Summary of Conference Call on Urban Development and Industry Insights Industry and Company Involved - **Industry**: Real Estate, Building Materials, Energy Drinks - **Companies Mentioned**: Dongpeng Beverage, Conch Cement, Taipai Group, Huaxin Cement, China Resources, Binjiang, Greentown, Jianfa Zhonghai Key Points and Arguments Urban Development and Real Estate Policy - The Central Urban Work Conference emphasizes a shift from large-scale expansion to improving existing urban stock, indicating a focus on urban renewal rather than large-scale stimulus, which benefits post-cycle industries like building materials and home appliances [1][2][3] - The policy aims to steadily advance the renovation of urban villages and dilapidated housing, avoiding a return to the monetization of shantytown renovations seen in 2015-2016, suggesting limited demand for incremental cyclical products [1][3][5] - The real estate market is transitioning from expansion to quality enhancement, focusing on improving existing housing quality and surrounding environments rather than new construction [1][6][7] Regional Market Performance - The real estate markets in first and second-tier core cities and their metropolitan areas are expected to outperform the national average, with regional developers like China Resources, Binjiang, Greentown, and Jianfa Zhonghai being noteworthy [1][8] Energy Drink Consumption Trends - Population movement significantly impacts energy drink consumption, with higher preferences in first and second-tier cities. As population density increases, energy drink consumption is expected to rise, making Dongpeng Beverage a recommended investment [1][9][10] - The consumption of energy drinks varies across provinces, with Guangdong leading in market share for Red Bull and Dongpeng, which is projected to maintain a 35% revenue growth rate [1][11] Building Materials Industry Insights - Urban renewal and village renovation will have limited demand pull for the building materials industry, with the consumption of building materials being most affected, particularly in segments like waterproofing, piping, and coatings [2][12][15] - The cement sector is expected to benefit from demand growth and supply-side reforms, with recommendations for Conch Cement, Taipai Group, and Huaxin Cement as investment targets due to their strong market positions and profitability [2][15][16] Market Outlook and Investment Strategy - The overall sentiment from the conference indicates a cautious approach to large-scale stimulus, with the market expected to remain within a relatively stable range [3][5] - Investment strategies should focus on a "barbell" approach, balancing technology and military sectors with dividend-paying assets like bank stocks and high-dividend service sector stocks [3] Conclusion - The conference highlights a significant policy shift in urban development and real estate, with implications for various industries. The focus on quality over quantity in housing and urban infrastructure suggests a need for investors to adapt their strategies accordingly, particularly in the building materials and consumer goods sectors.

中央城市工作会议举行 7月14日至15日，中央城市工作会议在北京举行。在建设"创新、宜居、美丽、韧性、文明、智慧"的现 代化人民城市目标的总体推动之下，借助"城中村和危旧房"的改造，以及地下管网的更新升级，建筑和 建材行业的需求改善预期将显著增强。在此背景下，以钢材为代表的黑色系商品将显著受益。 从此次会议精神来看，进一步明确了"控制总量，提升质量"地产发展新模式方向。未来城市的发展将通 过"稳步推进城中村和危旧房改造"的方式，来实现建设舒适宜居城市的目标。与此同时，通过"推进城 市基础设施生命线安全工程建设，以及加快老旧管线改造升级"的方式，来实现建设"韧性"城市的目 标。 在建设"创新、宜居、美丽、韧性、文明、智慧"的现代化人民城市目标的推动之下，借助"城中村和危 旧房"的改造，以及地下管网的更新升级，建筑和建材行业的需求改善预期将显著增强。在此背景下， 以钢材为代表的黑色系商品将显著受益。 政策加速落地 需求预期回暖 今年上半年，受中美贸易摩擦、成本持续下移及地产弱势下行等因素影响，钢材价格总体处于下行周期 之中。以螺纹钢加权指数为例，其价格从年初的3300元/吨逐步下跌至最低2900元/吨附近，累计下 ...

