该来的还是来了。 就在刚刚，房产君收到一则相当重磅的村民爆料，来自 天河吉山村—— 股东大会表决通过，同意吉山村旧村改造合作企业退出解约及临迁补偿款清偿工作事项。 没错，你我面前的，又是一出分手大戏。 天河吉山村，将富力+合景泰富联合体，正式"踢出局"。 那么， 后续有何打算？村里什么情况？补偿方案有没有动静？ 抱着以上疑问，我去村里溜达了一番。 说起天河旧改，很多人会想起猎德、冼村之类的造富神话。 但其实，当年的吉山村，同样冒着金光。 首先，地段就不错，东接科学城，南临金融城，西靠天河智谷，紧靠牛奶厂，都是区内排得上号的板块。 这么说吧，东部几大核心区外溢的绝佳位置，理论上会是这里。（如果改造成功的话） 其次是体量够大，吉山村改造范围面积约170.61公顷，相当于5.5个猎德旧改的量（31.3公顷），总计容建筑面积约为288.73万㎡。 天河区最大的旧改改造项目/城中村，总投资金额去到惊人的206亿！ 同时，作为广州2018年实行旧村改造公开招标以来，首个通过该流程确定合作企业的城中村，其招标门槛相当高。 中标公告显示，合作企业资产规模不得低于4000亿，竞得后，还需在9月底前启动清拆、年内完成30万㎡的拆 ...

Summary of Real Estate Industry Conference Call Industry Overview - The real estate industry is experiencing significant challenges, with a notable decline in new home sales across major cities in 2025. The overall new home transaction area in 40 key cities decreased by 14% year-on-year, with first-tier cities seeing a larger decline of 16% compared to second, third, and fourth-tier cities [1][3] - The second-hand housing market showed a mixed performance, with a year-on-year decline of 31% but a month-on-month increase of 13% in December 2025 [1][5] Key Points and Arguments New Home Market Performance - In December 2025, new home sales in 40 tracked cities increased by 34% month-on-month but decreased by 32% year-on-year. First-tier cities saw a 33% month-on-month increase but a 29% year-on-year decline [2] - The overall new home market for 2025 showed a 14% year-on-year decline, with Shenzhen experiencing a significant drop of 35% [3] Second-Hand Home Market - The second-hand home market performed better than the new home market, with an overall year-on-year decline of only 4%. First-tier cities recorded a 2% increase year-on-year, while second, third, and fourth-tier cities saw declines of 6% and 10% respectively [1][5] Inventory and Depletion Cycle - By the end of 2025, the narrow inventory area in 12 major cities decreased by 8% compared to the end of 2024, but the overall depletion cycle increased to 17.8 months, up by 3.5 months year-on-year [1][6] Land Market Trends - The land market in 2025 faced a decline in both volume and price, with total construction area down by 9% and total price down by 10%. The average floor price decreased by 2% year-on-year [1][7] Sales and Industry Concentration - The sales amount of the top 100 real estate companies fell by 20% to 2.46 trillion yuan. The market concentration continued to decline, with the CR5 market share dropping to 10% [1][8] Land Acquisition by Real Estate Companies - The top 100 real estate companies' land acquisition amount reached 1.1 trillion yuan, a year-on-year increase of 2.6%, but still significantly below 2021 levels. The acquisition intensity was 33%, up by 7.2 percentage points year-on-year [1][9] Financing Situation - The total issuance of domestic and foreign bonds and ABS in the real estate industry grew by 6% to 596.7 billion yuan in 2025. The average issuance rate was 2.69%, down by 0.26 percentage points year-on-year [1][11] Policy Impacts - Recent policies emphasize high-quality urban renewal and risk mitigation in key areas. The personal housing sales tax rate will decrease from 5% to 3% starting in 2026, and there will be expansions in the scope of infrastructure REITs [1][12][13] Market Outlook - The real estate industry is expected to continue facing adjustment pressures, with both new and second-hand home transaction volumes showing negative year-on-year growth. Potential policy adjustments in early 2026 may help stabilize the market [1][15] Additional Important Insights - The absolute return of the real estate sector in December was negative 4%, underperforming the CSI 300 by 6.2 percentage points. For the entire year, the absolute return was 1.8%, lagging behind the CSI 300 by 15.8 percentage points [1][14]

