当前，我国城市发展正从大规模增量建设转向存量提质改造的新阶段。城市副中心作为承载非首都功能 疏解、推动区域协调发展的重要载体，其建设不仅是空间形态的更新，更是治理体系和治理能力现代化 的深刻实践。 城市更新，是推动发展动能转换与民生福祉改善的关键一环。而北京，是全国首座实现减量发展的超大 城市。2026年北京市政府工作报告指出，2025年，北京深入推进城市更新，老旧小区改造完工1225个， 精细化治理1411条背街小巷，完成燕莎桥等251座桥系桥下空间整治，宛平城等20处重点区域环境面貌 显著提升……2026年，北京市将加快超大城市发展方式转型，提升城市精细化治理水平。1月27日，在 政协北京市第十四届委员会第四次会议期间，多位委员围绕城市更新的"北京模式"建言献策。 市政协委员黄孝斌： 强化建筑运行阶段精细化节能管理 "城市更新"是对城市空间形态和功能的持续改善活动，核心目标是实现从"大规模增量扩张"向"存量提 质增效"转变。其中，老旧小区、城中村改造等属"硬件基础"。对此，来自共青团和青联界的市政协委 员、北京市工商联副主席、北京市时代凌宇股份有限公司董事长黄孝斌强调精准规划与综合协同的重要 性。建议利用 ...

Core Viewpoint - The focus on stabilizing the real estate market is a key theme in the recent government work reports from various provinces, indicating a concerted effort to address housing issues and promote urban renewal initiatives across China [1][2][3][4]. Group 1: Government Initiatives - Guangdong Province aims to stabilize the real estate market by implementing city-specific policies to control supply, reduce inventory, and enhance supply quality, while also promoting the revitalization of idle commercial properties and strengthening affordable housing construction [1][3]. - Beijing's government report emphasizes the need to stabilize the real estate market, develop the housing rental market, and improve living conditions for urban service personnel, with a focus on increasing the supply of various housing types [2][4]. - The Henan Province government plans to complete the "guarantee housing" task by 2025 and aims to stabilize the real estate market in 2026 by acquiring existing properties for affordable housing and other uses [4]. Group 2: Urban Renewal Focus - Urban renewal is highlighted as a critical strategy for accelerating urban development and enhancing governance, with various local governments planning to implement policies to support this initiative [4][5]. - The city of Beijing plans to advance urban renewal regulations, improve policy incentives, and support the renovation of old neighborhoods and buildings, including the installation of elevators in older residential areas [4][5]. - Experts suggest that urban renewal initiatives can significantly contribute to stabilizing the real estate market by optimizing land value and enhancing market confidence through effective policy narratives and social expectations [5][6]. Group 3: Market Outlook - The real estate sector is projected to maintain a transaction volume of 800 to 900 million square meters from 2026 to 2030, with expectations for the industry to find a bottom in 2026 [6]. - The industry is advised to focus on four key certainties: policy, housing prices, product offerings, and supply, while companies should strategically choose cities for investment and adapt their management models to meet evolving market demands [6].

资料来源：聚源，华源证券研究所，截至2026年01月27日 华源晨会精粹 20260127 金融工程 资金流向混债二级基金，周期和大金融占比提升——主动型公募基金 2025 年四季报分析：2025 年四季度公募基金总规模变动不大，但不同类别的基金 规模发生明显切换：投资者因追求稳健收益，资金从高波动的主动权益基金（较上 季度规模缩减 1823 亿元）和低风险的纯债基金（较上季度规模缩减 868 亿元）流出， 向中低风险的含权债基（较上季度规模增加 2398 亿元）迁移，与此同时，含权债基 的新发热度升高，发行数量创下 2020 年以来单季度新高。主动权益基金：对港股的 配置热情明显下降，显著增配周期板块。行业维度上，电子、通信、电新为重仓前 三，有色金属、基础化工和非银主动加仓最多。股债混合型基金：同样呈现出减仓 港股、加仓创业板的特征，2025 年四季度重仓股中占比最高的三个行业分别为电子、 有色和通信，主动加仓最多的行业为电子、通信和非银。含权债基：是承接资金向 中低风险迁移的重要方向，权益配置上向周期和大金融倾斜，对医药板块的减仓幅 度较大；债券方面，持续降低可转债仓位，转向利率债和信用债。纯债基金：是 ...