点击上图▲立即收听 " 刺激楼市并非靠一朝一夕的政策，而是用系统性、全局性的思维规划出来的。 " 文 / 巴九灵（微信公众号：吴晓波频道） " 再帮一帮房子吧 " 上半年 5.3% 的经济增速下，楼市却呈现另一番景象： 首先是新房价格继续下跌。 6 月全国 70 城房价环比下降 0.3% ，同比下降 3.7% ；一线城市，除了上海，都出现环比下降，整体降幅比上月扩 大。 购房者了解房型以及房价 二手房价格同样跌幅扩大。一线城市和二三线城市分别环比下跌 0.7% 和 0.6% ； 70 城环比下跌的城市 69 个，而四五月份下跌的城市数量分别 是 64 和 67 。 不难发现， 4 月份关税战之前，中国整体房价出现持续跌幅收窄迹象，当时中央政治局会议甚至把"止跌回稳"的表述调整为"持续巩固房地产市场 稳定之势"。但 4 月过后，房价降幅反而持续扩大。 6 月 13 日的国务院常委会，就把表述改为"更大力度地止跌回稳"。 " 再帮一帮房子吧。 " 市场已经出现了担忧。 房子的重要性不言而喻 —— 它占普通人 60% 的资产配置， 40% 的新增财产性收入，房子背后的土地出让贡献了 40% 的地方财政收入。 于是从 ...

中央绿轴作为"连接式"的景观大道，整合了周边居民区小型口袋花园的需求。地面广场植被宛如城市绿 岛，步道、骑行道呈弧线形穿梭其间；地下广场则连通周边商场店铺，与地铁6号线、9号线无缝对接。 道路西侧入口处，红山森林动物园的网红白脸僧面猴"杜杜"蹲坐在栏杆上，造型憨态可掬，引来市民拍 照打卡。大壮观路的景观建设结合了红山森林动物园的生态资源。在中央绿轴的口袋公园里，推出一 条"生态科普走廊"，互动标识牌、AR虚拟解说，系统展示本土动植物知识及生态保护理念。市民在这 里乘坐接驳车，还可以10分钟直达动物园东门，沉浸式体验一场"城市生态探索"之旅。 根据周边业态，整个绿轴划分为康体文化展示段和花园购物商业段。康体文化展示段以形象展示、行人 通行、林荫树阵、延续自然为主要功能；花园购物商业段内含商业集散广场、活动草地、空中廊道等功 能空间。 "大壮观路的建设不仅提升了交通功能，更在于用心打造家门口的美好生活圈。"铁北红山新城管委会负 责人表示，新城正在努力构建一个全天候、全龄段的活力街区，让城市生活实现"下楼即享"的状态。 南报网讯（记者 何钢 通讯员 宁建轩） 近日开通的玄武区大壮观路吸引了一批市民前来打卡。记者从市 ...

央视网消息：作为首批国家历史文化名城和城市更新试点城市，世界瓷都江西景德镇，正用独特的"绣花"功夫，细心雕琢着这座城市。不仅留存了千年瓷都 的风骨与韵味，更赋予古城蓬勃的活力。今天的《活力中国调研行》，让我们走进景德镇。 记者在景德镇采访时看到，位于市中心的陶阳里历史文化街区二期工程，即将于7月17日完工开放，现场工人正全力冲刺。 总台央视记者 田琪永：这里的城市更新不是新建，而是坚持以"留"为主的小微更新，就连砌墙铺地的砖也是从老乡家回收的老窑砖，最大化保护原有的风 貌地形和风土民情。 陶阳里的108条千年里弄、400多年明清窑作群、70余年陶瓷工业遗产，承载着景德镇最厚重的历史密码。那么该如何整体保护、活化传承？ 景德镇陶阳置业有限公司副总经理 朱梦华：现在我们要根据这种传统的风貌，我们要看原来的柱子摆在哪个位置，通过现场的判断再重新绘制图纸，然后 再进行修缮。 朱梦华告诉记者，推倒重建一栋房只需1个月，但精雕细琢"修旧如旧"则需3到4个月。记者采访时发现，这里的改造还藏着许多"隐形"的巧思。比如巷中的 青麻石路，不仅还原了昔日独轮车辙，石板下还暗藏玄机。 朱梦华：其实下面就是一个井，这下面有强电弱电。其 ...

编者按 中央城市工作会议7月14日至15日在北京举行。会议指出，要转变城市发展动力，更加注重特色发展。 在构建新发展格局、推动高质量发展的时代命题下，城市转型发展愈发成为区域竞争的关键变量。 城市何以转型？难点在于加速实现新旧动能转换。这也是推动高质量发展的内在要求。 近年来，全省各地立足资源禀赋和基础条件，找准转型方向，着力抓好产业转型升级和因地制宜发展新质生 产力，加快构建现代化产业体系，朝着奋力建设"五个强省"的目标稳步迈进。 本系列报道特选取我省传统农业大市、资源型城市、工业城市、旅游城市等城市样本，深入剖析各城市结合 实际对资源依赖、路径锁定、创新短板等瓶颈的破解之道，进一步探寻其在推动新旧动能转换中打开一番新 天地的内在逻辑与发展进路。 说到驻马店，绕不开一个"农"字。 驻马店市王守义十三香调味品集团有限公司智能化生产车间。 正阳花生久负盛名、平舆白芝麻醇香扑鼻、泌阳花菇俏销国内外……驻马店粮食产量常年保持在160亿斤以 上，肉、奶产量分居全省第一和第二，素有"中原粮仓""中州油库""芝麻王国"之称。 但进入新发展阶段后，传统农业比重过大、产业链条较短、产品附加值低等问题逐步显现，成为制约高质量 ...

