安全是城市发展的前提，更是民生福祉的底线。当每一寸空间都承载着对生命的敬畏，每一项规划都饱 含着对民生的关切，城市才能真正生长出温暖的肌理，成为人民安心栖居、舒心生活的幸福港湾。 一座城市的形象与吸引力，并不取决于"天际线高度"，而在于功能适配性与民生获得感。随着城市发展 转向存量提质增效的新阶段，我们更需要的是"里子工程"而非"面子工程"：老旧小区改造让居民住得舒 心，口袋公园建设让生活更有品质，地下管网升级筑牢城市根基——这些看得见、摸得着的民生改善， 比冰冷的建筑高度更能彰显城市的"温度"。从经济逻辑看，超高层建筑的建设成本、运维成本远高于普 通建筑，后期电梯维护、消防升级等持续投入，与"提质增效"的要求背道而驰。 破解超高层建筑安全风险，需"当下改"与"长久立"相结合。对现有建筑，要始终绷紧安全这根弦， 以"零容忍"态度排查隐患，决不让高楼大厦"带病"运行，运用科技手段提升安全保障和应急救援能力， 切实维护广大人民群众生命财产安全；对未来建设，要严格落实限制超高层建筑要求，从源头拧紧"高 度闸门"，摒弃"以高为美"的惯性思维，以人口规模、功能需求为导向，让建筑高度与城市承载力相匹 配。 近日召开的中央 ...

深刻把握城市工作的系统性复杂性，坚持因地制宜、分类指导，推动城市高质量发展，更加幸福的美好 生活值得期待 又如，对建和管的统筹兼顾。老百姓每天的吃用住行，一刻都离不开城市管理和服务。随着城市发展转 向存量提质增效，某种意义来说，管理和服务比建设更加重要。针对停车难，开发停车小程序，居民可 查看实时停车情况；针对荒废地利用，尝试"开门编规划"，听取周边居民意见改造为社区服务中心，推 动共建共享；针对便民需求，引入早点摊、修鞋铺、裁缝店等，社区更有烟火气、人情味……不少城市 在管理和服务上下功夫，让人民群众在城市生活得更方便、更舒心、更美好。 万家灯火处，宜居乐活图。深入贯彻落实中央城市工作会议精神，认真践行人民城市理念，深刻把握城 市工作的系统性复杂性，坚持因地制宜、分类指导，推动城市高质量发展，更加幸福的美好生活值得期 待。 （文章来源：人民日报） 党的十八大以来，我国城市基础设施迭代升级，公共服务逐步完善，综合承载力稳步提升。供水、燃气 等实现建成区全覆盖，地级及以上城市黑臭水体基本消除，城市人均公园绿地面积提高到15.91平方 米。2019年至2024年，全国累计开工改造老旧小区28万个，共增设停车位38 ...

在当前广州借助承办十五运和残特奥会的契机全力拼经济之际，时隔10年再次举行的中央城市工作会议 犹如一场及时雨，为广州下一步城市发展如何找准方向坚定了信心、打开了思路。 特别是今年借助承办十五运会和残特奥会之际，广州正全力推动城市基础设施和公共服务进行新一轮提 升优化，将"办赛事就是办城市"的理念继续贯彻到底，这一举措也与中央城市工作会议的精神不谋而 合。可以预计，本次十五运会也将像过去的六运会、九运会和亚运会一样，再度成为广州完善城市核心 功能的宝贵契机，也为广州顶压奋进、转型换挡提供强大助力。 广州如何主动适应城市发展规律 本次中央城市工作会议提出，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，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。 作为发展水平国内领先的一线城市，广州过去通过主动适应城市发展规律，形成了一条具有自身特色的 城市发展路径：对外不断强化枢纽经济和开放经济，持续提升广交会、读懂中国、财富全球论坛等重大 平台的影响力，对内则主动通过城市更新、外来人口融合、持续优化营商环境等举措，不断提升对人口 和产业的吸引力。 ...

