Core Insights - The article discusses the potential turning point for the real estate market in 2026, highlighting the need for objective indicators to assess whether the market has reached its bottom [1][4] - It emphasizes the shift from a high-leverage model to a new development model focused on quality and operation, indicating a fundamental restructuring of the industry by 2030 [5][9] Group 1: Market Trends and Indicators - In 2025, real estate development investment in China was 82,788 billion yuan, a decrease of 17.2% from the previous year [1] - The median rental yield in 30 key cities has reached 2.06%, with over 55% of communities yielding more than 2%, indicating a shift towards rental income as a significant factor for investors [2] - The decline in second-hand housing prices has exceeded 39% from peak levels, and new construction starts have dropped by 74% compared to peak levels, suggesting a significant market correction [2] Group 2: Diverging Market Perspectives - Optimists believe 2026 will confirm the bottom of the market, with inventory stabilization and new demand from favorable policies leading to a period of bottoming out [4] - Conversely, cautious analysts predict a further decline in new home prices by 2% to 3% in 2026, with a full recovery in core cities potentially delayed until the second half of 2027 [4] Group 3: New Development Model - The new model emphasizes three dimensions: a shift from "availability" to "quality," focusing on improved living conditions and sustainable housing [6][9] - Real estate companies are transitioning from "development and construction" to "asset operation," with a significant increase in the importance of managing existing properties [6][9] - The article highlights the need for a collaborative approach among policy, financing, and sales systems to support the new model [8][9] Group 4: Capital Management Strategies - The investment logic in real estate is shifting from "holding assets" to "managing liquidity," emphasizing the importance of asset flow in the new market environment [17][29] - A "barbell strategy" is recommended for capital allocation, balancing traditional core assets with new growth sectors [18][19] - The article outlines three asset pools for effective capital management: distressed assets, value-added assets, and standardized REITs, emphasizing the need for efficient asset flow between these pools [22][25][26]

Group 1 - The core viewpoint of the article highlights that during the "14th Five-Year Plan" period, Guangxi has constructed and collected a total of 2.95 million units of various types of affordable housing and resettlement housing, addressing housing difficulties for over 8 million people [1][2] - The 2026 Guangxi Housing and Urban-Rural Development Work Conference reviewed the achievements of 2025 and outlined key tasks for 2026, emphasizing the need for continued reform and innovation in the housing sector [2][3] - In 2025, Guangxi achieved a 100% delivery rate in the "guaranteed housing" campaign, with 22 new "good housing" projects recognized by the market, and initiated urban inspections to improve living conditions [2][3] Group 2 - In 2026, Guangxi plans to focus on urban renewal to promote high-quality urban development and support the extension of county infrastructure to surrounding rural areas, while enhancing the historical and cultural preservation system [3] - To stabilize the real estate market, Guangxi aims to reduce inventory of non-residential properties, conduct housing promotion activities, and acquire over 10,000 units of existing properties for affordable housing [3][5] - Guangxi will continue to optimize the market environment for the construction industry, promote digital and intelligent regulation, and enhance support for enterprises, while advancing smart city initiatives and applications of AI in the construction sector [5]

甘咨询（000779.SZ）1月28日在投资者互动平台表示，公司下属子公司已在城镇老旧小区辖区、老旧地 下管网更新改造、城中村改造、棚户区改造安置、城市危旧房改造等相关业务领域获得项目订单并开始 实施。将继续立足区域发展实际，充分发挥在规划咨询、勘察设计、检测鉴定等领域的专业优势，为城 市更新项目提供覆盖全生命周期的技术解决方案。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前在甘肃城中村改造、老旧小区更新项目中承接了 哪些业务？是否涉及货币化安置配套咨询？ ...

晚上7时许，位于武汉南京路西段的保元里巷口已经聚集了不少慕名而来的年轻观众。新老剧迷们手持道具，从一栋栋老宅中走出，跟随演员 穿梭于街巷，体验沉浸式戏剧《保元风云》，穿越回20世纪30年代的江城武汉。 保元里建于1912年，是汉口极具代表性的老里分。里分，是武汉独特的民居建筑，恰如胡同之于北京、里弄之于上海。这些看似陈旧的红砖 瓦房，实则承载着家国情怀与风云变幻的历史记忆。 据介绍，保元里曾长期面临居住密度过高、建筑老化失修等问题。"改造时我们遵循着'最小干预' 原则，完整地保留红顶灰墙、入户天井等原 初风貌，让百年里分焕发新的活力。"保元里市场推广负责人李茜告诉记者。 改造后，保元里一改往日的陈旧杂乱，升级为"日街夜演"的主题街区：白天是潮流商业街，可以满足逛、吃、玩的一站式需求；晚上化身为 沉浸式戏剧剧场，创新消费场景。 图为游客体验沉浸式戏剧。（受访者供图） 图为从高处俯瞰改造后的保元里。（受访者供图） 李茜表示，现在年轻消费群体对于沉浸式、个性化以及文化感的消费需求越来越明显。"《保元风云》打破了传统的观影界限，是年轻人非常 乐于接受的，所以我们晚上这边的年轻消费群体也会非常多。" 菜单吸睛的各类新式 ...

