Core Viewpoint - The "Urban Commercial Quality Improvement Action Plan" aims to enhance urban commercial systems, stimulate consumption, and support high-quality economic development in cities [1][4]. Group 1: Policy Framework - The plan is a response to national commercial quality improvement actions and reflects fiscal policy efforts to stabilize growth and promote consumption [1][4]. - It outlines seven key areas for urban commercial quality improvement, including layout, upgrading, supply of goods and services, operational support, space utilization, development planning, and management systems [1]. Group 2: Financial Support Measures - The plan emphasizes the use of central fiscal funds to support pilot cities in modern commercial circulation, facilitating the renovation of operational and service facilities [2]. - It encourages tax and fee incentives for small and micro enterprises in the commercial sector, promoting compliance and innovation [2]. - The issuance of real estate investment trusts (REITs) for qualifying commercial properties is highlighted as a means to revitalize assets and reduce reliance on traditional credit [2]. Group 3: Utilization of Local Government Resources - Local governments are encouraged to use special bonds to activate idle commercial land, addressing resource wastage and enhancing commercial space potential [3]. - Approximately 440 billion yuan has been allocated for land reserve projects this year, with a portion aimed at acquiring idle land, indicating a strategy to expand support for urban renewal and commercial quality improvement [3]. Group 4: Future Policy Directions - The Ministry of Commerce plans to guide localities in effectively utilizing central fiscal funds and various financial tools to optimize urban commercial facilities [4]. - There is a focus on creating a fair and innovative environment for urban commercial development by considering the characteristics of different business models and services [4].

