国庆又逢中秋，降雨亦难挡出游热情。这个假期，古都西安接待游客逾2000万人次，西安咸阳国际 机场单日旅客运送量创历史新高，三秦大地以深厚的文化底蕴、花样百出的活动和持续优化的服务吸引 八方来客，绘就了一幅活力满满的流动画卷。 千年古都绽放华彩 "博物馆热"折射文化自信 国庆中秋假期，西安文旅市场活力迸发，全市共接待游客2007.75万人次，游客总花费达199.59亿 元。 西安构建以46项市级活动为主导、395项区县级活动为支撑的特色文旅活动格局；与"与辉同行"携 手举办的2025西安中秋月宴直播活动，紧扣"唐诗+中秋+西安"核心要素，在线观看人数超1140万人次。 大唐西市主会场周边设置唐诗文化主题市集，大唐芙蓉园、长安十二时辰等"唐诗中秋体验线路"上 线，带动景区客流与二次消费显著增长。 西安市举办"第四批西安市非遗项目文创研发展示暨第三季非遗购物月"活动，通过非遗与教育、文 创、艺术的深度融合，让民俗文化绽放时代魅力。 演艺持续升温，21台重点旅游演艺共演出1188场，吸引游客95.2万人次，同比增长7%。《无界·长 安》《赳赳大秦》接待游客同比分别增长68.3%、51%，《西安千古情》创下单日演出20 ...

该行指，港铁旗下日出康城10期"LP10"及黄竹坑站上盖项目"晋环"期内取得入伙纸，预期利润将于期内入账，估计两 个项目净利润共达到87亿港元。至于投资物业，瑞银预计由于去年租金下调、香港零售额下降及上半年有提供额外租 金优惠，物业租金收入将按年下降3%，当中部分被康城商场The Lohas部分开幕所抵销。车站商业业务方面，该行预 计租金收入将下降5%。 港铁早前表示计划将股息组合更改为中期派发三分之一、末期派发三分之二，同时维持累进股息政策。基于每股资产 淨值折让，瑞银将港铁目标价由43.1港元降至42.3港元(相当于每股资产净值52.9港元折让20%)，维持"中性"评级。 瑞银发表报告表示，港铁(0066.HK)将于8月中旬公布今年上半年业绩，该行料港铁中期盈利将达到89亿港元，当中主 要来自房地产开发利润的推动，但经常性业务利润则预期受到2月至4月疫情影响。该行预计，港铁上半年来自本地铁 路服务客流量将按年下降约12%，而去年6月起屯马线第二期开通后，营运开支将按年略有提升。 ...

Core Viewpoint - Shenzhen has implemented a comprehensive transportation shutdown in response to Typhoon alerts, affecting various modes of public transport including subways, buses, and flights, with specific timelines for service cessation and resumption based on the storm's impact [1][3][7]. Public Transport Summary - The subway system will cease operations early on September 23, with the last trains departing at 18:00 from their respective terminals, and only allowing passengers to exit at stations thereafter [1]. - Regular bus services and taxis will also stop operating from 20:00 on September 23, impacting all public transport across the city [3][5]. - High-speed and regular trains in Guangdong province will begin to halt services from 12:00 on September 23, with a complete suspension on September 24, and a gradual resumption expected based on weather conditions starting from September 25 [6]. - Shenzhen Airport will suspend all flight operations from 20:00 on September 23, with the resumption time dependent on the typhoon's effects [7]. - All ports have also ceased operations, with specific contact numbers provided for passenger inquiries [8]. Emergency Services and Communication - Citizens are advised to plan their travel accordingly and follow instructions from transport staff during peak hours [2]. - Contact numbers for various transport services have been provided for public assistance [3][4][8].

9月22日上午，在武汉东湖绿道，2025年绿色出行宣传月和公交出行宣传周启动，现场颁发了今年的"敬老爱老公交线"和"地铁无障碍 服务精品站"。 "敬老爱老公交线"每天都有暖心场景 "您老慢点，我来扶您！"22日下午，在汉口火车站，533路驾驶员杨东兴准备发车，看见一位老大爷拖着大件旅行袋乘车，他赶紧上前 帮忙搬运行李，稳稳扶住老人的胳膊，叮嘱"注意脚下，不急不慌"，安顿坐到爱心座位后，还细心记下老人下车站点，方便下车时提供助 行服务。 在武汉公交533路，这样的暖心场景每天都在上演。今年6月，一位八旬老人在汉口火车站迷路，驾驶员夏坤将她带回调度室照料，最 终通过老年证上的电话号码，联系上子女。从那之后，533路开始推行一项专属行动不便、需特殊关爱老人的"红丝带"服务，可向驾驶员领 取红丝带和特制老年证卡套，卡套可以填写家属信息，驾驶员看见佩戴红丝带的老年乘客，会特别关注。 为了老年乘客更加舒适，533路采用噪声小、起步稳、低入口踏板的新能源车型，还设置了敬老爱老专座、防滑扶手、应急按铃、爱 心医药箱等。"我们根据老年乘客的出行特点，还制定适合老年人乘车习惯的服务规范。"杨东兴介绍，在停靠市六医院、民族路集家嘴 ...

