1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, real - estate sales remained weak. The real - estate market is in a situation of stock competition, with stable prices but falling volumes in the new - home market and trading volume for price in the second - hand home market. Next year may face concentrated selling of second - hand new homes due to the "5 - year resale restriction policy" [2]. - In terms of investment and production, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased. Most industrial production start - up rates declined, with only the start - up rate of polyester filament rising slightly [2]. - In terms of consumption, the momentum of travel was strong. Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile consumption was below the seasonal level [2]. - In terms of inflation, pork and vegetable prices declined, while oil prices rose [2]. - In terms of exports, the SCFI and BDI declined this week [2]. 3. Summary According to the Table of Contents 3.1 Real - Estate Sales - From November 7th to November 13th, the new - home sales area increased month - on - month, and the year - on - year decline narrowed. The new - home sales of cities at all levels were stronger than the previous period to varying degrees, but still significantly weaker than the same period last year. Among key cities, Shanghai and Hangzhou had year - on - year increases, while others mostly declined [7]. - From November 7th to November 13th, second - hand home sales increased month - on - month but declined significantly year - on - year. Among key cities, the month - on - month sales of all key cities were stronger than the previous period, and the year - on - year decline of Beijing and Hangzhou narrowed, while others widened [7]. 3.2 Investment - This week, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased [36]. 3.3 Production - This week, most start - up rates declined. The start - up rates of petroleum asphalt, steel - mill blast furnaces, and coking enterprises decreased, as did the start - up rates of automobile tires and PTA. The start - up rate of polyester filament increased slightly [44]. 3.4 Consumption - Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile sales were below the seasonal level [53]. 3.5 Exports - This week, the SCFI index, BDI index, port cargo throughput, and CRB spot index all declined [60]. 3.6 Prices - Pork and vegetable prices declined slightly, while oil and rebar prices increased slightly [65].

Core Points - The Qianjiang Third Bridge will undergo full closure for reconstruction starting from November 22, 2025, impacting traffic flow significantly [3][7] - The local traffic management authorities have developed comprehensive measures to mitigate the impact on urban traffic during the construction period [10][11] Traffic Management Measures - Specific traffic restrictions will be implemented, including the prohibition of vehicles and pedestrians on Qianjiang Third Bridge, Qingtai Interchange, and Qingtai Widening Bridge [5][6] - Adjustments to traffic organization will be made for affected routes, including the prohibition of vehicle access on several key roads [5][6] Traffic Impact Analysis - The closure will create nine traffic disruption points, leading to potential congestion in surrounding areas, particularly on major routes like Airport Highway and Fengqing Expressway [7] - The Qianjiang Third Bridge is a critical transit point, handling approximately 163,000 vehicles daily, with significant commuter and airport traffic [7] Alternative Routes - Authorities have recommended 14 alternative routes to accommodate various travel needs, including local and airport access [8][9] - Specific routes for different areas have been outlined to facilitate smoother traffic flow during the construction period [9][19] Emergency Response and Management - The traffic management department will enhance monitoring and response capabilities, deploying drones and establishing a multi-layered patrol system to manage congestion and emergencies [11][10] - A series of 40 traffic improvement measures will be implemented to optimize traffic flow and address predicted congestion points [10] Public Transport Adjustments - Public transport routes, including buses, will be adjusted to accommodate the changes, with specific lines being rerouted to maintain service [12][13] - Enhanced connections between metro and bus services will be established to improve public transport efficiency during the bridge closure [13][15]

Core Points - Guangzhou is enhancing its transportation infrastructure and services in preparation for the upcoming 15th National Games and the Special Olympics, focusing on traffic management and public transport efficiency [1][3][5] Transportation Infrastructure and Services - The Guangzhou Transportation Bureau is accelerating the upgrade and quality improvement of transportation infrastructure to ensure effective service during the events [3] - From November 1 to November 9, specific metro lines will temporarily halt operations, including the 4th line's Huangcun Station and the 21st line's Tianhe Park to Suyuan section [3] - To accommodate the increased demand, two special metro shuttle lines will be introduced, and regular bus services in key areas will be intensified [3][5] Traffic Management Measures - Approximately 15% more bus services will be added in restricted areas during the events, with metro intervals reduced to 2-5 minutes based on passenger flow [5] - The "All Games Guangzhou" and "Guangzhou Parking" apps will provide real-time parking information to assist citizens and spectators [5] Airport Developments - The new Terminal 3 at Baiyun Airport will open on October 30, increasing the airport's annual passenger capacity and supporting regional economic development [5][7] - Several airlines, including China Eastern Airlines, will begin operations at the new terminal, with specific flight schedules already established [7] Road Quality Improvements - The transportation department has completed 59 road renovation projects and optimized 1,085 traffic signs, enhancing the overall road quality in Guangzhou [8] - Key roads and bridges have undergone maintenance and aesthetic upgrades to improve the city's appearance [8]