Core Insights - The Ministry of Commerce and four other departments have launched the "Urban Commercial Quality Improvement Action Plan" to enhance urban commercial systems, focusing on pedestrian streets and commercial districts to better meet residents' daily shopping and leisure needs [1][2] Group 1: Urban Commercial System Development - The action plan aims to create a well-structured urban commercial system that includes national demonstration pedestrian streets, characteristic commercial districts, and convenient living circles [1] - The plan outlines 21 key tasks across seven areas, including network layout improvement, business model upgrades, and supply enhancement [1][3] Group 2: Economic Impact and Employment - In 2024, national demonstration pedestrian streets and commercial districts are expected to achieve over 4 trillion visits and generate over 500 billion in revenue, creating over 800,000 jobs [1] - The initiative is designed to support local consumption, expand domestic demand, and stabilize employment [1] Group 3: Integration of Culture and Tourism - The integration of culture, tourism, and commerce is increasingly prevalent, leading to the development of new business models and immersive experiences [2] - The Ministry of Culture and Tourism plans to promote collaboration between tourist attractions and urban commercial facilities to create regionally distinctive cultural tourism products [2] Group 4: Land Use Optimization - The plan includes optimizing urban commercial facility supply through monitoring data from 297 cities, which will support local planning and commercial land regulation [3] - Pilot projects for redeveloping inefficient land use are being initiated, allowing cities to optimize existing commercial land and support its transformation [3]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report focuses on the market conditions of hot - rolled coil and rebar, indicating that the hot - rolled coil sector is experiencing emotional disturbances and wide - range fluctuations. It also provides detailed data on futures, spot prices, and spreads, along with macro and industry news [2]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: For RB2601, the closing price was 3,106 yuan/ton, down 15 yuan/ton (-0.48%); trading volume was 985,855 lots, and positions decreased by 15,466 lots. For HC2601, the closing price was 3,308 yuan/ton, down 24 yuan/ton (-0.72%); trading volume was 431,109 lots, and positions decreased by 3,067 lots [2]. - **Spot Price Data**: Rebar prices in Hangzhou and Guangzhou decreased by 10 yuan/ton; hot - rolled coil prices in Tianjin decreased by 10 yuan/ton, and in Guangzhou by 20 yuan/ton. Tangshan billet price decreased by 20 yuan/ton [2]. - **Price Difference Data**: The basis of HC2601 increased by 10 yuan/ton; the spread of RB2601 - RB2605 increased by 4 yuan/ton; the spread of HC2601 - HC2605 increased by 1 yuan/ton; the spread of HC2601 - RB2601 decreased by 10 yuan/ton; the spread of HC2605 - RB2605 decreased by 5 yuan/ton; the spot coil - rebar spread remained unchanged [2]. 3.2 Macro and Industry News - **Steel Union Weekly Data (Oct 30)**: Rebar production increased by 5.52 tons, hot - rolled coil production increased by 1.1 tons, and total production of five major varieties increased by 9.97 tons. Rebar inventory decreased by 19.59 tons, hot - rolled coil inventory decreased by 8.33 tons, and total inventory of five major varieties decreased by 41.09 tons. Rebar apparent demand increased by 6.17 tons, hot - rolled coil apparent demand increased by 5.16 tons, and total apparent demand increased by 23.65 tons [3]. - **Policy News**: Five departments including the Ministry of Commerce support qualified commercial real estate projects to issue real estate investment trust funds (REITs) [4]. - **Five - Year Plan News**: The 15th Five - Year Plan emphasizes promoting the high - quality development of the steel industry, focusing on industrial upgrading and enhancing the autonomy and controllability of the industrial chain [4]. - **Steel Import and Export Data**: In September 2025, China's steel exports were 1046.5 tons, a 10.0% month - on - month increase, with an average export price of 679.1 dollars/ton, a 2.7% month - on - month decrease. From January to September, cumulative exports were 8795.5 tons, a 9.0% year - on - year increase, with an average export price of 696.7 dollars/ton, a 9.5% year - on - year decrease. In September, imports were 54.8 tons, a 9.7% month - on - month increase, with an average import price of 1623.1 dollars/ton, a 1.8% month - on - month decrease. From January to September, cumulative imports were 453.2 tons, a 12.6% year - on - year decrease, with an average import price of 1692.3 dollars/ton, a 1.1% year - on - year increase [4]. 3.3 Trend Intensity The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral trend [5].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The market expectation has increased this week due to multiple factors including the completion of the autumn maintenance of the Datong - Qinhuangdao Railway, the release of the "15th Five - Year Plan" suggestions, relevant government notices, the Fed's interest rate cut, and the Sino - US leaders' meeting [7]. - The supply - demand of silicon ferroalloy is in a weak balance, with inventory at a neutral level. Lanthanum coke prices are stable, providing short - term cost support. However, the spot profit in Inner Mongolia and Ningxia is in a loss state [7]. - Technically, the weekly K - line of the silicon ferroalloy main contract is below the 60 - day moving average, showing a bearish trend on the weekly chart [7]. - It is expected that from November to December, the output of silicon ferroalloy will decline compared with the same period. The national policy of reducing crude steel production will continue, and the profit of coke is difficult to improve significantly. The alloy is likely to remain in a loss state. The silicon ferroalloy is expected to fluctuate in the range of 5400 - 5700 [7]. Summary According to the Directory 1. Weekly Key Points Summary - **Macro Aspect**: On October 25, the autumn maintenance of the Datong - Qinhuangdao Railway was completed. On the 28th, the "15th Five - Year Plan" suggestions were released, and on the 29th, relevant government notices were issued. The Fed cut interest rates by 25 basis points, and the probability of a December rate cut decreased. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year [7]. - **Supply - Demand and Profit**: Supply - demand is in a weak balance, inventory is at a neutral level. Lanthanum coke prices are stable, providing short - term cost support. The spot profit in Inner Mongolia is - 380 yuan/ton, and in Ningxia is - 360 yuan/ton [7]. - **Technical Aspect**: The weekly K - line of the silicon ferroalloy main contract is below the 60 - day moving average, showing a bearish trend on the weekly chart [7]. - **Strategy Suggestion**: Considering the market and winter equipment maintenance, the planned production of a Gansu enterprise in October is postponed to next year. It is expected that the output from November to December will decline compared with the same period. The national policy of reducing crude steel production will continue, and the silicon ferroalloy is expected to fluctuate in the range of 5400 - 5700 [7]. 2. Futures and Spot Market - **Futures Market**: As of October 31, the position of silicon ferroalloy futures contracts was 318,600 lots, a decrease of 41,000 lots compared with the previous period. The 5 - 1 contract monthly spread was 66, a decrease of 4 points compared with the previous period. The number of silicon ferroalloy warehouse receipts was 4,471, a decrease of 6,692 compared with the previous period. The price of silicon ferroalloy in Ningxia was 5,270 yuan/ton, an increase of 10 yuan/ton compared with the previous period [13][17]. - **Spot Market**: As of October 31, the basis of silicon ferroalloy was - 310 yuan/ton, an increase of 62 points compared with the previous period [25]. 3. Industrial Chain Situation - **Supply - Demand and Inventory**: The national average daily output of 136 independent silicon ferroalloy enterprises was 16,170 tons, a decrease of 125 tons compared with the previous week. The weekly demand for silicon ferroalloy in five major steel types was 20,275.3 tons, an increase of 1.70% compared with the previous week. The national silicon ferroalloy output (weekly supply) was 113,200 tons. The inventory of 60 independent silicon ferroalloy enterprises was 71,990 tons, an increase of 5,430 tons compared with the previous week [28][34]. - **Upstream Situation**: As of October 27, the electricity prices in Ningxia and Inner Mongolia for silicon manganese and silicon ferroalloy remained unchanged. As of October 30, the prices of lanthanum coke in Inner Mongolia and Shenmu remained unchanged. The spot production cost of silicon ferroalloy in Inner Mongolia was 5,682 yuan/ton, a 1.18% increase, and in Ningxia was 5,579 yuan/ton, a 1.20% increase. The spot profit in Ningxia was - 409 yuan/ton, unchanged [38][42]. - **Downstream Situation**: The average daily molten iron output of 247 steel mills was 2.3636 million tons, a decrease of 35,400 tons compared with the previous week. From January to September 2025, the cumulative export of silicon ferroalloy with a silicon content greater than 55% was 292,900 tons, a decrease of 22,900 tons compared with the same period last year, a 7.25% year - on - year decrease [46].

