城市更新路线清晰，高屋建瓴指引方向

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [7]. Core Insights - The report emphasizes the clarity of the urban renewal route, highlighting the importance of enhancing urban living quality and addressing urban issues through comprehensive renewal actions [3][4]. - The central government has outlined eight key tasks for urban renewal, including the renovation of old residential areas and the improvement of urban infrastructure, which are expected to enhance urban vitality and address existing urban challenges [4][6]. - The urgency and significance of urban renewal have been reinforced by various government meetings, indicating a strong commitment to accelerate urban renewal efforts [4][6]. Summary by Sections Urban Renewal Objectives - The report details the main objectives of urban renewal, aiming for significant progress by 2030, including improved living environments and enhanced urban functions [4][6]. Support Mechanisms - The report outlines six support mechanisms for urban renewal, including land policy improvements and diversified financing methods, to facilitate the implementation of urban renewal projects [6]. Investment Recommendations - The report suggests that urban renewal will create new opportunities in the real estate sector, with a focus on companies that have strong product capabilities and are well-positioned for urban renewal projects [6]. Specific companies to watch include China Overseas Development, China Resources Land, and Vanke A [6].