Group 1: IPO Developments in the Home Furnishing Industry - Ruimai Technology has officially initiated its IPO process on the Beijing Stock Exchange as of February 24, 2026, by completing the counseling registration with the Jiangsu Securities Regulatory Bureau [1] - Qunhe Technology, recognized as one of the "Six Little Dragons of Hangzhou," has made significant progress towards its IPO on the Hong Kong Stock Exchange, having received approval for overseas issuance from the China Securities Regulatory Commission in mid-February [1][6] Group 2: Real Estate Policy Changes in Shanghai - Shanghai has introduced the "Shanghai Seven Measures" real estate policy aimed at better meeting the housing needs of residents, effective from February 26, 2026 [6] - Key optimizations in the purchasing policy include reducing the social security or tax payment requirement for non-Shanghai residents from "3 years" to "1 year," allowing additional purchases under certain conditions, and enabling long-term residents with a Shanghai residence permit to buy a home without proof of social security or tax payments [9] Group 3: Market Performance and Trends - On the first trading day of the Year of the Horse, major A-share indices experienced gains, with the Shanghai Composite Index rising by 0.87% to close at 4117.41 points, supported by favorable policies and increased market liquidity [10][12] - The National Building Materials Home Furnishing Market Index (BHI) for January 2026 was reported at 103.84, reflecting a month-on-month decline of 3.65 points and a year-on-year decrease of 7.34 points, indicating a stable market opening despite seasonal factors [17][18] Group 4: Industry Expansion and Consumer Trends - Skyworth Group has established a wholly-owned subsidiary, Skyworth Bathroom Technology (Guangdong) Co., Ltd., with an investment of 5 million yuan, marking its entry into the bathroom and related manufacturing sectors [22] - The home furnishing industry is witnessing a shift in consumer preferences from merely having a home to desiring quality living spaces, with a focus on aesthetic expression and emotional well-being [26]

