这是一条通往庞大隧道系统的黑暗通道。而这次偶然的发现，是通往这座地下城最终被找到的600多个入口中的第一个，其中许多入口后来被发现在当地 居民的私人住宅和庭院中。发现之后，考古学家迅速介入，展开了系统的发掘工作。 要理解这座地下城的起源，我们必须将时间的指针拨回近三千年前。卡帕多细亚地区的地貌由远古火山喷发形成，厚厚的火山凝灰岩层覆盖了整片大地。 这种岩石质地相对柔软，用简单的工具便能开凿，但暴露在空气中后会迅速硬化，形成坚固的外壳。 1963年，土耳其一位男子在翻新自己的房屋时，注意到他养的鸡群总是神秘地消失在一个地下室的裂缝中。 为了追寻这些家禽的去向，他用大锤砸开了地下室的一堵墙。随着碎石簌簌落下，一个深邃、漆黑的洞口赫然出现，一股凉爽而古老的空气从洞中逸出， 仿佛沉睡了千年的巨兽发出的叹息。 图源：heritagedaily 图源：my modern met 考古学家和历史学家普遍认为，大约在公元前8世纪至7世纪，一个名为弗里吉亚（Phrygian）的印欧语系民族，首次利用了这一得天独厚的地理优势。他 们是安纳托利亚高原的能工巧匠，以其精湛的金属工艺和岩石建筑闻名。 图源：reddit 最初，他们可能 ...

宏观热点 中央城市工作会议在北京举行 中央城市工作会议7月14日至15日在北京举行。会议指出，我国城镇化正从快速增长期转向稳定发展 期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的阶段。面对我国人口总量增速和城镇化 率增速相继迈入拐点，此次会议明确，推进城市更新，将成为当前和今后一个时期城市工作的重要抓 手。 上半年国民经济数据出炉 国家统计局公布数据显示，经初步核算，上半年国内生产总值660536亿元，按不变价格计算，同比增长 5.3%。分产业看，第一产业增加值31172亿元，同比增长3.7%；第二产业增加值239050亿元，增长 5.3%；第三产业增加值390314亿元，增长5.5%。分季度看，一季度国内生产总值同比增长5.4%，二季 度增长5.2%。从环比看，二季度国内生产总值增长1.1%。 国家统计局：6月份各线城市商品住宅销售价格同比降幅整体继续收窄 国家统计局公布数据显示，2025年6月份，70个大中城市中，各线城市商品住宅销售价格环比下降，同 比降幅整体继续收窄。6月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.1个百 分点。6月份，一线城市二手住宅销售价格环比下降 ...

Economic Indicators - The US Consumer Price Index (CPI) increased by 0.3% month-on-month in June, with a year-on-year growth of 2.7% before seasonal adjustment [1] - Major US stock indices showed mixed results, with the Nasdaq up by 0.18%, while the Dow Jones and S&P 500 fell by 0.98% and 0.4% respectively [1] - Nvidia's market capitalization increased by $161.8 billion (approximately 1160.5 billion RMB) after a more than 4% rise in its stock price [1] Industry Insights - The World Digital Academy released the AI STR series new standard for AI agent operational safety testing, marking the first global standard in this area [2] - AI agents are expected to significantly enhance user experience by reducing the need for complex app interactions, with IDC predicting that by 2027, AI mobile and PC market shares in China will exceed 50% and 80% respectively [3] - The establishment of Huawei Cloud's Embodied Intelligence Industry Innovation Center in Shenzhen is a strategic move to accelerate the development of embodied intelligent robots [4] - The market for embodied intelligence is projected to exceed 1 trillion RMB by 2026, driven by advancements in AI models and technology [4] - The Central Urban Work Conference emphasized the importance of smart city development as a core driver for economic growth and urban governance modernization [5][6] - The smart city market in China is expected to reach 45.3 trillion RMB by 2025, with a compound annual growth rate (CAGR) of 25.2% from 2020 to 2025 [6] Company Developments - Hengfeng Information announced plans for major share reductions by its controlling shareholder, with a maximum of 493.74 million shares (3% of total shares) to be sold [7] - Jinji Co. plans to reduce its shares by up to 127.4 million (0.2717% of total shares) by its largest shareholder's action [7] - Angli Education intends to reduce its repurchased shares by up to 573.1 million (2% of total shares) [7] - Fangzheng Technology announced a plan to reduce shares by up to 94.51 million (2.27% of total shares) [7] - Lingzhi Software and Tianyuan Co. also announced share reduction plans, with respective maximum reductions of 0.3%, 0.8125%, and 1% of total shares [8]

