Core Viewpoint - The A-share market is primarily experiencing fluctuations, with the infrastructure sector showing relative stability, as evidenced by the recent performance of the Infrastructure 50 ETF and the CSI 300 Index [1] Group 1: Market Performance - The Infrastructure 50 ETF has increased by 1.75% over the past 15 trading days, while the CSI 300 Index has risen by 0.95% [1] - The annualized return of the Infrastructure 50 ETF is reported at 33.57%, with a volatility of 74% [1] - The CSI 300 Index has a recent performance of -3.37% [1] Group 2: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Infrastructure 50 ETF is 9.64, which is in the 33.21st percentile over the past decade, indicating that the valuation is lower than 66.79% of the time in the last ten years [1] - This low valuation presents an opportunity for cost-effective positioning in the market [1] Group 3: Sector Outlook - According to Kaiyuan Securities, infrastructure investment and new construction contracts have been weakening since 2025, leading to a divergence in the performance of sub-sectors [1] - With ongoing government debt management and corporate deleveraging, the construction sector is expected to experience a resonance of fundamentals, policies, and valuations [1] - The industry is advised to focus on marginal changes in areas such as overseas construction, urban renewal, digital construction, power engineering, and debt management, while maintaining a positive outlook on state-owned construction enterprises and regional leaders with stable performance and low valuations [1]

今年10月举办的上海"十四五"规划成果系列第七场新闻发布会获悉，"十四五"期间，徐汇区打破行政区 划，构建了大徐家汇、徐汇滨江、漕开发拓展、徐汇中城和华泾门户五大功能区。过去几年，大徐家汇 功能区推进"三旧"变"三新"民心工程，城区界面持续焕新，从空间到内涵推动实现战略升维。 今年3月，《徐汇区枫林-01更新单元规划实施方案》（以下简称《方案》）正式获批，为这片热土赋予 了清晰的未来图景。《方案》显示，该更新单元北接衡复历史风貌区，南邻徐汇滨江西岸金融城，西靠 徐家汇核心商圈与万体馆体育圈，地处配套完备、交通便捷的城市核心区域。打造产业资源集聚、产城 功能开放融合的多元活力承载区。 这一规划，实质上是将枫林置于一个"承前启后"的轴心位置：既要传承来自北面的历史厚度，又要衔接 南面的未来动能。贯穿其间的乌鲁木齐路-东安路，正是这条价值传递的"时空隧道"与文脉主轴。它不 仅是地理上的通道，更是文化意义上的链接。沿线的众多文保单位与历史遗产，赋予了它不可复制 的"稀缺性"与超越周期的"永续性"，其价值不因时间折旧，反而在与当代功能的融合中增值，持续产生 魅力。 近日，徐汇区斜土街道江南新村内，披挂"乔迁大吉"彩带的 ...

北京东城加强文化保护传承 做好中轴线申遗成功"后半篇文章" 中新网北京12月17日电 (记者 陈杭)北京市东城区全力以赴加强文化保护传承。充分发挥中轴线申遗保 护主力军作用，腾退修缮了12处遗产点位，畅通了钟鼓楼至永定门7.8公里景观视廊，中轴线成为区内 第4处世界文化遗产，数量稳居全市首位、全国前列。 东城区做好中轴线申遗成功"后半篇文章"，宏恩观变身市民文化新空间，钟鼓楼生动讲述"时间的故 事"，正阳门箭楼、正阳桥遗址考古方舱向公众开放，推出15条文化探访线路，举办永定门光影秀、唱 响中轴、古建艺术季等"中轴线上"系列活动，吸引线上线下2500万人次参与。 这是记者16日从"一把手发布·京华巡礼"系列主题新闻发布会—东城·崇文争先、宜居宜业的活力之城上 获悉的。 打造京地交流互鉴的"文化长廊" 东城区委副书记、区长陈献森表示，东城区央产文物腾退取得积极进展，清陆军部和海军部、大慈延福 宫等项目扎实推进，孚王府项目实现100%签约。对13处革命旧址进行连片修缮，59家爱国主义教育基 地串珠成链，北大红楼年均接待观众近50万人次。颜料会馆、泾县会馆等10处会馆重焕新姿，打造京地 交流互鉴的"文化长廊"。 陈献 ...

