Report Industry Investment Rating - No relevant content provided Core Views - The "15th Five-Year Plan" draft proposes to support the development of innovative products such as asset securitization and promote the high - quality development of the real estate industry [2] - The "Action Plan" supports the issuance of REITs for eligible commercial real estate projects, which is conducive to revitalizing the stock assets in the commercial real estate field and promoting the recovery of the real estate industry [3] - In September 2025, the issuance of asset - securitized products in the whole market increased significantly, and the issuance costs of different types of products were differentiated [7] - The issuance scale of products in the inter - bank and exchange markets has increased, with the largest increase in credit ABS [16] - The trading activity of ABS products in the secondary market has generally increased, and products such as class REITs and micro - enterprise loans have relatively active transactions [19] Summary by Directory 1. Overall Market Issuance Situation - In September 2025, a total of 299 issues of asset - securitized products were issued in the whole market, with a total scale of 268.78 billion yuan, a 43% increase from the previous period [7] - The average issuance costs of policy - loan - based and micro - enterprise - loan - based products were relatively high, while those of personal auto - loan products were relatively low [7] - The secondary - stratification ratios of products such as trust - beneficiary rights, shantytown - renovation/affordable - housing, and accounts - receivable did not exceed 10%, while that of non - performing - loan products remained at a high level [7] - The stratification ratios of different products with underlying assets such as micro - enterprise loans and class REITs varied greatly [7] - Exchange - traded ABS: 191 issues were issued, with a total scale of 164.946 billion yuan, a 41% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.65% to 3.95% [13] 2. Issuance Situation in the Inter - bank and Exchange Markets - Inter - bank market ABS: 38 issues of products were issued, with a scale of 36.569 billion yuan, a 72% increase from the previous month. The priority products were all rated AAAsf, and the highest coupon rate was 2.80% [16] - The secondary - stratification ratios of products ranged from 12% to 35%, and nearly 90% of inter - bank ABS products had a secondary - stratification ratio of over 20% [16] - Transaction - Association ABN: 70 issues were issued, with a total scale of 67.363 billion yuan, a 16% increase from the previous month. The coupon rates of priority products with disclosed credit ratings ranged from 1.60% to 3.80% [17] 3. Secondary Market - Inter - bank market ABS: The total trading volume was 20.378 billion yuan, and the trading activity increased significantly. Non - performing - loan products had the largest trading volume [19] - Exchange - traded ABS: The total trading volume was 104.656 billion yuan, and the trading scale increased significantly from the previous month. Class REITs products had the largest trading volume [22] - Transaction - Association ABN: The total trading volume was 54.07 billion yuan, and the trading scale further increased. Micro - enterprise loans and bank/Internet consumer loans had relatively active transactions [25]

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].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

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].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The prices of rebar and hot - rolled coils are expected to show a strong and volatile trend driven by macro - sentiment [1]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Information**: For rebar contract RB2601, the closing price was 3,133 yuan/ton, up 31 yuan or 1.00%, with a trading volume of 1,239,602 lots, a position of 1,894,007 lots, and a position change of - 36,350 lots. For hot - rolled coil contract HC2601, the closing price was 3,345 yuan/ton, up 40 yuan or 1.21%, with a trading volume of 573,794 lots, a position of 1,461,059 lots, and a position change of - 12,738 lots [1]. - **Spot Price Information**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou increased by 20 yuan, 10 yuan, 30 yuan, and 20 yuan respectively. Hot - rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou increased by 20 yuan, 20 yuan, 20 yuan, and 30 yuan respectively. The price of Tangshan billet rose by 20 yuan to 3000 yuan/ton [1]. - **Price Difference Information**: The basis of RB2601 decreased by 22 yuan to 107 yuan, and the basis of HC2601 decreased by 20 yuan to 15 yuan. The spread of RB2601 - RB2605 increased by 10 yuan to - 53 yuan, and the spread of HC2601 - HC2605 increased by 2 yuan to 13 yuan [1]. 3.2 Macro and Industry News - **Policy News**: Five - department offices including the Ministry of Commerce issued the "Urban Commercial Quality Improvement Action Plan", supporting eligible commercial real estate projects to issue real estate investment trust funds (REITs). The 15th Five - Year Plan proposed directions for the high - quality development of the steel industry, such as promoting the quality improvement of key industries and enhancing the independent controllability of the industrial chain [2][3]. - **Production and Inventory Data**: In the week of October 23, rebar production increased by 5.91 tons, hot - rolled coil production increased by 0.62 tons, and the total production of five major varieties increased by 8.37 tons. Rebar inventory decreased by 18.94 tons, hot - rolled coil inventory decreased by 4.27 tons, and the total inventory of five major varieties decreased by 27.41 tons [3]. - **Output Data**: In September 2025, the national crude steel production was 7349 million tons, a year - on - year decrease of 4.6%. The daily output was 244.97 million tons/day, a month - on - month decrease of 1.8%. From January to September, the cumulative production of crude steel was 746 million tons, a year - on - year decrease of 2.9% [3]. - **Inventory Data**: In early October 2025, the steel inventory of key steel enterprises was 15.88 million tons, a week - on - week increase of 121 million tons or 8.2% [3]. 3.3 Trend Intensity - The trend intensity of rebar and hot - rolled coils is 1, indicating a relatively strong trend [3][4].

