuan/ton cut for dry - quenched coke, to be implemented at zero o'clock on December 22, 2025, and it is expected that the third - round price cut for coke will be fully implemented on Monday [2].

Group 1 - The article reports that the city has completed the investigation and handling of the 22nd batch of 56 public complaints regarding environmental issues as required by the Central Second Ecological and Environmental Protection Supervision Group [1] - Out of the 56 complaints, 33 have been resolved and 23 are in the process of being resolved [1] - One case has been concluded but will not be made public in accordance with relevant regulations [1] Group 2 - The ongoing complaints will continue to be addressed in line with the requirements of the Central Ecological and Environmental Protection Supervision's "supervision while rectifying" approach [1]

Group 1 - The core viewpoint emphasizes that ecological environment protection and economic development are not contradictory but are dialectically unified, providing a solid institutional guarantee and practical path for high-quality economic and social development [1] - The Central Ecological Environment Protection Supervision has shifted local governments' focus from growth at the expense of environmental protection to a sustainable development model, promoting the idea that protecting the ecological environment is equivalent to protecting productivity [2][4] - The supervision has encouraged enterprises to view ecological and environmental investments not as burdens but as opportunities for technological upgrades and efficiency improvements, leading to a strategic shift towards green development [2][4] Group 2 - The supervision has significantly enhanced public awareness of ecological responsibility, transforming individuals from passive observers to active participants and supervisors in environmental protection [3][8] - By addressing prominent ecological issues, the supervision has driven local governments to optimize industrial structures, eliminate outdated capacities, and promote a shift towards high-end, intelligent, and green industries [4][5] - The supervision has focused on improving environmental infrastructure, which directly enhances ecological quality and attracts high-end industries, thereby fostering new growth points in the economy [7][8] Group 3 - The supervision has effectively addressed issues such as the encroachment of natural protected areas, ensuring the integrity of ecosystems and promoting a transformation in local development concepts [7] - By resolving public concerns regarding ecological issues, the supervision has improved living standards and created a favorable environment for market expansion and the development of specialized industries [8] - The upcoming implementation of the Ecological Environment Protection Supervision Work Regulations in 2025 aims to institutionalize the achievements of supervision practices, further solidifying the legal foundation for ecological civilization construction [8]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The iron ore futures price fluctuated strongly due to a decrease in arrivals and port inventories. The Fed's December rate cut expectation weakened, and the iron ore supply pressure was alleviated by a decline in arrivals in recent weeks. The iron ore production remained above 2.35 million tons, but the current weakness in the coking coal and steel markets might affect the ore price. The I2601 contract should focus on the resistance around 800, with short - term trading and attention to operation rhythm and risk control [8]. Summary by Directory 1. Weekly Highlights Summary - **Price**: As of the close on November 21, the iron ore main contract futures price was 785.5 (+13) yuan/ton, and the Macfayden powder at Qingdao Port was 844 (+6) yuan/dry ton [6]. - **Shipment**: The global iron ore shipment volume increased by 447,400 tons week - on - week. From November 10 to November 16, 2025, the global iron ore shipment volume was 35.164 million tons, and the Australia and Brazil iron ore shipment volume was 29.087 million tons, a week - on - week increase of 3.601 million tons [5][6]. - **Arrival**: The arrival volume at 47 ports decreased by 399,400 tons. From November 10 to November 16, 2025, the arrival volume at 47 ports in China was 23.699 million tons, a week - on - week decrease of 399,400 tons; the arrival volume at 45 ports was 22.689 million tons, a week - on - week decrease of 472,300 tons; and the arrival volume at six northern ports was 10.413 million tons, a week - on - week decrease of 484,500 tons [6]. - **Demand**: The hot metal production decreased by 600 tons. The daily average hot metal production was 2.3628 million tons, a week - on - week decrease of 600 tons and a year - on - year increase of 480 tons [6]. - **Inventory**: The port inventory decreased by 77,990 tons. As of November 21, 2025, the imported iron ore inventory at 47 ports in China was 157.3485 million tons, a week - on - week decrease of 77,990 tons and a year - on - year decrease of 194,530 tons. The imported ore inventory of 247 steel mills was 90.0123 million