Core Viewpoint - Recently, Ocean Group signed a strategic cooperation agreement with Sichuan Province's large state-owned construction investment company and industry leader, Huaxi Group, focusing on urban renewal and the revitalization of non-performing assets, aiming for deep collaboration across the entire investment, financing, construction, management, and operation chain to explore markets and achieve mutual benefits [1][10]. Strategic Collaboration - The signing ceremony highlighted the warm welcome from Huaxi Group's Deputy General Manager, Gu Jinge, who praised Ocean Group's professional operational management capabilities and full industry chain service level [3][12]. - Huaxi Group has established the Sichuan Urban Renewal Group, taking on the role of the "main force" for urban renewal in the province, leveraging its strong engineering construction capabilities to collaborate with Ocean Group in core areas [3][12]. Cooperation Deepening - This cooperation marks a substantial phase of business synergy between the two companies, focusing on integrating the entire process of investment, financing, construction, management, and operation [8][16]. - Ocean Group will leverage its mature experience in asset operation management and revitalization, while Huaxi Group will contribute its significant advantages in engineering construction and project investment, aiming to explore paths for the value re-creation and enhancement of existing assets [8][17]. Additional Agreements - In addition to the strategic cooperation agreement between Ocean Group and Huaxi Group, Huaxi's 12th Company, Wuhu Shenghong Industrial Investment Co., Ltd., and Zhejiang Jin Special Investment (Suzhou) Enterprise Management Co., Ltd. also signed a strategic cooperation framework agreement, focusing on special investment business and the revitalization of existing assets [10][19].

聚焦深化城市更新行动精准攻坚。坚持城市内涵式发展，完善功能、塑优品质，增强承载能力。加 力片区更新，深化中心城区9大片区规划设计，实施总投资209亿元的123个重点城建项目；深化精细治 理，加强完整社区建设，拓展"城市管理进社区"服务；推动宜居安居，加快构建房地产发展新模式，大 力推进"好房子"建设；激发城镇活力，强化"三镇"建设示范带动作用，推动乡镇驻地扩容提质。 报告中提出八项重点工作： 聚焦拓展需求增长空间精准攻坚。把握政策取向，统筹促消费、扩投资，持续增强拉动作用。更大 力度扩大投资，提速735个省、市、县三级重点项目，完成投资1200亿元；更实举措释放消费，实施提 振消费专项行动，推进零售业创新，落实落细以旧换新政策；更高质效做强现代服务业，实施新一轮服 务业攻坚行动，"一业一策"精准补短提升。 聚焦提升优势产业能级精准攻坚。坚持不懈巩固壮大实体经济根基，深化集成赋能，"耐心"培育一 批优质项目和支柱产业，挺起产业发展"硬脊梁"。壮大主导产业。统筹推进传统产业提升、新兴产业壮 大、未来产业布局；培强优势企业。实施优质工业企业成长计划，健全公共服务体系。 聚焦激活释放发展动力精准攻坚。以重大战略为牵引 ...

上周A股市场呈现结构性分化格局，宽基指数涨跌不一，资金偏好显著向中小盘、热门成长赛道倾斜。 行业上，建筑材料、地产、军工转强，化工、有色行情强化，银行、非银与通信指数回落。 近期中央汇金大额减持ETF稳定了权重指数，价值股走势偏弱，但市场交易热度不减，科技成长方向加 速轮动，实现了稳指数又不打压市场热度。 我们认为，资本市场监管越严格、审慎，反而有助于提高中国市场的可投资性，也更有助于中国资本市 场走的更长远，利于更多投资人分享转型发展与改革红利。无风险收益下沉、资本市场改革、经济结构 转型仍是构成转型行情的三大关键动力。 投资方向上，新兴科技是主线，价值股也有春天，关注细分龙头与A500指数。具体来看：1）科技成长 方向：全球AI算力需求仍处于需求旺盛上升期，推动半导体设备需求快速增长，全产业链迎来涨价 潮，可关注港股互联网/电子半导体/通信/军工，以及具备全球竞争优势的制造业出海（电力设备/机械 设备/汽车及零部件）等。2）非银金融方向：受益居民存款搬家与财富管理需求增长，资本市场改革提 振市场风险偏好，可关注保险/券商等。3）顺周期方向：估值与持仓处于低位，景气底部边际改善，受 益扩内需政策部署，可关注 ...

