Core Viewpoint - The Sichuan Branch of the China Development Bank (CDB) has significantly contributed to the economic development of Sichuan Province by providing over 1.2 trillion yuan in funding during the 14th Five-Year Plan period, focusing on infrastructure, green development, and manufacturing support [4][5][9]. Group 1: Major Project Support - CDB Sichuan Branch has supported the Chengdu International Railway Port by providing 4.8 billion yuan in long-term loans and facilitating the construction of a container assembly station, enhancing the efficiency of the China-Europe Railway Express [5][6]. - The bank has invested over 180 billion yuan in 102 major projects during the 14th Five-Year Plan, leading the industry in funding for key projects in Sichuan and the Chengdu-Chongqing economic circle [7]. Group 2: Urban Renewal Initiatives - CDB Sichuan Branch has implemented a three-tier elderly care system in Neijiang City, enhancing community services and improving the quality of life for the elderly [8]. - The bank has allocated over 90 billion yuan for housing and urban infrastructure projects, addressing public housing needs and supporting the renovation of old neighborhoods [9]. Group 3: Rural Development and Disaster Recovery - Following a landslide in Yibin City, CDB Sichuan Branch quickly mobilized to support disaster recovery through a comprehensive financing plan, providing 420 million yuan for reconstruction and land remediation [10]. - The "Qunlian Model" developed by the bank is being replicated across Sichuan, focusing on integrating disaster recovery with rural revitalization and economic development [10]. Group 4: Future Outlook - Looking ahead, CDB Sichuan Branch aims to align its financial strategies with the goals of risk prevention, regulatory strengthening, and promoting high-quality development in the 15th Five-Year Plan [11].

现场观展可见清晰的城市焕新脉络：从海河两岸15公里慢行系统贯通到58条道路按快速通过型、城市综 合型、文旅漫步型等类别实施精细化改造，再到超20万盏灯具构建"T字型"夜景格局……每一处变化皆 体现从"工程整治"到"人文治理"的理念跃升。特设的"公众参与板块"展出市民在社交平台发布的打卡 照、手绘作品等"数字档案"，生动呈现焕新工程为百姓生活带来的改变。 本报讯（记者 雷风雨）从市城市管理委获悉，"2025津门焕新"城市影像摄影大赛作品展日前在市规划 展览馆开幕。展览不仅集中展出27件获奖作品，更首次系统解读天津城市更新背后的治理逻辑与设计智 慧。 本次大赛由市城市管理委、市规划资源局、市住房城乡建设委等单位联合发起，通过影像记录天津城市 发展与更新成果，展现风貌变迁与文化内涵。展览围绕海河治理、街道提升、夜景营造等核心内容设置 了五大主题展区，采用"影像展示+技术解读"的双线叙事——观众既可欣赏《天津夜景与北京群山同 框》等获奖作品，也能通过图文、模型深入理解"总师制"统筹、"道路分级分类"实施等治理创新。 （来源：天津日报） 转自：天津日报 据主办单位市城市规划设计研究总院有限公司介绍，此次展览既是对202 ...

观点网 继续等下去，深圳南山北头村将要在沉寂中度过旧改的第二十年。 得天独厚的地理位置似乎只是旧改启动的添头，操盘企业也没有陷入流动性危机的传闻，北头村旧改却 在项目规划首次公告之后，进入了漫长的定格时间。 对于历史超过500年的北头村而言，时间的流逝并不可怕，迟迟未能推进的旧改规划更为磨人。 坐落在深圳南山北麓滩头因此得名"北头"，北头村始建于元代，村民们过去多以养蚝、捕鱼为生，兼种 水稻与荔枝。 改革春风吹到广东，深圳从小渔村成长为国际化大都市，北头村的机遇也到来了。 18年延宕 随着城市发展及大规模填海，北头村村民们"洗脚上岸"，1979年集资建设6000平方米厂房，引进"三来 一补"企业，开启"从农转商"的生活。 正因为大规模填海造陆，北头村逐渐从沿海小渔村变成夹在深圳前海、后海两大中心区的空间发展轴带 上的旧村区域。 时代车轮滚滚前行，一片片高楼在北头村前后拔地而起，沿着前海路的七个城中村陆续进入旧改规划， 北头村也是其中之一。 据观点新媒体了解，北头村最早于2008年被列入《深圳市城市更新改造项目2008年度实施计划》，2011 年8月得到深圳市规划和国土资源委员会下发的旧改地块专项规划批复，自此 ...

