Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Viewpoints - The significance of the "three red lines" policy has diminished, suggesting that its policy objectives have largely been achieved, and the industry is transitioning from a "high-risk" model to high-quality development. Regulatory focus has shifted from preventing debt crises to stabilizing market expectations [3][7]. - Recent market data shows that the real estate sector index underperformed compared to the CSI 300 index, with a weekly decline of 2.2% and a relative return of -2.3% [3][8]. - New home sales in 30 cities increased by 23% compared to the previous week, totaling 141 million square meters, although year-to-date sales are down 24% [3][8]. Summary by Sections Market Performance - The real estate sector index has shown a weekly decline of 2.2%, underperforming the CSI 300 index by 2.3% [3][8]. - New home sales in 30 cities reached 141 million square meters, a 23% increase from the previous week, but a 24% decrease year-on-year [3][8]. Sales Data - New home sales increased in the fifth week compared to the fourth week, while second-hand home sales slightly decreased. The new home sales in 30 cities showed a 23% week-on-week increase, but a 24% year-to-date decline [3][8]. - Second-hand home sales in 18 cities totaled 17,000 units, a 2% decrease from the previous week, but a 14% year-to-date increase [3][8]. Investment Recommendations - The report suggests focusing on three categories of investment opportunities: 1. Quality developers with low historical burdens and strong sales growth expectations [4]. 2. Commercial real estate operations, particularly shopping centers that can maintain growth in a slowing economy [4]. 3. Real estate brokerage platforms that benefit from scale and brand advantages, which can enhance performance during market recovery [4].

1. Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The market supervision总局 and other ten departments jointly issued the "Low - altitude Economy Standard System Construction Guide (2025 Edition)", aiming to establish a "four - dimensional integration" standard supply system in the low - altitude economy [1]. - Shanghai has substantially launched the project of purchasing second - hand housing for affordable rental housing, aiming to form a good pattern and explore new housing procurement models [1]. - In the upstream, aluminum and nickel prices have dropped significantly, egg prices have slightly declined, and international crude oil prices have rebounded [1]. - In the mid - stream, the PX operating rate remains high, power plant coal consumption is low, and the asphalt operating rate for road construction is low [1][2]. - In the downstream, the sales of commercial housing in first - and second - tier cities have seasonally declined, while the number of domestic flights has continued to rise [2]. 3. Summary by Related Catalogs 3.1 Industry Overview 3.1.1 Production Industry - The market supervision总局 and other ten departments jointly issued the "Low - altitude Economy Standard System Construction Guide (2025 Edition)", focusing on five core areas to establish a "four - dimensional integration" standard supply system [1]. 3.1.2 Service Industry - On the 2nd, Shanghai launched the project of purchasing second - hand housing for affordable rental housing, aiming to form a good pattern and explore new housing procurement models [1]. 3.1.3 Upstream - **Non - ferrous metals**: Aluminum and nickel prices have dropped significantly [1]. - **Agriculture**: Egg prices have slightly declined [1]. - **Energy**: International crude oil prices have rebounded [1]. 3.1.4 Mid - stream - **Chemical industry**: The PX operating rate remains high [1][2]. - **Energy**: Power plant coal consumption is low [2]. - **Infrastructure**: The asphalt operating rate for road construction is low [2]. 3.1.5 Downstream - **Real estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined [2]. - **Service**: The number of domestic flights has continued to rise [2]. 