Report Summary 1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views - The weak trend of housing prices continued in September 2025, with a 0.4% month - on - month decline in the prices of newly built commercial residential buildings in 70 cities and a 0.6% decline in second - hand housing prices. [1] - In September, real - estate sales showed resilience through "trading price for volume", with a 48.5% month - on - month increase in the sales area of new homes and a 47.2% increase in sales volume. [1] - After the National Day, second - hand housing transactions in 15 cities increased for two consecutive weeks, indicating strong market resilience, while the recovery momentum of the new - home market weakened. [2] - The industry is accelerating towards "high - quality development", with policy signals indicating a shift from "scale expansion" to "quality improvement" and from "incremental development" to "stock operation". [4] 3. Content Summaries by Related Catalogs 3.1 Market Transaction Data - **Second - hand housing**: In the week of October 17 - 23, the transaction area of second - hand housing in 15 cities was 2.33 million square meters, a 7% week - on - week increase, reaching 79% of the annual high. Although it decreased by 14% year - on - year due to the high base last year, it still had a 11% positive growth compared to the same period in 2023. [2] - **New homes**: In the week of October 17 - 23, the transaction area of new homes in 38 cities was 2.82 million square meters, a 3% week - on - week increase, but a 19% year - on - year decline. From October 1 - 23, the year - on - year decline widened to 24%. [2] 3.2 City - Level Analysis - **Second - hand housing**: First - tier cities' weekly transactions declined for two consecutive weeks, with a 2% decline this week. Second - and third - tier cities performed well, with a 14% and 12% week - on - week increase in transaction areas respectively. [3] - **New homes**: The new - home market showed "first - tier cities rebounding, second - and third - tier cities weakening". First - tier cities' transactions rebounded by 15% week - on - week, and third - tier cities increased by 12%, while second - tier cities decreased by 7%. [3] 3.3 Key City Observations - **First - tier cities**: From October 17 - 23, the second - hand housing transaction area in first - tier cities decreased by 2% week - on - week and 21% year - on - year. The new - home transaction area increased by 15% week - on - week and decreased by 19% year - on - year. [29] - **Other key cities**: In Hangzhou, the second - hand and new - home transaction areas decreased by 4% and 38% respectively compared to the previous week. In Chengdu, they increased by 12% and 2% respectively. [30] 3.4 Housing Price Observations - **Second - hand housing**: In September 2025, the second - hand housing price index in first - tier cities continued to decline, with a 1.0% month - on - month decline and a 3.2% year - on - year decline. [55] - **New homes**: In September 2025, the price of newly built commercial residential buildings in first - tier cities decreased by 0.4% month - on - month and 0.7% year - on - year. [55]

Core Insights - The 20th Central Committee's Fourth Plenary Session emphasizes "promoting high-quality development of real estate" as a key component of improving people's livelihoods, marking a shift in the sector's role from merely a tool for economic stimulus to a critical element in national strategies such as consumption promotion and new urbanization [1][2] Group 1: Policy Direction - The focus on high-quality development indicates a transition from scale expansion to enhancing quality and content in the real estate sector [3] - The Ministry of Housing and Urban-Rural Development aims to construct safe, comfortable, green, and smart "good houses," with a comprehensive upgrade in housing standards, design, materials, and construction processes [3][4] - The new national standard for "good houses" includes 14 enhancements, such as increasing ceiling heights and requiring elevators in buildings over four stories [3] Group 2: Future Development Models - The new development model aims to address the significant changes in supply-demand relationships in the real estate market, focusing on optimizing existing housing resources and increasing the supply of affordable housing [6] - Urban renewal is highlighted as a crucial strategy for high-quality urban development, with expectations for it to play a significant role in the upcoming 15th Five-Year Plan [5] Group 3: Market Adjustments - Future policy adjustments will focus on three core changes: comprehensive promotion of high-quality development, accelerated formation of urban-rural and regional collaborative development, and improved balance between social welfare and market functions [6][7][8] - The real estate market will shift from a focus on "just having" to "how good" housing is, emphasizing safety, comfort, and sustainability [4][6] - The balance between social welfare and market functions will be enhanced, ensuring that housing guarantees are more inclusive while maintaining market vitality through supportive policies [8]

10月24日，市九届人大常委会召开第二十六次会议，市人大常委会党组书记、主任李健主持会议。 听取和审议了市政府关于城市更新工作情况的报告，要求深入践行人民城市理念，坚持系统思维， 一体化推进；聚焦民生关切，完善城市功能；加强创新探索，激发更新活力；突出特色赋能，擦亮城市 名片。 会议传达学习了习近平总书记近期重要讲话精神和党的二十届四中全会精神。 会议听取和审议了全国人大代表，省人大代表，省人大常委会秘书长、机关党组书记陈建刚履职情 况的报告；会议还听取了部分在镇省人大代表履职情况的报告，并组织满意度测评。 会议听取和审议了市政府关于我市开发园区发展情况的报告，要求持续深化开发园区改革，加快发 展特色主导产业，不断强化服务保障能力。 听取和审议了市政府关于2024年度国有自然资源资产管理情况的专项报告，审议了市政府关于2024 年度国有资产管理情况的综合报告，要求坚持生态优先，持续加强环境保护；优化服务管理，精准厘清 资源家底；聚焦集约高效，不断提升资产管理；强化统筹协调，着力完善监管机制。 听取和审议了检查《江苏省宗教事务条例》实施情况的报告，要求坚持提高站位，深刻认识宗教工 作特殊重要性；坚持问题导向，切 ...

