1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The issuance and net financing of non - financial credit bonds in the first half of 2025 showed a downward trend, with the issuance of urban investment bonds also decreasing, and the net financing gap expanding. The financing cost has been declining. Different regions and cities have significant differences in issuance, net financing, and financing costs. The issuance volume of industrial holding industry decreased in the first half of 2025, ranking second [1][26]. 3. Summary by Related Content 3.1 Overall Situation of Non - financial Credit Bonds and Urban Investment Bonds - In the first half of 2025, the issuance of non - financial credit bonds was 6.82 trillion yuan, a year - on - year slight decrease of 1.02%, and the net financing was about 1.01 trillion yuan, a year - on - year decrease of 14.88%. The issuance of urban investment bonds was about 2.615 trillion yuan, accounting for 38.33% of the total non - financial credit bond issuance, with a net financing of - 815.54 million yuan [1]. - Since 2019, the issuance cost of urban investment bonds has been declining. In 2024, the weighted average coupon rate dropped below 3%, and in the first half of 2025, it further dropped below 2.5% (about 2.44%) [1]. - The net financing of urban investment bonds has shown a negative trend since Q4 2023, with fluctuations. In the first half of 2025, the net financing turned negative year - on - year, with a decline of 268% [3]. 3.2 Regional Analysis of Urban Investment Bonds 3.2.1 Provincial - level Analysis - In terms of issuance volume, Jiangsu, Shandong, and Zhejiang ranked in the top three, but their issuance volumes in Q2 2025 decreased quarter - on - quarter. Hunan and Hubei had significant quarter - on - quarter growth in Q2 2025. Since 2024, Jiangsu has seen the most obvious decline in single - quarter issuance volume [8]. - In terms of net financing, there are significant differences and large changes among provinces. Jiangsu has seen the most obvious reduction in bond volume since the debt resolution. Shandong and Guangdong have shown "reverse expansion". Most provinces' net financing decreased quarter - on - quarter in Q2 2025 [10][12]. - In terms of financing cost, since 2025, it has been in a downward trend. In Q2 2025, only Guizhou, Gansu, Qinghai, Inner Mongolia, and Heilongjiang had a weighted average coupon rate above 3%. There were 18 provinces with a yield above 2.5% in Q2 2025, 2 less than in Q1 [12]. 3.2.2 Prefecture - level City Analysis - In Q2 2025, there were 30 cities with an issuance volume of over 10 billion yuan, and Qingdao was the only city with an issuance volume of over 40 billion yuan in Q2 and over 100 billion yuan in the first half of 2025. In the first half of 2025, the issuance volumes of major cities declined significantly. Among the top 20 cities in issuance volume, Xi'an had the most obvious year - on - year increase, while regions with a decline of over 30% included Suzhou, Changzhou, Huzhou, and Xuzhou [15]. - In the first half of 2025, 102 cities achieved positive net financing, 2 more than the previous year. Guangzhou and Qingdao were the only two cities with a net financing scale of over 10 billion yuan. Among other cities with a large net financing scale, Taizhou, Shangrao, Zhengzhou, and Shijiazhuang turned from negative to positive, while Zhuhai, Fuzhou, and Weifang had obvious declines [19]. - Nanjing and Chengdu had a financing gap of over 10 billion yuan, and their year - on - year declines were large. Most cities with large financing gaps saw a significant expansion of the gap, and Xiamen, Quanzhou, and Zhuzhou turned from positive to negative [21]. - In Q2 2025, only Baoshan, Anshun, Laibin, Liaocheng, and Tongren could offer a yield of over 4%. There were 28 cities with a coupon rate of over 3%, 3 less than in Q1. Only Zhangjiakou, Weihai, Guilin, Liuzhou, Xiangtan, Harbin, and Dezhou saw a quarter - on - quarter increase in the weighted coupon rate [23]. 3.3 Industrial Holding Industry - In 2023, the issuance volume of the industrial holding industry exceeded that of the power industry, ranking first. In 2024, it continued to rank first, with the total issuance volume reaching a record high of about 1.28 trillion yuan. In the first half of 2025, it dropped to second place, and the total volume was close to 46% of that in 2024. In terms of net financing, it reached 35.18 billion yuan in 2024, a year - on - year increase of 245%. In the first half of 2025, the net financing was about 17.18 billion yuan, nearly half of that in 2024. The financing cost has also been declining, dropping below 2.2% in the first half of 2025 [26].

