证券研究报告：房地产|行业周报 发布时间：2025-10-27 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2370.55 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1870.99 | 行业相对指数表现 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024-10 2025-01 2025-03 2025-06 2025-08 2025-10 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《投资与销售双降 楼市调整压力持 续》 - 2025.10.20 2025 年 10 月 23 日，中国共产党第二十届中央委员会第四次全 体会议公报明确提出"推动房地产高质量发展"，标志着"十五五"时期 房地产行业正式从规模扩张转向品质提升的新阶段。"推动房地产高 质量发展"被纳入"保障和改善民生"框架，政策重心从"稳增长"转向"促 品 ...

Core Insights - The event "African Media Delegation's Visit to China" organized by Global Network showcased the cultural and technological advancements in Tianjin, highlighting the city's transformation and development potential [1][4][14] Group 1: Urban Transformation and Cultural Exchange - The African media delegation explored the transformation of Tianjin from an industrial area to a modern coastal city, emphasizing the importance of urban renewal as a redefinition of lifestyle rather than mere architectural renovation [1] - At Nankai University, discussions focused on China's poverty alleviation experiences and their implications for African development, with participants sharing rural development case studies and the role of youth and innovation [4] - The media representatives experienced Tianjin's historical architecture and modern technology, appreciating the city's blend of cultural heritage and contemporary urban development [4] Group 2: Technological and Cultural Experiences - The delegation enjoyed a 5D movie experience at the China National Geographic Exploration Center, which highlighted the technological advancements in China, receiving positive feedback from participants [6] - In Tianjin's Ancient Culture Street, the media group engaged in traditional Chinese medicine practices, such as making herbal pills and sachets, showcasing the depth of Chinese cultural heritage [8] - The media representatives participated in local culinary experiences, such as making traditional Tianjin pancakes, which fostered a connection with the local community and culture [10][12] Group 3: Community and Daily Life - Tianjin is characterized by its unique lifestyle and vibrant street culture, where traditional and modern elements coexist, providing insights into the city's daily life [8] - The media delegation's interactions with local residents and their participation in traditional crafts highlighted the warmth and hospitality of Tianjin's community [10][12] - The visit concluded with a panoramic view of Tianjin's skyline, symbolizing the city's blend of modernity and tradition, leaving a lasting impression on the media representatives [14]

Core Points - The event "Walking to the City of Fortune" was held to celebrate the 13th anniversary of the protection zone and Gusu District, marking the National Historical and Cultural City Protection Memorial Day in Suzhou [1][2] - Gusu District is the first and only National Historical and Cultural City Protection Zone in China, maintaining the dual chessboard layout from the Song Dynasty [2] - The event featured a 15.5-kilometer fitness trail around the ancient city river, promoting local businesses through various promotional activities [2] Summary by Sections - **Event Overview** - The "Walking to the City of Fortune" event was launched at Panmen, one of the eight gates of the ancient city, with participation from local officials and citizens [1] - **Cultural Significance** - The event highlighted the historical preservation of Suzhou, showcasing the city's rich cultural heritage through activities that connect citizens with their history [2] - **Promotional Activities** - Over a hundred local businesses participated in promotional activities across six categories, creating a synergy between exercise and consumption [2] - **Community Engagement** - The "Reading the City" initiative was introduced, focusing on the theme "Reading Suzhou: Flowing History, Living Ancient City," which aims to narrate the stories of historical preservation and urban renewal [2]

Core Insights - Shanghai is accelerating the renovation of urban villages, with a focus on improving living conditions and preserving historical features [1] - The total area of the 59 renovation projects is nearly 30,000 acres, with an initial investment of 210 billion yuan, expected to drive construction investment of approximately 160 billion yuan [1] - The city aims to complete the overall renovation of urban villages by the end of 2027, following the launch of 118 projects since 2014 [1] Group 1 - The recent promotional event for urban village renovation projects highlighted 59 projects across 10 districts, with a total area of nearly 30,000 acres [1] - The initial investment for these projects is set at 210 billion yuan, which is anticipated to stimulate around 160 billion yuan in construction investment [1] - Shanghai's three-year action plan for urban village renovation (2024-2026) aims for comprehensive project initiation by the end of 2026 and completion by 2027 [1] Group 2 - The renovation of urban villages requires significant funding and has a long return cycle, necessitating a shift from reliance on external funding to developing self-sustaining financial models [2] - The Shanghai Municipal Housing Management Bureau is actively encouraging social capital participation in urban village renovations, broadening pathways for corporate involvement [2] - Various collaboration models are available for enterprises, including partnerships with rural collective economic organizations and participation in land market operations [2]

