:8 司 SECOND AVE. e A 00 4 式马路历史文化街区 维度 CHESTICAL 联播+ 7月14日至15日，中央城市工作会议时隔十年再次举行，习近平总书记出席会议并发表重要讲话。 2015年召开的中央城市工作会议指出，防止"摊大饼"式扩张，坚持集约发展，推动城市发展由外延扩张式 向内涵提升式转变。 外延扩张式发展是指以外部扩张为核心的发展模式。它依靠城市人口规模和空间扩张、资源投入来实现城 市增长，亦被俗称为"摊大饼"式扩张。 与之相对应的则是内涵提升式发展。内涵提升式发展强调创新驱动、结构优化，以城市的内部要素发展作 为动力和资源。 由"外"向"内"的转变，折射出我国城市发展理念的演进。对此，本次中央城市工作会议明确提出五个"转 变"： ——转变城市发展理念，更加注重以人为本； ——转变城市发展方式，更加注重集约高效； ——转变城市发展动力，更加注重特色发展； ——转变城市工作重心，更加注重治理投入； 会议充分肯定了党的十八大以来我国城市发展取得的历史性成就，强调未来要"以坚持城市内涵式发展为 主线""深刻把握城市内涵式发展的战略取向，更有针对性地提升城市发展质量"。这一表述，不仅是对城市 ...

Core Insights - China's urbanization is transitioning from a rapid growth phase to a stable development phase, focusing on quality improvement and efficiency enhancement in urban development [1][2] - The recent Central Urban Work Conference highlighted the need for a new approach to urban modernization that aligns with the current historical context and challenges [1][2] Urbanization Trends - Urbanization rate increased from 53.1% in 2012 to 67% in 2024, with urban population rising from 720 million to 940 million [2] - 19 urban agglomerations now accommodate 75% of the national population and contribute approximately 85% of the GDP [2] - The urban rail transit operational mileage has reached nearly 11,000 kilometers [2] Development Strategies - Emphasis on "five transformations" and "five enhancements" to adapt to changing urban development needs [4][7] - The focus is shifting from mere quantity of urbanization to the quality of urban living, addressing diverse public demands and urban shortcomings [2][4] Urban Planning and Quality Improvement - The new urbanization strategy prioritizes human-centered development, aiming to enhance the quality of life for residents [5] - Key initiatives include optimizing urban functional structures and spatial layouts, and improving resource utilization [6][7] Key Tasks and Goals - The conference outlined a clear framework for urban development, focusing on optimizing modern urban systems and building vibrant, livable, green, resilient, and smart cities [8][9] - Emphasis on regional coordination and collaborative development among cities to enhance overall urban competitiveness [8][9]

存量是已经形成的资产，如果任由其"沉睡"，就会影响资金循环与经济循环。盘活的前提是心中有数， 充分掌握存量资产的历史、形态、权属等，然后打开思路，借助体制机制创新，探索新路径、新模式， 让这些资产动起来，提高流转效率，通过盘活存量来带动增量。增量必须做优，不断提高增量要素投入 标准，综合提升要素产出效能，推动实现更高的附加价值。当创新创造的内生动力被充分激活，城市潜 在生产力也将被有效释放。 我国有690多座城市。城市与城市之间，自然禀赋千差万别、基础条件各不相同、产业特色多种多样、 文脉芳华各美其美。要做到从各自实际出发，从"按规律办事"的角度进行产业布局，留住城市特有的地 域环境、文化特色、建筑风格等"基因"，认识到自己的不可替代性，才能增强城市发展的动力活力，在 准确定位中实现内涵式发展，避免"千城一面"。而这，正是此次会议强调"坚持因地制宜、分类指导"的 现实考量。 坚持城市内涵式发展，要放在区域经济发展的大背景下统筹谋划。中心城市与周边中小城市通过功能互 补、产业协同与要素流动，加速迈向空间整合、制度接轨与治理协同的现代化都市圈，为驱动区域经济 能级跃升汇聚起更为丰沛的能量。由此来看，分工合作、各展 ...

