昆山开发区又"出圈"了——这一次，是因为一场足球赛引爆全网关注。 昆山奥体中心（位于昆山开发区内） 随着"苏超"苏州赛区两场关键比赛确定移师昆山奥体中心，有网友兴奋表示："抢票成功的概 率就大了！"这座坐落于昆山开发区、按FIFA标准打造的专业足球场，如今更成为球迷们心中 的"绿茵圣地"。 不远处的夏驾河链接起科创走廊等城市风景，全方位开放滨河空间，让市民在城水共荣中感 受片区魅力。这条贯穿昆山开发区中部的城市河流，不只是划桨竞速的天然水脉，更是总部 经济、科创研发、城市生活并行展开的空间轴线。 创新未来城：以"产城人"融合重塑城市吸引力 在昆山开发区，城市更新不仅关乎生活空间的优化，更是一场对产业生态载体的升级。 2 0 2 5 年 4 月 ， 昆 山 全 球 新 型 显 示 产 业 创 新 中 心 项 目 签 约 落 地 。 该 项 目 总 投 资 5 0 亿 元 ， 将 加 速 AMOLED在消费电子、车载显示、虚拟现实、医疗探测等各种应用场景的渗透，不仅彰显了开发区 支撑高端制造与未来产业的能力，也将促进昆山新一代电子信息产业集群转型发展。 昆山开发区夏驾河公园 如果说奥体中心正在成为这个夏天昆山开发 ...

Group 1 - The opening of Zhonghai Dajixiang in Beijing attracted 200,000 visitors on its first day, showcasing the blend of traditional and modern commercial spaces [1] - The "first store economy" is gaining momentum in Shanghai, with 365 new first stores established in the first five months of the year, indicating a rapid growth in this sector [7] - Chengdu has seen 148 first stores open in the first quarter of this year, contributing to a vibrant commercial landscape [7] Group 2 - New commercial landmarks are emerging by combining culture, commerce, and leisure, meeting diverse consumer needs and driving consumption upgrades [11] - The transformation of historical sites, such as the old printing factory in Guiyang into "New Print 1950," illustrates the successful integration of industrial heritage with modern retail experiences [9][10] - The commercial district of Zhangyuan in Shanghai has attracted over 30 brands to open their first stores, with an average of 1.5 global launches per week and daily foot traffic of 30,000 [2][7] Group 3 - The innovative use of space in urban renewal projects, such as the preservation of historical architecture while introducing modern commercial functions, enhances both environmental quality and community engagement [14][15] - The integration of cultural elements into modern business practices is becoming a key driver for attracting younger consumers and revitalizing traditional shopping areas [12][15] - The "first store matrix" strategy is effectively reshaping urban commercial landscapes, enhancing customer experiences through unique offerings [8][10]

近日，四川省住房和城乡建设厅、四川省发展改革委、四川省财政厅、四川省自然资源厅、国家金融监 督管理总局四川监管局联合印发了《四川省实施城市更新行动方案》（简称《行动方案》）。《行动方 案》提出，2025年，全省要启动约600个城市更新重点片区，实施约3800个城市更新项目，持续改善城 市功能品质，建设高品质宜居空间。 2025年 全省启动约600个城市更新重点片区 实施约3800个城市更新项目 到2027年底 建成50个城市更新重点片区样板, 支持各地以更新重点片区为载体整合资源、 集成项目 H 2030年 四川省住房和城乡建设厅官网截图 《行动方案》明确，到2027年底，四川建成50个城市更新重点片区样板，支持各地以更新重点片区为载 体整合资源、集成项目。到2030年，城市更新工作机制、支持政策、技术方法和管理制度更加完善，可 持续城市更新模式基本形成。 《行动方案》围绕八大重点任务展开部署，包括围绕城镇老旧小区整治改造、城中村和老旧街区厂区更 新改造、既有建筑改造利用、城市基础设施更新改造、城市生态系统修复、历史文化保护传承、完整社 区建设、城市功能完善，着力提升城市整体环境品质和综合承载能力。 为推进城 ...