不少地方在规划建议中将"盘活存量"放在突出位置。例如，天津提出，有效盘活存量资源资产。推进土 地混合开发利用、用途合理转换，完善并购、破产、置换等政策，盘活用好低效用地、闲置房产、存量 基础设施。 在已发布的"十五五"规划建议中，城市更新是房地产相关内容的高频关键词，并被赋予了完善城市功能 等的重要角色。 北京"十五五"规划建议提及，有序推进老城平房区整院成片区改造，持续实施老旧小区、危旧楼房改 造，鼓励产权主体自主更新。稳步推进城中村改造。积极推动老旧厂房、老旧低效楼宇、低效产业园区 更新。加强制度创新和政策集成，完善以需求为导向、项目为牵引的分类实施机制，优化用地政策，健 全多元化投融资方式，探索建立可持续的更新模式。 山东"十五五"规划建议则提出坚持城市内涵式发展，高质量开展城市更新行动，稳步推进老旧小区、街 区、厂区和城中村改造，推进城市"平急两用"公共基础设施建设，推动城市全域数字化转型，强化城市 精细化管理，建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。 截至目前，全国多地已发布"十五五"规划建议。据梳理，这些规划建议中均涉及房地产工作，其中，加 快构建房地产发展新模式、优化保障性住房供 ...

"人民城市人民建，人民城市为人民。" 在上海践行人民城市理念，致力于建设"创新、宜居、美丽、韧性、文明、智慧的现代化人民城市"的进 程中，位于上海市杨浦区的复兴岛——这块黄浦江上唯一的内陆岛，成为了又一生动的实践地。 活动发布后，登岛票最快2秒抢空、活动开展3天，吸引10万人次上岛。不少玩家表示，虽然在上海工作 生活了多年，但却是第一次登上复兴岛，认识复兴岛。复兴岛用一种全新的方式向年轻人介绍着自己： 一个曾经的工业岛，开始了它的蝶变。这座岛屿瞬间成为连接"二次元"与现实世界的"2.5次元"接口。 干杯音乐节在复兴岛船台PARK火热开唱。 鸟瞰复兴岛。本文图片均由 杨浦区新闻办 提供 十年来，上海从唤醒浦江两岸的"城市更新"到构建"15分钟社区生活圈"，一步步为人民城市建设写下生 动注脚。 如今，复兴岛正接过这一接力棒，从昔日的"工业锈带"华丽转身为"生活秀带"与"创新秀带"，在保留百 年工业记忆的同时，把"诗与远方"还给市民，演绎着"最年轻的一平方公里"的无限可能。 最年轻的"一平方公里"刮起"青春风暴" "复兴岛，越来越年轻了。"很多人都这样感叹。从岛上的活动，到上岛的人。接踵而至的潮流活动，让 这座曾经 ...

Core Insights - Hang Lung Group is transitioning its business model from incremental development to optimizing existing assets, marking a significant shift in its strategy [1][2][7] - The company has signed a 20-year lease for the Nanjing West Road 1038 commercial property, which will add approximately 96,000 square meters to its portfolio, increasing its total area by 44% to about 312,335 square meters [1][8] - The new strategy, referred to as "V.3," focuses on light-asset operations, including leasing and upgrading existing properties, to adapt to market changes and consumer preferences [1][9] Company Developments - Hang Lung has recently engaged in multiple commercial projects in Hangzhou, Wuxi, and Shanghai, utilizing a similar operational logic of leasing and asset enhancement [1][3] - The company plans to invest at least 500 million yuan in renovations for the Nanjing West Road 1038 project, which is part of a total investment of 2.2 billion yuan [3][4] - The new company formed for the Nanjing project includes shareholders from Shanghai Jiubai and Hang Lung's subsidiary, with respective investments of 258 million yuan, 86 million yuan, and 516 million yuan [3] Market Context - The Nanjing West Road area is undergoing a transformation from single-point commercial entities to a comprehensive high-end consumer zone, supported by local government policies [8] - The rental income for the former Meilong Town Plaza has seen a decline since 2020, indicating the need for revitalization and strategic repositioning [3][7] - The overall rental levels in the Nanjing West area have fluctuated, with the former Meilong Town Plaza's rental income dropping to around 2,100 yuan per square meter per month by 2023 [3] Leadership and Strategy - Chen Wenbo, the third-generation successor, is leading the company's transformation efforts, having previously held various positions within the organization and successfully managed significant renovation projects [5][6] - The company's strategy aims to balance high-end luxury with emerging trends in consumer behavior, shifting from pure luxury to a blend of trendy and experiential retail [7][9] - The light-asset model is expected to mitigate market risks while allowing Hang Lung to maintain operational control and reduce financial pressure [9]

