1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The policy orientation in the Proposals aligns with expectations. Some planning contents may have medium - to long - term impacts on major asset classes. For example, strategic positions of science, technology, and emerging industries are strengthened; there are impacts on consumption, investment, anti - involution, macro - economic policies, financial markets, RMB internationalization, and supply chain security [9][10]. - For different asset classes: - Equity index: The market is expected to consolidate at the end of the year and has an offensive window before next year's Two Sessions, focusing on technology and "anti - involution" themes [2]. - Government bonds: The short - term impact is limited, and the bond market is expected to fluctuate with a slightly stronger bias in November and December [2]. - Commodities: The demand - pull effect will diverge, with new energy - related demand growth likely to benefit more [3]. - Energy transition and carbon neutrality: Focus on the shift between traditional and new energy sources, and carbon prices may fluctuate upward [3]. - Technological self - reliance and advanced manufacturing: Sectors related to new - quality productive forces are expected to maintain rapid growth [3]. 3. Summary According to the Catalog 3.1 Macro Economy - On October 28, the Proposals and the Explanation were released. The policy orientation in the Proposals aligns with expectations. In terms of structure, compared with the 14th Five - Year Plan Outline, the importance of opening - up and social welfare protection chapters has increased. Digital development is incorporated into the science and technology chapter, new - type urbanization is merged into regional economic layout, and two other chapters are consolidated into Part III [8][9]. - Qualitative planning is made for the next five - year key tasks, with quantitative targets and detailed arrangements to be determined in the Plan Outline. Some planning contents may impact major asset classes: - Science, technology, and emerging industries: Stocks and related commodities in the technology sector may benefit as key technological fields are expected to attract more capital and real demand [10]. - Consumption: "Vigorously boost consumption" may lead to relaxed restrictions on real estate and vehicle purchases, benefiting related stocks and commodities [12]. - Investment: The proportion of construction - related demand in commodities may decline, while products related to "a better life" may have incremental demand [12]. - Anti - involution: Policy attention on key sectors' prices will continue, curbing disorderly competition and regulating local government investment - promotion practices [13]. - Macroeconomic policy: The pricing logic of refined oil products may change due to potential consumption tax reform [13]. - Financial markets: The equity market will focus more on shareholder returns, and the futures and derivatives markets may enter a new development stage [13]. - RMB internationalization: The central level of RMB exchange rate volatility may decline [14]. - Supply chain security: Certain strategic minerals may see incremental demand [14]. 3.2 Equity Index - The equity market has fully priced in short - term policy positives, and the medium - term upward trend is consolidated. Adopt a long - term perspective with short - term tactical operations, focusing on four policy themes: - Stabilize growth: Expect further strengthening of counter - cyclical adjustments [15][16]. - Manufacturing and technology: Emphasize advanced manufacturing and self - reliance, highlighting emerging and future industries and key fields [17]. - Optimize traditional industries: Require major cyclical industries to enhance their position and competitiveness, which may increase leading enterprises' market share [18]. - Boost domestic demand: Focus on people's livelihood, but the shift to consumption - driven growth takes time. The stock market is expected to be optimistic before next year's Two Sessions, focusing on technology and "anti - involution" themes [19][20]. 3.3 China's Government Bonds - The Proposals convey a medium - to long - term policy tone of "seeking progress while maintaining stability" with high - quality development as the theme. The weight of economic growth may increase, and growth sources and modes may adjust. - Regarding monetary policy, it aims to improve the central banking system, build a sound monetary policy framework and a comprehensive macroprudential governance system. The next stage of building the macroprudential governance framework focuses on four areas [22][23]. - The short - term impact on the bond market is limited. In November and December, the bond market is expected to fluctuate with a slightly stronger bias, influenced by monetary policy, year - end institutional allocations, and fund fee reform [24]. 3.4 Commodities - On the supply side, the Proposals call for optimizing and upgrading traditional industries, which will support commodity prices through supply elasticity management in different sectors such as ferrous metals, energy and chemicals, non - ferrous metals, and agricultural products [26]. - On the demand side, policies support economic growth and set a floor for commodity demand, but the impact varies by sector. New energy - related metals like copper, aluminum, and lithium will see clear demand growth, while other commodities face different challenges and opportunities [27]. - The commodities market is entering a phase of structural divergence. Short - term policy expectations may boost sentiment, but long - term trends depend on fundamentals [28]. 3.5 Energy transition and Carbon Neutrality - Energy: The Proposals emphasize accelerating new energy system construction, promoting green transformation, and increasing new energy supply. They also call for developing new energy storage and strengthening power grid construction, which may increase demand for certain metals. For fossil energy, consumption is expected to peak, and the consumption structure may change [30]. - Carbon market: The Proposals mention expanding the carbon market and developing a voluntary emission reduction market. In the short term, carbon prices are affected by quota carry - over policies; in the long term, they may fluctuate upward due to tightened quota allocations and market expansion [31]. 3.6 Technological Self - Reliance and Advanced Manufacturing - The 15th Five - Year Plan Proposals elevate scientific and technological self - reliance to the second main objective. It emphasizes advanced manufacturing and breakthroughs in "bottleneck" technologies. Investment in key areas like integrated circuits is expected to maintain rapid growth, driving related material demand [33].

