Group 1 - The core point of the article is that the National Development Bank successfully issued 8 billion yuan in green financial bonds to support urban renewal projects [1] - The bonds have a maturity of three years and an interest rate of 1.32% [1] - To date, the National Development Bank has cumulatively issued green financial bonds totaling 207 billion yuan [1] Group 2 - The funds raised from this bond issuance will be used for projects related to sewage treatment, recycling, and sludge disposal facilities, as well as municipal solid waste treatment facilities [1] - It is estimated that these projects will lead to an annual reduction of 44,600 tons of carbon dioxide emissions and save 22,000 tons of standard coal [1]

S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 证 券 研 究 资料来源：Wind，东莞证券研究所 房地产行业 房地产（标配，维持） 销售止跌，房价筑底，供需及竞争格局将持续优化 投 资 策 略 房地产行业 2025 年中期投资策略 2025 年 6 月 13 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：何敏仪 SAC 执业证书编号： 房地产政策进一步精准发力。2025年房地产政策在延续去年宽松基 调同时，更多以"巩固稳定态势，细化落实"为主导。未来房地产 政策将继续是短期稳市场、提信心、防风险；中期调整供给、提振 需求，优化供需格局；长期构建新模式、促进高质量及可持续发展。 销售止跌回稳，房价仍处于筑底阶段。当前核心重点城市楼市成交 相对更活跃，其中改善性需求楼盘是支撑楼市回暖的一个重要因素。 高能级城市土地市场表现出首先回暖的迹象，房企也进一步聚焦于 核心城市拿地，带来在整体出让建面同比下降的同时，出让金额同 比明显回升 ...

在湖北宜昌的老城区，有一条承载着城市记忆的老街区：二马路历史文化街区。 二马路历史文化街区始建于1877年，见证了宜昌商业发展的历史变迁。2021年初，宜昌市启动二马路城市更新工程，经过四年打磨，今年初，这条百年老街 区以全新的面貌开街，成为市民游客的打卡地。 这座楼叫满意楼，位于宜昌二马路历史文化街区。在改造前，这里是宜昌市的百货商场，承载着几代当地人的生活记忆。 现在，它在保留历史风貌基础上，进行了现代化改造。如今，它变成了集文创产品和艺术生活空间于一体的休闲去处。 二马路历史文化街区坐落于宜昌老城核心区，是一条跨越百年的老街，蕴藏着丰富的历史文化底蕴。这里分布着6处重点文物保护建筑和50余栋历史建筑。 在城市发展的过程中，这里逐渐出现一些基础设施老化、历史文化建筑活化利用不够、老百姓的获得感不强等问题。对此，当地住房和城市更新部门遵 循"修旧如旧、最小干预"的原则，在保护历史街区原有风貌的同时，对建筑进行修缮与功能升级，既保留了传统街巷，又赋予了其新生。 宜昌市住房和城市更新局城市更新科科长 南希：在项目启动之初，我们就引进了专业的策划公司，共同推进我们街区的策划建设和运营工作，引入商业业 态来激发街区 ...

新房市场概况 供应端：5月份，新房在售项目数量持续下降，66城新房在售项目量环比下降2.7%。新房项目待售项目量受全国的推盘量减少和销售量增加，环比大幅下 降11.9%。 需求端：重点66城新房线上找房热度指数为60，比4月份提升了1个点；一线、新一线、二线和三四线城市热度指数分别为64、64、58、54；面积更大的 改善户型找房热度占比有所增加，120~140平方米的找房热度占比由20.5%，提升为20.8%。 价格端：重点60城新房找房均价19568元/㎡，环比微降0.01%；60城中33个城市新房售价上涨，1个城市新房售价保持不变，26个城市新房售价下跌。 5月房地产重点政策 新房项目供应走势 中央层面重点政策 2024年5月，中央主要的政策是在金融方面继续释放流动性，并全面推动城市更新。 5月7日，国家下调个人住房公积金贷款利率0.25个百分点，5年期以上首套房利率由2.85%降至2.6%；5月20日，5年期以上LPR下降10个基点，由3.6%下 调为3.5%，进一步降低居民购房成本。 5月15日，国家印发《中共中央办公厅国务院办公厅关于持续推进城市更新行动的意见》，提出八大重点任务和六大支撑保障，对 ...