1. Report Industry Investment Rating - Aluminum: Range - bound trading [1] - Alumina: Supply pressure remains unrelieved [1] - Cast aluminum alloy: Follows electrolytic aluminum [1] 2. Core Viewpoints of the Report - The report updates the fundamental data of aluminum, alumina, and cast - aluminum alloy, including prices, trading volumes, positions, spreads, and inventory levels in both the futures and spot markets [1]. - The trend intensities of aluminum and aluminum alloy are neutral (0), while the trend intensity of alumina is weak (- 1) [3]. 3. Summary by Related Catalogs Futures Market - **Aluminum**: The closing price of the SHFE aluminum main contract is 23,845, with a change of +10 compared to T - 1. The trading volume is 266,795, and the position is 252,168. The LME aluminum 3M closing price is 3,142, down 33 from T - 1. The LME注销仓单占比 is 9.69%, down 0.38% [1]. - **Alumina**: The closing price of the SHFE alumina main contract is 2,820, down 50 from T - 1. The trading volume is 448,156, and the position is 340,118 [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract is 22,710, up 70 from the previous data. The trading volume is 10,719, and the position is 9,330 [1]. Spot Market - **Aluminum**: The spot premium is - 180, up 20 from T - 1. The Shanghai bonded area premium is 165, unchanged. The EU Rotterdam aluminum ingot premium (MB) is 365.0, unchanged [1]. - **Alumina**: The domestic average alumina price is 2,653, unchanged from T - 1. The alumina Lianyungang CIF price is $330/ton, unchanged [1]. - **Aluminum Bauxite**: The price of Australian imported bauxite is unchanged, the price of Indonesian imported bauxite has no change, and the price of Guinean imported bauxite is 61, down 1 from T - 1 [1]. Inventory and Profit - **Inventory**: The domestic aluminum ingot social inventory is 117.50 million tons, up 5.00 million tons from T - 1. The LME aluminum ingot inventory is 46.76 million tons, down 0.20 million tons from T - 1. The three - place inventory of aluminum alloy is 40,092, down 253 from T - 1 [1]. - **Profit**: The ADC12 theoretical profit is 709, up 77 from T - 1. The aluminum spot import loss is 1,891.05, and the aluminum 3M import loss is 1,630.62. The aluminum plate and coil export profit is 3,858.47 [1]. Market News - Fed Governor Milan reiterates that 100 basis - point rate cuts are needed in 2026, warns that excessive regulation distorts the credit structure [3]. - On the first day of the implementation of Shanghai's "Seven Measures", the consultation volume of bank mortgage business has increased significantly, and the second - hand housing market has shown fluctuations [3].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views - For the rebar and hot-rolled coil sector, the market is currently in a holiday mode with weak supply and demand. It's expected to start up after the Lantern Festival. The market's demand expectation for 2026 is relatively weak. Although the futures prices have rebounded significantly, whether it's a reversal remains to be seen. Due to the low current valuation, the downside space may be limited [2]. - For the iron ore sector, the market is still in the holiday mode and is expected to enter the consumption peak season after the Lantern Festival. Steel and hot metal production are at seasonal lows. The supply side's short - term shipments are expected to remain low but will gradually recover. The port inventory has reached a record high. The iron ore has a technical rebound, but it's uncertain if it has bottomed out [4]. 3. Summary by Directory 3.1 Rebar and Hot - Rolled Coil - **News**: Shanghai issued the "Shanghai Seven Measures" to further reduce housing purchase restrictions. Some steel enterprises in North China received a notice of temporary independent emission reduction during the 2026 National Two Sessions, with a requirement of at least 30% reduction in blast furnace load [2]. - **Supply and Demand**: Before the Spring Festival, the output of rebar from 247 sample steel mills decreased significantly, the apparent demand declined month - on - month, the total inventory continued to rise, the total output of the five major varieties decreased significantly, and the inventory continued to increase. The apparent demand is at a low level for the year [2]. - **Technical Analysis**: The futures prices rebounded significantly, but whether it forms a reversal is uncertain. The downside space may be limited due to low valuation [2]. - **Operation Suggestion**: Maintain a wait - and - see attitude and trade cautiously [2]. - **Data**: A large amount of data on prices, basis, spreads, production, inventory, and apparent demand are provided, such as the rebar主力合约收盘价 at 3050 yuan/ton, down 0.13% from the previous day and 1.64% from the previous week [2]. 3.2 Iron Ore - **Demand**: The market is in the holiday mode and is expected to enter the consumption peak season after the Lantern Festival. The output of the five major steel products from 247 sample steel mills continued to decline this week, and the daily average hot metal output is expected to decrease month - on - month [4]. - **Supply**: Affected by seasonal factors in the Southern Hemisphere, short - term shipments are expected to remain low but will gradually recover with improved weather. The arrival volume has rebounded, and the port inventory has reached a record high [4]. - **Technical Analysis**: Driven by the Shanghai real - estate new policy and the rise of rebar, iron ore has a technical rebound, but it's uncertain if it has bottomed out [4]. - **Operation Suggestion**: Hold short positions lightly [4]. - **Data**: A large amount of data on prices, basis, spreads, shipments, sea freight, inventory, etc. are provided, such as the DCE铁矿石主力合约结算价 at 762 yuan/dry ton, down 0.07% from the previous day and 0.85% from the previous week [5]. 3.3 Industry News - In January, global crude steel production decreased by 6.5% year - on - year to 147.3 million tons, and China's steel production in January decreased by 13.9% to 75.3 million tons [7]. - As of the week of February 26, rebar production decreased, factory inventory increased for six consecutive weeks, social inventory increased for eight consecutive weeks, and apparent demand increased [7]. - In mid - February 2026, key steel enterprises' production of crude steel, pig iron, and steel increased, and the steel inventory increased [8]. - The average national ton - coke profit of 30 independent coking plants was - 7 yuan/ton this week [8]. - As of February 26, the float glass industry's start - up rate was 70.61%, and the capacity utilization rate was 74.49%, with the daily output increasing by 0.41% [8].