证券研究报告 | 2025 年 07 月 16 日 $$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|人民城市建设：新型城镇化与城市更新——房地产风向标系列》 1、新型城镇化战略重心：以人为本、分类施策及城市更新。我们认为， 实施新一轮农业转移人口市民化行动，集中体现了新型城镇化的"以人为 本"核心；实施潜力地区城镇化水平提升行动和现代化都市圈培育行动， 体现了"分类施策"的差异化推进原则；而实施城市更新和安全韧性提升 行动，则凸显了城市更新作为新型城镇化发展新阶段重要抓手的战略地 位。2、城市更新的新内涵：城市功能重塑、生活品质跃升和历史文化传 承。我们认为，《关于持续推进城市更新行动的意见》明确了当前的城市 更新重点任务，即社区层面推进老旧小区更新，城市层面推动基础设施建 设进一步补短板、强弱项、增效能，社会层面强调保护 ...

Group 1 - The core viewpoint emphasizes the goal of building innovative, livable, beautiful, resilient, civilized, and smart modern cities, focusing on high-quality urban development and urban renewal as a key strategy [1][2] - The recent Central Urban Work Conference highlighted the shift in urban development from expansion to quality improvement, prioritizing the satisfaction and value judgments of the people [2][3] - The new urbanization strategy focuses on people-centered approaches, regional coordination, and urban renewal as essential components for high-quality urbanization [3] Group 2 - Urban renewal is defined as a systematic process of spatial reconstruction and functional upgrading, transitioning from expansion to enhancement of existing urban areas [4][5] - The policy goals of urban renewal have evolved from addressing basic livelihood issues to constructing livable, resilient, and smart cities, emphasizing sustainable and multi-layered urban renewal mechanisms [4][5] - The recent guidelines for urban renewal stress optimizing urban structure, enhancing functionality, and preserving historical cultural heritage while promoting digital, green, and intelligent urban governance [4][5] Group 3 - The investment landscape for urban renewal includes various sectors such as urban planning, transportation, landscape architecture, and smart city initiatives, indicating a comprehensive approach to urban development [6] - Companies involved in urban planning and related sectors are highlighted, showcasing a diverse range of players in the market, including those specializing in design, construction, and infrastructure [6]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-16 宏观策略 [Table_MacroStrategy] 宏观点评 20250715：城市更新的空间有多大？——2025 年 7 月中央城市 工作会议点评 城市更新"预计能够落地多大规模？"十五五"期间，城市更新预计至少 能够完成 4.48 万亿元总投资，折合每年近 9000 亿元。未来，城市更新的 潜在需求预计将主要来自城中村改造、老旧小区改造与城市基础设施建 设改造。其中： （1）老旧小区改造与城市基础设施建设改造：2024 年， 国家发改委披露"2023-2024 年安排中央预算内投资、增发国债和超长期 特别国债资金超过 4700 亿，重点支持地下管网改造、城镇老旧小区改造 等城市更新项目。今后几年，城市更新仍是政府投资的支持重点。"如果 未来保持这样的投资强度，那么在"十五五"期间,即使不考虑财政资金 的撬动作用，老旧小区改造与城市基础设施建设改造预计至少也可贡献 2.35 万亿元新增投资。 （2）城中村改造：2020 年，全国城镇家庭居住 的自建房总建筑面积估算值约为 6.66 亿平方米。剔除 2025 年底之前可 能已完成改造部分 ...

Core Viewpoint - The Central Urban Work Conference marks a significant shift in China's urban development strategy, transitioning from rapid growth to stable development, emphasizing urban renewal and quality improvement in real estate [1][2][9] Group 1: Urban Development Strategy - The conference highlights the importance of urban renewal as a key strategy for high-quality urban development, aiming to create modern, resilient, and livable cities [2][4] - The focus is on optimizing urban structures, enhancing quality, and promoting green transformation, while ensuring urban safety [2][7] Group 2: Real Estate Market Implications - Urban renewal is expected to stimulate both supply and demand in the real estate market, with potential support from government initiatives such as special bonds and REITs [3][4] - The emphasis on constructing a new real estate development model reflects a shift towards quality competition rather than mere scale expansion, with a focus on green building standards and improved housing quality [5][9] Group 3: Policy and Implementation - The conference calls for local governments to prioritize urban renewal, which is anticipated to lead to more supportive policies and encourage diverse participation in urban development [4][5] - The ongoing efforts in the renovation of urban villages and dilapidated housing are seen as critical to revitalizing the real estate market and addressing housing needs [8] Group 4: Future Outlook - The systematic deployment of urban development strategies aims to achieve a balance between supply and demand in the real estate market, with expectations of stabilizing housing prices [9] - Future competition among real estate companies is likely to focus on green technology, operational capabilities, and deep regional engagement [9]