Core Viewpoint - The "Stable Development · Beneficial Housing - 2026 Guangxi Housing Promotion Network Live Broadcast" event highlighted the recovery of the Guangxi real estate market and the potential for high-quality development, focusing on policies to stabilize the market and promote housing consumption [1][2][16]. Group 1: Market Recovery and Development Focus - Guangxi's real estate market has shown signs of recovery, with the added value of the real estate industry in 2025 experiencing a positive growth rate for the first time in four years, surpassing the national average in key indicators such as sales area and development investment [2][16]. - The focus for 2026 will be on "de-stocking, optimizing supply, stabilizing expectations, and increasing momentum," with specific measures to promote high-quality development in the real estate sector [2][16]. Group 2: Policy Implementation and Support - The event discussed various policy measures aimed at de-stocking, optimizing supply, and preventing risks, with detailed explanations provided by relevant department officials [6][16]. - Financial support policies include low interest rates, low down payments, and the application of tools like guaranteed housing re-loans to stimulate the market [8][16]. Group 3: Housing Quality and Community Development - The concept of "good housing" was emphasized, focusing on safety, comfort, sustainability, and intelligence, with recommendations to leverage local ecological and cultural resources to create high-quality living products [7][16]. - Various cities in Guangxi have introduced housing subsidies and optimized public housing policies to attract residents and enhance living conditions [15][16]. Group 4: Future Outlook - The event showcased Guangxi's commitment to stabilizing the real estate market, improving housing quality, and ensuring residents' well-being, with expectations for a more stable, healthy, and high-quality development trajectory in 2026 [16].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [7]. Core Insights - The latest data shows a significant decline in the area of second-hand housing contracts, with a year-on-year decrease of 10% in the most recent week [1]. - New housing contracts have also seen a year-on-year decline of 26% in the latest week, while second-hand housing contracts have decreased by 10% [3]. - The overall trend indicates that the new housing market is experiencing a more substantial contraction compared to the second-hand market, with new housing contracts down 57% and second-hand contracts down 19% since January [3]. Summary by Sections New Housing Contracts - The year-on-year decline in new housing contracts has expanded, with a decrease of 24% across sample cities [4]. - The performance of new housing contracts in first-tier cities shows a decline of 21%, while second-tier cities have seen a 27% drop [4]. - The overall new housing contract area is at a low level compared to the same period over the past five years [9][12]. Second-hand Housing Contracts - The second-hand housing market has shown a year-on-year increase of 7% in contract areas, indicating a recovery trend [4]. - First-tier cities have reported a 9% increase in second-hand housing contracts, while second-tier cities have seen an 8% increase [4]. - The second-hand housing market is currently performing better than the new housing market, with a higher year-on-year performance [14]. Market Indicators - The average number of viewings for second-hand properties in 12 sample cities has increased by 60.9% compared to December, indicating a positive shift in market activity [5][40]. - The liquidity outlook for January 2026 suggests a tightening trend, which may impact market dynamics [5][45]. - The proportion of listings with price increases has risen slightly, indicating a potential stabilization in pricing trends [5][47]. Land Acquisition - The cumulative area of land transactions in 2025 has shown a year-on-year decline of 13%, but the rate of decline has narrowed compared to previous months [20]. - The average transaction price for land has increased by 1% year-on-year, reflecting a slight recovery in land values [20]. - The land acquisition data indicates varying performance across different city tiers, with first-tier cities experiencing a more significant decline [20].