3.2 Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 2/2 | 2271.4 | 0.06% | | | | Spot price: Egg | Daily | Yuan/kg | 2/2 | 8.1 | - 3.34% | | | | Spot price: Palm oil | Daily | Yuan/ton | 2/2 | 9014.0 | - 0.81% | | | | Spot price: Cotton | Daily | Yuan/ton | 2/2 | 16090.5 | 0.83% | | | | Average wholesale price: Pork | Daily | Yuan/kg | 2/2 | 18.4 | - 0.86% | | | Non - ferrous metals | Spot price: Copper | Daily | Yuan/ton | 2/2 | 100853.3 | - 1.54% | | | | Spot price: Zinc | Daily | Yuan/ton | 2/2 | 24970.0 | 1.17% | | | | Spot price: Aluminum | Daily | Yuan/ton | 2/2 | 22970.0 | - 4.45% | | | | Spot price: Nickel | Daily | Yuan/ton | 2/2 | 140150.0 | - 5.62% | | | | Spot price: Aluminum | Daily | Yuan/ton | 2/2 | 16631.3 | - 1.74% | | | | Spot price: Rebar | Daily | Yuan/ton | 2/2 | 3189.3 | - 0.79% | | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 2/2 | 811.0 | - 0.69% | | | | Spot price: Wire rod | Daily | Yuan/ton | 2/2 | 3400.0 | - 0.73% | | | | Spot price: Glass | Daily | Yuan/square meter | 2/2 | 13.2 | 1.15% | | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 2/2 | 15841.7 | - 0.78% | | | | China Plastic City Price Index | Daily | - | 2/2 | 788.4 | 0.65% | | | | Spot price: WTI crude oil | Daily | US dollars/barrel | 2/2 | 65.2 | 6.78% | | | Energy | Spot price: Brent crude oil | Daily | US dollars/barrel | 2/2 | 69.3 | 6.53% | | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 2/2 | 3606.0 | - 1.69% | | | | Coal price: Coal | Daily | Yuan/ton | 2/2 | 803.0 | - 0.37% | | | | Spot price: PTA | Daily | Yuan/ton | 2/2 | 5298.8 | - 0.79% | | | Chemical industry | Spot price: Polyethylene | Daily | Yuan/ton | 2/2 | 6966.7 | 1.38% | | | | Spot price: Urea | Daily | Yuan/ton | 2/2 | 1782.5 | 2.15% | | | | Spot price: Soda ash | Daily | Yuan/ton | 2/2 | 1202.9 | 0.00% | | | Real estate | Cement price index: National <br> Building materials composite index | Daily <br> Daily | - <br> Points | 2/2 <br> 2/2 | 132.7 <br> 114.6 | - 0.58% <br> - 0.26% | | | | Concrete price index: National index | Daily | Points | 2/2 | 90.2 | - 0.02% | | [35]

Core Insights - The event "Praise for the Chinese Economy - Entrepreneur Night" serves as a platform to observe the resilience and diverse dynamics of the Chinese economy, showcasing the driving forces behind its progress despite challenges [1] Group 1: Traditional Industry and Mining - Zijin Mining's founder Chen Jinghe expressed emotional reflections on the company's growth, symbolizing the rise of China's basic industries in global competition [2] - Chen highlighted that Zijin Mining has overcome Western control of premium mining resources through strong technical capabilities and international operations, emphasizing the importance of the mining industry as the foundation of industrial growth [4] Group 2: Innovation and Technology - The event featured innovative companies demonstrating advancements in technology, such as Zhejiang Qiangnao Technology's non-invasive brain-computer interface, which aims to assist 5 million disabled individuals [5] - Liu Debing, chairman of Zhipu AI, discussed the ambition of achieving general artificial intelligence, while other companies showcased practical applications in autonomous driving [7] Group 3: Social Responsibility and Community Focus - Lu Mai, former vice chairman of the China Development Research Foundation, called attention to early childhood care in rural areas, highlighting a funding gap of 30 million and urging entrepreneurs to contribute to grassroots initiatives [8] - Cold Friend Dairy's commitment to sourcing 100% of its core ingredients domestically reflects a focus on self-sufficiency in critical sectors [10] Group 4: Economic Diversity and Future Trends - The founder of Huitian, Zhao Deli, emphasized the potential of low-altitude economy and flying cars, with 7,000 global orders, indicating a new frontier in transportation [11] - The event also explored cultural and community aspects, with discussions on creating meaningful living spaces that transcend traditional real estate [11] Group 5: AI and Digital Economy - The event recognized AI chip companies as foundational to the digital economy, with a focus on building a self-sufficient computing base by 2025 to support emerging fields [14] - Zhao Yan from Huaxi Biological expressed optimism about biotechnology's potential to address chronic diseases, aiming for improved human life quality [16] Group 6: Entrepreneurial Spirit and Economic Outlook - The collective narratives of entrepreneurs illustrate the dual engines of innovation and perseverance driving high-quality development in China [16] - The spirit of entrepreneurship is expected to continue guiding the Chinese economy towards stability and growth in the face of changing circumstances [16]

