宏观研究：如何看待城市更新行动？

Investment Strategy - The urban renewal action plan outlines eight main tasks aimed at improving urban infrastructure and housing quality, with a focus on high-quality supply rather than extensive investment[2] - Key investment areas include the renovation of existing buildings, upgrading old residential communities, and enhancing urban infrastructure, particularly underground pipeline systems[6][7] Financial Projections - Historical spending on dangerous housing renovations peaked at 53.6 billion CNY annually during the 2015-2019 period, decreasing to 9.3 billion CNY by 2022[8][10] - Current estimates suggest that annual investment in dangerous housing renovations may be below 50 billion CNY[8] Funding Sources - The action plan specifies diverse funding sources, including budgetary investments, long-term special bonds, local government bonds, and various financial institution loans[11] - The primary funding source is expected to be government bonds, with some funds already allocated to urban renewal projects this year[11] Economic Risks - Potential risks include slower-than-expected domestic economic recovery, misinterpretation of policy implications, and unexpected declines in the real estate market[19]