此次昌平永安古城城市更新一期商业项目，将引入多元业态打造邻里商业综合体，标志着古城更新从风 貌修复向功能完善转变。 项目相关负责人介绍，项目整合北京市皇城粮油有限责任公司、北京宏达兴投资管理有限公司等区属企 业土地资源，采用城市更新改造与土地开发的复合模式，对片区内陈旧设施、老旧厂房、低效商业空间 及闲置土地全面改造升级。项目总建筑面积2.6万平方米，空间布局规划分为地上三层和地下两层，地 上设有零售、娱乐、品牌餐饮、美容美体、亲子互动以及健身场所，地下设有生活市集和停车场。 本报讯（记者 孙云柯）近日，昌平永安古城城市更新一期商业项目启动，在引入现代商业的同时，恢 复玉带河、大成殿、城隍庙、文庙等历史遗迹，实现古今交融。项目计划于2027年4月建成竣工。 昌平区历史悠久，是三条文化带汇聚之地。永安古城作为昌平区前身，始建于明朝景泰元年，距今已有 500多年历史，古城的格局肌理至今依然保存完好。 2023年起，昌平区围绕"永安坊"启动永安古城城市更新，打造了景观廊道、活力街区及多个历史再现与 城市特色节点。目前，一期改造工程及三角地公园已亮相，小南门、角楼、城角、文庙等四节点顺利完 工，在保护历史肌理的同时， ...

转自：北京日报客户端 近日，昌平永安古城城市更新一期商业项目在鼓楼南街原鑫隆市场启动。该项目聚焦古城文化勾勒、历 史地标展现、文物资源活化与城市记忆留存，在引入现代商业的同时，恢复玉带河、大成殿、城隍庙、 文庙等历史遗迹，实现古今交融。项目计划于2027年4月建成竣工。 在10月24日举办的"新质变·续无限 昌平城市更新迈新季"活动上，"首旅-居庸关"文旅合作项目完成签 约，将推动乡村旅游全域升级。昌平区还启动"街励计划2.0"昌平城市美学与游戏化策展国际设计竞 赛，持续激发街区的内生动力；发布"城市家具大赛"，聚焦回龙观东西大街空间重构，探索"商民共 生"的活力走廊模式。 近年来，昌平城市更新经历了从局部到整体、从单点改造到系统更新的深刻转变。全区有效盘活存量空 间资源，打造高品质生产生活空间，优化城市功能布局，提升城市治理效能，促进城市"新陈代谢"，实 现"产、城、人"良性循环。截至目前，昌平累计实施城市更新项目454个、占全市总量的近10%，其中 清华南口国重基地、大运河源头遗址公园及白浮泉公园等6个项目获评北京市"最佳实践"案例。 接下来，昌平区将坚持"从扩增量转向优存量、从亮颜值转向重内涵、从建硬件 ...

Core Insights - The article emphasizes the shift in urban development from "incremental expansion" to "stock optimization" as urbanization rates exceed 65% in China, driven by changes in marriage and family structures [1] - The 2025 Central Urban Work Conference aims to establish "livable, resilient, and smart" modern cities, indicating a transition from localized renovations to systematic governance [1] - Urban renewal requires a shift from a "project-oriented" technical approach to a "systemic thinking" that balances various relationships for high-quality development [1] Group 1: Urban Development Paradigm Shift - The tension between stock and increment represents a paradigm shift in urban spatial resource allocation, moving from "external expansion" to "internal regeneration" due to land resource constraints and ecological limits [2] - Urban renewal is characterized as a governance experiment that must balance the pace of development, advocating for a "slow planning - fast implementation" dual mechanism [2] - The boundaries of "fast" and "slow" should be defined by "risk levels" and "value types," with specific approaches for safety-oriented and memory-oriented updates [2] Group 2: Cultural and Economic Value in Urban Renewal - Urban renewal is framed as "translating memory" rather than erasing it, where historical cultural resources are viewed as "spatial capital" that gains economic value through "meaning reconstruction" [3] - The process of urban renewal should follow a three-step model of "gene extraction - scene reconstruction - business embedding" to achieve a paradigm shift from "protection" to "activation" [3] - The "14th Five-Year Plan" prioritizes public welfare, with central government funding directed towards upgrading old neighborhoods and public spaces, aiming to convert "spatial premiums" into "public welfare" [3] Group 3: Balancing Economic and Social Benefits - Economic benefits are seen as a prerequisite for sustainability, while social benefits are the foundation for harmonious coexistence, achieved through a value recovery mechanism [4] - The relationship between protection and development is fundamentally about preserving and enhancing urban spatial capital, with a focus on "dynamic management" rather than "static protection" [4] - A digital governance platform is proposed to establish a dynamic balance between protection and development, avoiding a one-size-fits-all approach [4] Group 4: Governance Structure Innovation - The relationship between government and market reflects an innovation in governance structure, with the government transitioning to a "system designer" role and the market evolving into an "operator" role [5] - The essence of urban renewal is a systemic reconstruction of "space - system - society," forming a complete loop of resource allocation, cultural value translation, and equitable distribution of benefits [6] - The ultimate goal is to build a "beneficial city" that emphasizes institutional resilience and social collaboration, moving beyond project thinking to integrated systems [6]