未来三年，我省的老旧小区、街道巷子将迎来大变样，你的家门口可能变成网红打卡地。6月12 日，记者从省政府办公厅获悉，我省印发《河南省深入实施城市更新重点工程三年行动计划（2025— 2027年）》，着力打造"颜值"与"内涵"并存的宜居韧性智慧城市。 今年全省开工改造老旧小区1459个 《行动计划》明确，坚持问题导向、体检先行，"先体检后更新、无体检不更新"，用好城市体检成 果，科学编制城市更新规划。坚持突出重点、有序推进，以"一主两副"城市（郑州、洛阳、南阳市）和 郑州都市圈城市为重点，各地根据自身实际，以历史耐心、绣花功夫有序推进。 2025年，"一主两副"城市建设20个左右完整社区，郑州都市圈其他城市分别建设2个完整社区；全 省开工改造城镇老旧小区1459个，新建、改造雨水管网1200公里，新增污水处理能力30万吨/日。到 2027年，"一主两副"城市和郑州都市圈城市一半以上社区建成完整社区，其他城市建设一批完整社区， 城市安全韧性持续增强。 基本完成2001年前建成的老旧小区改造任务 《行动计划》要求，郑州、洛阳、鹤壁市持续推进国家完整社区试点建设。各地要完善社区基本公 共服务设施、便民商业服务设施、公 ...

昆山开发区又"出圈"了——这一次，是因为一场足球赛引爆全网关注。 昆山奥体中心（位于昆山开发区内） 随着"苏超"苏州赛区两场关键比赛确定移师昆山奥体中心，有网友兴奋表示："抢票成功的概 率就大了！"这座坐落于昆山开发区、按FIFA标准打造的专业足球场，如今更成为球迷们心中 的"绿茵圣地"。 不远处的夏驾河链接起科创走廊等城市风景，全方位开放滨河空间，让市民在城水共荣中感 受片区魅力。这条贯穿昆山开发区中部的城市河流，不只是划桨竞速的天然水脉，更是总部 经济、科创研发、城市生活并行展开的空间轴线。 创新未来城：以"产城人"融合重塑城市吸引力 在昆山开发区，城市更新不仅关乎生活空间的优化，更是一场对产业生态载体的升级。 2 0 2 5 年 4 月 ， 昆 山 全 球 新 型 显 示 产 业 创 新 中 心 项 目 签 约 落 地 。 该 项 目 总 投 资 5 0 亿 元 ， 将 加 速 AMOLED在消费电子、车载显示、虚拟现实、医疗探测等各种应用场景的渗透，不仅彰显了开发区 支撑高端制造与未来产业的能力，也将促进昆山新一代电子信息产业集群转型发展。 昆山开发区夏驾河公园 如果说奥体中心正在成为这个夏天昆山开发 ...

Group 1 - The opening of Zhonghai Dajixiang in Beijing attracted 200,000 visitors on its first day, showcasing the blend of traditional and modern commercial spaces [1] - The "first store economy" is gaining momentum in Shanghai, with 365 new first stores established in the first five months of the year, indicating a rapid growth in this sector [7] - Chengdu has seen 148 first stores open in the first quarter of this year, contributing to a vibrant commercial landscape [7] Group 2 - New commercial landmarks are emerging by combining culture, commerce, and leisure, meeting diverse consumer needs and driving consumption upgrades [11] - The transformation of historical sites, such as the old printing factory in Guiyang into "New Print 1950," illustrates the successful integration of industrial heritage with modern retail experiences [9][10] - The commercial district of Zhangyuan in Shanghai has attracted over 30 brands to open their first stores, with an average of 1.5 global launches per week and daily foot traffic of 30,000 [2][7] Group 3 - The innovative use of space in urban renewal projects, such as the preservation of historical architecture while introducing modern commercial functions, enhances both environmental quality and community engagement [14][15] - The integration of cultural elements into modern business practices is becoming a key driver for attracting younger consumers and revitalizing traditional shopping areas [12][15] - The "first store matrix" strategy is effectively reshaping urban commercial landscapes, enhancing customer experiences through unique offerings [8][10]

近日，四川省住房和城乡建设厅、四川省发展改革委、四川省财政厅、四川省自然资源厅、国家金融监 督管理总局四川监管局联合印发了《四川省实施城市更新行动方案》（简称《行动方案》）。《行动方 案》提出，2025年，全省要启动约600个城市更新重点片区，实施约3800个城市更新项目，持续改善城 市功能品质，建设高品质宜居空间。 2025年 全省启动约600个城市更新重点片区 实施约3800个城市更新项目 到2027年底 建成50个城市更新重点片区样板, 支持各地以更新重点片区为载体整合资源、 集成项目 H 2030年 四川省住房和城乡建设厅官网截图 《行动方案》明确，到2027年底，四川建成50个城市更新重点片区样板，支持各地以更新重点片区为载 体整合资源、集成项目。到2030年，城市更新工作机制、支持政策、技术方法和管理制度更加完善，可 持续城市更新模式基本形成。 《行动方案》围绕八大重点任务展开部署，包括围绕城镇老旧小区整治改造、城中村和老旧街区厂区更 新改造、既有建筑改造利用、城市基础设施更新改造、城市生态系统修复、历史文化保护传承、完整社 区建设、城市功能完善，着力提升城市整体环境品质和综合承载能力。 为推进城 ...