Core Viewpoint - The recent announcement by Red Star Macalline (601828.SH) indicates a potential turning point for the company following the lifting of the detention measures against its core founder, Che Jianxing [1][3]. Company Background - Che Jianxing, born in June 1966, is one of the core founders of Red Star Macalline, having established the company in December 1990 and served as its chairman and general manager until August 2023 [3]. - In May 2023, Che Jianxing was placed under investigation by the Yunnan Provincial Supervisory Committee, leading to his detention [3]. - Following a significant change in the company's shareholding structure in 2023, Che Jianxing transferred 29.95% of his shares at a price of 4.82 yuan per share, totaling approximately 6.286 billion yuan, resulting in Xiamen State-owned Assets Supervision and Administration Commission becoming the new controlling shareholder [4]. Business Operations - As of the end of 2024, Red Star Macalline operated 77 self-managed malls, 257 managed malls, 7 strategic cooperation malls, and 33 franchised home furnishing projects, with a total operating area of approximately 20.33 million square meters [4]. Financial Performance - In the first half of 2025, Red Star Macalline reported a revenue of 3.337 billion yuan, reflecting a year-on-year decline of 21.01%, with a net profit attributable to shareholders of -1.9 billion yuan [4].

Core Insights - JD MALL Shenzhen Nanshan Store officially opened on September 12, showcasing over 200,000 trendy products and aiming to become a key destination for home appliances, home decor, and 3C products in the Shenzhen area, while also serving the Greater Bay Area [1][5] Group 1: Store Features - The store covers an area of 30,000 square meters and includes products from over 200 core brands such as Huawei, Apple, and DJI, emphasizing a comprehensive shopping experience [1][3] - JD MALL innovatively creates a "scene as a marketplace" model with over 30 immersive themed experience zones, including coffee workshops and DIY e-sports areas, promoting an integrated shopping experience of "browse, buy, and play" [3] Group 2: Consumer Services - The store provides tax refund services for international travelers and residents from Hong Kong, Macau, and Taiwan, enhancing shopping convenience and reinforcing the Greater Bay Area's status as an international consumption hub [5]

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy aims to reduce consumer credit costs, stimulate consumption potential, and promote domestic demand, thereby supporting sustained economic growth. Group 1: Policy Overview - The personal consumption loan interest subsidy policy is the first of its kind by the central government, effective from September 1, 2025, to August 31, 2026 [1] - The central government will cover 90% of the subsidy costs, while provincial governments will cover 10%, highlighting a collaborative approach to boost consumption and stabilize the economy [1] - A dynamic adjustment and supervision mechanism will be established to evaluate the policy's effectiveness and potentially extend its duration or expand its support scope [1] Group 2: Impact on Consumer Behavior - The policy is expected to lower consumer credit costs, thereby enhancing consumer willingness to spend [2] - For example, a 50,000 yuan loan at a 3% interest rate would see annual interest payments drop from 1,500 yuan to 1,000 yuan with a 1% subsidy, easing financial burdens for families with significant consumption needs [2] Group 3: Industry Stimulus - The policy is anticipated to stimulate consumer demand, positively impacting related industries such as automotive, home improvement, and cultural tourism [3] - In the automotive sector, reduced loan costs may lead to increased vehicle purchases, boosting production, sales, and related services [3] - The home improvement sector may see a rise in renovation projects, driving demand for home furnishings and appliances [3] - The tourism industry is likely to benefit from increased travel spending, enhancing revenue for hotels, restaurants, and attractions [3] Group 4: Economic Growth and Upgrading - From a macroeconomic perspective, the policy is a significant measure for fiscal and financial collaboration to enhance consumption, promoting consumption upgrades and economic growth [4] - With the subsidy, consumers are expected to shift towards higher-quality goods and services, prompting businesses to invest more in technology, product innovation, and service enhancement [4] - Overall, the policy is set to activate new consumption dynamics, providing fresh opportunities for the consumer market and injecting vitality into sustained economic growth [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report focuses on the 2025 semi - annual report of Macalline, analyzing its financial performance, business operations, and future strategic plans. Despite facing challenges such as supply fluctuations, demand decline in the home improvement and building materials industry, and the impact on investment - property value, the company has shown positive signs in financial and operational aspects. With the implementation of consumption - promotion policies and the clear transformation path of the real - estate market, the company aims to achieve a double - repair of performance and valuation through strategic reshaping [25][27][37]. 3. Summary According to the Directory 3.1 Research Basic Situation - The research object is Macalline, belonging to the commercial department store industry. The reception time was on September 1, 2025. The listed company's reception staff included the chairman, general manager, CFO, executive president, and secretary of the board [16]. 