Group 1 - The core focus of local government work reports is on stabilizing the real estate market, with specific strategies tailored to different cities [1][5][6] - In Guangdong, the government plans to control supply, reduce inventory, and enhance the supply of housing, while also revitalizing idle commercial properties [1][5] - Beijing's government report emphasizes the development of the housing rental market and the construction of quality housing to alleviate housing difficulties for young people [3][4] Group 2 - The real estate sector remains a pillar of the national economy, contributing 12% to GDP, with expectations of market stabilization by 2026 [3][12] - Various local governments are focusing on urban renewal as a key strategy for transforming urban development and improving governance [9][10] - Experts suggest that urban renewal initiatives can stimulate the real estate market by optimizing policies and enhancing market confidence [11][12]

Core Insights - The event "2025 Smart City Integration · Digital Leading Future" was held in Shanghai, where the company Jinhe Commercial Management was awarded "Top 10 Excellent Operators of Industrial Parks in the Yangtze River Delta" and "Top 20 National Brand Power of Urban-Rural Integration Operators" [1][8][10] Group 1: Company Achievements - Jinhe Commercial Management received recognition for its comprehensive operational strength and industry influence, highlighting its capabilities in asset renewal, industrial ecosystem cultivation, and sustainable operational management [1][8] - The awards signify authoritative acknowledgment of the company's professional abilities and brand value [1][8] Group 2: Urban Renewal Focus - The company is at the forefront of urban renewal, focusing on repositioning, upgrading, and professional operation of inefficient existing buildings to create high-quality spaces that meet modern industrial development needs [5][12] - Each project renewal not only transforms physical spaces but also deeply reshapes regional functions, industrial vitality, and urban context, injecting commercial vitality and cultural warmth into cities [5][12] Group 3: Industrial Ecosystem Development - As an operational service provider connecting space, industry, and people, the company aims to create an "industrial symbiosis" ecosystem platform that promotes interaction, collaboration, and innovation among enterprises within its parks [6][13] - The parks operated by Jinhe are evolving into accelerators for enterprise growth and important carriers for regional industrial upgrades [6][13] Group 4: Long-term Commitment - The company adheres to a "long-termism" philosophy, integrating refined, standardized, and digital management throughout the entire project lifecycle, ensuring a balance between social benefits and market value [6][13] - The team is committed to enhancing asset value and sustainable development through professional and meticulous management practices [6][13] Group 5: Future Outlook - Looking ahead, the company will continue to uphold its mission of "updating cities and improving lives," enhancing asset operation and industrial service capabilities while exploring more possibilities for urban-rural integration [8][14] - Jinhe aims to contribute more "Jinhe strength" to the high-quality development of cities and better living standards [8][14]

（编辑 楚丽君） 证券日报网讯 1月27日，金螳螂在互动平台回答投资者提问时表示，公司曾参与保障性租赁住房的装修 与改造，并在城中村改造领域拥有相关项目经验，包括上海闵行区新虹街道红星村改造、山东济南历下 区丁家村城中村改造村民保障用房项目、陕西西安黄家坡村改造等。公司当前业务聚焦于公共建筑装饰 领域。在城市更新方向，公司积极布局公共建筑焕新、历史街区活化、酒店升级及老旧小区改造等多个 细分领域，并持续推动业务向高附加值板块转型升级。 ...

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 17,983.59 points with a drop of 0.13%, impacting individual stocks within the sector [1] Group 1: Stock Performance - Yashi Chuangneng closed at 6.69 CNY per share, leading the decline with a drop of 4.43% [1] - Meike Home closed at 2.83 CNY per share, with a decrease of 4.07%, ranking second in the decline [1] - *ST Songfa closed at 82.39 CNY per share, down by 3.07%, ranking third in the decline [1] - Youbang Diao Ding led the gains, closing at 75.60 CNY per share with an increase of 7.54% [1] - Songlin Technology closed at 41.29 CNY per share, up by 6.72%, ranking second in gains [1] - Kangxin New Materials closed at 4.30 CNY per share, with an increase of 5.13%, ranking third in gains [1] Group 2: Market Insights - China Galaxy's report indicates that year-end rush work has driven a month-on-month increase in retail, supporting demand for building materials in a stagnant market [1] - As temperatures drop, demand in the home decoration market is expected to decrease further, with anticipation for recovery post-Spring Festival, which may gradually release demand for building materials [1] - In the medium to long term, renovation of existing homes, old renovations, and urban renewal are expected to be the main drivers of demand for building materials [1] - Urban renewal is expected to stimulate demand in the old renovation and repair market, while consumption upgrades will enhance the demand for high-quality green building materials [1] - Leading companies with channel layout advantages and brand strengths are likely to continue consolidating their market positions [1]