tons, a week - on - week decrease of 74,780 tons [6]. - **Profit Margin**: The steel mill profit margin was 37.66%, a week - on - week decrease of 1.30 percentage points and a year - on - year decrease of 16.89 percentage points [6]. - **Market Outlook**: Overseas, the Fed had a large divergence on whether to continue cutting interest rates in December. Domestically, the third - round fifth - batch of central environmental protection inspections were launched, and the central bank kept the loan prime rates unchanged. In terms of supply and demand, the Australia and Brazil iron ore shipments increased, arrivals decreased, and domestic port inventories declined. The steel mill blast furnace operating rate, capacity utilization rate, and hot metal production were slightly adjusted downwards. Technically, the I2601 contract of iron ore rushed up and consolidated, with the daily K - line standing above multiple moving averages and a bullish arrangement of the moving average combination. The MACD indicator showed that DIFF and DEA were rising upwards but had not effectively broken through the 0 axis [8]. 2. Futures and Spot Market - **Futures Price**: This week, the I2601 contract fluctuated strongly. It was stronger than the I2605 contract, with a spread of 29.5 yuan/ton on the 21st, a week - on - week increase of 0.5 yuan/ton [14]. - **Warehouse Receipts and Net Long Positions**: On November 21, the Dalian Commodity Exchange's iron ore warehouse receipts were 800, a week - on - week decrease of 100. The net long position of the top 20 in the ore futures contract was 527, an increase of 27,890 from the previous week [22]. - **Spot Price**: On November 21, the Macfayden powder ore with 61% iron content at Qingdao Port was reported at 844 yuan/dry ton, a week - on - week increase of 6 yuan/dry ton. This week, the iron ore spot price was weaker than the futures price, with a basis of 59 yuan/ton on the 21st, a week - on - week decrease of 7 yuan/ton [28]. 3. Industry Situation - **Arrival Volume**: From November 10 to November 16, 2025, the global iron ore shipment volume increased, while the arrival volume at 45 ports in China decreased [32]. - **Inventory**: The total imported iron ore inventory at 47 ports decreased by 77,990 tons week - on - week, and the daily average port clearance volume increased by 3110 tons. The steel mill's imported iron ore inventory decreased by 74,780 tons week - on - week, the daily consumption decreased by 950 tons, and the inventory consumption ratio decreased by 0.16 days [35]. - **Inventory Availability Days**: As of November 20, the average inventory availability days of imported iron ore in domestic large - and medium - sized steel mills was 20 days, a week - on - week decrease of 1 day. On November 20, the Baltic Dry Index (BDI) was 2170, a week - on - week increase of 145 [40]. - **Import Volume and Capacity Utilization**: In October, China's iron ore imports decreased by 5.017 million tons month - on - month, a decrease of 4.3%. From January to October, the cumulative imports increased by 0.7% year - on - year. As of November 14, the capacity utilization rate of 266 domestic mines increased by 0.38% week - on - week, the daily average fine powder output increased by 240 tons, and the inventory decreased by 2410 tons [43]. - **Domestic Iron Ore Output**: In October 2025, China's iron ore raw ore output decreased by 2.9% year - on - year, and the cumulative output from January to October decreased by 3.2% year - on - year. In September, the iron fine powder output of 433 domestic iron mines decreased by 35,600 tons month - on - month, a decrease of 1.5% [47]. 4. Downstream Situation - **Crude Steel Output**: In October 2025, China's crude steel output was 72 million tons, a year - on - year decrease of 12.1%. From January to October, the cumulative crude steel output was 817.87 million tons, a year - on - year decrease of 3.9% [50]. - **Steel Exports and Imports**: In October 2025, China's steel exports were 9.782 million tons, a year - on - year decrease of 12.5%; imports were 503,000 tons, a year - on - year decrease of 6.9%. From January to October, cumulative exports increased by 6.6% year - on - year, and cumulative imports decreased by 11.9% year - on - year [50]. - **Blast Furnace Operating Rate and Hot Metal Production**: On November 21, the blast furnace operating rate of 247 steel mills was 82.19%, a week - on - week decrease of 0.62 percentage points and a year - on - year increase of 0.26 percentage points; the blast furnace iron - making capacity utilization rate was 88.58%, a week - on - week decrease of 0.22 percentage points and a year - on - year increase of 0.05 percentage points. The daily average hot metal production was 2.3628 million tons, a week - on - week decrease of 600 tons and a year - on - year increase of 480 tons [53]. 5. Options Market - Due to the support of the decline in iron ore inventory, the ore price was strong, but the overall black sector was weak, especially the decline in steel mill profits might squeeze the ore price. Consider buying out - of - the - money put options when iron ore rebounds [56].