Core Viewpoint - The recent Central Urban Work Conference marks a significant shift in urban development strategy, moving from aggressive expansion to a focus on improving living conditions for residents [1][3][11] Group 1: Shift in Urban Development Strategy - The previous approach to urban development was characterized by rapid expansion and high property prices, leading to issues such as ghost towns and financial strain on residents [3][4] - The new directive emphasizes the importance of maintaining existing infrastructure and improving the quality of life for citizens, rather than merely increasing land sales and construction [3][4][5] - Key initiatives include repurposing unused industrial spaces for community services and upgrading aging infrastructure, which directly addresses residents' daily concerns [3][4][5] Group 2: Decentralization of Opportunities - The conference encourages the development of smaller cities and counties, promoting local opportunities rather than concentrating resources in major cities like Beijing and Shanghai [5][6] - This shift is driven by changing demographics, with more individuals preferring to stay in smaller cities where living conditions are improving and job opportunities are emerging [5][6] - The focus on local industries and unique regional characteristics aims to create sustainable economic growth in various areas, reducing the pressure on major urban centers [5][6] Group 3: Redefining Urban Competition - Future urban competition will prioritize "soft power" over traditional metrics like GDP growth, focusing on residents' quality of life and satisfaction [7][8] - Factors such as ease of finding jobs, healthcare accessibility, and overall living conditions will become the new benchmarks for evaluating urban success [7][8] - The emphasis on community satisfaction reflects a broader understanding that urban development should serve the needs of the people rather than just economic indicators [7][8] Group 4: Long-term Vision for Urban Living - The ultimate goal of urban development is to create comfortable living environments where residents feel secure and satisfied with their daily lives [9][10][11] - The conference's outcomes suggest a future where urban areas are designed to enhance the quality of life, with improved public services and infrastructure [9][10][11] - The narrative shifts from viewing cities as mere economic engines to recognizing them as homes that prioritize the well-being of their inhabitants [9][10][11]

时隔十年，党中央层面的高规格的城市工作会议再次召开，为今后一段时期城市工作、城市发展奠定了 新的基调。 7月14日至15日，中央城市工作会议在北京举行。会议明确了做好城市工作的总体要求、重要原则和7个 方面的重点任务，其中提出了"两个转向"和"五个转变"，即我国城镇化正从快速增长期转向稳定发展 期，城市发展正从大规模增量扩张阶段转向存量提质增效为主的阶段，城市工作要转变城市发展理念， 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；转变城市工作方法，更加注重统筹协调。 建设现代化人民城市 新中国成立以来，中国总共召开过五次最高级别的城市工作会议，前三次为全国城市工作会议，分别在 1962年、1963年、1978年召开。2015年年底，中央城市工作会议在北京召开，这是时隔37年后党中央再 次召开最高规格的城市工作会议。今年7月，这一高级别的城市工作会议再度召开。 在城市发展的总体要求上，本次会议提出要以建设创新、宜居、美丽、韧性、文明、智慧的现代化人民 城市为目标，以推动城市高质量发展为主题，以坚持城市内涵式发展为主线，以推进城市更 ...

