第一稿方案出炉后，万泉小区所在的隆顺社区组织志愿者挨门逐户发放调查问卷。居民意见集中在 3个方面：步道砖好看不实用，一压就碎；设计的停车位少，满足不了需求；缺少凉亭和健身设施。 "对万泉小区的改造，这是最后一次协调会，40天内必须完工！"近日，在抚顺市顺城区住建局召开 的万泉小区改造协调会上，局长顾国涛撂下重话。就在这次会上，四易其稿的万泉小区环境改造方案最 终敲定下来。 顺城区长春街道万泉小区是一个有着20多年历史的老旧小区，1204户居民、26栋楼，近六成居民是 老年人。"楼间距大，绿化好，又在市中心，当年大伙都抢着买。"9号楼居民王淑芬回忆道。 但好景不长，个别住在一楼的居民不顾物业劝阻，开始毁掉绿地种菜，没多久，小区内的绿地就被 瓜分殆尽。随着时间推移，私家车也多起来，乱停乱放不仅影响居民出行，而且经车辆反复碾压，大量 步道砖被碾碎，小区道路变得坑洼不平。 "小区有30万平方米，但每平方米0.4元的物业费都收不全，收上来的钱给保洁员开完工资就所剩无 几，根本无力维护基础设施。"万泉小区物业经理王胜一脸的无奈。 2025年7月，万泉小区的改造工作启动。接到任务，辽宁城建设计院有限公司道桥综合院立即派出3 ...

Core Viewpoint - The recent Central Urban Work Conference emphasizes the construction of comfortable and convenient livable cities as a key task in urban development, reflecting the aspirations of the people for a better life [1] Group 1: Livable City Construction - Livable city construction is a complex system project that requires addressing social civilization, economic prosperity, environmental beauty, safety, and convenience [1] - There is an urgent need to focus on solving pressing issues faced by the public and enhancing overall urban quality [1] Group 2: Addressing Public Concerns - The public's perception of livability is closely tied to their daily lives, including access to quality education, healthcare convenience, and the availability of public services [2] - A targeted approach is necessary to address these issues, ensuring that the public genuinely feels the improvements in urban livability [2] Group 3: Enhancing Urban Quality - Improving urban quality goes beyond meeting basic needs; it also involves enriching daily life experiences [2] - Cities should leverage cultural resources, protect historical buildings, and promote cultural industries to enhance the livability and attractiveness of urban environments [2] Group 4: Ecological and Systematic Governance - Urban ecological governance should shift from fragmented approaches to comprehensive system governance, utilizing modern data-driven methods to tackle issues like noise and pollution [3] - A focus on integrating people, industry, and urban planning is essential for optimizing public transportation and enhancing urban infrastructure [3] Group 5: Urban Development Transition - China's urbanization is transitioning from rapid growth to stable development, necessitating a shift from large-scale expansion to improving existing urban quality [3] - A pragmatic and efficient approach to livable city construction is crucial for enhancing the quality of urban life for the populace [3]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4] - The real estate sector has seen a weakening in sales momentum over the past two months, with the market remaining in a low-level fluctuation, influenced by policy developments [3][28] - The report suggests focusing on stable and leading companies in the real estate sector, particularly those operating in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [3][28] - In the building materials sector, the report emphasizes the potential for profit recovery in cement companies, recommending firms with solid fundamentals and attractive dividend yields [4][50] Summary by Sections Real Estate Sector - The report notes that the recent Central Political Bureau meeting emphasized the importance of urban renewal and fiscal measures to support the real estate sector [3][28] - It anticipates ongoing issuance of special bonds to support urban renewal and old community renovations, which will provide some demand support for real estate [3][28] - The report indicates that the real estate sector's sales have weakened, and the market is currently in a policy negotiation phase, with potential short-term rebounds driven by policy announcements [3][28] - It highlights the need to monitor the recovery of sales and improvements in the fundamentals of real estate companies for medium-term outlooks [3][28] Building Materials Sector - The report discusses recent environmental regulations aimed at improving standards in the glass and cement industries, which are expected to positively impact company operations and profit recovery [4][50] - It mentions that the cement market is currently facing weak demand and excess capacity, but infrastructure investment is expected to support cement demand in the second half of the year [4][50] - The report provides data indicating that retail sales of building and decoration materials reached 15.8 billion yuan in June, with a year-on-year growth of 1.0% [5][53] - It suggests that the building materials sector will see improvements in sales and profit margins due to market recovery and internal optimization efforts by companies [7][53]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].

