在老北京人的记忆坐标上，北三环与中轴线的交汇处，曾屹立着一座开业于上世纪九十年代初的百货商 场地标——安贞华联商厦。它历经风雨三十载，收纳半城烟火，封存一代记忆。如今，一场精准的"建 筑外科手术"，让这座满载城市发展记忆的老建筑，于原址之上，重启一段资产估值新叙事。 2025年底，远洋集团旗下城市更新项目远洋安贞广场（即安贞华联商厦）正式揭牌。该项目现已融合企 业总部办公和复合商业功能，变身主打绿色健康的"绿氧"综合体。据远洋集团方面透露，在定向接洽超 50家企业后，最终于2023年底与广成健康集团达成十年整租协议，为公司带来稳定现金流。这一结果， 也让该项目成为观察房企如何参与城市更新的重要样本。 选择深入城市更新赛道，远洋集团有着更为深远的思考。但想在这一领域走得稳走得远，前提是跑 通"投资—改造—运营—退出"的不动产运营模式，激活城市核心区存量资产可持续价值。眼下，远洋集 团正在试图打开这一新业务空间，重塑资产估值逻辑。 解好存量资产盘活难题 城市更新，关乎城市面貌和居住品质的提升，是扩大内需的重要抓手，产业链上下游均大有可为。但当 前摆在参与企业面前的现实问题是，城市更新究竟能否形成一套可持续的资产逻 ...

Investment Rating - The industry is rated as "Add" [6] Core Insights - In December 2025, the total sales of the top 100 real estate companies decreased by 19.8% year-on-year, while showing a month-on-month increase of 40% [1] - The top 10 real estate companies reported total sales of CNY 189.5 billion in December 2025, with a year-on-year decline of 12.0% and a month-on-month increase of 49.3% [1] - The report highlights a significant regional differentiation in the real estate market, with high-capacity cities expected to benefit from urban renewal initiatives [4] Summary by Sections Sales Performance - In December 2025, the total sales amount for the top 100 real estate companies was CNY 341.5 billion, with a year-on-year decline of 28.0% and a month-on-month increase of 39.7% [1][2] - For the entire year of 2025, the cumulative total sales for the top 100 companies reached CNY 3.36 trillion, reflecting a year-on-year decrease of 19.8% [2] Top Companies Analysis - Among the top 50 companies, the average year-on-year sales decline was 12.8%, with a median decline of 16.9% for the year 2025 [3] - In December 2025, five out of the top 20 mainstream companies reported positive year-on-year sales growth, with notable performances from Sunac China (+74.4%) and Greenland Holdings (+42.2%) [3][4] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Companies with strong regional development capabilities and high credit ratings, such as China Merchants Shekou and China Jinmao [4] 2. Public REITs with rich existing resources and strong operational brands, such as China Resources Land and Shanghai Lingang [4] 3. Long-term growth potential in the property service sector, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [4][70]

文/郭阳琛 站在南京西路商圈阿丽拉酒店的屋顶花园，上海市城市更新"名片"——张园映入眼帘。阿丽拉酒店由上 海四季酒店更新而来，如今已从单一酒店业态变为城市综合体，构建了融合"商务+休闲+度假"的复合 消费场景。 "全国住房城乡建设工作会议进一步强调'房地产仍有较大发展潜力'，未来城镇化带来的住房需求、城 市存量优化调整均具备空间。"中指研究院研报指出，"十五五"时期，全国城镇住房需求总量预计约为 49.8亿平方米。随着支持政策不断落地，房地产市场的发展潜力将有望被激活。 "《意见》被业内称为上海市'好房子'新规，从推出、试水到全面铺开，历经半年时间，且聚焦购房客 户最关注的户内附赠面积。"保利发展上海公司相关负责人告诉记者，对于增量市场而言，相关政策精 准提升客户对新规项目的认可度，有助于整体提升上海楼市产品品质，确保市场活跃度。 "好房子"建设起步成势 上述保利发展上海公司相关负责人进一步表示，对于存量市场而言，由于新规执行采用渐进式推进的方 式，因此给予房企充足的反应周期，能根据各自持销项目的产品力高低，及时调整销售价格和优惠政 策、提升流速，最大程度降低新规出台后入市项目的冲击，保持新房市场整体平稳。 ...