城中村改造的资金需求大、回报周期长，只有让城市发展不再依赖"输血"，而是具备"造血"能力，才能 让城市更新更可持续，生活更加美好。 上海城中村改造按下"加速键"。2025年上海市城中村改造项目集中招商推介会近日举行，来自10个辖区 的59个改造项目公开宣介。项目占地总面积近3万亩，前期改造投资规模达2100亿元，拉动建安投资约 1600亿元。 上海市房屋管理局负责人表示，近年来，上海一直积极引导社会资金参与城中村改造，不断拓宽企业参 与路径。对合作改造项目，经营主体可通过与农村集体经济组织合作，参与改造及建设；对储备改造项 目，经营主体可在土地市场进行经营性地块摘牌，参与开发建设；对委托改造项目，经营主体也可通过 与实施主体合作，参与开发建设。 自2014年启动城中村改造以来，上海已累计启动改造项目118个。根据《上海市"城中村"改造三年行动 计划（2024—2026年）》，到2026年底，上海将全面启动整体改造项目；到2027年，基本完成城中村整 体改造项目。 城市更新如何兼顾民生改善和风貌保护？上海在城中村改造中探索答案。 今年7月，闵行区浦江镇召稼楼城中村改造项目公建配套一期工程启动，包括首批4条道路和 ...

Group 1 - The meeting emphasized the importance of implementing the "Five Reforms and Four Goods" initiative to accelerate high-quality urban renewal and the registration of rural homesteads and collective land use rights [1][2] - The focus is on promoting urban high-quality development, with an emphasis on inner-city development and urban renewal as key strategies to transform urban development methods and drive economic growth [2] - The meeting highlighted the need for a rolling promotion mechanism that includes launching, planning, and reserving urban renewal projects, adhering to principles of small-scale, precise calculations, and gradual improvements [2] Group 2 - The meeting called for a legal and regulatory approach to evaluate the implementation of policies regarding rural homesteads and collective land use rights, ensuring the protection of farmers' legal rights [3]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The "14th Five-Year Plan" emphasizes urban renewal and underground pipeline renovation, with an expected investment demand exceeding 5 trillion yuan for over 700,000 kilometers of pipeline construction [6] - The report highlights the impact of renewed tariff conflicts and the acceleration of industry self-discipline, recommending companies with strong pricing power and cost advantages in the cement and waterproof sectors [6] - The report notes that the special electronic fabric sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [7] Summary by Sections Investment Suggestions - Recommended companies benefiting from urban pipeline renovation include Qinglong Pipe Industry, Donghong Co., and China Liansu [6] - In the cement sector, companies like Huaxin Cement and Conch Cement are recommended due to their cost and scale advantages amid tariff conflicts [6] - The waterproof industry is seeing frequent price increases, with recommendations for Oriental Yuhong and Keshun Co. [6] - In the photovoltaic glass sector, companies such as Qibin Group, Fuyao Glass, and Xinyi Solar are recommended due to price increases [6] - The report suggests strong resilience in operations for companies like Sanhe Tree and high dividend yield firms like Rabbit Baby and Weixing New Materials [6] - The fire alarm leader Qingniao Fire is recommended due to its upcoming commercialization of fire-fighting robots [7] - The report highlights the strong performance of special electronic fabrics, recommending China Jushi and China National Materials Technology [9] Market Trends - The national cement market price increased by 0.4% week-on-week, with price rises in regions like Guizhou and Jiangsu [22][23] - The average price of float glass decreased by 4.40% to 1243.68 yuan/ton, indicating a shift from an upward trend to a decline [64] - The photovoltaic glass market remains stable, with mainstream order prices for 2.0mm coated panels at around 13 yuan/square meter [72]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The construction materials sector has shown a 1.85% increase this week, underperforming the Shanghai Composite Index which rose by 3.24%, indicating a 1.4 percentage point lag [2][9] - The report highlights the significant potential for investment and consumption driven by urban renewal and underground pipeline construction, with an expected investment demand exceeding 5 trillion yuan during the 14th Five-Year Plan period [2] - The report suggests that low-valued consumer building materials, particularly pipes and coatings, are likely to benefit from these initiatives, with a recommendation to focus on leading companies in this sector [2] - The report emphasizes the importance of urban renewal, which includes the renovation of old residential areas and the establishment of safety management systems for buildings, indicating a robust demand for construction materials [2] - The report also recommends monitoring high-end electronic fabrics, African cement, and fiberglass products with price increase expectations [2] Summary by Sections Market Review - The construction materials sector has underperformed the broader market, with notable gains in sub-sectors such as other structural materials and specialized materials [9] - Key stocks that performed well include Fashilong (30.6%), Sifangda (18.3%), and Ruitai Technology (16.3%) [9] Recommended Stocks - The report recommends a focus on the following stocks: Western Cement, Huaxin Cement, Keda Manufacturing, China National Materials, Honghe Technology, China Jushi, Sankeshu, and Dongpeng Holdings [3][15]