Core Viewpoint - The Hainan Provincial Market Interest Rate Pricing Self-Discipline Mechanism announced a policy adjustment regarding the minimum down payment ratio for commercial property loans, effective from February 3, requiring a minimum down payment of 30% across 19 cities and counties in Hainan [1] Group 1: Policy Announcement - The adjustment aims to implement the decisions of the Central Committee and the State Council, adapting to new changes in the supply and demand of the real estate market [1] - The People's Bank of China and the National Financial Regulatory Administration have mandated this adjustment in accordance with the notification regarding the minimum down payment ratio for commercial property loans [1] Group 2: Implementation Details - The minimum down payment ratio for commercial property loans, including "commercial-residential mixed-use properties," has been set at no less than 30% [1] - Local commercial banks in Hainan are allowed to determine specific down payment ratios for each commercial property loan based on market-oriented and legal principles, considering their operational conditions and customer risk profiles [1]

Economic Structure Insights - The "golden crossover" of new and old economies indicates that by 2025, the new economy's GDP share will rise to 20%, surpassing the old economy's 19.7%[11] - By 2026, residents' financial assets are expected to exceed the total value of urban residential properties for the first time, indicating a shift in wealth structure[12] Spending Intentions - Combined spending intentions of residents, government, and overseas sectors are projected to stabilize in 2024 and show a first increase in 2025, driven by strong export performance and increased fiscal counter-cyclical adjustments[13] Market Dynamics - Recent market volatility is attributed to sharp fluctuations in gold and silver prices, with A-share indices experiencing a significant drop of 0.96% on January 30, 2026, primarily due to external factors[15] - The probability of a significant market pullback post-volatility is considered low, as domestic economic recovery is ongoing and supportive policies remain in place[16] Debt Market Outlook - The bond market is experiencing a correction of pessimistic expectations, with a notable recovery in the long-end segment, driven by improved risk appetite and stable funding conditions[20] - The issuance pace of local government bonds is slower than expected, alleviating supply pressure in the bond market[21] Federal Reserve Policy - The Federal Reserve maintained the federal funds rate at 3.5%-3.75% in January 2026, signaling a shift to a "wait-and-see" approach regarding future rate cuts[25] - The Fed's recent statements reflect a more positive outlook on economic growth, with a focus on normalizing monetary policy rather than further rate cuts in the near term[26]

Market Overview - The A-share market showed positive performance at midday, with the Shanghai Composite Index up 0.38%, the Shenzhen Component Index up 0.93%, and the ChiNext Index up 0.76% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6 trillion yuan, a decrease of 38.5 billion yuan compared to the previous trading day, with over 4,400 stocks rising [4] Sector Performance - The photovoltaic industry chain led the market gains, while sectors such as commercial aerospace, CPO, deep-sea technology, and humanoid robots were also active [3] - Gold and oil & gas stocks experienced a pullback, and the banking and brokerage sectors showed weak performance [3] Notable Stock Movements - The Hang Seng Technology Index fell over 3%, with Baidu Group down more than 6%, Tencent Holdings down nearly 6%, and Alibaba down over 4% [5] - The commercial aerospace sector saw significant gains, with stocks like Jili Suojue and Runbei Aerospace hitting the daily limit [10] - Chemical stocks experienced a short-term surge, with Hongbaoli hitting the daily limit and Meibang Technology rising over 10% [10] Commodity Prices - The main contract for lithium carbonate saw an intraday increase of 6.6%, currently priced at 150,880 yuan per ton [11] - Spot silver prices rose significantly, increasing by 7% to $84.83 per ounce [14]

