中央城市作会议召开，房地产业将从“增量扩张”到“存量提质”转变

Investment Rating - The industry investment rating is "Standard Allocation" [6] Core Insights - The recent Central Urban Work Conference marks a significant milestone, indicating a shift in the real estate industry from "incremental expansion" to "stock quality improvement" [2][3] - The core conflict in urban development has transitioned from quantity ("Is there enough?") to quality ("Is it good enough?") [2] - The conference outlined five transformations in urban development, emphasizing a human-centered approach, efficiency, distinctive development, governance investment, and coordinated methods [2] - Key tasks include optimizing modern urban systems, building innovative cities, creating livable environments, promoting green and resilient cities, fostering moral civilization, and developing smart cities [3] Summary by Sections - The industry is expected to undergo profound reforms, with a focus on "urban renewal" and the construction of quality housing as new growth engines [4] - Short-term expectations include accelerated urban renewal and old community renovations, which will boost real estate demand [4] - The overall supply-demand balance in the industry is anticipated to improve, leading to a new upward cycle in the real estate market [4] - The shift from large-scale external expansion to intrinsic development will become the main theme of future urban work [3] - The future development model will prioritize high quality, low risk, and sustainability, moving away from high leverage and rapid turnover [3]