房地产行业行业点评：2025年7月政治局点评：城市更新重要性凸显

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [3]. Core Insights - The importance of urban renewal has been emphasized, with the Central Political Bureau meeting on July 30, 2025, highlighting the need for high-quality urban renewal in line with the central urban work conference [1][5]. - The urbanization development phase is shifting from rapid growth to stable development, with the urbanization rate expected to reach 67% in 2024, an increase of 6.76 percentage points from 60.24% in 2017 [5]. - Urban renewal is seen as a key driver for improving living conditions, particularly through the renovation of urban villages, with 1,790 projects planned across over 300 cities in 2024 [5]. - The report suggests that urban renewal and the renovation of dilapidated housing will support the construction of livable cities, with potential for overall industry valuation recovery as policy effects become evident [5]. Summary by Sections Urban Renewal - The report discusses the significance of urban renewal as a strategic focus for enhancing urban dynamics and quality of life [5]. - The Central Political Bureau meeting reiterated the importance of urban renewal as a means to optimize urban structure and promote green transformation [5]. Urbanization Trends - The transition of urbanization from a rapid growth phase to a stable development phase is noted, with a significant increase in urbanization rates over the past decade [5]. - The urbanization rate is projected to reach 67% in 2024, reflecting a steady upward trend [5]. Investment Recommendations - The report identifies several companies as favorable investment opportunities, including China Merchants Shekou, Poly Developments, and Longfor Group, among others [5]. - It suggests that the overall industry valuation may see recovery, particularly for leading real estate firms with lower financing costs and high market share in core areas [5].