Report Industry Investment Rating - Not provided Core Viewpoints - The finished products are expected to move in a volatile and consolidating manner, with the price center shifting downward and showing weak performance. The aluminum ingot price is expected to experience a short - term weak callback, and the short - term market fluctuates sharply [1][2][3] Summary by Related Content Finished Products - Yungui region's short - process construction steel producers will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month. The total output of construction steel is expected to be affected by 741,000 tons during this period. Six short - process steel mills in Anhui, one stopped on January 5th, most will stop in mid - January, and a few after January 20th. The daily output is expected to be affected by 16,200 tons [1] - From December 30, 2024, to January 5, 2025, the total transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2] - The finished products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, the price center continues to shift downward. The winter storage is sluggish this year, providing weak support for prices [2] Aluminum Ingots - The sharp decline of Shanghai Aluminum was due to the selling of precious metals, triggering risk - aversion sentiment. The market's expectation of loose liquidity was disappointed, and funds fled from risk assets such as commodities. The previous large increase in the non - ferrous metal sector led to profit - taking, intensifying the downward pressure on prices [1] - In January 2026, the domestic electrolytic aluminum output increased by 2.7% year - on - year and 0.5% month - on - month. In February, it is expected to decrease month - on - month due to fewer natural days. Some new electrolytic aluminum projects are expected to be put into production stably [2] - As the Spring Festival approaches, the downstream demand for raw materials weakens, and the high aluminum price suppresses demand. The enterprise's willingness to cast ingots increases significantly, and the proportion of molten aluminum is expected to drop sharply [2] - Last week, the comprehensive operating rate of aluminum processing was 59.4%, a 1.5 - percentage - point decline from the previous week, showing characteristics of "accelerated seasonal decline and deepened high - price suppression effect". Most sub - sectors' operating rates decreased, and the industry is quickly entering the Spring Festival off - season [2] - As of January 29, the national social inventory of aluminum ingots has reached 782,000 tons, an increase of 330,000 tons compared with the same period in 2025 [2] Later Concerns - For finished products, the concerns are macro - policies and downstream demand [2] - For aluminum ingots, the concerns are changes in macro - expectations, the development of geopolitical crises, the resumption of production at the mine end, and the release of consumption [3]

Core Viewpoint - The performance of ST stocks is deteriorating, with only 24% showing positive results, leading to multiple companies facing delisting warnings due to financial instability [1][2]. Group 1: Performance Overview - Among 178 ST stocks, 118 reported continued losses, 33 turned profitable, 12 reported initial losses, and only 7 showed profit growth, indicating a significant struggle within the sector [2]. - ST晨鸣 (000488.SZ) is projected to incur the largest loss, estimated between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2]. - Other notable losses include ST中装 (002822.SZ) with losses between 2.98 billion to 3.38 billion yuan and ST银江 (300020.SZ) with losses between 1.7 billion to 2.46 billion yuan [2]. Group 2: Delisting Risks - Several ST stocks have triggered financial delisting indicators, such as *ST岩石, which is expected to have an operating income below 300 million yuan and negative net profits [4]. - *ST精伦 anticipates negative net profits and operating income below 300 million yuan, facing potential delisting after its annual report [4]. - Companies like *ST观典 and *ST太和 are also at risk of receiving non-standard audit opinions, which could lead to delisting if financial conditions do not improve [5]. Group 3: Recovery Efforts - Some ST stocks are attempting to reverse their fortunes through restructuring and asset sales, such as *ST金科 (000656.SZ), which is expected to report a net profit of 30 billion to 35 billion yuan in 2025 after a successful restructuring [6]. - *ST松发 is projected to achieve a net profit of 2.4 billion to 2.7 billion yuan in 2025, following a significant asset restructuring that shifted its focus to shipbuilding [7]. - *ST威尔 has also seen positive impacts on its performance through strategic asset disposals and acquisitions, forecasting a net profit of 190 million to 220 million yuan [7].