Core Insights - The company, Tsinghua Design, has solidified its brand influence in the industry while completing numerous key projects across various sectors including supercomputing centers, high-tech parks, healthcare, education, and cultural tourism in 2025 [1][2] Project Developments - A series of significant projects have been completed, including the Suzhou Hospital of the China Academy of Chinese Medical Sciences, the renovation of the Lion Mountain in Suzhou, and various educational and commercial facilities, contributing to urban functional upgrades [1] - Over 20 major projects are accelerating, expanding the company's business footprint from Suzhou to nationwide, covering strategic areas such as supercomputing, rail transit, industrial parks, and infrastructure [2] Major Contracts - In July 2025, Tsinghua Design, as the leading party in a consortium, successfully won the bid for the "Henan Airport Intelligent Computing Center Phase III Project," with a signed construction value of 860 million yuan and operational revenue of 1.03 billion yuan [2][3] Brand Recognition - The company has maintained its position as one of China's top ten private surveying and design firms for 12 consecutive years and was recognized as one of the "Top Ten Private Architectural Design Brands" for 2025, indicating a deepening brand value in the industry [3] - Tsinghua Design's headquarters has been designated as a demonstration project for the National Green Low-Carbon Technology Innovation Center, showcasing the company's commitment to green technology [3] International Awards - The company has received over 30 domestic and international awards in 2025, with notable recognitions including the Gold Award at the 2024 American International Design Awards for its headquarters and multiple awards in the "2025 Asian Urban Renewal Awards," highlighting its excellence in urban renewal [4] Future Outlook - Looking ahead to 2026, Tsinghua Design plans to continue focusing on green smart buildings and urban renewal, aiming to promote the transformation of technological achievements and key project construction in alignment with urban development [4]

Core Viewpoint - Nanjing has initiated a systematic and innovative street renovation project, focusing on the transformation of backstreets and alleys to enhance urban living conditions and cultural identity, with over 1,000 streets renovated since 2020, including more than 100 unique boutique streets [1][5]. Group 1: Challenges Faced - Backstreets in Nanjing are experiencing issues such as aging facilities and management deficiencies, with 2,611 alleys facing challenges like overloaded functions and spatial disarray [2]. - Specific examples include the Zhenxiang and Jiangjun Alley area, where a narrow 10-meter space must accommodate various functions, leading to congestion and safety concerns during peak hours [2]. - Historical and cultural degradation is evident in areas like Yihe Road, where the loss of public space and cultural resources has diminished the area's identity and appeal [2]. Group 2: Innovative Solutions - Nanjing's city management has adopted a "one alley, one policy" approach, allowing for tailored solutions based on the specific functions of each street, such as traffic organization and community needs [3]. - The "gradual update" strategy emphasizes small-scale interventions over large-scale demolitions, enhancing the aesthetic and functional quality of streets through detailed improvements [3]. - Collaborative governance is being promoted, as seen in the cooperative efforts of city management, traffic police, and local businesses to create effective solutions for street management [3]. Group 3: Cultural Empowerment - The renovation of Yihe Road follows principles of restoring historical elements, enhancing the aesthetic identity of the area, and transforming streets into spaces that foster community attachment [4]. - Cultural initiatives, such as incorporating local heritage into street designs, are being implemented to elevate the streets from mere transit routes to cultural corridors that reflect local history and community identity [5]. Group 4: Future Plans - Nanjing plans to continue enhancing over 270 streets during the 15th Five-Year Plan, with a focus on developing more than 50 boutique streets [7]. - The city management aims to improve long-term management and integration of street renovation efforts, ensuring that enhancements are sustainable and community-focused [6].