Summary of the Conference Call Records Industry Overview - **Industry**: Construction and Building Materials - **Key Trends**: The construction industry is experiencing a downward trend in revenue and profit in the first half of 2025, with accounts receivable turnover impacting ROE significantly. The gross profit margin remains stable. The second half of the year will focus on the impact of debt resolution on cash flow, with potential for improvement in fundamentals if positive changes occur [1][3][4]. Core Insights and Arguments - **Market Performance**: The construction and building materials sectors are in a state of adjustment, with the building decoration and renovation sectors performing slightly better. Cement and fiberglass prices have rebounded since hitting a low in Q1 of the previous year, leading to better performance compared to the broader market [2][4]. - **Debt Resolution**: The construction sector's debt resolution is crucial, especially for state-owned enterprises, which account for approximately 90% of the revenue and profit of listed construction companies. Significant improvements in cash flow have been observed, particularly among small and medium-sized construction firms [8]. - **Demand and Supply Dynamics**: The building materials sector is facing challenges with domestic orders and output under pressure, but design orders have shown good growth. Local government investments are increasingly focused on industrial investments, affecting project progress [9][10]. Investment Recommendations - **Construction Sector**: Recommended areas include stock renovation, urban renewal, emerging industry services (e.g., semiconductor clean rooms, nuclear power projects), and overseas business. Specific companies to watch include China National Materials, China Chemical, China Nuclear Power, and China State Construction International [5][6]. - **Building Materials Sector**: Focus on overseas business, high-end electronic fabrics, consumer building materials, and companies with clean de-real estate operations like China Liansu. High-dividend companies such as Conch Venture are also worth considering due to their promising waste-to-energy business [7][6]. Additional Important Insights - **Challenges**: The construction industry faces significant demand pressure, with a notable clearing phenomenon. Private enterprises are actively seeking cross-industry transformations, especially following supportive policies for mergers and acquisitions [11][12]. - **Emerging Opportunities**: The overseas market remains robust, with significant growth in direct investment and engineering contracts in countries along the Belt and Road Initiative [14]. - **Future Trends**: The nuclear power sector is expected to see significant investment growth, with approvals for new units accelerating. The construction sector is also expected to benefit from increased investment in infrastructure and energy projects [18][19]. Conclusion The construction and building materials sectors are navigating a complex landscape characterized by both challenges and opportunities. Key areas for investment include urban renewal, overseas expansion, and high-demand materials, with a focus on companies that can adapt to changing market conditions and leverage emerging trends in technology and sustainability.

Core Viewpoint - The recent announcement of the 2025 central government financial support for urban renewal actions marks the acceleration of urban renewal efforts in 20 cities, including Beijing, aiming for significant improvements in living environments and urban characteristics by 2030 [1] Group 1: Reasons for Urban Renewal - Millions of residents live in outdated spaces that require revitalization due to the rapid urban development over the past decades, leading to many residential areas built before 2000 becoming inadequate for modern living [1][2] - The definition of "old" residential areas includes those built before 2000 that are severely neglected, lacking essential amenities such as elevators, parking spaces, and proper management [1] Group 2: Funding Sources - Urban renewal projects often require substantial funding, sometimes exceeding hundreds of millions, necessitating innovative institutional approaches to attract more social capital beyond government financing [2][3] - Various cities are exploring sustainable financing models that involve government funding to stimulate private investment, creating a collaborative approach among government, enterprises, and residents [3] Group 3: Implementation Strategies - The current urban renewal efforts focus on substantial improvements rather than superficial changes, emphasizing the enhancement of infrastructure and community spaces [4][5] - Successful projects have demonstrated the importance of involving residents in the design and implementation processes, leading to higher satisfaction and community engagement [8] Group 4: Governance and Collaboration - The shift from government-led initiatives to multi-stakeholder collaboration is crucial, with various entities working together to ensure effective urban renewal [6][7] - Establishing a consensus among residents regarding project details is essential for fostering community ownership and maintaining the outcomes of urban renewal efforts [7] Group 5: Desired Outcomes - The ultimate goal of urban renewal is to create spaces that residents want to inhabit, focusing on sustainable operations and community integration rather than merely aesthetic improvements [9][10] - Successful urban renewal projects prioritize the creation of vibrant public spaces that enhance community interaction and cultural engagement, ensuring long-term vitality [9][10]