Group 1 - The core viewpoint of the articles is the comprehensive urban renewal plan in Nanjing for 2026, which includes 338 projects focusing on the renovation and utilization of existing buildings and the transformation of old residential areas [1][2][3] Group 2 - Nanjing will implement 338 projects this year, including 166 ongoing and 172 new projects, focusing on revitalizing existing buildings and old residential areas [1] - The city aims to enhance the utilization of old factories, inefficient buildings, and traditional commercial facilities, with specific projects like the New Street Art Building and Jiangsu Provincial People's Hospital [1] - The renovation of old residential areas will include 24 projects, such as Shiliu New Village and Weixiang District, while also preserving the historical character of these neighborhoods [1] - Nanjing will continue to promote the construction of complete communities, improving public service facilities and creating a convenient living environment within a 15-minute radius [1] - The city plans to upgrade old street blocks and commercial areas, with 56 projects aimed at revitalizing these spaces through market-driven approaches [2] - Public service facilities in the health sector will be prioritized, with 18 projects including the Rain Flower Terrace Public Health Service Center and Qing'ao Sports Park [2] - A comprehensive risk assessment of urban infrastructure will be conducted, focusing on the development and utilization of underground spaces and the improvement of essential utilities [2] - The ecological quality of urban spaces will be enhanced through projects like the construction of sponge cities and community parks, involving 23 specific projects [2] - Nanjing will establish a resident-centered mechanism for historical and cultural preservation, with 24 projects aimed at restoring historical districts and cultural heritage sites [3]

Core Viewpoint - Shanghai is entering a transformative phase as outlined in its 14th Five-Year Plan, aiming to become a globally influential socialist modern metropolis by 2035, with a focus on enhancing its economic and social development [1]. Group 1: Economic Development Goals - By 2035, Shanghai aims to double its per capita GDP compared to 2020 levels, establishing itself as a significant global hub [1]. - The international passenger transfer rate at Shanghai's airports is projected to increase from 15.7% in 2024 to nearly 19% by 2035, indicating a shift from being a destination to a global transit hub [2]. Group 2: Innovation and R&D Investment - Shanghai's R&D expenditure as a percentage of GDP is expected to rise from 4.35% in 2024 to approximately 5.5% by 2035, reflecting a commitment to long-term technological innovation [4]. - The economic growth in Pudong, with a GDP growth rate of 6% in the first three quarters of 2025, demonstrates the positive impact of sustained investment in research and development [5]. Group 3: Urban Development and Quality of Life - The average living space per person in Shanghai has increased from 6.6 square meters in the early 1990s to 19.0 square meters by the end of September 2025, showcasing significant improvements in living conditions [12]. - The average green space per person has reached 9.5 square meters, reflecting the city's commitment to enhancing the quality of life for its residents [12]. Group 4: Community and Service Accessibility - The concept of a 15-minute living circle aims to ensure that residents can access essential services within a 15-minute walk, enhancing community engagement and service delivery [14]. - Urban renewal projects in areas like Pudong are integrating various functions such as education, healthcare, and commerce, creating a more cohesive urban environment [14].

58安居客研究院院长张波对《证券日报》记者表示，总体来看，各地紧扣民生保障与市场实际，既通过 优化交易流程、盘活闲置资源来稳定市场预期，又以城市更新为切入点，推动房地产行业从增量扩张向 存量提质转型，同时筑牢风险防控底线，促使房地产市场实现止跌回稳。 关注市场与民生 2025年末召开的中央经济工作会议要求，着力稳定房地产市场。多地也将"着力稳定房地产市场"列为 2026年重点工作。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 张芗逸 近期，地方两会陆续召开，聚焦2026年重点工作安排。在房地产领域，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力。 对居民的住房保障也是多个省份关注的重点。例如，浙江省提出，积极探索房地产发展新模式，优化保 障性住房供给，全年交付保障性租赁住房15万套（间）。 因地制宜推动高质量发展 此外，在建设现代化人民城市的背景下，高质量推进城市更新也被多地列为2026年的重点工作。 北京市提出，大力推动城市更新，推进城市更新条例实施，加强建筑规模指标和财政金融政策保障，推 动职住商服融合的组团式更新。抓好507栋危旧简易 ...