Group 1: Tourism and Cultural Activities - Xi'an received over 20 million visitors during the National Day and Mid-Autumn Festival holiday, with total tourist spending reaching 19.96 billion yuan [2] - The city organized 46 major cultural activities and 395 district-level events, significantly boosting local tourism [2] - The "2025 Xi'an Mid-Autumn Moon Feast" live-streamed event attracted over 11.4 million online viewers, highlighting the integration of traditional culture with modern technology [2] - Key tourist performances saw a 7% increase in attendance, with specific shows like "Unbounded: Chang'an" and "Brave Qin" experiencing growth rates of 68.3% and 51% respectively [2] Group 2: Transportation and Infrastructure - Xi'an Xianyang International Airport recorded a historic high of 161,000 passengers on a single day, with a total of 1.22 million passengers transported during the holiday [6] - The airport handled 8,053 flights, marking a 1.2% increase in flight operations compared to the previous year [6] - The city's metro system transported nearly 39 million passengers over the holiday period, averaging 4.3 million daily [7] Group 3: Safety and Emergency Management - The provincial emergency management system maintained a stable safety situation during the holiday, with 21 expert teams deployed to assist in safety inspections [9] - A total of 7,340 safety hazards were identified and addressed across various sectors, including mining and hazardous materials [9] - The police deployed over 50,000 personnel for security checks at tourist sites and transportation hubs, ensuring visitor safety [11]

Core Viewpoint - UBS reports that MTR Corporation (0066.HK) is expected to announce its interim results for the first half of the year in mid-August, with projected profits of HKD 8.9 billion, primarily driven by profits from real estate development, although recurring business profits are anticipated to be impacted by the pandemic from February to April [1] Group 1: Financial Performance - MTR's local railway service passenger volume is expected to decline by approximately 12% year-on-year for the first half of the year [1] - Operating expenses are projected to slightly increase year-on-year following the opening of the second phase of the Tuen Ma Line in June last year [1] - UBS estimates that net profits from the two projects, LP10 in Sunrise, and the "Jinhuan" project above Wong Chuk Hang Station, will total HKD 8.7 billion [1] Group 2: Rental Income and Property Performance - Rental income from investment properties is expected to decline by 3% year-on-year due to last year's rent reductions, a decrease in Hong Kong retail sales, and additional rental concessions provided in the first half of the year, partially offset by the opening of The Lohas shopping mall [1] - Rental income from station commercial operations is projected to decrease by 5% [1] Group 3: Dividend Policy and Target Price - MTR has announced plans to change its dividend distribution to one-third for interim and two-thirds for final dividends while maintaining a progressive dividend policy [1] - UBS has revised MTR's target price from HKD 43.1 to HKD 42.3, reflecting a 20% discount to the net asset value per share of HKD 52.9, while maintaining a "Neutral" rating [1]

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].

Core Points - The launch of the 2025 Green Travel Promotion Month and Public Transport Promotion Week in Wuhan emphasizes the city's commitment to enhancing public transport services and promoting green travel [1] - The "Respect for the Elderly Bus Line" initiative has been recognized for its compassionate service towards elderly passengers, with specific actions taken by drivers to assist them [2][3] - The establishment of "Barrier-Free Service Boutique Stations" in the subway system highlights the city's efforts to ensure accessibility for all passengers, particularly those with mobility challenges [5][7] Public Transport Initiatives - The "Respect for the Elderly Bus Line" program includes special services such as the "Red Ribbon" initiative for elderly passengers, which allows them to receive tailored assistance from drivers [3][4] - The 533 bus line has served over 40,000 elderly passengers since 2025, receiving 24 commendations from them, indicating a positive reception of the service [3][4] - The city has recognized 10 bus lines as "Respect for the Elderly Bus Lines" to enhance the travel experience for senior citizens [4] Subway Accessibility - The Wuhan Metro has designated the Wuchang Railway Station and the Wuhuan Sports Center Station as "Barrier-Free Service Boutique Stations," ensuring seamless access for passengers with disabilities [5][7] - The stations feature zero-height access points, clear signage, and dedicated staff to assist passengers, ensuring a smooth transition between different modes of transport [7][9] - The metro system is equipped with specialized facilities such as accessible restrooms and emergency response equipment to cater to the needs of passengers with disabilities [9] Green Travel Statistics - Wuhan's public transport system has achieved an 80% green travel rate, reflecting the city's focus on sustainable transportation solutions [10][12] - The city operates 15 metro lines with a total length of 567 kilometers, serving nearly 4 million passengers daily, showcasing the extensive reach of its public transport network [10] - The conventional bus system operates 779 routes, transporting 1.7 million passengers daily, addressing diverse travel needs across the city [12]

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].