2026年2月2日，中国建设银行支持上海市第一批收购二手住房用于保障性租赁住房项目签约活动在中国建设银行上海市分行举行。 此次签约标志着上海开展收购二手住房用于保障性租赁住房工作实质性启动。 签约现场，浦东新区、静安区、徐汇区三个试点区结合各区实际，明确了房源筛选标准与运作模式： 1、收购二手房房源以小户型为主（70平方米以下）。 2、产业园、核心商圈、轨交站点附近房源优先收购。 3、由区级保障房公司等国企为收购主体，收购价格按市场或评估价格（总价400万以下房源为主），采取自愿申请原则。 从房源筛选标准与运作模式来看，基本以当前二手房市场置换链底层"老破小"为主，这也是二手房市场价格敏感度最大、"以价换量"最明显的房源之一。 在"官方收购"下，这些房源将率先实现稳定，并成为激活房地产市场置换链的第一步。 01 2026年2月2日，中国建设银行支持上海市第一批收购二手住房用于保障性租赁住房项目签约活动在中国建设银行上海市分行举行。第一批以浦东新区、静 安区、徐汇区为试点区域。 从上海收购二手住房用于保障性租赁住房工作本身来看，对"卖一买一"刚改需求购房者利好最大。 当前市场改善需求遇到的最大痛点是置换链问题， ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The stock market has been continuously improving since 2026, driven by the resonance of the technology cycle, the release of policy dividends, the recovery of the economy, and the return of overseas funds. In February, the market is expected to continue its phased upward trend, benefiting from the "Spring Market" window period, the release of policy dividends in the "14th Five - Year Plan", clear profit expectations for AI and overseas expansion themes, and the seasonal recovery of the consumer sector and the implementation of investment projects. However, potential disturbances from overseas capital market fluctuations during the Spring Festival holiday, especially geopolitical risks, should be watched out for [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices were 4582.20 (current month), 4577.40 (next month), 4540.00 (next quarter), and 4491.80 (next - to - next quarter), with declines of 136.20, 142.20, 167.60, and 170.60 respectively, and volume - weighted average price (VWAP) declines of 2.89%, 3.01%, 3.56%, and 3.66%. The trading volumes were 34422.00, 110802.00, 33589.00, and 12595.00, and the open interests were 37542.00, 174613.00, 75115.00, and 26611.00, with changes of - 2648.00, - 11760.00, - 4210.00, and - 145.00 respectively [1] - **IH Contracts**: The previous day's closing prices were 3003.60 (current month), 3004.20 (next month), 2986.00 (next quarter), and 2963.60 (next - to - next quarter), with declines of 70.40, 71.60, 92.40, and 90.20 respectively, and VWAP declines of 2.29%, 2.33%, 3.00%, and 2.95%. The trading volumes were 16229.00, 53829.00, 13294.00, and 5931.00, and the open interests were 16983.00, 66246.00, 25931.00, and 10144.00, with changes of 829.00, - 4197.00, - 695.00, and 1001.00 respectively [1] - **IC Contracts**: The previous day's closing prices were 7951.00 (current month), 7903.20 (next month), 7765.20 (next quarter), and 7647.00 (next - to - next quarter), with declines of 434.60, 475.20, 558.00, and 593.00 respectively, and VWAP declines of 5.18%, 5.67%, 6.70%, and 7.20%. The trading volumes were 43997.00, 151002.00, 69294.00, and 24711.00, and the open interests were 43403.00, 153481.00, 93095.00, and 38790.00, with changes of - 3591.00, - 10216.00, - 7752.00, and 869.00 respectively [1] - **IM Contracts**: The previous day's closing prices were 7910.00 (current month), 7871.80 (next month), 7701.60 (next quarter), and 7548.60 (next - to - next quarter), with declines of 367.80, 387.60, 434.80, and 444.40 respectively, and VWAP declines of 4.44%, 4.69%, 5.34%, and 5.56%. The trading volumes were 46878.00, 173821.00, 60249.00, and 26152.00, and the open interests were 61033.00, 194848.00, 107833.00, and 50536.00, with changes of 2761.00, 3050.00, - 3441.00, and 3040.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 4.80, 0.60, - 47.80, and - 38.20 respectively, compared with the previous values of 1.00, 5.80, - 14.80, and - 21.80 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's closing values of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4605.98, 3003.14, 8037.05, and 7975.43 respectively, with declines of 2.13%, 2.07%, 3.98%, and 3.39%. The trading volumes (in billions of lots) were 304.77, 80.80, 299.65, and 308.32, and the total trading amounts (in billions of yuan) were 7259.20, 2081.53, 5460.56, and 4989.41 [1] - **Industry Indexes**: Among different industries, the energy, raw materials, industrial, and optional consumer sectors had declines of 4.44%, 7.74%, 0.96%, and 1.14% respectively. The major consumer sector had an increase of 1.12%, while the pharmaceutical, real - estate and finance, information technology, telecommunications, and public utility sectors had declines of 2.05%, 0.53%, 2.85%, 3.36%, and 0.81% respectively [1] 3.3 Futures - Spot Basis - The previous day's basis values of IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (next - to - next quarter - CSI 300) were - 23.78, - 28.58, - 65.98, and - 114.18 respectively, compared with the previous two - day values of 