冬天的秦淮新河风光带上别有景致，曾经杂乱的河岸荒地经过整治，已成滨水长廊。市民黄女士正陪伴 女儿在新设的秋千架上嬉戏："以前这里全是杂树荒草，现在就像把公园搬到了家门口。"一直备受关注 的两桥片区（市民习惯称为"雨花新城"）现在什么样了？近日，记者进行了探访。 公园先行：家门口就是数据线公园 秦淮新河风光带两桥段已成为居民亲近自然的首选。这段绿道未来将与河西滨河绿道系统全面串联，市 民可沿绿道从两桥一路慢行至河西。 在风光带上层堤顶路，重点打造"上下分层"的慢行系统，上层分为红、蓝色路面的骑行道和步行道，下 层亲水步道让行人可以近距离感受河景。 教育与医疗：名校陆续落户 今秋新学期，雨花台区数字大道上的宸阅府小区旁，南京师范大学附属中学数字城学校已正式启用。从 空中俯瞰雨花"铁心桥—西善桥"地区，南师附中、金陵中学、中华中学三大名校均已落户"两桥"。 医疗资源方面，江苏省人民医院雨花院区的建设正在稳步推进。该项目床位规模1500张，是雨花台区的 首家三甲医院。目前正在推进室内装修、医疗专项施工、室外管综施工等，预计2026年下半年投入使 用。 "两桥"片区的蜕变始于2014年启动的城市更新改造，历时11年精雕 ...

Core Viewpoint - Shandong province is implementing significant urban development policies aimed at enhancing the quality of life for its residents and promoting high-quality urban growth, with a focus on urban renewal and infrastructure improvement [1][3][4] Group 1: Urbanization and Development Goals - By 2024, Shandong's urbanization rate is projected to reach 66.5%, an increase of 14.5 percentage points since 2012 [1] - The provincial government emphasizes the need for modern cities that are innovative, livable, beautiful, resilient, civilized, and smart, aiming to create a unique path for urban modernization in Shandong [1] Group 2: Urban Renewal Initiatives - The government plans to address issues such as aging facilities in old neighborhoods, outdated urban infrastructure, and the revitalization of historical districts through urban renewal actions [1][2] - During the "14th Five-Year Plan" period, Shandong will focus on systematic planning and implementation of urban renewal projects, including the renovation of old neighborhoods and the protection of cultural heritage [1] Group 3: Enhancing Living Conditions - Efforts will be made to improve housing construction services and promote the development of quality housing [3] - The province will implement various public service initiatives, including universal insurance coverage, diversified childcare services, and enhanced healthcare facilities [3] Group 4: Infrastructure and Public Space Development - Shandong will enhance urban infrastructure, including intercity commuting efficiency, gas facility upgrades, and the modernization of municipal infrastructure [3] - The province aims to improve public spaces by restoring water systems, constructing parks, and enhancing environmental sanitation [3][4]

急着如厕，却发现公共卫生间门口只有"正三角"和"倒三角"，或是"大象"和"长颈鹿"之类的标识，让人 摸不着头脑。最近，多地网友发现的"奇葩"厕所标识，戳中了很多人的痛点。 在现实中，公共标识难辨认、看不懂的问题在不少地方存在。有的车站机场，五花八门的楼层标识让人 晕头转向；有的公共场所标识字体小、颜色浅，让人看起来如云里雾里…… 标识可以有个性、有创意，但公共标识作为一种民生基础设施，让大家看得懂是前提。公共标识看不 懂，成为群众出行的"隐形障碍"，暴露出城市更新进程中"重形象轻功能"的短板。 城市更新的本质，是让空间更适配人的需求；看得清、弄得懂、用得上，正是公共标识的价值所在。以 贴近生活的设计筑牢公共标识"看得清"的硬件基础，以人性化考量确保"弄得懂"的使用体验，以常态化 管理守住"用得上"的服务底线，才能让"微更新"真正落地为"民生福"。 0:00 新华网北京12月17日电 题：公共标识让大家看懂是前提 新华网记者吉宁 ...

Core Insights - The article discusses the launch of a new CityWalk route in Nanjing, focusing on urban development and historical changes in the city [1][2][3] Group 1: CityWalk Route - The newly released CityWalk route is approximately 3 kilometers long, highlighting the area from Minggu Palace to the back of the city gate and Fuguishan [1] - The route allows participants to explore urban planning and development through four dimensions: landmark changes, transportation infrastructure, residential development, and urban renewal [1] Group 2: Historical Context - The Fuguishan Tunnel, opened on December 31, 1989, was the first tunnel in Nanjing's main urban area, significantly improving transportation by straightening routes for public buses [2] - Historical photos from the construction of the Fuguishan Tunnel illustrate the development of the municipal transportation system in the Fuguishan area [2] Group 3: Urban Development Archives - The Nanjing Urban Construction Archive was established in 1980 and has been documenting the city's development for over 40 years through photos and videos [3] - The collaboration between the archive and CityWalk represents an innovative approach to utilizing archival resources, with plans for more routes to showcase Nanjing's urban charm [3]