3.2 Detailed Research Institutions - Multiple institutions participated in the research, including Bank of Nova Scotia, China Merchants Fund Management Company, Limited, Dongwu (a fund management company), Fangzheng Securities Co., Ltd., and many others [17][18]. 3.3 Research Institution Proportion No information provided in the content. 3.4 Main Content Data 3.4.1 Financial Performance Introduction by CFO - As of June 30, 2025, the company operated 76 self - owned stores with an average occupancy rate of 84.2% (a 1.2% increase from the end of last year), 235 entrusted management stores with an average occupancy rate of 81.3%, and 7 home improvement stores through strategic cooperation. It also authorized 23 franchised home improvement and building materials projects, including 369 stores/strips, covering 202 cities in 30 provinces, municipalities, and autonomous regions, with a total operating area of 19,361,762 square meters [25]. - In terms of revenue and profit, the operating income in H1 2025 was 3.34 billion yuan, a 21% year - on - year decline and a 7% decline compared to Q4 2025, mainly due to store closures and rent concessions. Self - owned and rental income was 2.45 billion yuan, accounting for 73% of the operating income, a 15% year - on - year decrease and almost unchanged quarter - on - quarter. The net loss attributable to the parent company in the first half of the year was 1.9 billion yuan, mainly due to a 2.1 - billion - yuan loss in the fair - value change of investment property and 120 million yuan in various asset impairment losses (a 430 - million - yuan reduction compared to last year). Excluding non - recurring gains and losses, the operating profit in the first half of the year was 210 million yuan, showing a good development trend [25]. - In terms of cost and expenses, they decreased in the same proportion as revenue. Sales expenses decreased by 90 million yuan year - on - year, mainly due to control of advertising, publicity, energy, and maintenance costs; management expenses decreased by 110 million yuan, mainly due to a decrease in labor and administrative costs; financial expenses decreased by 180 million yuan, mainly due to a decrease in financing costs and interest expenses [26]. - In terms of cash flow, the net operating cash inflow in the first half of the year was 200 million yuan, a 1.02 - billion - yuan increase compared to the first half of last year. Excluding unified cash collection and payment of merchants' goods and quality - assurance deposits, it also increased by 690 million yuan compared to the same period last year, indicating a significant improvement in operating cash flow [26]. - In terms of the balance sheet, as of the end of June, the company's total assets were 115.4 billion yuan, a decrease of about 1.8 billion yuan from the beginning of the year. Non - current assets were 106.7 billion yuan, accounting for about 92%. The total liabilities were 68.1 billion yuan, an increase of about 1.4 billion yuan from the beginning of the year. The asset - liability ratio was 59%, a slight increase from the beginning of the year but with little overall change. The scale of interest - bearing liabilities increased slightly, but the average financing cost continued to decline. As of the end of June, the average financing interest rate of interest - bearing liabilities was below 4.7%, a decrease of about 0.45 percentage points from the beginning of the year. Interest expenses decreased by 200 million yuan in the first half of the year, and the overall financial expenses decreased by 180 million yuan. The company completed the repayment of a large - scale US dollar bond on August 26, which is expected to further reduce the average financing cost. Debt replacement in the first half of the year also optimized the debt maturity [26][27]. 3.4.2 Introduction of Macalline's 2025 Semi - annual Report Business Situation by General Manager - In the first half of 2025, the home improvement and building materials industry faced supply fluctuations and demand decline, affecting the company's store operations. The company provided rent and management - fee concessions to small and medium - sized merchants and adjusted its strategy and store category layout to attract high - quality brands such as designers, home - improvement companies, and new - energy vehicle brands [27]. - With the implementation of national consumption - promotion policies, the company will seize industry opportunities to improve operating efficiency and performance. Specific measures include: - Steadily advancing the "3 + Star Ecosystem" with accelerated integration of business formats. The company takes "home" as the core, extending from home furnishings to home appliances and home improvement. It upgraded the high - end appliance strategy, promoted the M + high - end design center, introduced new - energy vehicle and catering categories, and encouraged the introduction of lifestyle business formats. High - end appliances have become one of the fastest - growing business segments, with an operating area accounting for 9.4% as of the end of June. The company plans to build 40 high - end appliance ecological benchmarks "Mega - E Smart Electric Oasis" nationwide in the next three years. The M + home - improvement design center released its 2025 strategic plan, aiming to build a design hub in each store and form the largest home - improvement design service network in China. As of the end of