房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

Group 1 - The Beijing International Urban Design Conference aims to explore the reform of the training model for outstanding engineers in the construction sector, with the establishment of the "Joint Training Alliance for Outstanding Engineers in the Construction Field" led by Beijing University of Civil Engineering and Architecture [1] - The conference emphasizes the importance of serving national housing and urban construction development, aligning with the strategic goals outlined in the 14th Five-Year Plan and the decisions made during the Central Urban Work Conference [1] - The university plans to leverage the conference platform to enhance urban governance and contribute to the modernization of cities in China [1] Group 2 - The Joint Training Alliance will focus on creating a collaborative education platform that integrates government, industry, academia, research, and application, addressing key industry needs such as urban renewal, smart construction, and green low-carbon development [2] - The newly established Beijing Urban Renewal Research Institute will serve as a collaborative platform to tackle urban renewal challenges, aiming to develop a replicable "Beijing model" for urban renewal [2] - The training system will emphasize project-driven and school-enterprise collaboration to cultivate versatile leaders with strong theoretical foundations and industry foresight [2] Group 3 - The conference theme "Revitalizing Stock, Improving Quality and Efficiency" will facilitate discussions among experts on urban renewal, heritage protection, digital empowerment, and urban resilience [3] - The event aims to create a high-level dialogue platform to gather global insights and explore new mechanisms, technologies, and pathways for high-quality urban development in the context of existing urban stock [3]

及 产 业 建筑装饰 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 11 月 23 日 住建部召开城市更新工作推进会，强调"四 好"建设 看好 ——申万宏源建筑周报（20251117-20251121） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-6.11%，沪深 300 指 数-3.77%，相对收益为-2.34pct。周涨幅最大的三个子行业分别为国际 工程（-2.37%）、基建央企（-4.69%）、基建国企（-5.64%），对应 行业内三个公司：北方国际（+5.89%）、中国交 ...

转自：北京日报客户端 图则是在2025（第九届）北京国际城市设计大会上发布的。北建大卓越工程师学院、北京市城市更新研 究院同期成立。研究院由北建大和市住房城乡建设委共建，将聚焦城市更新重点难点问题，为首都城市 更新工作提供智力支持与技术支撑。卓越工程师学院则构建"项目驱动、校企协同"的创新培养体系，培 养具备扎实理论功底与卓越工程素养、拥有前瞻行业视野与深厚家国情怀的复合型领军人才。 另外，北建大城市设计学生交流工作营亮出设计成果——以"日常性街区的多维焕新"为主题，清华大 学、东南大学、同济大学等9所高校师生围绕新街口大街"后街·里巷"空间进行了更新设计。 《北京市历史建筑保护图则 东城区·西城区》发布 来源：北京日报客户端 11月22日，《北京市历史建筑保护图则 东城区·西城区》发布，更新和完善了274栋（座）历史建筑的信 息档案。 这些历史建筑分为近现代公共建筑、合院式建筑、工业遗产、居住小区4类，包含天安门观礼台、人民 大会堂、百万庄小区等历史建筑。"近两年，我们对这些建筑开展了详细的现状调查，逐一收集其地理 位置、照片、平面图等信息，详细记录具有保护价值的部位。"北京建筑大学建筑与城市规划学院副院 ...

Core Insights - The Tianmei Art District in Tianjin has transformed from a historically problematic area into a vibrant cultural hub, attracting visitors with its artistic atmosphere and public art installations [1][2] - The project, initiated on June 30, 2023, involved the redevelopment of 5 parcels and 17 scattered plots, resulting in approximately 68,700 square meters of new industrial space [1] - The collaboration between the Hebei District and Tianjin Academy of Fine Arts has enhanced the integration of art education with public spaces, allowing students to engage in community art projects [2] Summary by Sections Project Overview - The Tianmei Art District is located at the intersection of Tianwei Road and Sanma Road, previously characterized by property disputes and historical issues [1] - The redevelopment project aims to consolidate fragmented land into four usable plots, enhancing the area's development potential [1] Community Engagement - The art district encourages students to use the area as a canvas for "on-site art creation," promoting a blend of art and daily life [2] - The district officially opened on July 9, 2023, and has since become a popular destination for relaxation and artistic engagement [2] Business Development - Currently, 25 brand merchants have settled in the district, with 19 already operational, including restaurants and cultural creative shops [2] - The operational strategy focuses on creating a diverse ecosystem that combines art, education, lifestyle, and entertainment, contributing to urban renewal [2][3] Urban Renewal Efforts - Hebei District has implemented a structured approach to urban renewal, with five projects covering approximately 370.1 hectares, benefiting around 92,600 residents [3] - The integration of art, culture, tourism, commerce, and consumption is emphasized as a key outcome of these urban renewal initiatives [3]

Group 1 - The core viewpoint of the articles highlights Beijing's significant progress in providing affordable housing and urban renewal during the "14th Five-Year Plan" period, with a focus on increasing the supply of various types of housing and improving living conditions for residents [1][3][4]. Group 2 - During the "14th Five-Year Plan," Beijing has constructed and collected over 670,000 units of affordable housing, with 430,000 units completed [1]. - The city has implemented urban renewal projects covering 78 million square meters, including the renovation of old residential areas and the reconstruction of dilapidated buildings [1][5]. - The public rental housing allocation has reached 240 batches, providing approximately 136,000 units, with a public rental housing registration family guarantee rate increasing from 42.5% in 2020 to 85.5% [3]. - The city has actively developed affordable rental housing since 2022, exceeding the target of 400,000 units, with nearly 130,000 units built on collective construction land [4]. - The overall implementation rate of old residential area renovations has reached 98%, with significant improvements in energy efficiency and community facilities [5]. - A total of 3,391 elevators have been added, benefiting around 35,000 households, and over 11,000 elevators have been updated with national bond funding, benefiting more than 510,000 residents [6].

