Core Viewpoint - The meeting emphasized the significance of the recent Central Urban Work Conference, highlighting the importance of Xi Jinping's speech in guiding urban development in the context of China's modernization and national rejuvenation [1] Group 1 - The meeting underscored the historical achievements in urban development since the new era, stressing the importance of understanding the decisive significance of the "two establishments" and ensuring alignment with the Central Committee's decisions on urban work [2] - It was noted that urbanization in China is transitioning from a rapid growth phase to a stable development phase, and urban development is shifting from large-scale expansion to improving existing stock [2] - The meeting called for a focus on the overall requirements for urban work and the goal of building a people-oriented city, emphasizing a balanced approach and the creation of innovative, livable, beautiful, resilient, civilized, and smart modern cities [2] Group 2 - The meeting highlighted the need for comprehensive leadership from the Party in urban work, promoting a correct view of achievements, enhancing policy coordination, and improving the quality and capability of urban work teams [3] - It was emphasized that there should be a focus on cultivating new driving forces for urban development [3]

Core Viewpoint - The Central Urban Work Conference held on July 14-15 in Beijing outlines new goals and paths for urban development, emphasizing the need for high-quality urban growth and modernization of cities in China [1] Group 1: Urban Development Trends - China's urbanization is transitioning from a rapid growth phase to a stable development phase, with a focus on improving existing urban quality rather than large-scale expansion [2] - The urbanization rate of the permanent population has increased from 53.1% in 2012 to 67% in 2024, indicating a shift to a mid-late stage of rapid urbanization [2] - The focus of urban development is shifting from traditional factors like land and capital to new factors such as knowledge, data, technology, and management, aiming for higher quality, efficiency, equity, sustainability, and safety [2] Group 2: Five Transformations - The conference proposed "Five Transformations" to adapt to current urban development changes: transformation of development concepts, methods, driving forces, focus, and approaches [2][3] - These transformations reflect a proactive adaptation to urban development challenges, moving away from past models of large-scale expansion [3] Group 3: Seven Focus Areas - The conference established "Seven Focus Areas" as a blueprint for urban work, addressing both immediate issues and long-term development [4] - Innovation is prioritized in urban development goals, encompassing technological, governance, and institutional innovations [4] Group 4: Modern Urban Systems - Emphasis on developing group-style, networked urban clusters and urbanization centered around counties to mitigate the "siphon effect" of large cities and inject new momentum into smaller cities [5] - Initiatives include promoting pollution reduction, carbon neutrality, and enhancing urban biodiversity [5] Group 5: Coordinated Urban Work - The conference highlighted the need for a comprehensive approach to urban work, integrating economic, social, ecological, cultural, and safety aspects [6] - It called for enhanced coordination among various departments to overcome systemic barriers and improve urban renewal and community development [6][7] Group 6: Tailored Development Strategies - Different cities should develop tailored implementation plans based on their unique resources, location, and economic conditions to avoid a one-size-fits-all approach [7] - The example of Nantong illustrates the importance of collaborative development within urban clusters, particularly in the Yangtze River Delta region [7]

推进城市发展与房地产市场核心政策导向相辅相成 1978-2024年我国城镇化率年均增长率 | 1978-1990年 | 0.71% | | --- | --- | | 1991-2000年 | 0.98% | | 2001-2010年 | 1.37% | | 2011-2020年 | 1.39% | | 2011-2015年 | 1.48% | | 2016-2020年 | 1.31% | | 2021-2024年 | 0.78% | 来源：新华财经、中国政法大学商学院副教授熊柴 此次会议也是2015年以来第二次以中央名义召开的城市工作会议。中指研究院政策研究总监陈文静表 示，经过十年发展，我国城市数量增加至694个，2024年有27个城市GDP超过1万亿元，城镇化率由2015 年的57.3%提升至67%，进程有所放缓；城镇人口也由2015年的7.9亿人增加至9.4亿人，每年城镇新增常 住人口超1600万人，而2021-2024年年均增加1033万人。她说，可以看出，在城市工作取得积极成效的 同时，城市发展也出现了新特征，城镇化进入了稳定发展期。 熊柴说，2015年、2025年的这两次中央城市工作会议召开的背 ...