June, the M + design center had an area of 731,000 square meters, introduced more than 1,000 design studios, and cooperated with nearly 5,000 excellent designers. The new - energy vehicle business established a service company, released the "3100 Plan", and as of the end of the reporting period, the business had entered 50 stores, covered 44 cities, cooperated with more than 30 brands, and had an operating area of 261,000 square meters (an increase of 97,000 square meters compared to the end of 2024) [28][29][30]. - Actively responding to the "trade - in" policy to stimulate consumption. The company promoted the "government subsidy + enterprise discount" model nationwide. The number of trade - in orders in national stores was 743,000, with sales of 7.31 billion yuan and central subsidies of 1.17 billion yuan, accounting for about 16% of sales [31]. - Focusing on digital intelligence to enhance management efficiency. In the first half of 2025, the company's digital - intelligence upgrade focused on four areas: strategic business support, process efficiency improvement, model - driven, and intelligent application. It optimized multi - terminal collaboration, strengthened business resilience, built merchant - evaluation and occupancy - rate improvement incentive models, and accelerated business innovation through AI technology [31][32]. - Deeply integrating online and offline operations for full - domain user traffic management. The company upgraded its online traffic matrix, built an "online planting - offline experience" closed - loop, and implemented the trade - in policy offline, combined with brand marketing and government - enterprise dual subsidies. It also launched the "Ten - Thousand - Property Service Plan", integrated upstream and downstream resources, and built a home - service system [33]. 3.4.3 Chairman's Speech - The chairman emphasized the company's commitment to improving performance and creating value for shareholders. The company's overall performance remained stable in the first half of the year, and it continued to promote strategic transformation and upgrading. The company will complete a new five - year strategic plan by the end of this year, adhering to professional operations, improving store layout, strengthening technology and financial support, and creating a differentiated competitive advantage [34][38]. - In the context of the real - estate market adjustment and the transformation of the home - improvement industry, the company actively responded to industry changes. The "3 + Star Ecosystem" strategy continued to advance, with the strategic focus shifting from high - end single - point breakthrough to ecological collaborative win - win. The company aimed to achieve full - dimensional market growth through the "high - end leadership + hierarchical coverage" strategy. In the future, the retail competition of Macalline's home - improvement stores will form a new pattern with building materials and furniture accounting for 60%, appliances 15%, home improvement 15%, and new business formats 10%. The company will also strengthen cooperation with Jianfa Group in the second half of the year and continue to improve the quality and profitability of the home - improvement business [35][36][37][38]. 3.4.4 Q&A Session - **Progress and effectiveness of the "3 + Star Ecosystem"**: High - end appliances, M + high - end home - improvement design centers, and the new - energy vehicle ecosystem have all achieved certain results. The high - end appliance business has increased its operating - area proportion from about 1% four or five years ago to 9.4% in the first half of this year, with potential for a 5 - point increase in occupancy rate. The M + design center has an area of about 700,000 square meters, with a planned 5 - 10 - point increase in area. The new - energy vehicle business has an operating area of more than 200,000 square meters, with a future 4 - 5 - point increase in area. The company expects the occupancy rate to return to over 95% in the next three years [40][41][43]. - **Comparison of the "trade - in" policy with last year and expectations for the second half of the year**: The sales from January to July reached about 8.2 billion yuan, with government subsidies accounting for 16%. The effect was more obvious compared to last year. Although the growth rate in the second half of the year may not be as high as in the first half due to the high base in the second half of last year, the company is confident of achieving over 10% growth for the whole year compared to 2024 if the policy continues [44]. - **Outlook for the company's future profitability and market - value management**: The company needs to improve professional and refined management in aspects such as investment promotion, dealer management, new - media operation, and information management. It will also strengthen market - value management by formulating a five - year strategic plan, improving operating quality, and enhancing communication with the capital market [45][46][47]. - **Jianfa's strategic expectations for Macalline and new strategic changes**: Jianfa is optimistic about the long - term prospects of the home - improvement retail industry and has provided support in business cooperation and financing - structure optimization. Macalline will complete a new five - year strategic plan this year, adhering to professional operations, improving store layout, and cultivating emerging businesses. In the second half of the year, it will continue to improve the quality and profitability of the home - improvement business [47][48][49].