寒冬时节，北京市西城区三里河一区28号楼正紧张施工，这是一栋全面拆除后重新打地基、在原址 上新建的住宅楼。等到2月份，原来的居民们就可以住回崭新的28号楼。 拆除前的三里河一区28号楼始建于1978年，共3个单元54户。经过近50年使用，老住宅存在结构老 化、外墙开裂、阳台风蚀龟裂等安全隐患。居民们苦不堪言：给排水、燃气等管线堵塞锈蚀漏水；未做 外墙保温造成冬季供暖室温不达标；厨房、卫生间空间狭小；室内外缺少适老化设施。居民们都期盼着 改造。 我国正持续推进城市更新，城市更新八项主要任务中，有一项是加强既有建筑改造利用。《中共中 央办公厅 国务院办公厅关于持续推进城市更新行动的意见》要求，稳妥推进危险住房改造，加快拆除 改造D级危险住房，通过加固、改建、重建等多种方式，积极稳妥实施国有土地上C级危险住房和国有 企事业单位非成套住房改造。三里河一区28号楼被认定为D级危险住房，是以原拆原建方式进行改造的 一处典型案例，可为全国其他地方危旧住宅楼原拆原建改造利用提供借鉴。 重建过程中应用"工厂制造+现场安装"智能建造模式，实现像造汽车一样造房子，大大缩短工期。 三里河一区28号楼项目由中国建筑国际集团承担重建任务 ...

■重点关注 证券研究报告——晨会聚焦 2026 年 1 月 28 日 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 4139.90 | 0.18 | | 深证成指 | 14329.91 | 0.09 | | 沪深 300 | 4705.69 | (0.03) | | 中小 100 | 8725.73 | (0.20) | | 创业板指 | 3342.60 | 0.71 | | 行业表现（申万一级） | | | | | --- | --- | --- | --- | | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | 电子 | 2.27 | 煤炭 | (2.27) | | 通信 | 2.15 | 农林牧渔 | (1.95) | | 国防军工 | 1.65 | 钢铁 | (1.34) | | 机械设备 | 0.64 | 美容护理 | (1.22) | | 传媒 | 0.48 | 医药生物 | (1.11) | 资料来源：万得，中银证券 中银晨会聚焦-20260128 重点关注 【宏观经济】2025 年工企利润数据点评—期待 2 ...

（来源：南京晨报） 转自：南京晨报 巷子改造后一景。通讯员供图 今年以来，南京市城管局围绕"洁、净、平、亮、序"五个方面，以及"门前三包、违规广告整治、店招 标牌规范"等十个方面持续推进背街小巷整治提升工作，创新实施"一巷一策"与"一户一案"，取得阶段 性成效。 一个多月前，鼓楼区华侨路街道启动对沈举人巷的改造更新，让老街巷既留住记忆，又焕发新颜。 明华村入口处，原本略显杂乱的非机动车棚和垃圾分类亭得到统一规划改造，功能也更完善。统一设计 的垃圾箱、车挡与坐凳，融入中式纹样与"四象"图案。针对影响街貌的空调外机，也设计多种风格的装 饰罩美化遮挡。就连道路隔离护栏，也融合"书香街区"元素。点点滴滴改进，让老街坊们深感舒心便 利。 沈举人巷的更新提升，是一次关于城市更新模式的生动实践。它证明街区改造可以不用大拆大建，而是 通过精致景观提升、人性化便民设施与深厚的文化内涵有机结合。记者获悉， 市城管局对全市2611条 街巷分类制定精细化管理标准，落实定人定岗与常态化巡查机制。目前已重点打造玄武区板井巷、鼓楼 区傅厚岗、江北新区引水河路等12条精品特色街巷，形成示范带动效应。通讯员 仇小勇 向巷内而行，曾经单调的围墙 ...