自然资源部国土空间规划局副局长杨地说，2015年，原国土资源部提出对于利用存量土地、房产资源发展国 家支持产业的，可享受不改变用地主体和规划条件的5年过渡期政策。这次对5年过渡期作出调整，地方可以5 年为原则，根据具体项目的实际需要与用地主体来约定过渡期限，且在过渡期满后，符合履约要求办理后续 手续的，新增租赁方式，进一步降低财务成本，增强企业投资信心，稳定市场预期，支持实体经济发展。 苏州地处长三角核心区域，城镇化进程快、存量建筑体量大。苏州市自然资源和规划局局长莫栋升介绍，苏 州市2020年以来在自然资源部统筹指导下，先行先试开展存量建筑盘活利用探索实践，通过制定"一目录、一 清单、一张图"，打通了5年过渡期政策落地的"最后一公里"。 "我们明确5年过渡期内免征土地相关收益，降低经营主体初创开业成本20%以上。过渡期满后，综合考虑产 业发展导向、项目经营效益和实施主体意愿等进行分类处置。"莫栋升说。 合肥市新粮仓商业合集是旧粮库改造而成，筒仓等工业印记被保留，现代设计巧妙融入。新华社记者 杜 宇摄 近日，自然资源部联合住房和城乡建设部发布《关于进一步支持城市更新行动若干措施的通知》（以下简称 《通知》）， ...

Core Viewpoint - In 2025, under the strong leadership of the provincial government, various local departments focused on ensuring and improving people's livelihoods, achieving significant progress in completing 45 key livelihood projects with a total financial investment of 10.4 billion yuan [1] Summary by Categories Financial Investment - A total of 10.4 billion yuan was allocated to support the completion of livelihood projects [1] Livelihood Projects - All 45 projects across ten categories aimed at improving people's livelihoods were successfully completed [1] Areas of Focus - Key areas of focus included employment, education, healthcare, housing, and transportation, ensuring equitable and accessible basic services [1] Urban and Rural Development - Urban renewal and rural revitalization were promoted in a coordinated manner, enhancing the overall development of both areas [1] Social Services - The service guarantee system for the elderly and children ("one old, one young") has been increasingly improved, with noticeable effects in care and support services [1] Public Sentiment - The initiatives led to a significant increase in the public's sense of gain, happiness, and security, making these feelings more substantial, guaranteed, and sustainable [1]

Core Viewpoint - The city of Xining is actively improving urban infrastructure, focusing on enhancing night lighting and wastewater management to ensure public safety and environmental standards are met [2][3][4] Group 1: Urban Infrastructure Improvements - Xining aims to eliminate black and odorous water bodies in urban and county areas, ensuring 100% compliance with Class A discharge standards for urban sewage treatment plants [2] - The city plans to install 300 new streetlights and repair 1,700 existing ones to improve nighttime safety for residents [2][4] - A total of 460 kilometers of drainage pipelines will be newly constructed or renovated to address flooding issues [2][3] Group 2: Progress and Community Response - The city has engaged China Railway Water Affairs Group to conduct comprehensive inspections of sewage treatment plants in Haixi and Guoluo, achieving a 100% compliance rate for sewage treatment plants [3] - Xining replaced 400 streetlights with new LED sources and repaired 4,785 faulty lights, maintaining an average lighting rate of over 98% [3] - Residents have expressed satisfaction with the improvements, noting enhanced safety and increased economic activity in night markets due to better lighting [4]

今年的政府工作报告和计划报告中都明确提出，坚持城市内涵式发展、以绣花功夫推动城市精细化治 理。 内涵式发展正重塑着超大城市的发展逻辑，而北京的城市更新实践，则为这一发展主线提供了最鲜活的 注解。 由"外"向"内" 坚持城市内涵式发展 今年的计划报告在部署推动建设现代化人民城市一节中明确指出：坚持城市内涵式发展，大力推动城乡 区域融合、城市品质提升、城市治理增效。所谓"内涵式发展"是与"外延扩张式发展"相对而言的。过 去，我们依靠城市人口规模和空间扩张、资源的大量投入走了一条外延发展之路，虽然短期看城市经济 得到了快速发展，但这种"摊大饼"式的发展模式却让城市生了"病"，交通拥堵、大气污染、公共服务不 足等问题随之而来。与之相应的，城市内涵式发展靠的是创新驱动、结构优化，以城市内部要素作为发 展的动力源。 具体而言，内涵式发展包含三个核心特征。一是发展方式从"外延扩张"转向"内生增长"。不再追求城市 建成区面积的无序扩大，而是聚焦现有空间的优化利用，通过存量更新、功能重构、效率提升实现"原 地原片发展"。二是发展重心从"硬件建设"转向"软硬并重"。在完善城市基础设施等硬件的同时，更加 注重公共服务供给、文化内涵 ...