（来源：沈阳晚报） 转自：沈阳晚报 记者看见，"八鸽"雕塑下面还有几只小鸽子的雕塑，惟妙惟肖的造型，让很多路人误以为是真实的鸽 子。有好奇的路人试探性地走近观看，笑着说："这也是雕塑，太真了！哈哈哈……沈阳人的幽默太好 玩了，我被'忽悠'了。" 近日，八经咖啡小巷的街景继续上新，沈阳市和平区十纬路26号，"老辽博"的门前，多了一个五彩"鸽 子"雕塑，"这个'鸽子'雕塑名叫'八鸽'，它是八经咖啡小巷吉祥物。" "八鸽"雕塑成为八经咖啡小巷的新网红 1月28日下午2时，记者来到"老辽博"的门前，看见很多游客正在围着"八鸽"雕塑拍照。 一位本地市民说："我前一段时间路过这里的时候，还没有这个'八鸽'雕塑，今天路过就看到了这个美 丽的雕塑。五颜六色的'八鸽'给了我一个大大的惊喜，为此，我特意停下脚步，在这里拍照打卡。" 一对来自南京的小情侣说："我们是慕名而来的。我们在网上看到八经咖啡小巷有很多打卡点，刚刚打 卡了'大咖啡杯''五彩斑马线''咖啡杯矩阵'，路过这里的时候，又看见了这只大鸽子，沈阳人太浪漫了！ 在冬季，当你行走在街道上的时候，突然看见一只五彩斑斓的大鸽子，心情会特别好，作为一名外地游 客，你会感觉整个城 ...

城镇老旧小区改造是城市更新的重要组成部分，城市更新能够有效拉动投资和消费，扩大内需，对于促 进经济增长、进一步保障和改善民生具有十分重要的意义。数据显示，2025年，我国城市更新工作取得 明显成效，加装电梯1.4万部，改善了居住条件，惠及470多万居民；打造"口袋公园"4700多个、城市绿 道5800多公里，提升了城市人居环境；建设改造地下管网15.6万公里。 据了解，下一步，住房城乡建设部将高质量开展城市更新，编制实施"十五五"城市更新专项规划，抓好 城市体检、更新试点，实施一批民生工程、发展工程、安全工程。以"绣花"功夫精细化推进城镇老旧小 区改造、完整社区建设、口袋公园建设、绿地开放共享、"温暖工程"建设、城市小微公共空间改造，提 升无障碍适老化环境品质。 （来源：工人日报） 本报北京1月28日电 （记者时斓娜）记者今天从住房城乡建设部获悉，根据各地统计上报数据，2025 年，全国新开工改造城镇老旧小区2.71万个、499万户，共完成投资1332亿元，超过计划新开工改造城 镇老旧小区2.5万个的年度目标。 ...

Group 1 - The core viewpoint of the article highlights the significant progress in urban renewal efforts in China, with a focus on the renovation of old urban residential areas by 2025, involving the construction of 27,100 new projects and benefiting 4.99 million households, with a total investment of 133.2 billion yuan [1] - By 2025, the urban renewal initiatives are expected to include the installation of 14,000 elevators, improving living conditions for over 4.7 million residents, and the creation of more than 4,700 "pocket parks" and over 5,800 kilometers of urban greenways, enhancing the urban living environment [1] - The Ministry of Housing and Urban-Rural Development plans to refine the approach to urban renewal in 2026, focusing on detailed improvements in the renovation of old residential areas, community construction, "pocket park" development, and enhancing accessibility and quality of living environments for the elderly [1]

近期，地方两会陆续召开，聚焦2026年重点工作安排。在房地产领域，多地明确表示将着力稳定房地产 市场、推进城市更新，从稳市场和优存量两方面发力。 例如，河南省提到，着力稳定房地产市场，收购存量商品房用于保障性住房、安置房、宿舍、人才房 等，加快构建房地产发展新模式。 58安居客研究院院长张波对《证券日报》记者表示，总体来看，各地紧扣民生保障与市场实际，既通过 优化交易流程、盘活闲置资源来稳定市场预期，又以城市更新为切入点，推动房地产行业从增量扩张向 存量提质转型，同时筑牢风险防控底线，促使房地产市场实现止跌回稳。 关注市场与民生 值得注意的是，还有地区明确提出要稳定房地产投资。天津市提出，稳定房地产投资，用好"白名单"制 度和增量政策，有序推动"好房子"建设。 2025年末召开的中央经济工作会议要求，着力稳定房地产市场。多地也将"着力稳定房地产市场"列为 2026年重点工作。 浙江省提出，把城市更新行动和消除安全隐患、房地产高质量发展更好统筹起来，扎实推进好房子建 设，提升城市基础设施建设和治理现代化水平。 对于各地在房地产领域的政策方向，张波建议，结合地方两会部署与市场环境，在大方向一致的基础 上，2026 ...

Group 1 - The core viewpoint of the article highlights that national policies are continuously promoting clean heating, energy-saving renovations, and urban renewal, which will drive market demand for the company's smart heating systems and intelligent hardware [1] - The company anticipates a steady expansion into new markets for clean heating and industrial energy-saving solutions, creating new growth points for performance [1] - The benefits from relevant policies are expected to enhance the quality of the company's business and solidify its long-term development [1]