这份精雕细琢，首先体现在对安全隐患的"零容忍"上。针对家长们最揪心的鹅石滑倒问题，项目团队反 复比选方案，最终决定将这片区域彻底"换装"，舍弃光滑的鹅石，精心铺设了带有细微槽面的防滑石材 路面。 在施工过程中，原本四四方方、棱角分明的老旧花坛边角，在安全员眼中成了潜在的安全隐患。"小朋 友跑跑跳跳，直角最容易磕碰。"安全员桑超克拿着图纸比划着。项目团队立即决定将四个角"削"去， 计划把花坛改成更为圆润、安全的八角形。然而，就在花坛边角改造时遇到了难题，作业空间有限，大 型机械完全无法施展。"那就用手工改！"施工员柴鹏带领工人们蹲在花坛边，一锤一凿，小心翼翼地手 工打磨掉坚硬的棱角。"微"幸福就这样被一点一滴地"打磨"进了这片小小空间。 当磕碰的风险被细心化解，项目团队的目光又投向了如何让这片空间更具温度与便利。"改造，不仅要 好看安全，更要实用贴心。"项目团队始终惦记着幼儿园门前高峰时段家长聚集、车辆交织的混乱场 景。为此，项目部特意采购了10个敦实厚重的花岗岩石墩。"这些石墩子看着不起眼，作用可大着 呢！"柴鹏介绍道。它们被巧妙地安置在幼儿园入口两侧和花园边缘，既能有效引导人流、防止车辆误 入，又为等待的家 ...

Group 1: Housing Policy and Eligibility - The first affordable housing project in Chengdu, Jin Guan Tian Fu Garden, will be launched with a selling price of 15,060 yuan per square meter [1][2] - Applicants must have a "5+2" urban household registration or meet the talent qualification criteria set by Chengdu [2] - Eligible applicants must not own property in the city and must not have transferred property ownership in the last three years [2][3] Group 2: Application Process - Applications can be submitted online through the Chengdu Housing Security Service Platform or Tianfu Citizen Cloud App, or in person at local government offices [1][3] - After obtaining purchase qualifications, applicants will be ranked based on a points system that considers factors such as household registration and social security years [3] Group 3: Housing Management and Restrictions - The affordable housing units cannot be traded or transferred to become market housing, ensuring they remain within the affordable housing program [3] - If a buyer wishes to exit the program, they can do so under specific conditions, allowing for internal circulation or buyback by the operating agency [3] Group 4: Urban Renewal Initiatives - Chengdu is actively renovating old neighborhoods, with over 280 projects started this year, aiming to improve living conditions for 43,000 households [3][4] - The Longxin Apartment, built over 30 years ago, is being transformed into a trendy art district, with ongoing renovations to enhance local amenities [4][5]

Core Points - The renovation project for the old residential community Wenhui Li has officially commenced, addressing long-standing resident concerns about the living environment [2] - The project involves significant upgrades to the community, including exterior wall repainting, roof waterproofing and insulation, and improvements to basic infrastructure such as non-motorized vehicle charging points and waste sorting stations [2] - The overall renovation will benefit over 90 households, enhancing the living conditions and service functions of the community [2] Summary by Sections - **Project Overview** - The Wenhui Li community consists of two old residential buildings constructed in the 1990s, which have deteriorated over the past 30 years [2] - Residents expressed their anticipation for the renovation, which aims to improve various issues such as narrow roads, dark hallways, leaking roofs, and lack of parking spaces [2] - **Community Involvement** - Community staff conducted surveys and home visits to gather residents' opinions and needs regarding the renovation [2] - Enthusiastic residents volunteered to help collect feedback and engage others in the renovation process [2] - **Renovation Details** - The renovation includes repainting the building exteriors, adding waterproofing and insulation to roofs, replacing small items like protective railings and awnings, and enhancing overall greenery in the community [2] - The project also focuses on upgrading basic facilities, including charging points for non-motorized vehicles and waste sorting stations [2] - **Progress and Scope** - As of now, the project has completed the base coating of the building surfaces, cleared disorganized wiring, and removed the overall protective railings [3] - The renovation of the roofs is underway, with the first building's roof repairs completed and the second building's roof cleaning and construction ongoing, expected to finish by the end of August [3] - In addition to Wenhui Li, four other old communities in Wenhui Street are undergoing upgrades this year, covering a total area of 235,100 square meters and benefiting 2,691 households [3] - A dedicated task force has been established to oversee the renovation process through regular meetings and field research, ensuring better living conditions for residents [3]