Core Viewpoint - The recent Central Urban Work Conference marks a significant shift in China's urban development strategy, emphasizing the optimization of a modern urban system as a key task for achieving socialist modernization by 2035 [1][2]. Group 1: Key Tasks and Trends in Urban Development - The conference identified seven key tasks for urban work, with the optimization of the modern urban system being the foremost priority, highlighting its role in coordinating various urban developments and addressing imbalances [1][2]. - The construction of modern urban systems is seen as crucial for supporting stable development and addressing issues of unbalanced and uncoordinated growth [1][2]. - The urbanization rate in China has surpassed 66%, transitioning from "incremental expansion" to "stock quality improvement," indicating a critical phase for urban system construction [2][3]. Group 2: Development Trends in Urban Systems - There is an accelerated development of group-style and networked modern urban clusters and metropolitan areas, which are now recognized as essential for efficient resource allocation and innovation [3]. - The role of county towns in urbanization has become more prominent, with 1,866 county towns accommodating 250 million people, serving as key nodes for urban-rural connections [3]. - The concept of coordinated development among large, medium, and small cities has evolved to focus more on human-centered approaches, ensuring that different city sizes contribute effectively to the urbanization of the agricultural population [3]. Group 3: Deepening Urban-Rural Integration - Urban-rural integration is gaining more attention, with a focus on achieving mutual empowerment through multi-dimensional integration beyond just the flow of resources [4]. Group 4: Institutional Innovations for Urban Development - There is a need for flexible and diverse urban classification standards that go beyond traditional population metrics to include economic density and ecological capacity [5]. - Innovative fiscal support mechanisms are required in light of declining land revenues, with a focus on developing new tax sources from digital and green economies [5][6]. - The establishment of a unified national standard for basic public services is essential to accommodate the increasing frequency of inter-regional population movement [6].

Group 1 - Xi Jinping's speech at the Central Urban Work Conference has sparked enthusiastic responses in Shaanxi, emphasizing the need for high-quality urban development through optimization of urban structure, energy transformation, quality enhancement, green transition, cultural continuity, and governance efficiency [1] - The conference highlighted the importance of optimizing the modern urban system, with a shift from large-scale expansion to quality improvement and efficiency enhancement in urban development [1] - Companies like Shaanxi Tiandi Construction Co., Ltd. are actively participating in urban renewal projects, focusing on improving living environment quality and optimizing public space facilities [1] Group 2 - The conference called for the cultivation of an innovative ecosystem to achieve breakthroughs in new productive forces, encouraging institutions like the Xi'an Institute of Optics and Fine Mechanics to focus on original innovation in photonics technology [1][2] - The city of Shangluo is working towards its goal of "one capital and four districts," using urban park construction as a means to enhance urban functions and improve living conditions [1][2] - Yulin City is committed to achieving comprehensive compliance with air quality standards by 2024, focusing on ecological protection and sustainable development through six major initiatives [1][2] Group 3 - The conference emphasized the construction of resilient cities, with research teams developing high-precision hydrodynamic models to assess flood risks and enhance urban resilience against extreme weather events [2] - The promotion of a civilized city is a key focus, with local governments implementing regulations and initiatives to foster a culture of good behavior and community engagement [2] - The Xixian New Area is addressing urban challenges like traffic congestion by creating a smart city platform that integrates data from various departments to improve governance and service efficiency [2]

央视网消息：时隔十年，中央城市工作会议再度召开，此次，中央城市工作会议明确提出了五个"转变"五个"更加注重"。专家表示，与2015年中央城市工作 会议当中的五个"统筹"的要求相比，新提法凸显了我国城市发展理念的深刻变革与持续健全，标志着城市工作重心全面转向内涵式、高质量发展新阶段。 鲍家伟：我们在大的目标之下，我们要通过推动城市的高质量发展，以及抓住城市的内涵式发展这样的一个主线，让新的一种发展理念能够在城市生根落 地，让老百姓能够在城市里面生活得更加便利，更加舒适，使老百姓的获得感、幸福感、安全感更强。 此外，此次中央城市工作会议对于城市建设目标也有新表述，内涵更加丰富。 中国城市规划学会副理事长 王凯：这次会议，提出了建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市，这么一个总的目标，这个和我们过去 提的城市发展，主要是宜居、韧性、智慧这三个目标（相比），它的内涵更加丰富，也更加全面，也更加符合现代化城市，高质量发展的客观要求。 此次中央城市工作会议明确提出，城市工作必须在理念与实践上实现五个"转变"，并相应做到五个"更加注重"，即城市工作要深刻把握、主动适应形势变 化，转变城市发展理念，更加注重以 ...