Core Points - The Ministry of Housing and Urban-Rural Development announced the promotion of complete community construction in conjunction with urban renewal actions, with pilot projects launched in 106 communities across the country [1][12] - Over the past two years, pilot communities have built or renovated more than 2,000 service facilities, added 24,700 parking spaces, and created over 700,000 square meters of public activity spaces and green areas, benefiting 1.09 million residents [1][12] - The concept of a complete community includes comprehensive public service facilities, convenient commercial services, adequate municipal infrastructure, sufficient public spaces, and effective community management, enhancing residents' sense of belonging and recognition [4][12] Community Development - The complete community initiative aims to improve living conditions and enhance the quality of life for residents, as demonstrated by the positive changes in the Jingjiu community in Nanchang, which has seen improvements in infrastructure and service availability [4][5] - In Chongqing, the community development focuses on tailored designs to enhance the quality of life in mountainous areas, addressing issues like cluttered overhead wiring and lack of services [6][7] - The integration of resources from multiple communities, as seen in Hangzhou's colorful community, has led to a more efficient use of facilities and services, creating a more comfortable living environment for residents [9][10][12] Implementation Strategies - The Ministry plans to guide local governments in implementing complete community construction through community assessments, specialized planning, and design leadership, ensuring that the initiatives are tailored to local needs [12][13] - Emphasis will be placed on improving service facilities, creating livable environments, advancing smart services, and establishing effective governance mechanisms to address residents' pressing issues [12][13] - The approach includes a collaborative mechanism among various departments and the establishment of diverse financing methods to ensure sustainable and high-quality community operations [12][13]

建筑建材 25 年中期展望：焕新提速，供给转型 20250612 摘要 2025 年上半年，建筑行业收入和利润下行，应收账款周转率影响 ROE，毛利率平稳。下半年关注化债对现金流的影响，若有积极变化， 基本面有望改善。 消费建材经历三年调整，2024 年表现不佳。城市更新是关键，资金来 源多元化。关注出海业务、高端电子布、消费类建材及去地产化公司。 建筑领域推荐存量翻新、城市更新、新兴产业服务及出海业务，关注中 材国际、中国化学、中国核电、中国建筑国际等公司。 建材领域关注出海业务、高端电子布、消费类建材及去地产化公司，如 中国联塑。高股息公司如海螺创业值得关注。 一季度国内订单和产值承压，但设计订单增长良好。地方政府投资聚焦 产业投资，影响项目进度。下半年预期招投标改善。 玻纤行业自去年一季度触底后，价格和盈利逐季恢复。今年一季度完成 新一轮复价，上半年表现良好。关注风电和电子领域需求。 碳纤维需求回升，出口高速增长，库存下降，价格企稳。关注新增产能 投放、库存下降持续性以及新兴应用领域的需求推动。 Q&A 2025 年上半年建筑和建材板块的整体表现如何？ 2025 年上半年，建筑和建材板块处于政策预期与基 ...

6月4日，2025年度中央财政支持实施城市更新行动评选结果公示，北京等20座城市位列其中。这份由财 政部、住房和城乡建设部联合发布的名单，标志着新一轮城市更新进入加速期。 不久前，中共中央办公厅、国务院办公厅印发的《关于持续推进城市更新行动的意见》为这场行动划定 路线图，提出到2030年，人居环境明显改善，经济业态更加丰富，文化遗产有效保护，风貌特色更加彰 显，城市成为人民群众高品质生活的空间。详情>> 政策落地实施，城市更新如何推进？老旧街区怎样焕发活力？更新模式能否持续？ 01 为何要改？ 数亿人居住的老旧空间，亟待焕新。 过去几十年，城市建设突飞猛进，高楼林立、商品房遍地开花。但在现代化加速的背后，一大批建于上 世纪的小区逐渐"掉队"，难以适应当下居民的生活方式。 什么是"老旧"？据多部门联合发布的标准，凡是建于2000年以前，失养失修严重、配套不完善、功能不 匹配的住宅小区，均可纳入老旧小区范畴。这些小区通常缺乏电梯、停车位、绿地和物业管理，老人爬 楼困难、车辆进出受限、公共空间缺失、活动场所匮乏——不仅"住得旧"，更是"住得难"。 数据显示，2024年，城镇老旧小区改造新开工5.6万个，更新改造小区 ...

8549户居民搬出危房住进"安心房" 今年5月12日，雨花区侯家塘街道湘农桥社区二区9栋主体封顶，这是长沙首个危房拆除重建全过程代办代建项 目，预计今年7月建成交付。原房屋建于1975年，已有50年"楼龄"，经检测被鉴定为C级危房。住在这里的24户 居民在了解政策后，一致同意采取"自筹为主、政府补贴"的模式，进行危房拆除重建改造。 潮宗街历史文化街区等多个地方成为"网红打卡地"，擦亮了"历史文化名城"金字招牌，承载了城市的"烟火 气"。 老旧小区面貌焕然一新，完整社区为居民打造"15分钟生活圈"，口袋公园功能齐全……行走在长沙大街小巷， 目之所及皆风景，这得益于长沙正大力实施的城市更新行动，让市民的获得感更强、幸福感更强。6月11日从长 沙市城市人居环境局获悉，长沙市成功入选2025年中央财政支持实施城市更新行动城市，预计将获得10亿元中 央财政奖补资金。长沙未来3年计划投资87.05亿元，实施70个城市更新示范项目，预计惠及41.3万户居民，着力 构建城市更新可持续发展新模式，升级打造"宜居之城、活力之城"。 2296个城镇老旧小区"旧貌换新颜" 城市更新，一头连着民生福祉，一头牵着经济发展。中共中央办公厅 ...