Group 1 - The core viewpoint of the articles highlights the growth and innovation of the elevator industry in Ningjin County, Shandong Province, particularly in the installation of elevators in old residential buildings [1][2] - Bolt Elevator Company has developed a modular installation method that significantly reduces construction time to five days, minimizing disruption to residents [1] - Since entering the old building elevator installation market in 2016, Ningjin's elevator enterprises have evolved from small and scattered to a comprehensive industry covering various segments, maintaining a leading position in production and sales nationwide [1] Group 2 - Ningjin's elevator parts companies have shifted from basic production to core component research and development, capturing a significant share of the domestic market [2] - The elevator industry in Ningjin has formed a collaborative industrial cluster characterized by leading companies, coordinated adaptation, and breakthrough chains, with products exported to over 50 countries and regions [2] - In 2024, the total output value of Ningjin's elevator industry is projected to reach 6.5 billion yuan, with a profit growth of 6.75% for large-scale enterprises [2]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **urban renewal** industry in China, highlighting the shift from large-scale demolition and construction to a focus on existing stock enhancement and preservation [2][3][5]. Core Insights and Arguments - **Policy Shift**: The Chinese government has transitioned its urban renewal policy to prioritize protection and preservation over demolition, reflecting a significant change in the real estate market's supply-demand dynamics. This shift is due to an oversupply of housing leading to increased market pressure and declining prices [2][3]. - **Challenges in Urban Renewal**: The industry faces challenges such as high-density new housing supply, significant price drops, and the ineffectiveness of traditional land sale models. Additionally, the prohibition of new local government hidden debts complicates financing [3][4]. - **Real Estate's Role**: The role of real estate in urban development has shifted from being an economic engine to a stabilizer. Government policies are now aimed at stabilizing the market rather than promoting rapid growth, with a notable increase in the proportion of second-hand housing [5]. - **Future Implementation**: Future urban renewal efforts will focus on comprehensive measures including the renovation of existing buildings, upgrading old neighborhoods, and enhancing community infrastructure, with an emphasis on public service and safety [6][7]. - **Impact on Real Estate Market**: Urban renewal is expected to stabilize property values by attracting new residents and improving land use efficiency, thus providing new growth opportunities for the real estate market [8]. Additional Important Content - **Funding Sources**: Urban renewal funding will come from various sources, including central budget funds, policy bank loans, REITs, local government bonds, and social capital. However, current reliance on fiscal input remains high [3][10]. - **Old Community Renovation Challenges**: The renovation of old communities faces challenges such as slow progress in completion and a focus on basic improvements rather than comprehensive upgrades [11][12]. - **City-Specific Measures**: Cities like Guangzhou and Henan are implementing specific measures to stabilize their housing markets, including acquiring existing housing for resettlement and issuing housing vouchers [15][17]. - **Urban Renewal Fund**: A total of 28 cities have established an urban renewal fund of approximately 455 billion, which is expected to alleviate market downturns caused by various factors [18]. - **Self-Demolition and Reconstruction Trends**: If compensation costs become prohibitive, self-demolition and reconstruction may emerge as a trend, allowing residents more autonomy in the renovation process [19][20]. - **Government Policies**: The government is expanding the issuance of special bonds to fund urban renewal projects and is increasing financial support for local governments to undertake necessary renovations [21][22]. This summary encapsulates the key points discussed in the conference call regarding the urban renewal industry in China, highlighting the challenges, policy shifts, and future directions.

Summary of Conference Call on Urban Renewal and Real Estate Market Industry Overview - The conference call discusses the **real estate industry** in China, particularly focusing on **urban renewal** and related policies for 2025. The overall sentiment indicates a **stagnant market** with various challenges affecting progress in urban renewal projects [1][2][12]. Key Points and Arguments Urban Renewal Challenges - The expectation for the real estate industry to stabilize in the first half of 2025 has not materialized, with urban renewal efforts falling short of expectations. The **special bonds** allocated for urban renewal are being misused, with **40%-50%** of funds diverted for other purposes [1][3]. - Urban renewal projects are progressing unevenly across regions. **Shanghai** is advancing quickly due to ample funding, while other areas, such as **Guangdong**, are struggling with implementation [1][6][10]. - The **low efficiency land renewal** is hindered by insufficient startup capital from local governments, leading to a general slowdown in comprehensive land remediation efforts [1][7]. Financial Aspects - The execution of **special bonds** in 2025 has been disappointing, with significant portions being redirected to cover salaries and maintain social stability rather than funding infrastructure projects [3][29]. - The anticipated market size for urban renewal is projected to be between **800 billion to 1 trillion** annually, but central government support remains limited, and state-owned enterprises are reluctant to take on local government risks [1][12]. Policy and Government Actions - The **Ministry of Housing and Urban-Rural Development** is promoting micro-renewal projects and dual-use engineering, but the actual impact of these initiatives is still under scrutiny, with only **300-400 billion** of the **6 trillion** loans allocated for infrastructure being utilized effectively [1][9]. - Local governments face challenges in initiating new urban renewal projects due to hidden debt risks and a cautious approach stemming from a sluggish real estate market [1][13]. Market Trends and Future Outlook - The overall real estate market is characterized by **overused land indicators** and difficulties in land sales, leading to a cautious stance from local governments regarding new projects [12][13]. - Despite some areas like **Beijing and Shanghai** showing slight expansion, the overall market remains weak, with **Shenzhen** experiencing a **64% year-on-year decline** [1][12]. - Investors are advised to focus on **policy expectations** rather than solely relying on market data, as the market is expected to stabilize in 2025-2026 [1][15]. Impact on Residents and Housing Market - Urban renewal initiatives are expected to impact the **second-hand housing market**, particularly in older districts, with government projects potentially suppressing rental prices and reducing investment interest [18][20]. - The introduction of **affordable housing** is likely to further affect the rental market, as these units are often offered at discounted rates, leading to a decrease in rental income for existing properties [19][20]. Conclusion - The urban renewal sector is facing significant hurdles, including financial mismanagement, uneven project implementation, and a cautious approach from local governments. The future of the real estate market hinges on effective policy execution and the ability to navigate the existing economic landscape [1][12][28].