Core Viewpoint - The Ministry of Commerce and other departments have introduced the "Urban Commercial Quality Improvement Action Plan" to enhance urban commercial systems, aiming to better meet the daily shopping and leisure needs of residents and optimize the consumption environment [1] Group 1: Action Plan Overview - The plan outlines seven key areas with 21 main tasks, including improving network layout, upgrading business formats, enriching quality supply, strengthening operational guarantees, optimizing space utilization, refining development planning, and enhancing management systems [2] Group 2: Implementation Goals - By 2024, the plan aims for national demonstration pedestrian streets (business circles) to achieve over 4 trillion visits and over 500 billion yuan in revenue, creating more than 800,000 jobs [3] - Recent holidays saw pedestrian street visitor numbers and revenue increase by 8.8% and 6.0% year-on-year, respectively, supporting consumption and employment [3] Group 3: Community and Cultural Development - The Ministry of Housing and Urban-Rural Development has initiated pilot projects in 106 communities, renovating over 2,200 service facilities, and promoting new business models and scenes in urban areas [3] - The Ministry of Culture and Tourism encourages the use of existing commercial spaces and historical buildings to develop various cultural and tourism activities, thereby revitalizing these areas and expanding consumption scenarios [4]

Core Viewpoint - The Ministry of Commerce and other departments have jointly launched the "Urban Commercial Quality Improvement Action Plan" to enhance urban commercial systems, boost consumption, and support high-quality urban development [3][4][5]. Summary by Relevant Sections Urban Commercial System Development - Urban commerce is a vital part of the modern trade circulation system, essential for boosting consumption, stabilizing employment, and ensuring people's livelihoods [3][4]. - The "Action Plan" aims to create a well-structured urban commercial system that meets the diverse needs of the population, integrating various commercial formats and enhancing service quality [4][6]. Key Tasks of the Action Plan - The plan outlines 21 main tasks across seven areas, including improving network layout, upgrading business formats, enriching quality supply, and optimizing space utilization [4][6]. - Specific tasks include promoting the renovation of pedestrian streets, fostering online and offline integration, and enhancing the supply of international and domestic products [4][6]. Integration and Innovation - The plan emphasizes the integration of commercial development with urban construction, people's needs, urban operations, and open exchanges [6][7][8]. - It aims to create a "15-minute convenient living circle" to meet daily consumer needs and enhance the overall shopping experience [7][8]. Support for Existing Commercial Spaces - The Ministry of Natural Resources is implementing policies to revitalize existing commercial properties and optimize land use to support high-quality commercial development [9][10]. - Measures include conducting surveys to assess the status of commercial properties and providing guidelines for optimizing commercial land use [9][10]. Urban Renewal and Commercial Upgrading - The Ministry of Housing and Urban-Rural Development is focusing on urban renewal to enhance the commercial landscape, including the renovation of old commercial facilities and the development of new business models [11][12]. - The approach includes comprehensive community development and the integration of cultural heritage into commercial spaces [12][13]. Demonstration Projects and Outcomes - The establishment of national demonstration pedestrian streets and smart business circles has shown positive results, with significant increases in foot traffic and sales [15][16]. - These projects serve as models for consumer engagement and urban branding, showcasing the fusion of culture and commerce [15][16]. Future Directions - The Ministry of Commerce plans to strengthen guidance on the implementation of the Action Plan, ensuring that urban commercial development aligns with national policies and local needs [21][22]. - Emphasis will be placed on optimizing the business environment, enhancing policy support, and fostering collaboration among various stakeholders [21][22].