Core Insights - The Shanghai Yihua project has achieved remarkable sales success, with over 4 billion yuan in sales on May 21, selling all 64 units in one day, marking it as a "sunshine" project [1] - The project has attracted significant interest, with a subscription rate of 267% and 171 potential buyers in just 4.5 days [1] - The project is part of a broader real estate relief initiative led by CITIC Financial Assets, which has successfully implemented multiple rounds of support [2][4] Sales Performance - Since its market entry in August 2024, the Shanghai Yihua project has had three launches, all of which sold out, totaling 12.6 billion yuan in sales [2] - The project has become the first in the country to exceed 10 billion yuan in sales [2] Urban Renewal and Policy Support - The Central Political Bureau's meeting on April 25 emphasized the need for urban renewal and high-quality housing supply, which is expected to enhance living standards and meet diverse housing needs [2] - The Shanghai Yihua project is a key urban renewal initiative, covering 95,700 square meters with a construction volume of 430,000 square meters [3] Challenges and Solutions - The project faced significant challenges, including stalled development due to a liquidity crisis in 2022, affecting over 4,000 residents and 87 businesses [3] - CITIC Financial Assets has engaged in extensive discussions with stakeholders to address the project's challenges and has implemented a comprehensive restructuring plan [3][4] Financial Support and Collaboration - CITIC Financial Assets has mobilized over 4 billion yuan in relief funds, utilizing various financial strategies to support the project and resolve payment issues for residents and businesses [4][6] - The project has benefited from the collaborative efforts of CITIC Group's subsidiaries, enhancing risk management and operational efficiency [6] Impact on the Market - Since 2022, CITIC Financial Assets has facilitated the delivery of 68,300 housing units and resolved over 11.3 billion yuan in outstanding payments to suppliers, contributing to the revival of over 236.2 billion yuan in project value [7] - The company aims to continue its role as a financial rescue entity, leveraging its brand and collaborative advantages to support urban renewal and improve living conditions [7]

晨会纪要（2025/06/12） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.12） 金融工程研究 主要指数多数上涨，两融余额小幅上升——融资融券周报 行业研究 关注城市更新行动带动的工程机械需求提升——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 6 月 10 日，沪深两市两融余额为 18,114.59 亿元，较上周增加 123.64 亿元。其中融资余额为 17,992.43 亿元， 较上周增加 119.47 亿元；融券余额为 122.16 亿元，较上周增加 4.17 亿元。每日平均参与融资融券交易的投 资者数量为 334,806 名，较前一周增加 15.88%。 行业方面，上周电子、计算机和机械设备行业融资净买入额较多，食品饮料、银行和煤炭行业融资净买入 额较少。上周融资买入额占成交额比例较高的行业为非银金融、银行和钢铁，较低的行业为综合、纺织服 饰和轻工制造。融券方面，上周综合、石油石化和社会服务行业融券净卖出额较多，医药生物、电子和电 力设备行业融券净卖出额较少。 请务必阅读正 ...

最近，城市更新成了一个被反复提起的词。从政策频出到专项资金下场，从部委动作到地方试点，似乎每一个城区、每一块老旧地块、每一个城 中村，都正走上被"改造"的进程。 在许多讨论中，城市更新仍被视作"空间翻新"——旧的建筑拆除、街区整治、立面美化、配套补齐。但在我们看来，这只是表面任务，真正发生 变化的，是城市的运行逻辑与秩序系统。城市更新，不是一次次"修房子"的工程动作，而是一次次"理秩序"的结构操作。 过去三十年，中国的城市增长靠的是"扩张性开发"：土地批次、投资规模、施工周期、回报测算……所有系统都围绕"做得更快""推得更大"进行 配置。但今天我们面对的是另一类城市： 增量地块稀缺，开发边界被锁死； 人口结构变化，居住诉求分化； 社区功能缺位，空间体验失序。 所以，相关从业者都值得深度思考：城市更新到底要"更新"什么？从RET睿意德的视角来看，今天中国的城市更新，不再是一次次对"物"的介 入，而是一场深入到"关系、节奏、参与和表达"的秩序重建工程。城市需要的，不是更多建筑施工，而是一类"城市关系更新与构建"。 城市更新：从旧逻辑到更新逻辑的转变 开发逻辑失效：增量思维的三个系统性断点 要理解今天的城市更新以及 ...