Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [9]. Core Insights - The report emphasizes that the recent Central Urban Work Conference has set a clear direction for urban development, focusing on high-quality urban growth and the acceleration of urban renewal initiatives. This is expected to enhance the real estate sector, particularly through the promotion of "good housing" and urban renewal projects [6][7]. - The report suggests that the real estate industry is poised for a new wave of development opportunities due to the ongoing urban renewal and the establishment of new development models, which will improve housing quality [6][7]. Summary by Sections Urban Development Strategy - The Central Urban Work Conference has reiterated the importance of urban work, emphasizing a shift from rapid urbanization to stable development, with a focus on optimizing urban structures and enhancing quality [7]. - Seven key tasks have been outlined, including the construction of green, low-carbon cities and the promotion of a new model for real estate development, which is expected to lead to more supportive policies [7]. Investment Recommendations - The report recommends focusing on companies with strong product capabilities and optimized inventory structures, such as China Resources Land, China Overseas Development, and others. It also highlights companies involved in urban renewal and those undergoing valuation recovery [6][8].

Core Insights - The speech by General Secretary Xi Jinping emphasizes the importance of urban development in China's modernization and outlines the overall requirements, principles, and key tasks for urban work in the new era [1][2][3] Group 1: Urban Development Achievements - Since the 18th National Congress, under the leadership of the Party Central Committee, significant achievements have been made in urban development, including improvements in new urbanization levels, urban governance, and ecological environment quality [2][3] - The goal is to build modern, innovative, livable, resilient, and smart cities that prioritize high-quality urban development [2][4] Group 2: Strategic Orientation - The focus is on transforming urban development from rapid growth to stable development, emphasizing quality over quantity [3][4] - Urban work should adapt to changing circumstances, prioritize people-centered development, and enhance urban governance and coordination [3][5] Group 3: Quality of Urban Development - The strategy emphasizes enhancing urban development quality through an intrinsic development approach, focusing on creating vibrant, livable, green, resilient, and civilized cities [4][5] - Reform and innovation are seen as key drivers for enhancing urban vitality and addressing challenges in urban development [4][5] Group 4: Systematic Approach - Urban work is described as a complex system that requires a systematic approach to address major urban development issues [5] - Strengthening the Party's leadership and enhancing policy coordination are essential for effective urban governance and implementation of urban development tasks [5]

Group 1 - The Central Urban Work Conference was held in Beijing, with significant speeches from Xi Jinping and Li Qiang, indicating a focus on urban modernization and governance [10][11] - The meeting included discussions on the economic performance of China, with a reported GDP growth of 5.3% year-on-year in the first half of the year, reflecting a stable and improving economic environment [21] - The successful launch of the Tianzhou-9 cargo spacecraft and its docking with the space station highlights advancements in China's space exploration efforts [22] Group 2 - The 11th batch of national organized drug procurement has been initiated, including 55 varieties, aimed at protecting industry innovation while covering 435 types of drugs since 2018 [25] - The new regulations for individual business registration have been implemented, allowing individual businesses to transition to enterprises while retaining their social credit codes and reducing transformation costs [26][27] - The upcoming China International Supply Chain Promotion Expo will feature 1,200 exhibitors, showcasing advancements in various sectors including advanced manufacturing and clean energy [28]

会议指出，党的十八大以来，党中央深刻把握新形势下我国城市发展规律，坚持党对城市工作的全面领 导，坚持人民城市人民建、人民城市为人民，坚持把城市作为有机生命体系统谋划，推动城市发展取得 历史性成就，我国新型城镇化水平和城市发展能级、规划建设治理水平、宜业宜居水平、历史文化保护 传承水平、生态环境质量大幅提升。 在总体目标方面，提出以建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市为目标，以推动 城市高质量发展为主题，以坚持城市内涵式发展为主线，以推进城市更新为重要抓手，大力推动城市结 构优化、动能转换、品质提升、绿色转型、文脉赓续、治理增效，牢牢守住城市安全底线，走出一条中 国特色城市现代化新路子。 在会议部署城市工作的7个方面重要工作中，在涉及到房地产相关的表述中提到，一是要着力建设舒适 便利的宜居城市。坚持人口、产业、城镇、交通一体规划，优化城市空间结构；加快构建房地产发展新 模式，稳步推进城中村和危旧房改造；大力发展生活性服务业，提高公共服务水平，牢牢兜住民生底 线。 二是要着力建设安全可靠的韧性城市。推进城市基础设施生命线安全工程建设，加快老旧管线改造升 级；严格限制超高层建筑，全面提升房屋安全保 ...

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 Central Urban Work Conference emphasized the importance of urban development in China, highlighting the need for a modernized urban framework that prioritizes innovation, livability, sustainability, resilience, and smart governance [1][2]. Summary by Sections 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 and adapting to the changing urbanization phase from rapid growth to stable development [2][3]. Key Tasks for Urban Development 1. **Optimizing Modern Urban Systems** - Focus on enhancing the comprehensive carrying capacity of cities, promoting urban clusters and coordinated development between large, medium, and small cities [3]. 2. **Building Innovative Cities** - Foster an innovative ecosystem and enhance urban dynamism through reform and high-quality urban renewal [4]. 3. **Creating Livable Cities** - Integrate planning for population, industry, and transportation, and improve public services while ensuring basic living standards [4]. 4. **Developing Green and Low-Carbon Cities** - Strengthen ecological governance and implement effective measures for air quality, water source protection, and pollution reduction [4]. 5. **Establishing Resilient Cities** - Enhance infrastructure safety, upgrade old pipelines, and improve disaster prevention and public safety measures [4]. 6. **Promoting Civilized Cities** - Protect historical and cultural heritage while enhancing the cultural soft power of cities [4]. 7. **Implementing Smart City Initiatives** - Innovate urban governance methods and improve responsiveness to citizens' needs through effective communication channels [5]. Leadership and Implementation - The conference stressed the necessity of strong party leadership in urban work, advocating for improved governance structures, policy coordination, and a focus on practical results to combat formalism and bureaucratism [5][6].

Core Viewpoint - The Central Urban Work Conference emphasized the importance of urban development in China, highlighting the need for a modernized urban framework that prioritizes innovation, livability, and sustainability while adhering to the principles of socialism with Chinese characteristics [1][2]. 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 conference outlined that urban work should be guided by Xi Jinping's thoughts, focusing on high-quality development, urban renewal, and a people-centered approach while ensuring safety and stability [2]. Key Tasks for Urban Development - Seven key tasks were identified for urban work: 1. Optimize the modern urban system to enhance capacity for population and economic development [3]. 2. Build vibrant innovation cities by fostering an innovative ecosystem and enhancing urban dynamics through reform [3]. 3. Create comfortable and convenient livable cities with integrated planning for population, industry, and transportation [4]. 4. Develop green and low-carbon cities by improving ecological governance and promoting sustainable practices [4]. 5. Establish resilient cities with safe infrastructure and effective disaster prevention measures [4]. 6. Promote civilized cities by preserving cultural heritage and enhancing civic values [4]. 7. Implement smart city initiatives to improve governance and address public concerns efficiently [4]. Leadership and Implementation - The conference stressed the necessity of strengthening the Party's leadership in urban work, enhancing policy coordination, and fostering a results-oriented approach to urban development [5].