证券研究报告 | 2025年07月16日 中央城市工作会议快评 城市发展迈入新阶段 经济研究·宏观解读 | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | --- | --- | --- | --- | --- | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 王奕群 | | wangyiqun1@guosen.com.cn | | 事项： 解读： 城市工作会议由来已久，本次是第五次。第一次是 1962 年在北戴河举行的第一次全国城市工作会议，主 要讨论城市基本定位与问题，背景是大规模工业化带来的城市人口迅速扩张带来生活等用品供给不足，会 议的主要指示是集中力量组织生产。 表1：历次城市工作会议梳理 | 年份 | 会议 | 简介 | 背景 | 主要内容 | | --- | --- | --- | --- | --- | | | | | | 《关于当前城市工作若干问题的指示》：已经 ...

Core Viewpoint - The recent Central Urban Work Conference marks a significant shift in China's urban development philosophy, emphasizing high-quality and connotative development as opposed to previous approaches focused on coordination [1][3]. Group 1: Five Transformations and Focus Areas - The conference outlined five necessary transformations in urban work: adapting to changing circumstances, shifting development concepts to be more people-oriented, changing development methods to be more efficient, focusing on distinctive development, prioritizing governance investment, and enhancing coordination in urban work [3][6]. - Correspondingly, the conference emphasized five areas of greater attention: human-centered approaches, efficient and intensive development, distinctive growth, governance investment, and coordinated methods [3][6]. Group 2: Core Tasks and Implementation - Key tasks identified include optimizing urban systems, advancing urban renewal actions, strengthening historical and cultural preservation, and modernizing urban governance, providing clearer pathways for implementing the five transformations and focus areas [6][8]. - The conference aims to ensure that the new development philosophy takes root in cities, enhancing the convenience, comfort, and overall well-being of residents [8]. Group 3: Goals for Urban Development - The conference introduced a new comprehensive goal for urban construction, aiming to build innovative, livable, beautiful, resilient, civilized, and smart modern cities, which reflects a richer and more comprehensive understanding of urban development compared to previous focuses [10].

2025.07. 15 本文字数：2089，阅读时长大约4分钟 作者 | 第一财经 吴斯旻 时隔十年，中央城市工作会议再度召开。面对我国人口总量增速和城镇化率增速相继迈入拐点，此次 会议明确，推进城市更新，将成为当前和今后一个时期城市工作的重要抓手。 据新华社消息，中央城市工作会议7月14日至15日在北京举行。中央城市工作会议是党中央召开的最 高规格的城市工作会议。除了此次会议，最近一次的中央城市工作会议召开于2015年。 会议指出，我国城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量 提质增效为主的阶段。城市工作要深刻把握、主动适应形势变化，转变城市发展理念，更加注重以人 为本；转变城市发展方式，更加注重集约高效；转变城市发展动力，更加注重特色发展；转变城市工 作重心，更加注重治理投入；转变城市工作方法，更加注重统筹协调。 自上一次中央城市工作会议以来，这一高级别会议在布局未来城市工作时均突出强调了"因地制宜"， 提高各方推动城市发展的积极性和城市发展的宜居性，推动城市工作向内涵式转型，释放城市发展新 动能等内容。 根据此次会议对于当前和今后一个时期城市工作提出的总体要求，要认真践 ...

Group 1: Meeting Overview - The Central Urban Work Conference was held on July 14-15, 2025, emphasizing the transition from "large-scale incremental expansion" to "stock quality improvement" in urban development[3] - The meeting highlighted the importance of high-quality urban development, with a focus on "in-depth development" and "urban renewal" as key strategies[3] Group 2: Real Estate Policy Insights - The conference proposed to "accelerate the construction of a new model for real estate development" and to "steadily promote the renovation of urban villages and dilapidated housing," but did not introduce strong stimulus measures[3] - The overall tone regarding real estate was neutral and cautious, lacking the anticipated "large-scale urban village renovation to drive investment"[3] Group 3: Urban Renewal and Infrastructure - Emphasis was placed on "steady progress" in urban village and dilapidated housing renovations, reflecting a cautious approach to avoid new debt risks and overheating housing prices[3] - The meeting outlined a clear long-term strategy for urban renewal and the development of modern urban clusters, indicating a shift from land-driven growth to quality-driven development[3] Group 4: Investment Recommendations - The report suggests maintaining a "barbell strategy" in investment, focusing on stable sectors like bonds and dividends while also considering opportunities in technology sectors[3] - The anticipated economic pressure in the second half of the year suggests a cautious approach to real estate and infrastructure investments, with a focus on structural opportunities in related industries[3]

