每经记者：刘颂辉每经编辑：魏文艺 当前新型城镇化正从快速增长期转向稳定发展期，城市发展也由大规模增量扩张阶段转向以存量提质增效为主的阶段。 城市更新成为新时期推动城市发展方式转变、促进城市建设的必然选择，是推动城市高质量发展的重要抓手。 10月30日，由每日经济新闻主办的"2025第十五届中国价值地产年会——城市'更'新众论不限购周期行业新格局"在上海成功举行，与会嘉宾就"城市更新将承 载行业提质发展新模式"的话题进行了探讨。 在今年举行的"更持续·新发展"上海城市更新路演推介活动暨城市更新研讨会上，位于上海黄浦区董家渡板块的绿地外滩中心是重点推介的大型城市更新项 目之一。 绿地集团上海公司、董家渡金融城项目客户总监房婧表示，房地产行业已由增量开发转向存量提质的新阶段，城市更新成为绿地集团实现提质增值的关键新 密码，公司在各个项目中进行具体实践。 好地研究院院长方晓泉认为，当前，城市更新正承载着行业提质发展的新模式。从今年上海土地市场的发展情况来看，与城市更新相关的协议出让地块，其 出让金规模已逐渐开始超过通过招拍挂程序出让的地块规模，"而且这将成为未来几年市场发展的趋势" 。 徐汇区东安一、二村片区旧城区改 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has successfully allocated 500 billion yuan in new policy financial tools to support over 2,300 projects, with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [1][4]. Group 1: Investment and Economic Support - The NDRC, in collaboration with various ministries, has accelerated the deployment of new policy financial tools, fully utilizing 500 billion yuan to support significant projects [1]. - An additional 200 billion yuan in special bonds has been allocated to enhance local government financial capacity and stimulate effective investment [3][4]. - The NDRC aims to expedite project commencement and increase physical work output to promote high-quality development [1][4]. Group 2: Economic Performance Indicators - In the first three quarters, China's GDP grew by 5.2% year-on-year, maintaining a leading position among major global economies [4]. - Retail sales of consumer goods increased by 4.5%, with a 1.2 percentage point acceleration compared to the previous year [4]. - Industrial output saw a significant rise, with the value added by large-scale industries growing by 6.2%, marking the highest growth since 2022 [4]. Group 3: Innovation and Industry Growth - China's innovation index has entered the global top ten, bolstering the development of emerging industries [4]. - The value added by equipment manufacturing and high-tech manufacturing industries grew by 9.7% and 9.6%, respectively, with significant contributions from integrated circuit and smart device manufacturing [4][5]. Group 4: Export and Market Resilience - Despite external pressures, China's goods exports maintained a growth rate of 7.1%, with high-tech and high-value-added products gaining wider recognition [5]. - Exports to Belt and Road Initiative countries increased by 12.4%, and exports to ASEAN countries have shown continuous growth for eight months [5]. Group 5: Consumer Demand and Structural Upgrades - Consumer demand is showing new strengths, with significant growth in service retail and inbound tourism [5]. - The production of high-end, green, and intelligent products is rapidly increasing, with notable growth in civilian drones and industrial robots [5]. Group 6: Future Economic Outlook - The achievements in the first three quarters lay a solid foundation for meeting annual economic targets, with international organizations raising their growth forecasts for China [6]. - The NDRC plans to strengthen policy research and timely implementation to ensure the continued effectiveness of economic policies [6].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.42 [1]. Core Views - The company reported a revenue of RMB 19.31 billion for the first three quarters, a year-on-year increase of 64%, and a net profit attributable to shareholders of RMB 760 million, up 40% year-on-year. Despite significant stock gains in Q3, inventory impairment offset these gains, primarily due to price adjustments on long-cycle projects, which also led to positive sales growth in Q3 [1][2]. - The company is expected to benefit from improved sales and performance recognition in 2025, alongside favorable real estate policies in key cities and ongoing urban renewal projects [1]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 160 million, a decrease of 77% year-on-year, mainly due to an inventory impairment of RMB 860 million that offset stock gains from investments in Guoxin Securities and Nanwei Medical, which saw price increases of 17% and 49%, respectively [2][3]. - Cumulatively, for the first three quarters, the company’s net profit grew significantly due to a 44% increase in completed real estate area and improved stock gains, totaling RMB 1.01 billion, an increase of RMB 350 million year-on-year [3]. Sales and Land Acquisition - The company’s sales amount for the first three quarters decreased by 8% to RMB 14.1 billion, but Q3 saw a 3% increase in sales amount and a 103% increase in sales area, attributed to inventory clearance and price adjustments [4]. - The company acquired two land parcels in Beijing for a total price of RMB 5.3 billion, with a land acquisition intensity of 38% and an equity ratio of 40%. A new acquisition in Changping District for RMB 2.8 billion further expands its land reserves [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 835 million, RMB 840 million, and RMB 857 million for 2025-2027, respectively. The estimated BPS for 2026 is RMB 11.42. The average P/B ratio for comparable companies is 0.74, while the company’s reasonable P/B is set at 0.65, maintaining the target price of RMB 7.42 [5].