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

论坛现场 李莎摄 "中国城市发展正经历从规模扩张向内涵提升的根本性转变期。"住房城乡建设部原总经济师、中国城市规划学会理事长杨保军 在会上表示，随着城镇化率进入稳定阶段，过去依赖土地财政、新城建设的模式已难以为继。 杨保军指出，城市更新已成为推动城市高质量发展、实现中国式现代化的重要战略抓手，这一转变不仅是发展方式的调整，更 是一场涉及理念、制度与技术的系统性变革。成功的更新不是简单的物质改造，而是通过精准回应人的需求，以空间重构激发 新的经济活动与社会交往，最终实现区域整体价值的再生。 同时，杨保军也强调，城市更新全面推广仍面临深层次挑战，首当其冲是体制机制障碍。过去以新增建设为导向的政策法规、 技术标准、审批流程与投融资模式，已难以适应存量更新的复杂需求。 对此，杨保军指出接下来的五大关键方向。一是深化实施机制改革，地方政府需建立强有力的统筹协调机构，破除部门壁垒， 形成合力；二是创新政策"工具包"，重点改革土地、规划、产权、财税等政策；三是重构投融资模式，金融机构必须创新金融 产品，提供长期、低息的资金支持，政府应从"包办天下"转向"引导撬动"，构建"政府引导、市场运作、公众参与"的可持续模 式；四是探 ...

房地产 2026 年 02 月 01 日 相关研究 《房地产行业 2026 年投资策略：潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 首批商业不动产 REITs 上报，三条红线政策逐步退场 看好 —— 地产及物管行业周报（2026/1/24-2026/1/30） 本期投资提示： 评 证 券 研 究 报 告 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 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 点 ⚫ 地产行业数据：新房成交环比回升、二手房环比下降，新房成交推盘比回落。上周 (1.24-1.30)34 ...

Core Viewpoint - China's urban development is transitioning from large-scale expansion to a focus on improving existing assets, which will lead to significant changes in land and space governance [1]. Group 1: Urban Development Transition - The shift in urban development mode signifies a need to transform existing urban assets into equity, avoiding the burden of debt from construction [1]. - By 2025, the total value of urban real estate in China is estimated to be between 450 trillion to 500 trillion yuan [1]. Group 2: Steps for Asset Improvement - The first step involves conducting an asset survey to identify and categorize every piece of land and building, analyzing inefficiencies and potential for higher value utilization [2]. - The second step focuses on generating cash flow from these assets, which is essential for standardizing their value and enabling market transactions [2]. - The third step is to create a new equity market for existing assets, which is crucial for local governments to escape debt traps and facilitate the transition to a focus on existing asset quality [3]. Group 3: Role of Planning and Management - The transformation requires planning professionals to not only design but also understand financial implications, marking a significant shift in the planning industry [4]. - Future planning institutions may act like investment banks, identifying undervalued assets and facilitating their entry into the equity market, while resource management departments will oversee transactions and ensure market transparency [3].

记者 洪俊杰 身高低于1.3米的孩子乘地铁不用买票，但进出站时颇为狼狈——大人小孩一前一后快速挤入闸 机，很容易夹伤幼童。看到此情此景，市政协委员刘刚、李和兴等联名提交提案，建议设置软性物质的 闸机扇门或开出一条不设闸门的通道，让大人和孩子都能从容过闸机。不久前，地铁13号线自然博物馆 站增设"儿童友好通道"，孩子无需扫码即可通过。 这是政协委员履职的一个缩影。去年，市政协收到提案1269件，收到社情民意信息2.2万余篇，共 有3374人次参加市政协举办的协商会议活动。小到解决市民身边事，大到建言"十五五"规划，一次次深 入的调研，一场场接地气的协商、一条条关系上海发展的真知灼见，浓缩成过去一年市政协委员的履职 日记。 "提"与"办"同向合力 去年下半年，松江区奥林匹克花园23栋居民楼外墙，悄然披上浅色"新装"。为解决困扰居民10多年 的墙面脱落问题，落组在九里亭街道政协委员工作站的委员，同物业公司、居民代表和开发商等进行近 40轮协商，最终达成一致，启动维修。 一次次务实的协商，把各方力量拧成一股绳。目前，上海已建有政协委员工作站251个、界别委员 工作室408个、联系服务群众联系点974个。在社区、企业、 ...