Core Insights - Xiong'an New Area's investment increased by 14.8% year-on-year in the first eight months of this year, contributing 1.7 percentage points to the overall investment growth in Hebei Province [1][1][1] Investment Growth - Hebei's fixed asset investment grew by 6.2% year-on-year in the same period [1] - Investment in projects over 100 million yuan increased by 9.7%, accounting for 71.7% of total investment in the province [1] - Investment in projects over 1 billion yuan rose by 9.1%, making up 42.2% of the total investment [1] New Economic Drivers - The added value of high-tech industries in Hebei's above-scale industrial sector grew by 9.3%, outpacing the overall industrial growth by 1.7 percentage points [1] - The added value of strategic emerging industries in the above-scale industrial sector increased by 10.2% [1] - Notable growth was observed in urban rail transit equipment manufacturing, which surged by 71.0%, while high-speed train set manufacturing grew by 16.8% and high-speed equipment and parts manufacturing increased by 17.6% [1]

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Group 1 - The core viewpoint of the article emphasizes the commitment of the Ministry of Housing and Urban-Rural Development to implement the central inspection rectification requirements and enhance political responsibility in the housing sector [1][2] - The Ministry has established a leadership group to oversee the rectification process, with the Minister taking overall responsibility and other members actively engaging in problem recognition and resolution [2] - The Ministry aims to integrate the rectification efforts with personnel selection, internal inspections, and the implementation of the 20th Central Committee's decisions to ensure comprehensive progress [2] Group 2 - The Ministry is focused on preventing and mitigating real estate risks by adapting to new market conditions and promoting high-quality development in the sector [3] - Specific measures include implementing policies to stabilize the real estate market, enhancing local government autonomy in regulation, and ensuring the protection of homebuyers' rights [3] - Collaboration with financial regulatory bodies aims to improve project financing mechanisms and ensure compliance with pre-sale fund regulations [3] Group 3 - The Ministry is enhancing safety management in the housing sector by developing regulations for the entire lifecycle of buildings and conducting regular safety inspections [4][5] - Initiatives include updating aging gas pipelines, improving urban drainage systems, and ensuring the safety of public infrastructure [5] Group 4 - The Ministry is working on the healthy development of the industry by promoting new urban infrastructure and addressing quality issues in residential construction [6] - Efforts are being made to tackle corruption and improve the quality of construction projects, alongside promoting the construction of safe and sustainable housing [6][7] Group 5 - The Ministry is committed to improving housing security and has set a target to construct 1.802 million units of affordable housing by 2024 [7] - The focus is on rectifying market order in real estate and construction sectors, enhancing service quality, and addressing illegal practices [8] Group 6 - The Ministry is implementing institutional reforms to optimize internal operations and enhance communication with relevant departments [9] - There is a strong emphasis on strict party governance and anti-corruption measures, with ongoing training and education for party members [11][15] Group 7 - The Ministry is prioritizing the selection and training of capable leaders and strengthening grassroots party organizations to enhance overall governance [12][19] - Continuous improvement of the rectification process is planned, with a focus on long-term effectiveness and institutionalization of the results [17][18]

Group 1 - The central theme of the article is the implementation of the inspection and rectification work by the Ministry of Housing and Urban-Rural Development, emphasizing the importance of political responsibility and the need for high-quality development in the housing sector [2][4][18] - The Ministry has established a leadership group to oversee the rectification process, with the Minister taking overall responsibility and other members actively participating in problem recognition and implementation [2][3] - The Ministry aims to integrate the rectification efforts with ongoing reforms and development tasks, ensuring that the feedback from the inspection is addressed in a comprehensive manner [3][4] Group 2 - Key issues identified in the inspection include the need to mitigate real estate risks and promote high-quality development in the sector, with a focus on adapting to new market conditions and enhancing regulatory frameworks [4][5] - The Ministry is collaborating with relevant departments to ensure that local governments, real estate companies, and financial institutions fulfill their responsibilities, particularly in safeguarding housing delivery and protecting buyers' rights [5][6] - There is a strong emphasis on improving safety management in the housing sector, including the establishment of safety regulations and regular inspections of aging buildings and infrastructure [6][7] Group 3 - The Ministry is committed to addressing public concerns regarding housing quality and safety, implementing measures to enhance construction quality and tackle corruption within the sector [7][9] - Efforts are being made to promote sustainable urban development, including the construction of resilient urban infrastructure and the renovation of old neighborhoods [8][9] - The Ministry is also focused on improving housing security, with plans to construct 1.802 million units of affordable housing in 2024 [8][9] Group 4 - The article outlines the Ministry's commitment to long-term rectification efforts, emphasizing the importance of strategic planning and legal reforms to support high-quality development in the housing sector [15][16] - The Ministry aims to strengthen its organizational structure and enhance the capabilities of its workforce, ensuring that leadership is effective and responsive to the challenges in the housing and urban development sectors [20][21] - Continuous improvement