Group 1 - The core viewpoint of the news is the introduction of Shanghai's new real estate policy "沪七条" aimed at better meeting the housing needs of residents, effective from February 26, 2026 [1] - The policy includes adjustments in three major areas: purchase restrictions, public housing fund policies, and property tax regulations [1] - The new policy allows non-residents to purchase homes in the outer ring of Shanghai with a social security or individual tax payment period reduced from "3 years" to "1 year" [2] Group 2 - The maximum public housing fund loan for first-time homebuyers has been increased from 1.6 million yuan to 2.4 million yuan, with potential maximum loans reaching 3.24 million yuan for families with multiple children or those purchasing green buildings [2] - Families that have cleared their public housing fund loans can reapply for loans when purchasing a new home, provided they own no property or only one property in Shanghai [2] - The property tax policy will exempt adult children in household registrations from personal housing property tax if the newly purchased home is their only residence, supporting housing upgrades [2] Group 3 - Industry analysts believe the new policy will stimulate demand for both first-time and improved housing purchases, positively impacting downstream markets such as home decoration and furniture, leading to optimistic expectations for Shanghai's home furnishing industry in 2026 [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For the rebar and hot - rolled coil sector, the market is currently in a holiday mode with weak supply and demand. It is expected to start after the Lantern Festival. The market's demand expectation for 2026 is relatively weak. Although the futures price has rebounded significantly, whether it can reverse remains to be seen. Due to the low current valuation, the downside space may be limited [2]. - For the iron ore sector, the market is still in a holiday mode and is expected to enter the consumption peak season after the Lantern Festival. The supply is affected by seasonal factors, with short - term shipments remaining low but expected to gradually recover. The port inventory has reached a record high. The iron ore has a technical rebound, but it is not certain if it has bottomed out [4]. 3. Summaries According to Relevant Catalogs 3.1 Rebar and Hot - Rolled Coil - **Market News**: Shanghai issued the "Shanghai Seven - Point Plan" to further reduce housing purchase restrictions. Some steel enterprises in North China received a notice of temporary independent emission reduction during the 2026 National Two Sessions, with a requirement of at least 30% reduction in blast furnace load from March 4th to March 11th [2]. - **Supply and Demand**: Before the Spring Festival, the output of rebar from 247 sample steel mills decreased significantly, the apparent demand declined month - on - month, and the total inventory continued to rise. The total output of the five major varieties decreased significantly, and the inventory continued to increase. The apparent demand is at a low level for the year [2]. - **Technical Analysis**: The futures price has a significant rebound, but whether it can form a reversal remains to be observed. Due to the low valuation, the downside space may be limited [2]. - **Operation Suggestion**: Maintain a wait - and - see attitude and trade cautiously [2]. - **Data**: A large amount of data on rebar and hot - rolled coil, including prices, basis, spreads, production, inventory, and apparent demand, are provided in Table 1 [2]. 3.2 Iron Ore - **Demand**: The market is in a holiday mode and is expected to enter the consumption peak season after the Lantern Festival. Before the Spring Festival, the average daily hot metal output of 247 sample steel mills increased slightly, and the steel and hot metal output are at a seasonal low. The market is more concerned about the spring consumption demand [4]. - **Supply**: Affected by seasonal factors in the Southern Hemisphere, the short - term shipments are expected to remain low but will gradually recover as the weather improves. The arrival volume has rebounded, and the port inventory has reached a record high [4]. - **Technical Analysis**: Driven by the Shanghai real - estate new policy and the rise of rebar, the iron ore has a technical rebound, but it is not certain if it has bottomed out [4]. - **Operation Suggestion**: Hold short positions lightly [4]. - **Data**: A large amount of data on iron ore, including prices, basis, spreads, shipments, arrival volume, inventory, and freight rates, are provided in Table 2 [5]. 3.3 Industry News - **Real - Estate Policy**: Shanghai issued the "Shanghai Seven - Point Plan" to further reduce housing purchase restrictions, including reducing the social security years for non - Shanghai residents to buy housing within the outer ring from 3 years to 1 year, allowing those who have paid social security for 3 years to purchase an additional property, and allowing those with a residence permit for 5 years to buy a property without social security. The maximum amount of provident fund family loans can reach 3.24 million yuan. Shanghai - registered families can be temporarily exempted from property tax if the newly purchased housing is their only property [7]. - **Coal Mine Production**: According to Mysteel's statistics, the daily output of raw coal from 523 coking coal mines increased by 430,000 tons week - on - week. Most coal mines that were on holiday during the Spring Festival have resumed production, and the output has increased significantly. However, the production is still at a low level, and a few coal mines will not be able to produce normally until after the Lantern Festival. The output will continue to increase next week. The coking coal inventory is 2.577 million tons, an increase of 60,000 tons month - on - month. After the Spring Festival, the market is in a wait - and - see mood, coking and steel enterprises are reducing inventory, and their purchasing enthusiasm is low, while the coal mine resumption rhythm is relatively fast, resulting in a slight accumulation of pit - mouth inventory [7][8]

Core Viewpoint - The Guangdong Provincial Committee of the Chinese People's Political Consultative Conference is set to hold its fourth session from January 25 to 28 in Guangzhou, focusing on economic development and policy adjustments in the region [1] Group 1: Economic Focus - Over the past year, the committee has conducted research on nine major topics, with eight reports concentrating on economic construction [1] - The combination of "old factory renovation and new real estate policies" is seen as a way to create space for new productive forces in the economy [1]