Core Insights - The National Development and Reform Commission (NDRC) reported that the Chinese economy has shown resilience and progress amid pressures, with a solid foundation laid for achieving annual goals [1] Group 1: Economic Performance - In the first three quarters, various regions and departments have effectively implemented the decisions of the Central Committee and the State Council, focusing on stabilizing employment, enterprises, markets, and expectations [1] - The achievements in the first three quarters are expected to facilitate the successful completion of annual economic targets [1] Group 2: Financial Tools and Investments - A new policy financial tool has successfully deployed 500 billion yuan, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, AI, and urban infrastructure [2] - An additional 200 billion yuan in special bond quotas has been allocated to support investment projects in certain provinces, with an emphasis on accelerating project initiation and effective investment [3] Group 3: Logistics Cost Reduction - The total logistics cost for the first three quarters was 14.2 trillion yuan, with a GDP ratio of 14.0%, marking a 0.1 percentage point decrease from the previous year, maintaining the lowest level since records began [4] - The logistics sector is transitioning towards cost reduction and efficiency improvement, with innovations such as unmanned delivery vehicles and smart lockers being widely adopted [4] Group 4: Energy Supply for Winter - The NDRC is coordinating efforts to ensure energy supply and resource reserves for the winter heating season, focusing on energy production stability and emergency response [5][6] - Measures include daily scheduling, ensuring compliance with energy contracts, and preparing for adverse weather conditions to maintain stable energy supply for the public [6]

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes that China's economy has shown resilience and progress amid pressures, with a solid foundation laid in the first three quarters to achieve annual goals [1] Group 1: Economic Performance and Policy Implementation - In the first three quarters, various regions and departments have effectively implemented the decisions of the Central Committee and the State Council, focusing on stabilizing employment, enterprises, markets, and expectations [1] - The NDRC plans to strengthen the regular policy research and reserve, and will timely implement policies as needed to ensure the achievement of economic and social development goals for the year [1] Group 2: Financial Tools and Investment Support - A new policy financial tool has successfully deployed 500 billion yuan, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, AI, infrastructure, and urban renewal [2] - The NDRC will work with relevant departments to expedite project construction and increase effective investment to promote high-quality development [2] Group 3: Local Government Debt and Investment - The NDRC has introduced an additional 200 billion yuan in special bond quotas to support investment in certain provinces, aiming to enhance local government financial capacity and effective investment [3] - The NDRC will supervise the use of these new quotas to accelerate the issuance and utilization of special bonds [3] Group 4: Logistics Cost Reduction - The total logistics cost for the first three quarters was 14.2 trillion yuan, with a ratio to GDP of 14.0%, marking a 0.1 percentage point decrease from the previous year, maintaining the lowest level since records began [4] - The logistics sector is transitioning towards cost reduction and efficiency improvement, with innovations such as unmanned delivery vehicles and smart lockers being widely adopted [4] Group 5: Energy Supply for Winter - The NDRC is coordinating efforts to ensure energy supply for the winter heating season, focusing on energy supply, resource reserves, and emergency dispatch [5][6] - Measures include daily scheduling, weekly consultations, ensuring stable energy production, and strict adherence to long-term energy contracts to guarantee sufficient supply for residential use [7]

Core Insights - The Chinese government has accelerated the deployment of new policy financial tools, with a total of 500 billion yuan fully invested to support over 2,300 projects, amounting to a total investment of approximately 7 trillion yuan [1] Group 1: Financial Tools and Investment - The National Development and Reform Commission (NDRC) has collaborated with various ministries to enhance the funding of new policy financial tools [1] - The investment focuses on key areas such as digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects including transportation, energy, and underground pipeline construction [1] Group 2: Support for Key Industries - The new financial tools have increased support for major economic provinces and important sectors, facilitating private investment projects that meet specific criteria [1] Group 3: Future Actions - The NDRC plans to work with relevant departments to urge local and central enterprises to expedite project commencement, aiming to generate more tangible work output and expand effective investment to promote high-quality development [1]