Group 1: Urban Renewal in Beijing - Urban renewal is a key component for transforming development momentum and improving people's livelihoods, with Beijing being the first mega-city in China to achieve reduction-oriented development [3] - In 2025, Beijing plans to complete the renovation of 1,225 old residential communities and improve the environment in 20 key areas, including significant upgrades to public spaces [3] - The focus is shifting from large-scale expansion to enhancing existing urban spaces, emphasizing the importance of precise planning and comprehensive collaboration [4][5] Group 2: Smart City Development - The construction of a "smart city" is essential for transitioning urban renewal from physical transformation to digital governance, aiming for efficient, green, and human-centered development [5] - Key layers of smart city development include establishing a comprehensive urban sensing system, achieving data interoperability, and utilizing big data and AI for practical solutions in various urban scenarios [5] - Safety and resilience must be integrated into urban renewal processes, addressing potential safety hazards proactively [5] Group 3: Grassroots Governance and Community Engagement - The development of urban sub-centers is crucial for modernizing governance systems and enhancing community engagement, moving from a focus on speed and scale to quality and service [7][9] - The integration of community governance elements into urban planning is essential to ensure that physical upgrades align with social governance improvements [7][8] - A collaborative governance model involving government, market, social organizations, and residents is necessary for effective urban management [9][10] Group 4: Green Development and Ecological Restoration - Green industries are central to urban renewal, providing sustainable economic momentum and transforming ecological value into economic and social benefits [11] - Key components of Beijing's green development strategy include seed innovation, smart forestry, and integrating cultural and educational elements into the green economy [12][13] - The focus should be on innovative models rather than large-scale production, leveraging technology to create a replicable and scalable green development model [13]

2026年第3周(1.19-1.25)，自然资源部，住建部发文支持城市更新，鼓励利用存量土地，房产资源发展国家支持产业，行业，住建部长在接受采访时表 示，2026年重点抓好两方面工作， 一是有序推动"好房子"建设， 带动产业链升级，谁能为群众建设"好房子"，提供好服务，谁就能有市场，有发展， 有未来。 二是加快构建房地产发展新模式， 重点是有序搭建房地产开发，融资，销售等基础制度。 地方层面，本周有14个省市出台了稳市场政策，"城市更新"和"保障房"成为本周地方政策关键词。城市更新方面，上海，苏州，珠海等地公布了"十五 五"规划建议，高质量开展城市更新，深化要素市场化配置两项工作，均独立于房地产单列，放在了更加重要的位置。陕西省，湖南省召开省住建会议， 同样聚焦城市更新，推动房地产高质量发展。大连发布今年城市更新计划，计划改造面积超100万平方米，并推进老旧住房自主更新，探索原拆原建新模 式。保障性住房方面，广州政府工作报告明确：2026年将进一步优化保障性住房供给体系，筹集建设保障性住房3万套。深圳印发配售型保障性住房管 理办法，实施严格封闭管理。海口住建局公开征集存量商品住房用作保障性租赁住房房源，原则上 ...

中新网南昌1月27日电 (朱莹)"截至目前，江西累计实施城市更新项目1.5万余个，完成投资近1.4万亿 元，打造国家、省、市三级完整社区286个，城市园林绿化覆盖率、绿地率均位居全国第二。"27日，在 江西省十四届人大四次会议"厅长通道"上，江西省住房和城乡建设厅党组书记、厅长黄俊说。 江西累计实施城市更新项目1.5万余个 完成投资近1.4万亿元 同时，江西持续开展"好小区"建设。黄俊介绍说，近年来，江西已改造城镇老旧小区6577个，帮助 193.8万户居民解决了爬楼难、停车难、管线旧等突出问题。下一步该省将继续深化老旧小区改造，持 续完善配套设施，让居民生活实现"原地升级"。 1月27日，在江西省十四届人大四次会议"厅长通道"上，江西省住房和城乡建设厅党组书记、厅长 黄俊答记者问。刘力鑫 摄 近年来，江西以"省部共建"推进城市高质量发展示范省建设为契机，创新探索"以城市体检为路径、城 市更新为抓手、功能品质提升为目标"的"三位一体"长效工作机制，专门颁布实施《江西省城市更新条 例》，让城市更新工作有法可依、有序推进。南昌、景德镇、赣州先后入选全国城市体检试点城市，南 昌跻身全国首批城市更新行动中央财政支持城 ...