Group 1 - The core viewpoint of the article highlights the opening of Sanlang Park No. 6 in Chongqing's Liangjiang New Area, which integrates culture, art, technology, and intelligence, becoming a new cultural consumption landmark [1] - Sanlang Park No. 6 has transformed from a vacant factory of Nide into a vibrant space through urban renewal, representing a new cultural identity for the Liangjiang area [1] Group 2 - The park has quickly gained popularity as a new social media hotspot, attracting visitors and enhancing the cultural landscape of the region [1] - The opening of Sanlang Park No. 6 is part of broader efforts to revitalize urban spaces and promote cultural industries in Chongqing [1]

《行动方案》鼓励建筑企业同质化业务整合，实现错位竞争、链条互补，引导企业深化跨区域市场布 局，扎根主力城市、潜力城市，实行属地化深耕战略。培育专注细分市场、具备专业特色能力的建筑业 中小企业，鼓励走专业分包发展道路。 10月21日，上海市人民政府办公厅印发的《上海市促进建筑业高质量发展加快培育增长新动能行动方 案》(以下简称《行动方案》)公开发布，《行动方案》从八个方面提出21条具体举措，促进建筑业高质 量发展。《行动方案》明确，推动建筑企业整合升级，构建房地产发展新模式，稳定房地产投资规模， 筑牢上海建筑市场基本盘。加快推进实施城市更新行动，促进城市更新扩面提速。 强调稳定房地产投资规模 《行动方案》指出，方案制定目的是全面推动上海建筑业转型，加快形成新质生产力，提升建设工程品 质，强化建筑企业核心竞争力，打造公平有序的市场环境。 对长期停业、资质闲置且人员不满足资质标准的企业依法清理资质，建立建设工程企业市场化退出通 道，支持困难企业通过产权转让、破产重整等方式优化资源配置。 在传统建筑市场方面，构建房地产发展新模式，稳定房地产投资规模，筑牢上海建筑市场基本盘。推 动"好房子"建设，为好设计、好建造、好服 ...

城市更新不是"抹去记忆"，而是"转译记忆"。历史文化资源作为"空间资本"，其经济价值并非源于"物 理保留"，而在于"意义再造"。通过"功能置换+符号重构"，将静态遗产转化为动态场景，实现文化价值 与经济价值的"共生式"增值。由此，更新需构建"基因提取—场景再造—业态植入"的三步模型，在"不 破坏风貌"的前提下，完成从"保护"到"活化"的范式转换。 "活化"不是"仿古"，而是"赋新"。通过"功能混合+业态迭代"，可将历史街区转化为"文化孵化器"，将 老厂房变身为实验室，祠堂转型为社区剧场，骑楼底层嵌入共享办公，其核心机制在于"文化基 因"的"场景化转译"——以"可体验、可参与、可再生"的方式，让历史成为城市创新的"社会资本"，而 非"成本负担"。 城市更新作为"空间资本"的再积累过程，伴随"增值捕获"与"利益再分配"的张力。"十四五"规划明确"民 生优先"，中央财政2025年专项资金重点投向老旧小区与公共空间提升，实质是以"财政杠杆"撬动"社会 公平"。通过"政府补贴+居民分担+市场让利"的三方共担机制，将"空间溢价"部分转化为"公共福利"， 实现"增长"与"共享"的同步。 城市更新是一场与"时间"博弈的治理实 ...

Core Viewpoint - The fourth Beijing Urban Renewal Forum's Fangshan sub-forum emphasizes the theme "Empowering Together, Building Quality New Cities," aiming to promote historical preservation, industrial upgrading, and improvement of people's livelihoods through urban renewal actions [1] Group 1: Urban Renewal Initiatives - The forum showcased key projects such as Hongcang Homestay, Gongchen Street Urban Renewal, Liangxiang Theater, and Northern Fangshan Science and Technology Innovation and Entrepreneurship Park, highlighting investment opportunities in Fangshan District [1] - Hongcang Homestay, converted from idle grain warehouses built in the 1960s and 1970s, covers an area of 20 acres and opened in 2022, receiving significant attention and achieving full bookings during the recent National Day holiday [1] Group 2: Government Commitment - The Fangshan District Housing and Urban-Rural Development Committee's Deputy Director, Dong Jinqiang, outlined ongoing urban renewal efforts focusing on revitalizing old neighborhoods, upgrading key industries, and preserving historical culture [1] - The district aims to enhance urban functions and aesthetics while adhering to the principle of "People's City Built by the People, People's City for the People," with a focus on cultural heritage, industrial upgrading, and improving living standards [1]