Group 1 - The central urban work conference emphasized the need to accelerate the construction of a new model for real estate development and to steadily promote the renovation of urban villages and dilapidated housing, without setting clear targets [1] - The State Council meeting highlighted the importance of normalizing competition in the new energy vehicle industry, focusing on cost investigation, price monitoring, and ensuring key enterprises fulfill payment commitments [2][9] - The government plans to implement policies to stimulate consumption and optimize the supply of consumer goods, aiming to release the potential of domestic demand [5][6] Group 2 - The financial policy execution meeting indicated that the central bank will continue to implement a moderately loose monetary policy, focusing on supporting technological innovation and expanding consumption [7][8] - The government is actively formulating measures to enhance market order and address issues related to "involution" in various industries, including the new energy vehicle sector [9][10] - The market supervision authority has published typical cases of "involution-style" competition, aiming to combat the production and sale of substandard products [11][12] Group 3 - The government is promoting high-quality development in the manufacturing sector, with a focus on intelligent and green transformation, and plans to issue work plans for key industries [10][18] - The experiences of Japan, the UK, the US, and Germany in addressing over-competition and excess capacity provide valuable insights for China's policy formulation [14][15][17][19] - Germany's approach to establishing high standards and differentiated competition models has proven effective in promoting industry upgrades and curbing improper competition [19][20]

继续降息，能大幅减少存量债务成本，让老百姓、企业和政府每年都少付一大笔利息。 上半年政府债券净融资7.66万亿元，同比多4.32万亿元，这在低利率环境下对政府是很划算的事，如果利率进一步下降，债券融资成本更低，发新债对于政 府和企业降低融资成本的作用会更大；但企业债券净融资1.15万亿元，同比少2562亿元，一方面说明企业投资信心仍然有待提振，另一方面也说明需要进一 步降息。 继续降息，能大幅减少存量债务成本，让老百姓、企业和政府每年都少付一大笔利息。 先说老百姓，现在中国居民贷款，房贷、消费贷、各种个人贷款加起来差不多有80万亿元。只要利率降1个百分点，家庭部门一年就能少还8000亿元利息。 省下来的钱能拿去多买点东西、多下几次馆子，对背着房贷的中等收入家庭尤其管用。 再说企业，非金融企业一共欠了银行大概150多万亿元。利率降1个点，一年就能少付1.5万亿元利息，等于凭空多出来1.5万亿利润。企业赚了钱，就能涨点 工资，或者多招点人，经济信心自然跟着上来。 日前央行发布2025年上半年金融统计数据，6月末广义货币（M2）同比增长8.3%，狭义货币（M1）同比增长4.6%，6月末社会融资规模存量同比增长 8. ...

Core Points - The State Council of China has announced the implementation of the "Housing Rental Regulations," which will take effect on September 15, aiming to standardize the housing rental market and enhance supervision [1][2][3] Group 1: Overall Requirements - The regulations emphasize the need for a combination of market-driven and government-guided approaches to develop the housing rental market, encouraging multiple channels to increase rental housing supply and fostering market-oriented, professional rental enterprises [1][2] Group 2: Standardization of Rental Activities - The regulations stipulate that rental properties must comply with safety and health standards, and non-residential spaces cannot be rented out for living purposes. Both landlords and tenants are required to sign rental contracts under real names [1][3][4] Group 3: Housing Rental Enterprises - Housing rental enterprises must provide accurate and complete property information, establish rental archives, and maintain internal management systems. Those engaged in subleasing must set up regulatory accounts for rental funds [1][5] Group 4: Brokerage Institutions - Brokerage institutions are required to verify and record the identity of clients and property ownership before publishing rental information, and they must provide clear pricing for their services [2][5] Group 5: Supervision and Accountability - Local governments are mandated to establish rental price monitoring mechanisms and implement graded supervision based on credit status for rental enterprises and their personnel. Strict legal responsibilities are outlined for violations by landlords, tenants, rental enterprises, and government officials [2][3] Group 6: Market Opportunities - Experts believe the regulations will help curb issues like false listings and inflated rents, leading to a new phase of institutional operation and quality upgrades in the rental market. The focus will be on revitalizing existing assets and utilizing data and AI to optimize property management and pricing strategies [6]

资源配置效率优化的马克思主义政治经济学阐释 马克思主义政治经济学为统筹增量与存量资源配置提供了根本遵循。马克思指出："按一定比例分配社会劳动 的必要性，绝不可能被社会生产的一定形式所取消，而可能改变的只是它的表现形式。"这一论断揭示了资源 配置效率的本质是"社会总劳动时间的按比例分配"。"按比例分配社会劳动"是社会化大生产的普遍规律， 而"时间节约规律"则是其核心表达。在社会主义市场经济条件下，这种按比例分配既需要通过市场机制实现 要素流动，也需要通过宏观调控引导结构优化。市场机制通过价格信号引导增量资源流向高效益领域，政府 调控则通过政策工具激活存量资源价值，二者共同构成资源配置效率提升的"双轮驱动"。 从系统论视角看，增量与存量构成经济发展的"动态平衡系统"。当前，我国经济资源配置的主要矛盾体现 为，一方面，传统产业领域存在大量低效、闲置的存量资源；另一方面，新兴领域亟需高质量增量投入，增 量培育的"破茧"需求与存量优化的"化蝶"压力，决定了必须将做优增量与盘活存量置于动态平衡的系统中统 筹推进。只有将增量扩张与存量重组纳入统一框架，才能实现资源配置优化提升，避免"边际效益递减"陷 阱。 深刻把握做优增量 ...