Core Viewpoint - The recent Central Urban Work Conference emphasized the significant improvements in urbanization levels, urban development capabilities, and ecological environment quality in China since the 18th National Congress of the Communist Party, advocating for a new path of urban modernization with a focus on high-quality development and people-centered urban planning [1][4]. Group 1: Urban Development Goals - The conference outlined seven key tasks for urban work, including optimizing modern urban systems, building vibrant innovation cities, creating comfortable and convenient livable cities, developing green and low-carbon beautiful cities, ensuring safe and resilient cities, fostering virtuous and civilized cities, and establishing efficient smart cities [2]. - The transition from rapid urbanization to stable development requires a shift in urban development philosophy, emphasizing human-centered goals such as innovation, livability, beauty, resilience, civilization, and intelligence [1][2]. Group 2: Urbanization Statistics - As of the end of 2023, China's urban resident population reached 932.67 million, an increase of 11.96 million from the previous year, with the urbanization rate rising to 66.16%, up by 0.94 percentage points [3]. Group 3: Urban Quality Improvement - The meeting highlighted the need for a scientific evaluation system for urban development, moving away from GDP-centric approaches that have led to poor decision-making and uniform city renovations, advocating for high-quality development to be included in performance assessments for local officials [3][4]. - The focus on improving urban quality includes addressing urban issues, enhancing air quality, and implementing refined urban management practices, such as waste classification and low-carbon infrastructure [4].

Core Viewpoint - The meeting of the Jiangsu Provincial Committee emphasized the transition of urbanization in China from rapid growth to stable development, focusing on enhancing existing urban quality rather than large-scale expansion [1] Group 1: Urban Development Strategy - The meeting highlighted the need to adapt to significant changes in urban development, aligning with the central government's directives [1] - It stressed the importance of a stable and progressive work approach, tailored to local conditions, to build modern, innovative, livable, resilient, and smart cities [1] Group 2: Key Principles and Tasks - The meeting underscored the principle of intrinsic urban development, aiming to enhance the scientific, anticipatory, proactive, and creative aspects of urban work [1] - It outlined key tasks for urban development, focusing on optimizing the modern urban system and building vibrant, comfortable, green, safe, civilized, and efficient cities [1]

Core Viewpoint - The article emphasizes that cities fundamentally belong to the people, and the driving force behind urban development lies in the capacity for sustainable development [1] Group 1: Urban Development - Urban conditions vary significantly across different regions, with disparities in resource endowments, geographical environments, development levels, and foundational conditions [1] - Effective urban management must be grounded in local realities, leveraging unique resource endowments to enhance technological and cultural empowerment [1] - The goal is to build core competitiveness and achieve differentiated development, avoiding homogeneous competition to strengthen internal development momentum and shape competitive advantages [1]

Group 1: Macro Insights - The 2025 Central Urban Work Conference emphasized the need for high-quality urban development, transitioning from rapid growth to stable development, focusing on improving existing urban infrastructure rather than large-scale expansion [6][7][9] - The conference highlighted the importance of a people-centered approach, aiming for sustainable urban development that meets the needs of citizens while enhancing urban governance and service levels [6][9] Group 2: Non-Bank Financial Sector - The introduction of supporting rules for the Sci-Tech Innovation Board (STAR Market) aims to enhance the predictability of IPO processes for tech companies, thereby supporting high-level development in the technology sector [10] - Brokerage firms are expected to report significant profit increases for the first half of the year, driven by growth in wealth management and proprietary investment businesses, with some firms seeing net profit growth exceeding 100% [10] Group 3: Chemical Pharmaceutical Industry - The PDE3/4 inhibitors for COPD treatment are showing rapid sales growth, with the first product, Ensifentrine, expected to generate significant revenue in the coming years, indicating a strong market potential for innovative therapies [12][14][15] - Clinical trials for PDE3/4 inhibitors are progressing well, with positive results in improving lung function and reducing exacerbation rates in COPD patients [14][15] Group 4: Retail and Consumer Goods - In June 2025, China's retail sales grew by 4.8% year-on-year, which was below market expectations, indicating a slowdown in consumer spending, particularly in discretionary categories [16][17] - The performance of online retail channels outpaced traditional retail, with significant growth in categories such as food and clothing, suggesting a shift in consumer purchasing behavior [16][17] Group 5: Renewable Energy and UCO Market - The sustainable aviation fuel (SAF) market is expected to see significant growth, with EU regulations mandating increasing SAF blending ratios, which will drive demand for used cooking oil (UCO) as a feedstock [20][21] - The domestic market for SAF is also gaining momentum, with pilot projects and supportive policies being implemented, indicating a favorable environment for UCO suppliers [20][21] Group 6: Photovoltaic Industry - Prices for polysilicon, silicon wafers, and battery cells have seen substantial increases, driven by strong demand and active market conditions, suggesting a bullish outlook for the photovoltaic supply chain [22][24] - The market for photovoltaic components is expected to experience price adjustments due to rising costs in upstream materials, while demand remains stable [24]