10月24日，世界市长对话·郑州暨2025郑州国际旅游城市市长论坛期间，与会嘉宾在阜民里文化街区进行对 话。 城市，是文明最集中、最丰富的表达载体。如何让老城市的记忆不褪色、新生活的烟火更鲜活？ 10月24日下午，郑州商代古城墙脚下，管城回族区阜民里文化街区城市阳台之上，一场"世界市长对话"活动 给出响亮回答。 "商都"堪称古都郑州的重要文化标志。3600年前，商王朝在此定都，青铜的辉光肇始了这座王城的文明序 章。 对话是合作的起点。当一个立体、真实、全面的郑州被世界看到，也就有了更多携手发展的可能。 旧巷新生，在各种困难和挑战中实现民生改善、遗址保护、文化传承和城市发展等多方面的共赢，郑州做对 了什么？ "我们遵循'保留城市记忆、延续历史文脉'原则，坚持保护为先、民生为本、文化为魂、发展为要。对阜民里 片区，在保留原有街巷肌理、建筑特色和历史风貌基础上，实施小规模、渐进式更新改造，通过植入新业 态、新场景、新设施，推动文商旅融合发展，破解传统城市更新单一改造和建设带来的经营难题，让百年里 巷焕发新的生机与活力，既有文化厚度，又有人情温度。"郑州市副市长张艳敏向外国友人分享道。 郑州的探索与实践，引发对话嘉宾 ...

Core Insights - The event "World Mayors Dialogue in Zhengzhou" highlighted the integration of cultural heritage protection with urban development, showcasing Zhengzhou's unique approach to preserving historical memory while promoting modernization [1][6] - The transformation of the Fuminli district exemplifies the successful blend of ancient culture and modern urban life, attracting significant tourist traffic and revenue [2] - International guests expressed admiration for Zhengzhou's ability to modernize while respecting its historical roots, indicating a potential model for other cities [5][6] Group 1: Event Overview - The "World Mayors Dialogue in Zhengzhou" took place from October 22 to 25, gathering around 300 participants from various countries to discuss topics like cultural tourism integration and urban renewal [1] - The event featured visits to significant cultural sites, allowing attendees to experience Zhengzhou's rich history and modern developments firsthand [3][4] Group 2: Cultural and Economic Impact - The Fuminli district, once a dilapidated area, has been revitalized through micro-renovations, resulting in 429,800 visitors and generating 6.896 million yuan in tourism revenue during the recent holidays [2] - The event facilitated the signing of friendship agreements between Zhengzhou and cities from Spain, Ghana, Indonesia, and New Zealand, laying the groundwork for future collaborations [6] - The integration of modern technology in showcasing traditional culture has created numerous tourism-related job opportunities and contributed to economic growth in Zhengzhou [6]