证券研究报告：房地产|行业周报 发布时间：2025-07-21 行业投资评级 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 2080.0 | | --- | --- | --- | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1627.84 | 行业相对指数表现 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 2024-07 2024-10 2024-12 2025-02 2025-05 2025-07 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 目前房地产行业仍处于总量过剩与结构性短缺的状态，根据国家 统计局数据，25 年 1-6 月全国商品房销售面积同比下降 3.5%，销售 额下降 5.5%，6 月单月销售面积同比降幅扩大至 5.5%，销售额降幅达 10.8%，主因高基数及需求疲软。但开竣工降幅收窄，反映"保交楼" 推进及核心城市土拍回暖，去年主力在售的及今年预计入市的第四代 ...

数据不会说谎：2024年，规模以上白酒企业产量414.5万千升（同比降1.8%），销售收入却逆势增至 7963.8亿元（同比增5.3%），呈现"量降利升"的特殊形态；而2025年上半年，风向急转——中国酒业协 会数据显示，59.7%的酒企营业利润下滑，50.9%的企业营业额收缩，行业平均存货周转天数高达900天 （同比增10%），更有60%的企业陷入价格倒挂困境。 在这场"冰火交替"的调整中，行业趋势正变得愈发清晰。 半年业绩大考：头部稳中有进，区域与中小酒企承压 上半年的白酒江湖，三个方向的变化尤为突出，显著勾勒出行业新格局： ▶ ▷ 一是"收缩与集中"并行，稳健成共识。 利润与销量双缩窄的压力下，行业集中度加速提升——小厂加速出清，头部企业则集体将目标从"高速 增长"转向"稳健发展"。贵州茅台将2025年营收增速目标定为9%左右，五粮液提出"增速与宏观经济匹 配"，泸州老窖强调"精耕细作稳增长"，均是这一趋势的直接体现。 ▶ ▷ 二是"渠道革命"加速，消费者触达更直接。 大企业不再满足于传统经销商体系，开始主动"直面消费者"：网络平台与即时零售等新渠道销量持续上 升，如五粮液在北京、上海等20城试点"终端 ...

Core Viewpoint - The credit card industry in China is experiencing a significant transformation, shifting from expansion to a focus on quality and efficiency, as evidenced by the increasing number of banks discontinuing co-branded credit card products [12][19]. Group 1: Market Trends - Since January 1, 2025, at least seven major banks have announced the discontinuation of at least 22 co-branded credit card products, indicating a trend of product adjustments in the credit card market [2][6]. - Major banks, including China Bank and Citic Bank, have stopped issuing various co-branded credit cards, with reasons primarily cited as "business adjustments" or "contract expiration" [4][6]. Group 2: Product Adjustments - Co-branded credit cards, which are partnerships between banks and profit-oriented institutions, are being phased out due to their unsustainable cooperation models and imbalanced overall returns [9][10]. - Banks are transitioning to standard credit cards for existing co-branded cardholders, with changes in reward structures and benefits [4][6]. Group 3: Regulatory Environment - The regulatory framework has tightened, with new guidelines from the former CBIRC and the People's Bank of China mandating banks to focus on quality over quantity in credit card issuance [10][12]. - The new regulations require banks to limit the ratio of dormant credit cards to no more than 20%, prompting a reevaluation of credit card strategies [10][12]. Group 4: Consumer Behavior - The credit card market is increasingly catering to younger consumers, who have diverse interests and consumption needs, necessitating banks to innovate and tailor products accordingly [18][19]. - The decline in credit card issuance and usage reflects a broader trend of market saturation and the need for banks to refine their customer engagement strategies [12][13]. Group 5: Future Outlook - The discontinuation of co-branded credit cards is seen as a necessary step towards a more refined and efficient credit card business model, focusing on high-value customer segments and innovative product offerings [15][19]. - The industry is expected to evolve towards precision marketing and enhanced customer experiences, leveraging digital technologies and data analytics [7][19].