Core Viewpoint - The Central Urban Work Conference held on July 14-15 in Beijing indicates a shift towards high-quality urban development, emphasizing "urban renewal" as a key focus, which will directly impact the real estate market and create new opportunities for companies involved in urban development [1][2]. Group 1: Urban Development Strategy - The conference highlighted a significant transition in urbanization from rapid growth to stable development, with a focus on improving existing urban stock rather than expanding new areas [2][3]. - The seven key tasks outlined in the conference are primarily aimed at enhancing existing urban structures, reflecting a strategic shift towards "intrinsic urban development" [2][3]. - The goal is to build modern, innovative, livable, resilient, beautiful, and smart cities, with urban renewal as a crucial mechanism for achieving high-quality urban development [2][3]. Group 2: Government Role and Policy Implications - The conference is expected to enhance local governments' focus on urban renewal, which will play a significant role in stabilizing investment and expanding domestic demand [3][4]. - There is an anticipated increase in supportive policies from relevant departments, encouraging diverse stakeholders to participate in urban renewal initiatives [3][4]. - The overall aim is to move away from extensive land development towards a model that emphasizes the optimization of existing urban spaces and services [3][4]. Group 3: Real Estate Market Impact - The emphasis on intrinsic development in real estate suggests a shift towards a new development model that prioritizes quality over quantity, with a dual-track system for housing supply [4][5]. - Urban renewal is expected to stimulate demand in the real estate sector, potentially leading to a recovery in new housing markets as quality housing products gain traction [5][6]. - The focus on high-quality urban renewal is likely to enhance the overall living environment, thereby supporting long-term stability in housing prices [5][6].

Core Viewpoint - The Central Urban Work Conference held on July 14-15 in Beijing outlines new goals and paths for urban development, emphasizing the need for high-quality urban growth and modernization of cities in China [1] Group 1: Urban Development Trends - China's urbanization is transitioning from a rapid growth phase to a stable development phase, with a focus on improving existing urban quality rather than large-scale expansion [2] - The urbanization rate of the permanent population has increased from 53.1% in 2012 to 67% in 2024, indicating a shift to a mid-late stage of rapid urbanization [2] - The focus of urban development is shifting from traditional factors like land and capital to new factors such as knowledge, data, technology, and management, aiming for higher quality, efficiency, equity, sustainability, and safety [2] Group 2: Five Transformations - The conference proposed "Five Transformations" to adapt to current urban development changes: transformation of development concepts, methods, driving forces, focus, and approaches [2][3] - These transformations reflect a proactive adaptation to urban development challenges, moving away from past models of large-scale expansion [3] Group 3: Seven Focus Areas - The conference established "Seven Focus Areas" as a blueprint for urban work, addressing both immediate issues and long-term development [4] - Innovation is prioritized in urban development goals, encompassing technological, governance, and institutional innovations [4] Group 4: Modern Urban Systems - Emphasis on developing group-style, networked urban clusters and urbanization centered around counties to mitigate the "siphon effect" of large cities and inject new momentum into smaller cities [5] - Initiatives include promoting pollution reduction, carbon neutrality, and enhancing urban biodiversity [5] Group 5: Coordinated Urban Work - The conference highlighted the need for a comprehensive approach to urban work, integrating economic, social, ecological, cultural, and safety aspects [6] - It called for enhanced coordination among various departments to overcome systemic barriers and improve urban renewal and community development [6][7] Group 6: Tailored Development Strategies - Different cities should develop tailored implementation plans based on their unique resources, location, and economic conditions to avoid a one-size-fits-all approach [7] - The example of Nantong illustrates the importance of collaborative development within urban clusters, particularly in the Yangtze River Delta region [7]

中央城市工作会议7月14日至15日在北京举行。时隔十年再次召开，此次会议清晰勾勒出未来城市 发展的重要方向，释放多项关键信号。 四是安全基础设施建设蕴含投资机会。在韧性城市任务中，安全基础设施建设可能带来长期投资机 会，如老旧管线改造升级、城市防洪体系和内涝治理，以及地下管网建设等领域。 对于本次会议的召开，张河生认为，以下几个方面的投资信号值得进一步关注。 一是县域城市的治理或是重要方向。2025年会议部署的7大任务中首先提到发展组团式、网络化的 现代化城市群和都市圈，城镇化建设要以县城为重要载体，促进大中小城市和小城镇协调发展。2015年 会议的措辞是"要以城市群为主体形态""要优化提升东部城市群，在中西部地区培育发展一批城市群、 区域性中心城市"。县城为载体的新提法或意味着我国未来会更加注重对县域城市的治理。 二是城中村改造可能是长期工作。在其他6项任务中，分别以创新、宜居、美丽、韧性、文明与智 慧为重心。宜居城市任务中提到"加快构建房地产发展新模式，稳步推进城中村和危旧房改造"，前面也 提到"以推进城市更新为重要抓手"，城中村改造作为房地产三大工程之一，可能是未来城市发展的长期 工作。 三是城中村和危 ...