Core Insights - The current real estate market is experiencing unusual dynamics, with developers lowering prices while second-hand listings are increasing, and a growing trend of investors purchasing old top-floor apartments [1][4] - The shift in policy starting from late 2023 has led to a nationwide initiative for the renovation of old residential communities, with over 200,000 communities included in the urban renewal plan by 2025 [1][8] Policy Changes - The government views old residential areas as "sunk assets" that, once activated, can become valuable land for development, creating a visible policy dividend for investors [4][12] - Renovation projects such as elevator installations and facade improvements are not merely for improving living conditions but are driven by deeper policy logic [2][4] Investment Opportunities - The addition of elevators transforms top-floor apartments from undesirable units to highly valued assets, with potential price increases from 150,000 to 300,000 or even 400,000 after renovations [6][12] - The anticipated urban renewal and demolition projects starting in 2024 will focus on old residential areas, which are often located in prime urban locations, making top-floor units attractive for investment [8][10] Market Dynamics - The value of land in these old communities far exceeds the current property values, making demolition and redevelopment inevitable, with top-floor units being the easiest to negotiate for high compensation during redevelopment [10][19] - Investors are not merely speculating but are capitalizing on the certainty of policy-driven opportunities, with top-floor apartments seen as a low-barrier entry point into the real estate market [12][17] Future Trends - As the market evolves, top-floor apartments are becoming a new investment weapon, with their previously overlooked value now recognized as a significant opportunity [19] - The market rewards those who can see beyond current trends, with early investors in top-floor units already experiencing substantial returns [19]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by integrating urban health assessments into the planning and execution of urban renewal projects, emphasizing a systematic approach to address identified issues and enhance urban living standards [1][4][6] Group 1: Urban Health Assessment and Integration - The Ministry is promoting the establishment of a unified mechanism for urban health assessments and urban renewal, ensuring that the findings from health assessments are directly translated into urban renewal plans and projects [1] - The approach includes a comprehensive methodology of "monitoring, evaluation, early warning, and feedback" throughout the urban renewal process to assess effectiveness and address shortcomings [1] Group 2: Policy and Planning Framework - The Ministry plans to enhance top-level design for urban renewal, focusing on the development of the national "14th Five-Year" urban renewal plan, and will collaborate with relevant departments to refine supportive policies across land, planning, finance, and taxation [4] - The principle of "health assessment first, then renewal" will guide local governments in formulating specialized urban renewal plans and establishing implementation systems [4] Group 3: Progress and Achievements - As of this year, 449 cities have initiated urban health assessments, with significant progress made during the "14th Five-Year" period, including the renovation of over 240,000 old urban residential communities and the creation of nearly 3,000 complete community models [6] - A total of 840,000 kilometers of underground pipelines for gas, water, drainage, sewage, and heating have been renovated, alongside 2,387 urban village renovation projects and over 6,500 old street and 700 old factory area renovations, significantly improving urban livability [6]

Core Insights - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by establishing an integrated mechanism for urban health assessments and urban renewal planning [1][2] - A total of 449 cities have conducted urban health assessments this year, with significant progress in urban renewal tasks during the 14th Five-Year Plan period [2] Group 1: Urban Health Assessment and Renewal Mechanism - The Ministry emphasizes the need for a systematic approach where urban health assessments identify issues that inform urban renewal plans and projects [1] - The focus is on a "monitoring, evaluation, early warning, and feedback" methodology throughout the urban renewal process to address identified shortcomings [1] Group 2: Achievements in Urban Renewal - Over 240,000 old urban residential communities have been renovated, creating nearly 3,000 complete community models [2] - A total of 840,000 kilometers of underground pipelines for gas, water supply, drainage, sewage, and heating have been upgraded [2] - 2,387 urban village renovation projects and over 6,500 old street renovations have been implemented, significantly enhancing urban livability [2]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by establishing an integrated mechanism for urban health assessments and urban renewal planning, ensuring that identified issues are transformed into actionable plans and projects [1][3]. Group 1: Urban Health Assessment and Renewal Mechanism - Local governments are required to establish an integrated mechanism for urban health assessments and urban renewal, emphasizing the importance of conducting assessments prior to planning [3][5]. - The assessment process will include monitoring, evaluation, early warning, and feedback throughout the urban renewal process to address identified shortcomings and issues [3]. Group 2: Urban Renewal Planning and Implementation - The Ministry is focused on top-level design for urban renewal, aiming to finalize the "14th Five-Year" urban renewal plan and improve supporting policies related to land, planning, finance, and taxation [5]. - As of this year, 449 cities have initiated urban health assessments, with over half of the housing, communities, and neighborhoods assessed nationwide [7]. - During the "14th Five-Year" period, significant progress has been made in urban renewal, including the renovation of over 240,000 old urban residential areas and the establishment of nearly 3,000 complete community models [7].