Core Viewpoint - The transformation of old housing into modern living spaces in Guangzhou reflects a significant shift in urban governance, moving from large-scale demolition and construction to micro-renovation and community involvement [1][2]. Group 1: Urban Renewal Strategy - The project "黉桥·小石集" exemplifies a successful micro-renovation approach, converting 17 old buildings into a single modern structure without forced demolition or significant government funding [1]. - The local government has shifted its role from being a developer to a facilitator, creating platforms for collaboration among various stakeholders, including residents and businesses [2][3]. Group 2: Community Engagement - A dedicated task force was established to engage residents in the renovation process, ensuring their voices were heard and their needs addressed [2][4]. - The project adopted a funding model where residents, businesses, and the government each contributed financially, promoting a collaborative approach to urban renewal [3]. Group 3: Innovative Solutions - The project utilized a "unified design, aggregated property rights, and overall approval" model to address the complexities of property ownership in old neighborhoods [5]. - Advanced construction techniques, such as modular building technology, were employed to minimize disruption and reduce construction time by approximately 60% [7]. Group 4: Policy and Governance - New regulations were introduced to facilitate small-scale renovations, allowing for increased building capacity while focusing on enhancing public service facilities [2]. - The government is now seen as a rule-maker and coordinator rather than a direct builder, emphasizing the importance of flexible policies and community-driven initiatives [7].

Core Insights - The National Development and Reform Commission (NDRC) announced a total allocation of 500 billion yuan to enhance local government financial capacity and expand effective investment, with 200 billion yuan specifically designated for special bonds to support investment projects in certain provinces [3] - As of now, the 500 billion yuan has been fully deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on sectors such as digital economy, artificial intelligence, and urban infrastructure [3][4] - The issuance of special bonds is expected to accelerate infrastructure investment growth to 8% to 9% in the second half of the year, as indicated by experts [4] Group 1 - The NDRC, in collaboration with various financial institutions, is expediting the deployment of new policy financial tools to support significant investment projects [3] - The first three quarters of the year showed resilience in the economy, with industrial profits increasing by 3.2% year-on-year, and prices of key products like polysilicon and lithium carbonate rising significantly [4] - The issuance of special bonds has shown a clear upward trend, with 9,602 million yuan issued in Q1, 12,004 million yuan in Q2, and 15,006 million yuan in Q3, indicating a growing commitment to infrastructure funding [4] Group 2 - The NDRC plans to work with relevant departments to ensure that local governments and central enterprises expedite project commencement to generate more tangible work volume and promote high-quality development [3] - The government aims to leverage special bonds and long-term treasury bonds to enhance fiscal and financial coordination, encouraging private investment and supporting public services [4]

北京商报讯（记者 和岳）10月31日，国家发展改革委政策研究室副主任李超在新闻发布会上表示，近 日，国家发展改革委会同财政部、中国人民银行、金融监管总局、自然资源部、生态环境部等有关方 面，组织国家开发银行、中国进出口银行、中国农业发展银行，加快新型政策性金融工具资金投放。截 至目前，在各方面共同努力下，5000亿元资金已全部投放完毕，共支持2300多个项目，项目总投资约7 万亿元，重点投向数字经济、人工智能、消费基础设施，以及交通、能源、地下管网建设改造等城市更 新领域。本次新型政策性金融工具加大了对经济大省的支持力度，同时还支持了一批符合条件的重要行 业、重点领域民间投资项目。下一步，国家发展改革委将会同有关部门，督促各地方和有关中央企业推 动项目加快开工建设，尽快形成更多实物工作量，积极扩大有效投资，推动高质量发展。 ...

Core Insights - The National Development and Reform Commission (NDRC) has successfully allocated a total of 500 billion yuan in new policy financial tools, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan, focusing on digital economy, artificial intelligence, and urban renewal sectors [1][1][1] Financial Allocation - The 500 billion yuan funding has been fully deployed, with significant investments directed towards key areas such as digital economy, artificial intelligence, consumer infrastructure, and urban renewal projects including transportation, energy, and underground pipeline construction [1][1][1] Project Support - The initiative has increased support for economically significant provinces and has also backed several important private investment projects in eligible industries and key sectors [1][1][1] Future Actions - The NDRC plans to collaborate with relevant departments to expedite project commencement and enhance effective investment, aiming to promote high-quality development [1][1][1]