and institutionalization of rectification outcomes are prioritized, with a focus on maintaining momentum in addressing unresolved issues and fostering a culture of accountability [21]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Ribbed Bars**: The main futures price fluctuated strongly, with a daily increase of 0.85%. In the current situation of weak supply and increasing demand, the fundamentals of ribbed bars have improved marginally. However, the downstream market has not improved, and concerns about demand remain. The improvement strength needs to be tracked. The relative positive factor is the rising cost. With the game of multiple and short factors, the steel price is expected to maintain a stable and fluctuating trend. Attention should be paid to the demand performance [4][37]. - **Hot - Rolled Coils**: The main futures price fluctuated, with a daily increase of 0.54%. Currently, the demand resilience of hot - rolled coils is weakening, while the supply remains at a high level. The supply - demand pattern has weakened, the inventory has increased again, and the coil price continues to be under pressure. The relative positive factors are the rising cost and production limit disturbances. It is expected that the subsequent trend will be weak and fluctuating. Attention should be paid to the demand performance [4][37]. - **Iron Ore**: The main futures price fluctuated, with a daily increase of 0.37%. Currently, the demand for iron ore is performing well, supporting the high - level ore price to fluctuate upward. However, the demand is expected to weaken, and the supply is also rising. The fundamentals have not been substantially improved. Coupled with the relatively high valuation, the pre - holiday trend is cautiously optimistic, and precautions should be taken against the intensification of industrial contradictions [4][38]. 3. Summary by Directory Industry Dynamics - **Air - Conditioner Production Scheduling**: In October 2025, the production scheduling of air - conditioners continued to decline. The total retail volume of air - conditioners in August increased by 1.1% year - on - year, but the growth rate has decreased significantly. In the first two weeks of September, the online and offline sales volumes decreased by 35.5% and 30% respectively. In terms of production, the domestic sales production scheduling in October was 5.61 million units, a year - on - year decrease of 19.8%, and the export production scheduling was 6.34 million units, a year - on - year decrease of 14.7% [6]. - **New Contracts of Construction Central Enterprises**: As of September 22, 2025, five construction central enterprises announced their new contract amounts in the first eight months of 2025, with a total of 4.713239 trillion yuan. China State Construction ranked first with a new contract amount of 2.8799 trillion yuan in the first eight months. In the construction business, the new contract amount in the first eight months was 2.6644 trillion yuan, a year - on - year increase of 1.8%, of which the infrastructure business was 0.8954 trillion yuan, a year - on - year increase of 5.0%. In the real estate business, the contract sales volume in the first eight months was 0.2155 trillion yuan, a year - on - year decrease of 7.9% [7]. - **Steel Industry Plan**: The Ministry of Industry and Information Technology issued the "Work Plan for Stable Growth of the Steel Industry (2025 - 2026)". The overall goal is to achieve an average annual growth of about 4% in the added value of the steel industry from 2025 to 2026, with the economic benefits stabilizing and rebounding, the market supply - demand becoming more balanced, the industrial structure being more optimized, the effective supply capacity continuously increasing, and the levels of green - low - carbon and digital development being significantly improved [8]. Spot Market - The report provides the spot prices of ribbed bars, hot - rolled coils, Tangshan billets, Zhangjiagang heavy scrap, and other products, as well as the prices of 61.5% PB powder, Tangshan iron concentrate powder, freight rates, SGX swaps, and the Platts Index [9]. Futures Market - **Ribbed Bars**: The closing price of the active contract was 3,185 yuan, with a rise of 0.85%. The trading volume was 1,652,529 lots, an increase of 401,938 lots, and the open interest was 1,861,142 lots, a decrease of 109,368 lots [11]. - **Hot - Rolled Coils**: The closing price of the active contract was 3,380 yuan, with a rise of 0.54%. The trading volume was 548,824 lots, an increase of 89,152 lots, and the open interest was 1,382,769 lots, a decrease of 30,384 lots [11]. - **Iron Ore**: The closing price of the active contract was 808.5 yuan, with a rise of 0.37%. The trading volume was 409,502 lots, an increase of 29,691 lots, and the open interest was 562,024 lots, a decrease of 12,497 lots [11]. Related Charts - **Steel Inventory**: The report provides charts of ribbed bar inventory (weekly change, total inventory of steel mills and social warehouses), hot - rolled coil inventory (weekly change, total inventory of steel mills and social warehouses) [13][14][16]. - **Iron Ore Inventory**: Charts of iron ore port inventory (seasonal, total inventory), inventory of 247 steel mills' iron ore are presented [18][22][24]. - **Steel Mill Production**: Charts of the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit - loss situation of 75 building material independent electric arc furnace steel mills are included [26][28][32]. 后市研判 - **Ribbed Bars**: The supply - demand pattern has improved. The weekly output of ribbed bars decreased by 54,800 tons, continuing the downward trend. The demand has improved, with the weekly apparent demand increasing by 119,600 tons. However, the demand improvement needs to be tracked. The steel price is expected to be stable and fluctuating [37]. - **Hot - Rolled Coils**: The supply - demand pattern has changed. The weekly output increased by 13,500 tons, and the demand has weakened. The demand resilience is weakening, and the price is expected to be weak and fluctuating [37]. - **Iron Ore**: The supply - demand pattern has changed. The terminal consumption of iron ore continues to rise, but the demand is expected to weaken. The supply is increasing. The pre - holiday trend is cautiously optimistic [38].