宏观 消息 1、央行公告称，7月17日以固定利率、数量招标方式开展了4505亿元7天期逆回购操作，操作利率为1.4%，投标量 4505亿元，中标量4505亿元。Wind数据显示，当日900亿元逆回购到期，据此计算，单日净投放3605亿元。 2、国家统计局数据显示，6月，全国城镇不包含在校生的16-24岁劳动力失业率为14.5%，较上月下降0.4个百分点； 全国城镇不包含在校生的25-29岁劳动力失业率为6.7%，较上月下降0.3个百分点；全国城镇不包含在校生的30-59岁 劳动力失业率为4.0%，较上月上升0.1个百分点。其中，全国城镇不包含在校生的16-24岁、25-29岁劳动力失业率已 连续4个月下降。 3、外资机构集体上调中国2025年全年GDP增速预测。其中，摩根士丹利将今年中国实质GDP增长预测从4.5%上调至 4.8%，高盛将增长预测由4.6%上调至4.7%，瑞银将增长预测由4%上调至4.7%。 4、中共住房和城乡建设部党组召开理论学习中心组学习 （扩大）会议强调，要把城市更新摆在更加突出位置 ，统筹 实施好一系列民生工程、安全工程、发展工程。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 ...

证券研究报告 2025 年 7 月 18 日 星期五 【A 股市场大势研判】 市场全天低开高走，创业板指领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3516.83 | 0.37% | 13.05 | | | 深证成指 | 10873.62 | 1.43% | 152.81 | | | 沪深 300 | 4034.49 | 0.68% | 27.29 | | | 创业板 | 2269.33 | 1.75% | 39.13 | | | 科创 50 | 1005.65 | 0.80% | 8.02 | | | 北证 50 | 1428.11 | 0.86% | 12.13 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国防军工 | 2.74% ...

央视网消息：中央城市工作会议指出：要转变城市发展理念，更加注重以人为本；转变城市工作重心，更加注重治理。地摊夜 市管理一直是城市治理的难点。在安徽省马鞍山市，一处曾聚集300多个摊点占道经营的流动夜市，在新的城市治理理念指引下， 通过城市更新变身为热闹的精品夜市。这一变化背后有怎样的故事？ 入夜时分，安徽省马鞍山市体育路夜市人头攒动、热闹非凡。香气扑鼻的烤串、充满锅气的炒面、琳琅满目的饮品，在音乐和灯光 的映衬下，夜市的"烟火气"显得更加浓烈。 夜市共有283间门面房，全部实现了通水、通电，还增设了公共就餐区、临时停车区，配置了微型消防站。可即使如此仍有部分摊 主有顾虑。 安徽省马鞍山市体育路夜市摊主黄双全表示，客源比之前稳定了很多，生意现在也很好，节假日忙不过来还要喊老婆孩子过来给他 打打下手、帮帮忙。 摊主黄双全所说的"以前"，指的就是曾经的体育路夜市。那时，夜市还是一条由流动摊位自发聚集形成的小吃街，主要分布在安徽 工业大学秀山校区北门旁的体育路。高峰时，体育路上曾有300多个流动摊位，这条道路也长期被油烟、拥堵和垃圾所困扰。 马鞍山市花山区城市管理综合行政执法大队大队长夏兆亭表示，首先是交通堵塞的问题 ...

真正的"办好"，需要从"有一办一"转向"举一反三"，从被动应对转向主动治理。北京市创新推出"每月 一题"机制，将物业管理、停车难等12类27个高频难点问题纳入专项治理，实现了从解决"一件事"到办 好"一类事"的质变。 速度与深度的统一，需要制度创新与科技赋能共同发挥作用。北京市"接诉即办"机制覆盖全市16个区， 能够实现7×24小时全天候响应；通过大数据分析市民诉求热点，实现民生问题的精准预判和快速响 应；建立"三率"（响应率、解决率、满意率）考核体系，将群众评价作为衡量政府效能的关键标准。这 些创新实践表明，在数字技术和制度创新的共同作用下，"快响应"与"真解决"就能实现有机统一。 万物皆流，唯变不变。面对群众日益多元的诉求，"接诉即办"同样需要与时俱进。从"接诉即办"到"未 诉先办"，体现的是治理理念的深化；从"解决问题"到"源头预防"，彰显的是治理能力的提升。当每一 个诉求都能得到既快又好的回应，当每一次办理都能成为改善治理的契机，我们就能在速度与深度的辩 证统一中，绘就共建共治共享的社会治理新图景。 "叮咚"一声手机提示音响起，又一条市民诉求通过12345热线送达政府服务平台。在数字化时代，"接诉 即 ...