3.66, 4.66, - 6.54, and - 51.34 [1] - The previous day's basis values of IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (next - to - next quarter - SSE 50) were 0.46, 1.06, - 17.14, and - 39.54 respectively, compared with the previous two - day values of 1.70, 7.50, 13.50, and - 13.30 [1] - The previous day's basis values of IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (next - to - next quarter - CSI 500) were - 86.05, - 133.85, - 271.85, and - 390.05 respectively, compared with the previous two - day values of 6.68, - 8.12, - 70.52, and - 160.52 [1] - The previous day's basis values of IM (current month - CSI 1000), IM (next month - CSI 1000), IM (next quarter - CSI 1000), and IM (next - to - next quarter - CSI 1000) were - 65.43, - 103.63, - 273.83, and - 426.83 respectively, compared with the previous two - day values of 27.54, 5.74, - 111.06, and - 258.26 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Sized Board Index, and ChiNext Index were 4015.75, 13824.35, 8344.38, and 3264.11 respectively, with declines of 2.48%, 2.69%, 2.37%, and 2.46% [1] - **Overseas Indexes**: The previous day's closing values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26775.57, 52655.18, 6976.44, and 24806.10 respectively, with changes of - 2.23%, - 1.25%, 0.54%, and 1.09% [1] 3.5 Macro Information - The Asia - Pacific financial markets experienced a "Black Monday" due to the uncertainty of the Fed's policy, leading to sell - offs. The South Korean Composite Index fell 5.26%, the Indonesian Composite Index fell 4.88%, and both triggered circuit breakers during the session. A - shares and Hong Kong stocks' three major indexes all fell more than 2%. Resource stocks were severely hit, and more than 10 commodity futures in the domestic market hit the daily limit down. Thailand's gold online futures trading was temporarily suspended [2] - On February 2, after the resumption of trading, the net asset value of SDIC Silver LOF was adjusted to 2.2494 yuan, with a single - day decline of 31.5%, setting a record for the largest single - day decline in public funds. The current secondary - market price premium rate is 109.92% [2] - Shanghai launched a program to purchase second - hand housing for affordable rental housing, with Pudong New Area, Jing'an District, and Xuhui District as the first - batch pilot areas [2] - The CPC Central Committee and the State Council approved the "Spatial Coordination Plan for the Modern Capital Metropolitan Area (2023 - 2035)", aiming to build a world - class metropolitan area centered around the capital and a leading area for demonstrating Chinese - style modernization [2] - Nine government departments, including the Ministry of Commerce, launched the "Happy Shopping for Chinese New Year" special event in 2026, which will run from February 15 to 23 and cover six aspects: "delicious food", "good accommodation", "convenient travel", "pleasant tourism", "satisfactory shopping", and "fun entertainment" [2] 3.6 Industry Information - In January, the second - hand housing markets in several key cities recovered. Beijing and Shanghai had 15,000 and 23,000 second - hand housing transactions respectively, both with year - on - year growth of over 20%. Shenzhen had 5,000 transactions, with a month - on - month increase of 16% and a year - on - year increase of 7%. Hangzhou also saw a significant increase in transactions both month - on - month and year - on - year. The new - housing markets in key cities were relatively dull due to factors such as the market supply rhythm [2] - Ten government departments issued a document to promote the construction of a standard system for the low - altitude economy, aiming to establish a "four - dimensional integrated" standard supply system by 2027, focusing on five core areas: low - altitude aircraft, low - altitude infrastructure, low - altitude air traffic management, safety supervision, and application scenarios [2] - The National Healthcare Security Administration announced that this year's medical insurance fund supervision will conduct on - site inspections across all provinces in China, focusing on key areas such as orthopedics, oncology, laboratory tests, ophthalmology, stomatology, general surgery, and neurology [2] - The mandatory national standard "Safety Technical Requirements for Automobile Door Handles" will be implemented next year, requiring each door (excluding the rear door) to be equipped with a mechanical external door handle and a mechanical internal door handle, which will bring major changes to the popular hidden - door - handle design [2]