机构：城中村改造加速 专项债发挥积极作用

Group 1 - The core viewpoint of the articles highlights the significant growth of special bonds for urban village renovation, which is becoming an important financial tool for urban renewal and stabilizing the real estate market [1][2] - In the first three quarters of 2025, approximately 640 billion yuan of special bonds related to real estate were issued, marking an 89% year-on-year increase [1] - The issuance of special bonds for urban village renovation reached 81.6 billion yuan, representing a year-on-year growth of 140% [1] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement 1 million new urban village and dilapidated housing renovations through monetary compensation methods in October 2024 [2] - Several cities are reducing the proportion of physical resettlement for returning residents, opting for monetary or housing ticket compensation policies [2] - The combination of special bonds and monetary compensation is positively impacting local real estate markets in cities like Guangzhou, Wuhan, Chengdu, Xi'an, and Zhengzhou [2] Group 3 - Many cities, including Shenzhen and Shanghai, have already implemented urban renewal-related documents this year, exploring self-renewal of old housing through policy optimization [2] - There is potential for broader promotion of self-renewal and original reconstruction models in more cities, indicating significant room for improvement in old community renovations [2]