Group 1: Urban Development and Green Initiatives - The Beijing Municipal Political Consultative Conference emphasizes the importance of enhancing urban green spaces and promoting ecological construction through various proposals, including expanding the city's green areas and improving the greenway system [2][3] - The second ring greenway has become a popular destination for citizens, highlighting the integration of historical significance and urban vitality [2] - Suggestions include creating therapeutic gardens in public buildings and enhancing waterfront spaces to promote ecological and recreational features [2] Group 2: Technological Innovation and Collaboration - The focus on the "14th Five-Year Plan" aims to leverage Beijing's educational and technological advantages to enhance regional innovation through collaboration, particularly in the Beijing-Tianjin-Hebei area [4] - Proposals include upgrading innovation platforms, enhancing resource sharing, and improving the conversion rate of technological achievements within the region [4] - Emphasis is placed on reforming governance in innovation platforms to empower researchers and optimize financial support for technology ventures [4] Group 3: Urban Renewal Strategies - The "14th Five-Year Plan" outlines a shift in urban renewal from partial improvements to systematic enhancements, focusing on spatial restructuring to align with national strategies [5][6] - The plan includes strict adherence to population control and ecological boundaries while promoting comprehensive area updates [6] - A sustainable update mechanism is proposed, emphasizing community involvement and cultural empowerment to achieve a balance between historical preservation and urban vitality [6] Group 4: Cultural and Economic Integration - The "14th Five-Year Plan" identifies the need for Beijing to develop as an international consumption center and cultural hub, breaking down industry barriers to foster integrated development [7][8] - The plan includes enhancing the sports event system and creating immersive consumer experiences through innovative spatial and business model designs [7] - The focus is on leveraging technology for better market predictions and enhancing operational efficiency in the cultural and tourism sectors [8] Group 5: Agricultural Development and Digital Transformation - Agricultural development is crucial for achieving modernization and creating a harmonious living environment in Beijing [9] - Proposals include optimizing rural layouts and promoting smart agriculture through digital transformation across the agricultural supply chain [9] - The plan aims to stimulate rural consumption through diverse economic activities and targeted promotional campaigns to enhance market engagement [9]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]

Group 1: Urban Development and Green Initiatives - The Beijing Municipal Political Consultative Conference emphasizes the importance of enhancing urban green spaces and promoting ecological construction through various proposals [2][3] - Suggestions include addressing gaps in the greenway system to ensure seamless connectivity and enhancing urban infrastructure with green transformations [2] - The proposal also encourages the creation of therapeutic gardens in public buildings and improving waterfront spaces for better ecological and recreational integration [2] Group 2: Technological Innovation and Collaboration - The focus on enhancing the conversion rate of scientific achievements in the Beijing-Tianjin-Hebei region is highlighted, aiming to leverage educational and technological resources for innovation [3][4] - The plan includes upgrading collaborative platforms and mechanisms to stimulate talent and innovation, as well as optimizing financial support for technology ventures [3][4] - The initiative aims to integrate into global innovation networks and support major national technology projects, particularly in AI and biomedicine [4] Group 3: Urban Renewal Strategies - The "14th Five-Year Plan" outlines a shift in urban renewal from partial improvements to systematic enhancements, emphasizing the need for a "Beijing model" of urban renewal [4][5] - The strategy includes strict adherence to population control and ecological boundaries while promoting comprehensive area updates [5] - The goal is to create a sustainable urban renewal mechanism that balances historical preservation, green transformation, and urban vitality [5] Group 4: Cultural and Economic Integration - The importance of breaking down industry barriers to foster a new model of integrated development in culture, commerce, and tourism is stressed [6] - The plan includes enhancing the international sports event system and creating immersive consumer experiences through innovative spatial and operational designs [6] - The initiative aims to improve the international consumption environment and expand global cultural exchanges by hosting major international events [6] Group 5: Agricultural Digital Transformation - The need for digital transformation across the agricultural supply chain is emphasized, with a focus on smart agriculture and AI integration [7] - Proposals include optimizing rural layouts to enhance investment and consumption, as well as promoting diverse consumption scenarios in rural areas [7] - The strategy aims to stimulate market activity through various initiatives, including rural tourism and local consumption incentives [7]