根据上述报道，会议指出，2026省文旅大会是推动城市更新、激发区域经济活力的重要战略机遇。全区上下必须切 实增强责任意识、机遇意识和风险意识，以"一天都不能耽搁"的紧迫感和"时时放心不下"的责任感，全面推进各项 筹备工作落地落实、提质增效。 会议要求，筹备工作要聚焦关键、精准施策，以工匠精神精心塑造博山亮点，重点围绕景区建设与提升、文化内涵 赋能、全域环境打造、服务品质升级四大方向发力。要对观摩线路进行精雕细琢，确保每处点位成为展现博山特色 的精品窗口；要深入挖掘地方文化资源，推动文旅产品从"有"到"优"的跨越，彰显独特的"博山味道"；要着力优化 全域环境，建立长效管理机制，实现干净、整洁、优美的整体面貌；同时，要对标一流服务标准，强化人员培训， 让"宾至如归"成为与会嘉宾的普遍体验。 会议强调，必须坚决守牢安全底线，要对观摩线路、活动场馆、景区景点、酒店餐饮、交通道路等重点区域，开展 拉网式风险隐患排查与整治，确保大会全程安全、平稳、有序。要压实工作责任链条，各牵头区领导须主动担当， 抓好统筹协调，推动筹备工作提速增效。对大会确定的重点任务，实行"清单化管理、项目化推进"，强化攻坚力 度。各相关责任部门、镇 ...

Core Viewpoint - The article discusses the urban renewal efforts in Xuanwu District, highlighting various projects aimed at enhancing the city's infrastructure, cultural heritage, and overall livability, while fostering economic growth and innovation. Group 1: Urban Development Projects - Xuanwu District is undergoing a "second growth" phase with multiple construction projects, including the Deji Phase III and the Jiangsu Provincial Tumor Hospital's new buildings [1] - The Red Mountain International Community has opened two star-rated hotels, addressing the demand for high-end business accommodation [2] - The renovation of the 35-year-old Jiahui Building into a green building has led to a significant reduction in energy consumption by over 20% annually [2] Group 2: Technological and Industrial Integration - The Siemens Xcelerator Yangtze River Delta Innovation Center will provide digital transformation services, enhancing the local business ecosystem [2] - Xuanwu is focusing on integrating technology and industry through urban renewal, supporting the development of a "1+2+2" urban industrial system [3] - The XuZhuang High-tech Zone has become a key node in the Purple Mountain Science and Technology Belt, fostering future industries [3] Group 3: Cultural Heritage and Tourism - The Longjiang Road area is being developed as a cultural tourism hub, featuring numerous museums and historical sites [4][5] - The "Longjiang Road Cultural Tourism Cluster" aims to blend history with modernity, enhancing the area's appeal as a tourist destination [5] - The new projects along Longjiang Road are designed to create immersive cultural experiences, making it a vibrant part of the city [5] Group 4: Community and Livability Enhancements - The renovation of the Xinjiekou Weixiang area is set to improve living conditions, with plans to increase average apartment sizes by approximately 20% [7] - Xuanwu District is committed to creating a "15-minute living circle" to enhance residents' quality of life [7] - The construction of new healthcare facilities, including a major expansion of the Provincial Tumor Hospital, aims to improve medical services in the area [9] Group 5: Environmental and Sustainable Initiatives - The introduction of low-carbon technologies in building renovations is part of Xuanwu's strategy to promote sustainability [2] - The district is actively working on urban infrastructure improvements, including the construction of pocket parks and the upgrade of public facilities [9] - The focus on green building practices and energy efficiency is evident in various ongoing projects [2][3]