粤港澳三地已明确后续推进路径：将完善"一试多证"管理信息平台设计，利用信息化手段提升服务效 能；按照三地共识扩大互认岗位范围，让更多专业人员受益于资格互认；建立三地师资共享库与案例互 通平台，深化技术交流协作，构建"优势互补、互利共赢"的长效机制。 9月19日，粤港澳土建施工员（土木工程监/管工）"一试多证"颁证仪式在广东建设职业技术学院举行， 79名来自粤港澳三地的施工现场专业人员通过统一培训和考核，成为首批同时获得三地认证资格的从业 者，标志着粤港澳大湾区建设领域人才协同发展进入新阶段。 近年来，粤港澳三地充分发挥各自优势，共建粤港澳大湾区技能人才评价规范，不断拓展"一试多证"合 作范围及培养层次。此次该机制拓展至建设领域，不仅深化了三地建筑行业的人才交流与合作，更有效 打破人才流动壁垒，为区域内建设人才提供更广阔的发展空间。 本次培训考核创新采用了"一次培训、联合测试、三地互认"模式。9月17日至19日，首批试点培训开 展，广东建设职业技术学院作为粤港澳住房和城乡建设领域施工现场专业人员粤方培训机构，承担了学 员培训的主要任务，还邀请港澳有关专家共同授课，授课内容涵盖通用知识与岗位技能等核心模块。培 训 ...

Investment Rating - The investment rating for the construction industry is "Positive" (maintained) [4] Core Viewpoints - The construction industry is experiencing revenue and profit pressure, but recovery momentum is gradually accumulating under supportive policies [4][8] - In the first half of 2025, the construction sector achieved revenue of 3.97 trillion yuan, a year-on-year decrease of 6.02%, and a net profit attributable to shareholders of 91.5 billion yuan, down 6.60% year-on-year [4][8] - Despite the overall decline, the gap between revenue and net profit growth rates has narrowed significantly compared to the first half of 2024, indicating a temporary easing of profit pressure [4][8] - The issuance of 4.4 trillion yuan in special bonds and ongoing investment stabilization policies are expected to gradually open up profit recovery space for the sector [4][8] Summary by Sections Industry Overview - The construction sector's revenue growth is slowing, with profits under pressure. In the first half of 2025, the sector's revenue decreased by 6.02% year-on-year, while net profit fell by 6.60% [8] - The revenue growth rate has declined by 3.04 percentage points compared to the first half of 2024, but the net profit growth rate has improved by 2.77 percentage points [8] - The overall gross margin for the construction sector in the first half of 2025 was 10.02%, down 0.16 percentage points year-on-year, while the net margin was 2.87%, down 0.04 percentage points [13] Subsector Performance - The performance of subsectors is mixed, with the steel structure sector showing revenue growth of 2.02%, driven by overseas industrial building orders [4][32] - The landscaping sector and chemical engineering saw significant profit growth, with net profits increasing by 70.48% and 19.81% respectively [4][32] - The gross margin improvements are concentrated in landscaping, chemical engineering, and international engineering, while the net margin for steel structures and central enterprises has declined [34] Central Enterprises and Orders - In the first half of 2025, the nine major central construction enterprises signed new orders totaling 7.79 trillion yuan, a slight increase of 0.17% year-on-year, despite an overall industry decline [4][56] - The central enterprises' new orders in overseas markets grew by 16.35% year-on-year, becoming a significant support for order structure optimization [56] - The valuation of central enterprises remains low, with expected PE ratios around 5 times and PB ratios below 0.5 times, indicating strong shareholder returns [59]