Group 1 - Beijing has introduced new real estate policies to meet diverse housing needs, including easing purchase conditions for non-local families and optimizing credit policies [1] - The new housing credit policy eliminates the distinction between first and second home loans, with banks now applying a uniform standard of "LPR - 45 basis points" for new mortgage loans [5] - The reduction in loan rates significantly benefits buyers of second homes within the Fifth Ring Road, with an example showing a decrease of over 400 yuan in monthly payments for a 2 million yuan loan over 30 years [7] Group 2 - The policy changes reduce the required social security or tax payment duration for non-local families purchasing homes within the Fifth Ring Road from 3 years to 2 years, and from 2 years to 1 year for homes outside the Fifth Ring Road [9] - There has been a noticeable increase in contract signing appointments at real estate agencies, with an average of 45 appointments over three days, marking a nearly 20% increase compared to previous periods [11] - On a specific Sunday, the number of contract signing appointments reached nearly 70, indicating a significant uptick in market activity following the policy announcement [11]

Core Viewpoint - Morgan Stanley's China equity strategy team maintains a constructive outlook on the CSI 300 index, projecting a target level of 5200 points by the end of 2026 [1] Investment Themes - The four major investment themes for 2026 include the implementation of "anti-involution" policies, growth in domestic and international AI infrastructure/monetization, favorable macroeconomic conditions in developed markets benefiting overseas sales, and a K-shaped consumption recovery, along with potential new real estate policies [1] Stock Selection - The team has identified IT and healthcare A-shares that can capitalize on China's innovation opportunities, using metrics such as market capitalization, average daily trading volume, and overseas revenue [1] - A shift from value stocks to growth stocks is expected by early 2026 [1] Sector Focus - The team has selected leading A-share companies in sectors such as automotive, battery materials, lithium, photovoltaics, cement, chemicals, coal, steel, dairy, hog farming, liquor, and logistics, which are likely to benefit from the "anti-involution" trend [1] - The transition from price/scale competition to quality competition is seen as a long-term adjustment over a decade [1]

Core Insights - The real estate market in Shenzhen has shown a significant rebound following the implementation of the new policy on September 5, with notable increases in both new and second-hand residential transactions [1][3][4] Group 1: Market Performance - From September 6 to October 6, the number of new residential property registrations reached 2,824 units, representing a year-on-year increase of 23.48% [1][3] - During the same period, second-hand residential property registrations totaled 3,699 units, marking a year-on-year growth of 32.63% [1][3] Group 2: Promotional Activities - During the National Day and Mid-Autumn Festival holidays, various promotional activities were held at popular tourist spots like Qianhai Ice and Snow World and Nanshan Museum, attracting significant public interest in real estate [2] - Nearly 30 promotional events were organized to showcase Shenzhen's livability and urban appeal, further stimulating buyer interest [2] Group 3: Market Trends and Future Outlook - The new policy has effectively stimulated both first-time and upgrade demand, leading to a surge in sales and inquiries for new properties [3] - Experts predict that the market's active momentum will continue into the fourth quarter, supported by the ongoing effects of the new policy [4]

Core Insights - The new real estate policy in Shenzhen, implemented on September 5, has positively impacted the housing market, leading to increased transaction volumes in both new and second-hand homes [1][2][4]. New Housing Market - In the week of September 15-21, Shenzhen's new housing market recorded 969 transactions, reflecting a 10% increase compared to the previous week [2]. - The proportion of luxury homes priced above 15 million yuan increased by 2.6 percentage points, indicating a growing demand in the high-end segment [2]. - The share of improved housing transactions in the 5 million to 8 million yuan range rose by 3 percentage points compared to August, showcasing a strong release of demand for upgraded living conditions [2][5]. Second-Hand Housing Market - The second-hand housing market recorded 1,408 transactions, maintaining a high level for the year, with Longgang District leading in volume [4]. - The overall listing prices remained stable, with some areas experiencing slight increases, particularly in regions like Luohu and Nanshan [4]. - The high transaction volume in the second-hand market is facilitating a "sell old" strategy, allowing homeowners to liquidate their current properties and reinvest in new homes, thus creating a positive cycle between second-hand and new housing markets [5]. Market Sentiment and Future Outlook - There is a noticeable increase in inquiries and visits from potential buyers seeking improved housing options, indicating a shift in consumer behavior post-policy implementation [3]. - Experts believe that the new policy has effectively stimulated the market, and as weather conditions improve, demand for school district and marriage-related housing will further support market stability [4].