Core Insights - In the first eight months of this year, Shenzhen's subway system has surpassed Guangzhou in both passenger flow and entry volume, ranking as the third city in China [2][3] - This shift does not indicate a decline in Guangzhou's urban activity, as its population and market entities continue to grow robustly [2][10] Subway Passenger Flow and Entry Volume - As of August 2025, the subway entry volume rankings are as follows: Shanghai (180.33 million), Beijing (170.23 million), Shenzhen (169.48 million), Guangzhou (154.43 million), and Chengdu (103.43 million) [3][6] - The subway passenger flow rankings are: Shanghai (323.38 million), Beijing (310.59 million), Shenzhen (300.13 million), Guangzhou (288.99 million), and Chengdu (184.04 million) [3][6] - Shenzhen's subway system has achieved the highest passenger density in the country, with 1.63 million passengers per square kilometer, followed by Guangzhou (1.25 million) and Shanghai (1.20 million) [5][4] Growth Factors for Shenzhen - Shenzhen's population increased by 199,400 in 2024, the highest among major cities, contributing to the rise in subway passenger flow [7][8] - The city's economic resilience is reflected in a GDP growth rate of 5.1% in the first half of the year, with a nominal growth rate of 5.9% [8][9] - The establishment of 170,000 new enterprises in Shenzhen during the first half of the year, a 13.7% increase, indicates heightened economic activity [9] Guangzhou's Performance - Guangzhou's subway entry volume has also increased, but not as significantly as Shenzhen's, with a rise of 1.89 million compared to Shenzhen's 9.04 million [7][10] - The city maintains a strong urban activity level, evidenced by a record 13.03 billion express deliveries in the first seven months of 2025, which is 1.8 times that of Shenzhen [11][12] - The total number of market entities in Guangzhou has surpassed 4 million, ranking third among major cities, with a significant increase in new registrations [11][12] Impact of Electric Bicycles - The rise of electric bicycles in Guangzhou, with 5.76 million registered and a daily riding volume of 9.03 million, has contributed to a shift in transportation preferences, leading to a decline in subway usage [14]

Core Viewpoint - The article discusses the recent surge in subway ridership in major Chinese cities, particularly Guangzhou and Shenzhen, highlighting their entry into the "10 million passenger club" alongside Beijing and Shanghai, indicating strong urban vitality and infrastructure development [4][11]. Group 1: Daily Passenger Flow Significance - Daily passenger flow exceeding 10 million signifies a city's bustling activity, economic vitality, and supports sustainable infrastructure expansion [5][6]. - Among over 40 cities with operational subways/light rails, only 21 have daily passenger flows exceeding 1 million, and only 5 exceed 5 million [6]. Group 2: Comparison of Major Cities - Beijing and Shanghai lead in daily passenger flow, while Guangzhou and Shenzhen maintain around 9 million, with monthly passenger flows around 3 billion [11][12]. - In the second tier, only Chengdu exceeds 6 million, with significant gaps to other cities like Xi'an and Hangzhou, which exceed 4 million [15]. Group 3: Factors Influencing Passenger Flow - Passenger flow is closely linked to urban population density and economic activity; cities with higher urban population ratios tend to have higher subway ridership [19][23]. - Shenzhen's high passenger flow is attributed to its compact urban area and extensive subway network, which is densely populated and economically vibrant [26][31]. Group 4: Future Projections and Developments - Shenzhen's subway network is expected to expand significantly, potentially exceeding 800 kilometers by 2030, enhancing connectivity within the Greater Bay Area [37][39]. - The influx of population, including a substantial number of visitors from Hong Kong, contributes to the increasing passenger flow, creating a positive feedback loop for urban transit [40][41].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall production heat has declined, with the operating rates of blast furnaces, asphalt, and PTA all decreasing, and the output of rebar decreasing, while the operating rate of tires has increased [2][32]. - The real - estate market has weakened marginally, with the transaction area of commercial housing decreasing and the land supply area increasing [2][32]. - The price trends are diverging. Crude oil, non - ferrous metals, and agricultural products have risen, while coking coal and rebar have fallen. Agricultural product prices continue the seasonal upward trend [2][32]. - Shipping indices have continued to decline, including SCFI, CCFI, and BDI [2][32]. - In the short term, focus on the implementation of a new round of growth - stabilizing stimulus policies, the recovery of the real - estate market, and the impact of international geopolitical changes [2][32]. 3. Summary by Directory 3.1 Production: The heat of blast furnaces, rebar, asphalt, and PTA has all declined, and the tire operating rate has increased - **Steel**: The coke oven capacity utilization rate increased by 0.04 pct, the blast furnace operating rate decreased by 0.23 pct, and the rebar output decreased by 5.8 tons. The inventory increased by 2.27 tons [8]. - **Petroleum Asphalt**: The operating rate decreased by 2.2 pct [8]. - **Chemical Industry**: The PX operating rate remained flat compared with the previous week, while the PTA operating rate decreased by 7.52 pct [8]. - **Automobile Tires**: The operating rate of all - steel tires increased by 1.67 pct, and that of semi - steel tires increased by 1.06 pct [9]. 3.2 Demand: The transaction of commercial housing has continued to decline, and shipping indices have continued the downward trend - **Real Estate**: The transaction area of commercial housing continued to decline, and the inventory - to - sales ratio increased. The land supply area increased, and the transaction premium rate of residential land increased [14]. - **Movie Box Office**: It decreased by 399 million yuan compared with the previous week [14]. - **Automobile**: The daily average retail sales of automobile manufacturers increased by 13,800 vehicles, and the daily average wholesale sales increased by 22,400 vehicles [17]. - **Shipping Indices**: SCFI decreased by 3.07%, CCFI decreased by 1.55%, and BDI decreased by 4.89% [20]. 3.3 Prices: Crude oil, non - ferrous metals, and agricultural products have risen, while coking coal and rebar have fallen - **Energy**: The Brent crude oil price rose by 2.85% to $67.73 per barrel, and the coking coal futures price fell by 6.7% to 1,141.5 yuan per ton [22]. - **Metals**: The LME copper, aluminum, and zinc futures prices changed by +0.37%, +0.73%, and +0.32% respectively, and the domestic rebar futures price decreased by 2.1% [23]. - **Agricultural Products**: The overall price continued the seasonal upward trend. The prices of pork, eggs, vegetables, and fruits changed by +0.25%, +1.05%, +1.89%, and - 1.30% respectively compared with the previous week [25]. 3.4 Logistics: The number of international flights has decreased, and the congestion index in first - tier cities has continued to rise - **Subway Passenger Volume**: In Beijing, it decreased, while in Shanghai, it increased [28]. - **Executed Flight Volume**: Domestic flights increased slightly, and international flights decreased [29]. - **Urban Traffic**: The peak congestion index in first - tier cities continued to rise [29]. 3.5 Summary: The overall production heat has declined, and the prices of crude oil and non - ferrous metals have risen The summary is consistent with the core viewpoints, emphasizing the changes in production, real - estate, prices, and shipping indices, and suggesting short - term focus areas [32].