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].

Group 1 - The Ministry of Commerce and other departments support the issuance of REITs for commercial real estate projects to provide long-term financing for urban commercial upgrades [1] - The initiative aims to address the financing needs of the commercial real estate sector by broadening exit channels and injecting sustainable capital into the industry [1] - Tax incentives and financial support are designed to assist small and micro enterprises in innovation and alleviate their financial burdens [1] Group 2 - Chongqing's plan focuses on revitalizing existing land and allowing collective construction land to enter the market, which can effectively activate idle resources [2] - The policy includes measures for the functional conversion of existing commercial office land and the interchange of industrial land, enhancing land resource utilization [2] - The introduction of a property rights trading system for rural land aims to stimulate rural land value and support regional development [2] Group 3 - Xiamen's government has announced a comprehensive relaxation of household registration restrictions, promoting population flow to outer districts while controlling growth in inner districts [3] - The new policy allows for lower thresholds for residency registration, which is expected to inject demographic dividends into urban development [3] - Accompanying policies for family migration and public household guarantees enhance the inclusivity of the new regulations [3] Group 4 - China Communications Real Estate's private bond project of 4.75 billion yuan has been updated to "feedback received," indicating smooth progress in the capital market [4] - The bond is aimed at professional investors and is expected to alleviate financial pressure on the company, although the specific use of funds has not been disclosed [4] - The bond issuance reflects market confidence in the company and is likely to support project development or debt optimization [4] Group 5 - Shoukai Co. has provided approximately 1.282 billion yuan in shareholder loans to five joint venture project companies, indicating strong financial support for related projects [5] - The company also facilitated the transfer of surplus funds amounting to about 1.548 billion yuan among four controlled project companies [5] - This financial assistance aligns with regulatory guidelines and demonstrates the company's commitment to optimizing fund allocation and stabilizing its cooperative ecosystem [5]

Core Viewpoint - The Ministry of Commerce and five other departments have issued a notice regarding the "Urban Commercial Quality Improvement Action Plan," emphasizing the need for enhanced financial support for urban commercial development [1] Financial Support - The plan encourages pilot cities for modern commercial circulation systems to utilize central financial resources effectively [1] - It aims to promote the renovation of operational and service facilities for urban commercial enterprises and diversify store layouts [1] Support for Small and Micro Enterprises - The plan includes tax and fee incentives for small and micro enterprises in the commercial circulation sector, promoting compliance and integrity in tax payments [1] - It aims to foster innovation and development among urban commercial small and micro enterprises [1] Financial Institutions' Role - The plan highlights the importance of various financial institutions in providing diverse financial products and services [1] - It supports the issuance of Real Estate Investment Trusts (REITs) for qualifying commercial real estate projects, ensuring long-term financing support for urban commercial quality improvement [1]