Meeting Overview - The third meeting of the supervisory board of Fashilong Home Building Materials Co., Ltd. was held on August 22, 2025, in Jiaxing, Zhejiang Province, with all three supervisors present [1][2] - The meeting was chaired by the chairman of the supervisory board, Pan Xiaoxiang, and included attendance from company directors and senior management [1] Resolutions Passed - The supervisory board approved the proposal regarding the "2025 Half-Year Report" and its summary, affirming that the report's content is true, accurate, and complete [1] - The board confirmed that the report reflects the company's financial status and operational results for the first half of the year objectively [1]

Group 1 - The stock price of Juran Zhijia closed at 2.96 yuan on August 18, 2025, with an increase of 1.02% compared to the previous trading day [1] - The trading volume on that day reached 331 million yuan, with a volume of 1.123 million hands and a fluctuation of 2.05% [1] - Juran Zhijia operates in the commercial retail sector, focusing on home building materials and has stores in multiple cities across the country [1] Group 2 - On August 15, Juran Zhijia announced the appointment of Wang Peng as Vice President, responsible for the management of the new retail operations center, aimed at strengthening the management team to meet strategic development needs [1] - The retail sales of furniture products in July reached 17 billion yuan, showing a year-on-year growth of 20.6% [1] Group 3 - On August 18, the net inflow of main funds into Juran Zhijia was 23.3 million yuan, accounting for 0.13% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 8.015 million yuan, representing 0.05% of the circulating market value [1]

Core Insights - The Central Asia freight trains from Henan have seen significant growth in operations, with 76 outbound and 213 return trains dispatched this year alone [1] - Since the first train launched in May 2018, over 2000 trains have been operated, expanding destinations to cities like Almaty in Kazakhstan [1][2] - The range of goods transported has evolved from basic products like grains and cotton yarn to high-value items such as machinery, engineering equipment, and consumer electronics [2] Group 1 - The Zhengzhou International Land Port is a key hub for international freight trains, facilitating trade between Central China and Central Asia [1] - The logistics network has been enhanced with the opening of new routes, including the "China-Kyrgyzstan-Uzbekistan" rail-road intermodal transport line [3] - The TIR international road transport routes have become increasingly dense, allowing for more efficient logistics between Henan and Central Asia [3] Group 2 - The cooperation between Central China and the five Central Asian countries is being strengthened, with various products being exported, including agricultural machinery and construction materials [3] - The types of goods transported on the outbound trains primarily serve the industrial and trade needs of Henan and surrounding regions [2] - The return trains mainly carry bulk commodities such as cotton yarn, mung beans, and ores [2]

Market Overview and Core Characteristics - The sinking market includes third-tier cities, towns, and rural areas, with a population exceeding 900 million, accounting for over 65% of the national population. By 2025, the GDP of the sinking market is expected to reach 109.9 trillion yuan, with retail sales of social consumer goods likely to exceed 35 trillion yuan. The sinking market contributes approximately 48% to national consumption, with more than two-thirds of future consumption growth expected to come from this market [1][2][4]. Core Drivers - Income levels in the sinking market have been rising, with the median disposable income of urban residents projected to reach 49,000 yuan in 2024, a 48% increase from 2017. This increase allows residents to spend more on upgraded and quality consumption [4]. - The improvement of logistics and supply chain systems has significantly lowered consumption thresholds in the sinking market. By 2025, the online retail scale in this market is expected to reach 8.1 trillion yuan, providing consumers with more diverse and convenient shopping channels [6]. - Consumer attitudes are shifting from basic material needs to a focus on quality and variety. There is a steady increase in the consumption of durable goods, such as smart home appliances, and various service sectors, including dining and entertainment [6]. Core Consumption Formats and Growth Areas - Service consumption is accelerating, with coffee brands like Starbucks and Luckin Coffee seeing membership growth rates in the sinking market surpassing those in first-tier cities. Fast food and snack brands are successfully capturing market share through differentiated strategies [7]. - The tourism and leisure sectors are evolving, with "reverse