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 ...

Macro Highlights - The Central Urban Work Conference held in Beijing from July 14 to 15 emphasized that urbanization in China is transitioning from rapid growth to stable development, focusing on urban renewal as a key task for the current and future periods [1] Economic Data - The National Bureau of Statistics reported that China's GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3%. The primary industry increased by 3.7%, the secondary industry by 5.3%, and the tertiary industry by 5.5% [2] - In June, the sales prices of commercial residential properties in 70 large and medium-sized cities continued to decline, with first-tier cities seeing a month-on-month decrease of 0.3% for new homes and 0.7% for second-hand homes [2] Financial Regulations - The National Financial Supervision Administration released interim measures for the supervision of local asset management companies, limiting their financing balance with a single client to 10% of their net assets and 15% for a single group client [3] Industry Developments - The Ministry of Industry and Information Technology is soliciting opinions on the draft of mandatory national standards for mobile power supplies, which will impose stricter technical standards on products including power banks [4] - The Ministry of Commerce and the Ministry of Science and Technology adjusted the "Directory of Technologies Prohibited from Exporting and Restricted from Exporting," adding battery cathode material preparation technology to the restricted category [5] - The China Chain Store and Franchise Association issued a proposal to regulate the instant retail market, urging members to avoid price subsidy wars that disrupt market order and threaten sustainable development [6] Price Adjustments - Starting from July 15, domestic gasoline and diesel prices were reduced by 130 yuan/ton and 125 yuan/ton, respectively, translating to a decrease of 0.10 yuan per liter for 92-octane gasoline [7] Company News - Nvidia announced that the U.S. government has assured it will grant licenses, allowing the company to resume H20 chip deliveries [9] - Zhongji Xuchuang expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% [9] - *ST Yazhen's stock was suspended due to a significant price deviation, with a resumption expected within three trading days [9] - Bertley and Jinding Private Equity established a partnership to invest in high-growth sectors including humanoid robots and smart transportation [9] - Sinochem International is planning an asset restructuring involving the acquisition of a subsidiary, with stock suspension expected for up to 10 trading days [10] - Siwei Technology anticipates improved gross margins in Q2 as product validation progresses [10] - Several companies, including Sitwei-W and Jinli Yongci, reported significant expected increases in revenue and net profit for the first half of 2025, with growth rates ranging from 47% to over 350% [11]

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]

Group 1: Urbanization and City Renewal - The core focus of the new urbanization strategy is people-oriented, differentiated policies, and urban renewal, aiming to enhance the urbanization rate to 70% within five years [23][24] - Urban renewal encompasses the reshaping of urban functions, improvement of living quality, and preservation of historical culture, with current tasks emphasizing the renovation of old communities and infrastructure enhancement [23][25] - The report suggests paying attention to sectors related to interior design, building materials, underground pipelines, elevators, urban planning, and smart cities [25] Group 2: Economic and Market Insights - The report indicates that the A-share market has shown resilience, with major indices experiencing increases, particularly the CSI 500 and Shenzhen Composite Index, which rose nearly 2% [28] - In June, social financing continued to increase year-on-year, supported by government bonds and improved credit issuance, reflecting positive economic factors [32][34] - The report highlights a significant increase in M1 year-on-year, attributed to seasonal fiscal efforts and improved consumer confidence due to easing external trade tensions [35] Group 3: Coal Industry Analysis - The coal industry has undergone significant supply-side reforms, with over 10 billion tons of outdated capacity eliminated by the end of 2020, resulting in a reduction of coal mines to below 4,700 [11] - The current environment reflects a situation of high operating rates leading to internal competition, rather than a traditional oversupply scenario [11][40] - The report suggests that controlling operating rates may be a key strategy for the coal industry to mitigate excessive competition [40] Group 4: Semiconductor and Electronics Sector - The semiconductor sector is expected to maintain optimistic growth, driven by AI demand and domestic market expansion, with a focus on storage and design segments [18][19] - The report emphasizes the importance of domestic substitution in the semiconductor supply chain, particularly in the context of geopolitical risks [19] - Companies like Jiangbo Long are highlighted for their potential growth due to favorable market conditions and technological advancements [18]