有人可能质疑，美联储降息不是明确的利好吗？市场用脚投票的上涨难道还不可信？确实，降息预期能 降低企业融资成本、提振市场流动性，短期内推高股价有其逻辑。 但仔细想想，美联储降息的初衷是救市而非庆功。就业市场增速放缓、工人找工作难度加大，这才是政 策转向的核心背景。若经济真的强劲，何须用降息来刺激？ 刚过去的一周，华尔街又传捷报，三大指数齐创历史新高，这已是七周内第六周上涨，妥妥的狂欢模 式。 但热闹背后，警报似乎已悄然拉响。美联储降息是稳了还是未知数？看似风光的破纪录，或许早埋下了 变数。 或许有人会说，华尔街三大指数连续破纪录，分明是美国经济回暖的铁证，降息预期带来的涨势必然能 持续。但从另一个角度看，这种由政策预期驱动的上涨，更像空中楼阁，背后藏着不少值得推敲的问 题。 还有人提出，抵押贷款利率已随降息预期下调，房地产市场很快会回暖，这会进一步支撑股市。这种期 待虽合理，但忽略了现实阻力。 当前的涨势更像是对政策止痛药的即时反应，而非经济基本面改善的长期体现。也有人会问：联邦快 递、纽蒙特矿业这些龙头企业股价大涨，难道不是企业盈利向好的信号？ 莱纳建筑公司的财报已经说明问题，住房市场持续承压，企业需靠额外激 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - Iron ore prices have reached a six-month high, indicating strong demand in the market [2][3] - The construction and real estate sectors show signs of recovery, with a notable increase in crude steel production [24][44] - The profitability of certain materials, such as titanium dioxide and flat glass, remains low, reflecting challenges in the real estate completion chain [78] Summary by Relevant Sections Liquidity - The London gold spot price has reached a historical high of $3685 per ounce, reflecting strong global liquidity [11] - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, showing a month-on-month increase of 0.61% [20] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises in early September increased by 7.19% month-on-month [24] - The national average capacity utilization rate for blast furnaces is at 90.35%, up by 0.17 percentage points [44] Industrial Products Chain - The operating rate for semi-steel tires is at a five-year high, indicating robust demand in the industrial sector [2] - Major commodity prices show varied performance, with cold-rolled steel prices up by 8.99% and copper down by 1.34% [2] Sub-sectors - The price of iron ore is at 793 yuan per wet ton, reflecting a 0.6% increase week-on-week [10] - The price of graphite electrodes remains stable at 18,000 yuan per ton, with a slight decrease in comprehensive profit margins [10] Valuation Metrics - The Shanghai Composite Index decreased by 0.44%, while the engineering machinery sector showed the best performance with a 6.10% increase [4] - The PB ratio of the steel sector relative to the broader market is currently at 0.52, indicating potential for recovery [4] Export Chain - The new export orders PMI for China in August 2025 is at 47.20%, reflecting a slight month-on-month increase [3]

Group 1: Economic Overview - The UAE is the second-largest economy in the Gulf region, leveraging its oil and gas resources along with its trade hub advantages to accelerate economic diversification [1][2] - As of Q4 2024, the oil sector is projected to account for 20% of the UAE's GDP, indicating a strong reliance on energy resources while the government pushes for economic diversification [2][3] Group 2: Economic Transformation - The UAE has significantly reduced its dependence on oil, with industrial, construction, real estate, and financial services sectors showing comprehensive development [3] - The service sector has increasingly contributed to economic growth, with domestic demand, private consumption, and fixed capital formation becoming key drivers [3] Group 3: Demographics and Labor Market - The UAE has the highest percentage of foreign immigrants in the Middle East at 88%, with a well-educated labor force and high labor participation rates, supporting industrial transformation and domestic market expansion [4] - The country’s favorable demographic structure and inclusive business environment attract international talent and capital inflows [4] Group 4: Trade Relations with China - The UAE is a significant energy supplier to China and the largest export market in the Middle East, with increasing trade cooperation, particularly in machinery, automobiles, and home goods [5] - The relationship is evolving from traditional oil purchases to include clean energy and new economic collaborations, reflecting a shift in Chinese enterprises' overseas expansion strategies [5]