tourism" gaining traction in the sinking market, leading to increased interest in lesser-known attractions and rural tourism projects [9]. - The demand for education and life services is robust, with community commercial chains expanding to meet daily service needs, enhancing residents' quality of life [9]. Emerging Formats and Channel Innovations - Digital integration is becoming a key trend, with companies like Huitongda Network achieving online and offline synergy, enhancing consumer shopping experiences [13]. - Community convenience formats are proliferating, driven by policies promoting a "15-minute living circle," which meets residents' immediate consumption needs [14]. - Reverse innovation is evident as high-end brands adapt to the sinking market, while local brands expand into higher-tier cities after establishing a strong presence [14]. Business Opportunities and Strategic Directions - High-cost performance chain brands in the food and beverage sector have significant growth potential, with standardized operations allowing for rapid expansion in the sinking market [15]. - Durable goods companies can optimize supply chains to lower costs and offer competitive pricing, stimulating demand in the sinking market [16]. - The county-level commercial real estate market presents substantial opportunities, with the potential to develop integrated commercial complexes that enhance local economic vitality [16]. Differentiated Competitive Strategies - Local adaptation is crucial, with companies needing to understand local consumption habits and cultural characteristics to avoid simply replicating urban business models [17]. - Supply chain optimization is essential for reducing operational costs, particularly in logistics, to meet the price-sensitive demands of the sinking market [17]. - Consumer finance solutions can empower the large consumer base in the sinking market, facilitating access to high-value goods and services [17]. Policy and Capital Dividends - Government policies are supporting rural revitalization and county commercial system development, enhancing infrastructure and encouraging investment in the sinking market [18]. - Increasing capital interest in the sinking market is evident, with sectors like consumer finance and digital services attracting significant investment [20]. Challenges and Recommendations - The sinking market faces challenges such as insufficient supply quality and heightened competition between traditional and emerging retail formats [21]. - Companies should leverage local resources to develop unique industries, enhancing brand value and driving consumer engagement [22]. - Digital transformation is vital for retail competitiveness, utilizing technology to optimize operations and improve consumer experiences [22]. Summary - By 2025, the sinking market is expected to exhibit a favorable development trend characterized by consumption upgrades and structural opportunities. Key growth points include service consumption, durable goods upgrades, digital integration, and policy support. Companies must focus on local demand, optimize supply chains, and leverage policy and capital advantages to succeed in this emerging market [24].

Group 1 - The 2025 Xi'an Contemporary Design Week and Xi'an (Spring) Housing Expo will take place from May 23 to 25, focusing on high-quality development in the home furnishing and real estate sectors, under the theme "iHome" [2] - The event aims to serve homeowners, home decoration companies, designers, and consumers in Xi'an and surrounding areas, providing a one-stop industry platform for viewing properties, selecting materials, and exploring design trends [2] - Over 500 quality home furnishing brands will participate, alongside exhibitions of new materials and design-related activities, including joint exhibitions from 15 local universities and over 20 professional forums [2] Group 2 - The implementation of the national standard "Residential Project Specifications" establishes clear criteria for quality housing, supporting the concurrent 2025 Xi'an (Spring) Housing Expo [3] - The expo will feature over 100 brand real estate companies and well-known decoration firms, offering combined discounts for "home purchase + decoration" and special consumption subsidies [3] - The event will also host various activities, including the "618" Original City Home Decoration Festival and an automotive exhibition, enhancing consumer experience [3] Group 3 - The expo represents an innovative practice of the China Original City New Town's "3+365" business model, integrating offline property sales centers, design centers, and home furnishing selection centers with an online digital platform [3] - As a demonstration base for the western home furnishing industry, China Original City New Town aims to drive consumption potential and promote high-quality industry development through innovation [3]