Group 1 - The core viewpoint of the article emphasizes the need for long-term financing support to enhance urban commercial quality through various initiatives and collaborations [1][2] Group 2 - The action plan includes deepening the integration of commerce with tourism, culture, and sports, promoting diverse consumption scenarios, and supporting the development of unique regional products and services [1] - It encourages the transformation of existing commercial facilities with tailored strategies, optimizing transportation, parking systems, and public service facilities to enhance the urban commercial environment [1] - The plan also highlights the importance of financial support for modern commercial circulation systems, including the use of central government funds to assist urban commercial enterprises in upgrading their operations and services [2] - It aims to implement tax and fee incentives for small and micro enterprises in the commercial sector, promoting compliance and innovation [2] - The initiative seeks to leverage financial institutions to provide diverse financial products and support the issuance of Real Estate Investment Trusts (REITs) for qualifying commercial real estate projects [2]

Core Insights - The article discusses the release of the "Urban Commercial Quality Improvement Action Plan" by five departments, including the Ministry of Commerce, aimed at enhancing urban commercial transformation and improving consumer experiences [1][2]. Group 1: Action Plan Overview - The action plan outlines 21 key tasks across seven areas, including improving urban commercial layout, upgrading business formats, enriching quality goods and services, and optimizing urban commercial space utilization [1][2]. - It emphasizes the importance of urban commerce in meeting daily shopping and leisure needs, as well as enhancing the consumption environment and experience [1]. Group 2: Development Strategies - The plan proposes the creation of national demonstration pedestrian streets and business circles, promoting tailored strategies for facility upgrades and business format enhancements [2]. - It encourages the development of unique commercial districts, including creative street areas and tourism-focused zones, to provide differentiated consumer experiences [2]. Group 3: Operational Enhancements - The action plan aims to strengthen the network of supermarkets and convenience stores, enhancing their operational levels to meet urban residents' immediate consumption needs [2]. - It supports the transformation of traditional shopping malls into multifunctional neighborhood centers, integrating essential services and entertainment options [2]. Group 4: Online and Offline Integration - The plan promotes the integration of online and offline commerce, encouraging partnerships between retail and e-commerce companies to enhance delivery efficiency [3]. - It outlines financial support measures, including the use of central government funds for pilot cities and tax incentives for small and micro enterprises [3].

Core Viewpoint - The Ministry of Commerce and other five departments have issued the "Urban Commercial Quality Improvement Action Plan," which includes 21 specific measures aimed at enhancing urban commercial environments to better meet the needs of citizens for a better life [1] Group 1: Specific Measures - The plan emphasizes the renovation of pedestrian streets and business circles, as well as the upgrade of business formats to diversify the supply of domestic and foreign products [1] - It promotes the integration of online and offline development, guiding commercial enterprises to collaborate with e-commerce companies through instant retail models [1] - The plan encourages e-commerce companies to partner with logistics firms to consolidate scattered demand orders, enhancing delivery efficiency through shared and centralized delivery systems [1] Group 2: Delivery Efficiency - The initiative aims to improve last-mile delivery efficiency and service quality by utilizing urban space for facilities such as front warehouses, smart lockers, and comprehensive delivery service stations [1] - It promotes the development of instant delivery and unmanned delivery services to enhance precise response capabilities [1]

Core Viewpoint - The Ministry of Commerce and four other departments have released the "Urban Commercial Quality Improvement Action Plan," which outlines 21 key tasks across seven areas to enhance urban commercial facilities and promote the integration of commerce with tourism and culture, aiming to create a warmer urban commercial environment [1][2]. Group 1: Urban Commercial System - The plan aims to establish a well-structured urban commercial system led by national model pedestrian street business circles, supported by characteristic commercial districts, and based on a convenient living circle within a 15-minute reach [1]. - The initiative focuses on meeting the people's needs for a better life and supporting high-quality economic and social development [1]. Group 2: Supply and Infrastructure - The plan emphasizes expanding the supply of diverse products, including international boutique goods, domestic trendy products, and quality foreign trade items [2]. - It also highlights the importance of strengthening the supply chain for essential goods and improving public infrastructure for both regular and emergency use in the commerce sector [2]. - The plan includes optimizing urban commercial space utilization and enhancing urban commercial management systems [2]. Group 3: Cultural and Economic Integration - The initiative aims to integrate commercial development with open exchanges, actively introducing international services [2]. - The plan proposes to create a series of "must-buy" city souvenirs centered around time-honored brands, effectively telling China's story to the world [2].