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 房地产市场 2025 年总结和 2026 年展望 20260104 摘要 0&A 2025 年房地产市场的整体表现如何? 2025 年，房地产市场整体处于止跌回稳的趋势中。12 月份,典型的 100 家企业 单月操盘金额环比增长 39.2%,尽管同比仍有较大降幅,但在预期之内。部分央 国企如中海、华润等在核心城市和高端项目的推动下,单月销售金额接近 400 亿。招商和绿城(不含代建口径)单月销售金额也超过 200亿,环比增长超过 60%。头部企业表现尤为亮眼,前三名企业单月同比降幅仅约 8.99%,显著小于 子调研究要和海外植物格持续下跌。 一 - 争 匆 - 2025年头部房企如华润、招商、绿城销售额表现亮眼,但百强房企全年 ● 业绩同比仍有降幅,部分企业如中建东孚、邦泰集团实现逆势增长,超四 成央国企通过积极拿地保证业绩增长,整体延续筑底趋势。 12月重点城市新房供应环比增长 16%,成交面积环比上升 18%,但全年累 ● 计供应同比下降 9%,新房成交规模同比下降 18%,供应紧缺问题依然存在, 有货源企业将在竞争中占据优势。 2025 年商品住 ...

Group 1: Transportation and Travel - On New Year's Eve 2025, Guangzhou's metro system set a national record with a total passenger volume of 14.093 million, surpassing the previous record of 13.5 million set in 2024 [1][2] - The Baiyun Airport achieved a historic annual passenger throughput of over 80 million, with international travelers exceeding 16.6 million, marking a significant increase from 76.369 million in 2024 [1] - During the New Year holiday, Guangzhou became the most popular destination for flight bookings, with hotel reservations increasing nearly threefold compared to the previous year [1][3] Group 2: Consumer Market and Economic Growth - Guangzhou's consumer market saw a 15.7% increase during the three-day New Year holiday, driven by various promotional policies and activities, with notable growth in beverages (110%), communication devices (85.6%), cosmetics (55.4%), and clothing (18.9%) [3] - The city's "trade-in" program for consumer goods generated sales of 61.59 billion, with automotive sales being a significant contributor, supported by over 1.7 billion in subsidies benefiting more than 140,000 consumers [3][4] Group 3: Infrastructure and Urban Development - Guangzhou's urban renewal investment reached 190 billion in 2025, exceeding the initial target of 180 billion, which provided strong support for the city's economic rebound [6] - The establishment of the Artificial Intelligence Development Bureau in Haizhu District aims to enhance the region's AI industry, with over 180 industry model projects already initiated [8][10] Group 4: Future Outlook - The 2026 investment target has been set at 200 billion, expected to further bolster the city's economic performance [7] - The provincial leadership emphasized the need for proactive policy implementation and project execution to ensure a strong start to 2026, aiming for economic growth to align with national trends [11]

地方政府通过融资平台公司举债过程中发生的，不能自平衡的债务规模逐年放大的情况，受到了管理层的关注，2010年，国务院发布《国务院关于加强地 方政府融资平台公司管理有关问题的通知》(国发[2010]19号)，开始控制地方融资平台公司新增融资。 写在前面 从本世纪初开始，基础设施建设融资的政信领域，大概每4-5年左右，就会发生一次巨大的政策调整：融资进行基础设施建设开发，与控制债务规模和风 险，已经成为举国关注的重要两级，新的领导集体在当届的第1-2个年头，必然会针对这一对问题加以研判并相应地进行政策调整。 一、开发性阶段(世纪初 - 2008年前后) 起始于本世纪初国开行的开发性金融，到2008年后达到了基础设施建设融资的第一个顶峰阶段。 在国开行倡导开发性金融之前的5-10年时间里，地方融资平台公司已经显露出发展萌芽态势，但由于缺少理论技术和实践经验、政策法规等方面的指导和 规范，融资平台的发展呈现出了无序化甚至违反政策导向的状态。 国开行倡导的开发性金融理念，率先将地方基础设施建设项目与该项目带来的地方财政收益性紧密关联起来，首次开始引入自平衡理念，在这一理念引导 下的土地储备贷款、城中村改造贷款、城镇化建 ...