其中，在规模保障上，《政策激励工具箱》提到，要充分发挥市级弹性预留指标引导激励作用，重点对 危旧房改建、非居改建保租房、轨道一体化更新等给予市级规模指标支持，加大民生保障力度，调动各 区和市场主体积极性。试点建筑规模奖励、老旧厂房加层改造不计容等政策。在金融保障和资金支持 上，争取国家资金和政策支持，全面建立多元金融支撑体系。 尹稚认为，《政策激励工具箱》直面建筑规模调配、用地功能混合、产权归集及社会资本引入等瓶颈问 题，为危旧楼改造、老旧厂房转型、公共空间活力提升等多元场景提供了精准适配的"政策包"。 城市更新是2026年北京重点工作之一。今年的北京市政府工作报告提到，将大力推动城市更新，推进城 市更新条例实施。 清华大学建筑学院教授、博士生导师尹稚表示，城市更新是一项复杂的系统工程，需要政府、市场、社 会等多方主体的共同参与。 北京发布"政策工具箱"，精准适配城市更新需求 近年来，北京持续推进城市更新。今年的政府工作报告提到，2025年北京深入推进城市更新，老旧小区 改造完工1225个，精细化治理1411条背街小巷，完成燕莎桥等251座桥系桥下空间整治，宛平城等20处 重点区域环境面貌显著提升。 对于今年 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace and construction sectors, indicating a positive outlook for these industries [3]. Core Insights - The report highlights that fixed asset investment (FAI) in 2025 is under pressure, with a total of 485,186 billion yuan, representing a year-on-year decline of 3.8%, which is a worsening of 1.2 percentage points compared to the previous 11 months [15]. - Infrastructure investment, excluding power and water supply sectors, decreased by 2.2% year-on-year, also reflecting a larger decline than earlier in the year [15]. - Real estate development investment reached 82,788 billion yuan in 2025, down 17.2% year-on-year, with new construction area dropping by 20.4% [15]. - The report emphasizes the potential for a rebound in the construction and real estate markets driven by supportive macro policies, particularly in urban renewal initiatives [16]. Summary by Sections 1. Industry Outlook and Investment Recommendations - The report suggests focusing on high-quality cyclical stocks in the construction sector, particularly those benefiting from urban renewal policies and major infrastructure projects [16][19]. - Key companies such as China State Construction and China Energy Engineering reported year-on-year increases in new contracts, indicating a positive trend in capital expenditure among leading firms [16]. 2. Market Performance Review - The construction decoration index rose by 1.88%, outperforming the overall A-share index, which increased by 0.83% [14]. - Notable performers in the sector included chemical engineering (+10.70%) and steel structure (+7.71%) [14]. 3. Key Company Dynamics - Roman Holdings is projected to achieve a profit of 1.8-2 billion yuan in 2025, marking a turnaround from previous losses, driven by strong demand for computing power in major cities [19]. - The report also notes the increasing importance of satellite remote sensing applications in the commercial aerospace sector, with new policies aimed at developing a comprehensive resource utilization system [19]. 4. Financing and Debt Issuance - As of January 23, 2026, special bond net financing reached 1,704.9 billion yuan, with new issuances totaling 1,746 billion yuan, indicating a stable financing environment compared to previous years [20][21]. - The report highlights that city investment bonds have seen a net financing contraction of 219 billion yuan, with no special government bonds issued so far in 2026 [21].

Group 1 - The core focus of the meeting was on the implementation of the "14th Five-Year Plan" and how the Political Consultative Conference can contribute wisdom and strength to this initiative [1] - The discussion included topics such as the integrated development of education, technology, and talent, as well as urban renewal [1] - The meeting also addressed the collaborative development of culture, commerce, tourism, and sports, alongside the expansion of effective rural investment and market consumption [1]