Core Viewpoint - The recent draft of the Price Law Amendment emphasizes the importance of a scientific pricing mechanism for public utilities to ensure stable revenue and efficient resource allocation [1][3]. Group 1: Current Issues in Public Utility Pricing - Public utility prices, such as water and public transport, are often kept at low levels, failing to reflect resource scarcity and sometimes not covering costs, which affects service quality and sustainability [2][3]. - Reliance on government subsidies for public utility operations obscures issues like cost control and efficiency, leading to a lack of motivation for companies to improve service quality [2][3]. - The widespread implementation of tiered pricing systems has not effectively promoted resource conservation, as high coverage in the first tier diminishes the intended impact of these mechanisms [2][3]. Group 2: Recommendations for Improvement - There is a need to streamline public utility pricing and centralize some pricing management authority to enhance efficiency and effectiveness [3][4]. - Establishing a clear boundary between government and market subsidies, along with a dynamic adjustment mechanism for prices and subsidies, is essential for maintaining affordability of basic public services [4]. - Enhancing transparency in pricing policies and involving stakeholders in the pricing process can improve public trust and the effectiveness of pricing strategies [4].

Group 1 - Increasing subway ticket prices in various cities reflect not only the significant losses faced by subway companies but also the growing pains of urbanization and real estate transformation in China [1] - The issue of subway fare hikes appears to be an operational problem, yet it is deeply intertwined with macroeconomic trends related to urbanization and the real estate sector [1]

Domestic Macro - Demand Side - The travel market is heating up during the summer, with domestic flight numbers averaging 14,500 per day, a 13.08% increase month-on-month and a 2.28% increase year-on-year[2] - Retail sales of passenger cars reached 571,000 units in the first two weeks of July, a year-on-year increase of 5.7%, but a month-on-month decrease of 6.7%[2] Domestic Macro - Production Side - The average operating rate of blast furnaces decreased by 0.3 percentage points to 83.35% as of July 20, while the operating rate of coke ovens fell by 0.94 percentage points to 72.93%[2] - The operating rate of asphalt plants increased by 6.58 percentage points to 32.4%, indicating significant growth in real estate infrastructure[2] Price Performance - As of July 18, the average wholesale price of pork rose by 0.2% week-on-week, while the average wholesale price of 28 monitored vegetables fell by 0.09%[2] - The PPI showed a decline in oil prices, with WTI and Brent crude oil prices dropping by 1.44% and 1.05%, respectively[3] Fiscal and Investment - This week saw the issuance of special government bonds increase significantly, with 123 billion yuan in new special bonds and 1,315 billion yuan in new special bonds (excluding debt relief) issued, marking a notable acceleration in issuance[3] - The cement shipment rate has rebounded, indicating an increase in construction activity, particularly in water conservancy and public facilities projects[3] Overseas Macro - The U.S. inflation rate for June was 2.7% year-on-year, with core inflation at 2.9%, indicating manageable inflation levels despite tariff impacts[4] - The U.S. "GENIUS Act" and other cryptocurrency-related bills have passed the House, supporting the development of private sector digital currencies and reinforcing the dollar's position[3]