Core Insights - China's urbanization is transitioning from a rapid growth phase to a stable development phase, focusing on quality improvement and efficiency in existing urban areas [1][2] - The recent Central Urban Work Conference emphasized the importance of urban renewal as a key strategy for future urban development [1][2] Urban Development Strategy - The conference outlined a vision for modern urban development, aiming to create innovative, livable, beautiful, resilient, civilized, and smart cities [2] - Key themes include optimizing urban structure, transitioning to high-quality urban development, and ensuring urban safety [2][3] Historical Context - Since the last Central Urban Work Conference in 2015, there has been a significant shift in urban development focus from expansion to enhancement of existing urban areas [2][3] - Urbanization levels have increased by approximately 1.1 percentage points annually since 1978, with an expected urbanization rate of 67% by the end of 2024 [3] Challenges and Responses - The conference acknowledged ongoing urban issues, such as high-rise buildings and the need for green transformation, and proposed measures to address these challenges [3][4] - Emphasis was placed on improving public services and addressing urban "diseases" through effective governance and planning [3][5] Future Directions - The conference highlighted the need for a new real estate development model and the importance of urban renewal in enhancing urban living conditions [3][5] - Future urban work will focus on integrating population, industry, and transportation planning to create more comfortable and convenient living environments [5]

Core Viewpoint - The Central Urban Work Conference emphasized the importance of urban development in China, highlighting the achievements since the 18th National Congress and outlining the overall requirements, principles, and key tasks for future urban work [2][3][7]. Summary by Sections Achievements and Current Situation - Since the 18th National Congress, the central government has recognized the new trends in urban development, leading to significant improvements in urbanization levels, governance, livability, cultural preservation, and ecological quality [2][3]. Overall Requirements for Urban Work - The conference outlined that urban work should be guided by Xi Jinping's thoughts on socialism with Chinese characteristics, focusing on high-quality urban development, innovation, livability, and resilience [3][4]. Key Tasks for Urban Development 1. **Modern Urban System Optimization**: Enhance the capacity of cities to support population and economic growth, promote coordinated development among cities and towns, and facilitate the urbanization of rural populations [5]. 2. **Innovative Urban Development**: Foster an innovative ecosystem and leverage reform to enhance urban dynamism, ensuring cities play a pivotal role in domestic and international circulation [5]. 3. **Livable Cities**: Integrate planning for population, industry, and transportation, improve public services, and ensure the basic needs of citizens are met [5]. 4. **Green and Low-Carbon Cities**: Strengthen ecological governance and implement effective measures for air quality, water protection, and pollution reduction [5]. 5. **Resilient Cities**: Focus on infrastructure safety, disaster prevention, and public security to enhance urban resilience [5]. 6. **Civilized Cities**: Protect historical and cultural heritage while improving the cultural quality of citizens [5]. 7. **Smart Cities**: Innovate urban governance methods and improve responsiveness to citizens' needs [5]. Leadership and Implementation - The conference stressed the necessity of strengthening the Party's leadership in urban work, enhancing policy coordination, and improving the capabilities of urban management teams [6][7]. Theoretical and Practical Implications - Xi Jinping's speech addressed fundamental questions regarding urban development, providing a framework for future urban work that emphasizes a people-centered approach and the importance of quality over quantity in urban growth [7].

Core Viewpoint - The meeting emphasized the importance of urban development in China, highlighting the need for a modernized urban system that aligns with the principles of socialism with Chinese characteristics, focusing on high-quality development and people's well-being [1][2][4]. Summary by Sections Achievements and Current Situation - Since the 18th National Congress, significant achievements have been made in urban development, including improvements in urbanization levels, governance, livability, cultural heritage protection, and ecological quality [1]. Overall Requirements for Urban Work - The meeting outlined the overall requirements for urban work, emphasizing adherence to Xi Jinping's thoughts, the importance of people's participation, and the need for a balanced approach to urbanization that focuses on quality rather than quantity [2]. Key Tasks for Urban Development - Seven key tasks were identified for urban development: 1. Optimize the modern urban system to enhance capacity for population and economic development. 2. Build vibrant innovation cities by fostering an innovative ecosystem and enhancing urban dynamics through reform and opening up. 3. Create comfortable and convenient livable cities with integrated planning for population, industry, and transportation. 4. Develop green and low-carbon cities by consolidating ecological governance and addressing pollution issues. 5. Establish resilient cities with safe infrastructure and effective disaster prevention measures. 6. Promote civilized cities by protecting cultural heritage and enhancing civic values. 7. Build efficient smart cities through innovative governance and effective public service mechanisms [3]. Leadership and Implementation - The meeting stressed the necessity of strengthening the Party's leadership in urban work, improving policy coordination, and enhancing the capabilities of urban work teams to ensure effective implementation of urban development strategies [4].