盛夏时节，临安区城管驿站"流动凉茶铺送清凉"活动如约而至——这是茶铺第四年出摊。7月17 日，记者从杭州市环卫固废中心了解到，即日起至9月底，该活动将持续为户外工作者送去凉茶、棒冰 及防暑物资。 据了解，今年临安区"流动凉茶铺"共规划13条覆盖青山湖科技城等区域的线路。每条线路配备一辆 装载凉茶、矿泉水、棒冰、藿香正气水、清凉油等降温解暑物资的服务车。服务队员会在每日上午8点 至10点、下午3点至5点，骑着三轮车走街串巷，将清凉物资精准送达一线劳动者手中。 除了临安"流动凉茶铺"开始出现在大街小巷，拱墅区15座"城驿吉祥铺"也已于近日陆续开张，将以 外摆营业的形式为户外工作者提供暑期清凉"福利"。 记者了解到，15座驿站均有党员"城小二"进驻，提供为期2个月的外摆"吆喝"服务。驿站供应的清 凉"配方"也进行了全面升级，除了夏令提供的"方回春堂"的养生凉茶、老冰棍等专属清凉品外，还有爱 心早餐、小面包等能量供给。 而在上城区，73座城管驿站已提前备足防暑物资，每日现熬绿豆、红豆或银耳解暑汤，免费提供给 有需求的一线户外工作者，有需要的市民可以进去歇歇脚。 自7月7日上线以来，"凉茶铺"已运行一周，为沿路的劳动者 ...

Core Insights - The Liangzhu Cultural Center project has achieved significant progress with the completion of the underground structure within the 50-meter protection zone for the subway, supporting the goal of overall completion by 2027 [1] - The project is located in the core area of Liangzhu New City, with a total construction area of 80,631.96 square meters, integrating cultural services and urban facilities [1] Group 1: Project Overview - The Liangzhu Cultural Center will include a library, youth activity center, and citizen service center, along with office buildings, underground parking, and civil defense projects, creating a comprehensive public space for cultural dissemination, citizen activities, and administrative services [1] - The design incorporates the essence of Liangzhu culture with modern architectural aesthetics, featuring a library and youth center designed with a streamlined architectural language symbolizing the vibrant development of Liangzhu New City [1] Group 2: Functional and Urban Impact - The project aims to provide diverse public services such as reading, art training, and government services, enhancing the public service level in the region and meeting the diverse needs of citizens [2] - Upon completion, the center will address the shortfall of high-end cultural facilities in the area, optimizing resource allocation along the "Cultural Corridor" and forming a complete chain of "heritage protection, cultural transmission, and modern services" [2]

"我在西站修文物"活动不仅是简单的手工互动，更是一次深刻的文化教育，让老挝青年在实践中感 受中国传统文化魅力与文物保护的重要性。 杭州西站不仅是一个交通枢纽，更是一个集商业、文化、休闲为一体的综合性空间，这种"站城融 合"的设计理念让他们对中国城市的发展理念有了全新的认识。"在参观过程中，我不仅被杭州西站的现 代化设施与宏大建筑所震撼，更直观感受到了中国在交通基础设施建设上的领先水平。"一名学生说 道，杭州西站就像一本立体的文明教科书，这里既有未来感十足的交通网络，也有让历史触手可及的文 化温度。 "陶瓷是镌刻文明的特殊史书，每道裂痕都是时光的印记。"在"我在西站修文物"体验区，杭州市文 物考古研究所所长胡利红娓娓道来："中国古陶瓷修复不仅是传统技艺的薪火相传，更是现代科学的创 新探索。"在修文物活动现场，胡利红和专业考古老师手把手教学指导，老挝学生们动手体验从拼对、 黏接、配补到打磨的文物修复全过程。"这如同破解一道跨越千年的文明密码！"一名学员惊叹道。 当一件件破损瓷器在孩子们手中逐渐重获新生，学生们的脸上洋溢着成就感与对文化探索的满足。 胡利红强调，中国古陶瓷修复保护的发展历程，既是对传统技艺的传承，也 ...