编辑丨张伟贤 近期，多个省市陆续发布关于国民经济和社会发展的第十五个五年规划建议（以下简称"'十五五'规划建议"），对"十五五"时期的经 济社会发展提出目标和要求，并做出工作部署。 记者丨张敏 在多个省市的"十五五"规划建议中，提出"统筹推进"房地产风险有序化解，并将房地产与地方政府债务、中小金融机构的风险，并 列为需严格防范的系统性风险。 值得注意的是， 山东省还提出，健全房地产"白名单"融资常态化机制， 体现出从融资端推进相关制度建设的政策思路。 房地产处于新旧动能转换关键阶段，又事关金融稳定与民生福祉，对这项工作的安排，备受各方关注。 21世纪经济报道记者梳理多个地方的"十五五"规划建议发现，对房地产相关工作的部署，主要体现在化解风险、促进消费、发力城 市更新、推动高质量发展等方面。其中，不少地方的提法颇有亮点。 广东省、重庆市、厦门市均在"十五五"规划建议中提出，实现更高水平住有所居， 体现出在住有所居的基础上，对供应制度、居住 品质和管理体系的更高要求。 贵州省强调，探索推进"四房联动"，即"以旧换新促进二手房与商品房联动，以需定购促进保障房与商品房联动，以购代建促进安置 房与商品房联动"。贵州还因 ...

天津以城市更新推动高质量发展 "十四五"惠及53万户居民 天津市住房城乡建设委主任蔺雪峰表示，下一步将坚持从全局谋划一域、以一域服务全局，一以贯之统 筹抓好"十项行动""三新""三量"和"大城三管"等工作，为全市"十五五"良好开局"添秤"助力。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 中新网天津12月10日电 (记者 周亚强)天津市政府新闻办10日举行高质量完成"十四五"规划系列主题新 闻发布会——市住房城乡建设委专场。记者从会上获悉，"十四五"以来，天津系统推进城市更新行动， 累计改造老旧小区1061个，惠及居民53万户，城市面貌与生活品质同步提升。 图为新闻发布会现场。(天津市政府新闻办供图) 天津市住房城乡建设委二级巡视员侯学钢介绍，天津在城市更新工作中坚持"体检先行"，构建了"体检 发现问题、更新解决问题"的闭环机制。该机制围绕住房、社区、城区等六个层级查找短板，将全市23 万栋住房纳入系统体检，着力破解停车难、充电难、出行难等民生关切。此项创新已入选住建部可复制 经验做法清单并向全国推广。 以体检结果为指引，天津科学谋划更新项目。全市已审定49个片区类更新项目，其中一机床、 ...

近期，多个省市陆续发布关于国民经济和社会发展的第十五个五年规划建议（以下简称"'十五五'规划 建议"），对"十五五"时期的经济社会发展提出目标和要求，并做出工作部署。 房地产处于新旧动能转换关键阶段，又事关金融稳定与民生福祉，对这项工作的安排，备受各方关注。 21世纪经济报道记者梳理多个省份的"十五五"规划建议发现，对房地产相关工作的部署，主要体现在化 解风险、促进消费、发力城市更新、推动高质量发展等方面。其中，不少省份的提法颇有亮点。 广东省、重庆市、厦门市均在"十五五"规划建议中提出，实现更高水平住有所居，体现出在住有所居的 基础上，对供应制度、居住品质和管理体系的更高要求。 贵州省强调，探索推进"四房联动"，即"以旧换新促进二手房与商品房联动，以需定购促进保障房与商 品房联动，以购代建促进安置房与商品房联动"。贵州还因地制宜地提出，"大力发展旅居地产"。 作为城市内涵式发展的重要内容，不少省市对城市更新也有创新性提法。 梳理这些内容，对于理解未来五年房地产发展模式和路径，有着重要意义。 防风险与促消费并重 在楼市处于新旧发展动能转换的关键阶段，防范化解风险仍是房地产政策的重要底线。 在多个省市的"十五五 ...

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 16,425.40 points with a drop of 0.06% [1] Industry Performance - From the beginning of the year to December 2, the construction decoration index increased by 6.8% [1] - The renovation and decoration service sub-sector led the gains with an increase of 30.6% [1] Stock Performance - Jingxue Energy closed at 25.42 CNY per share, down 5.96%, leading the decline in the renovation and building materials stocks [1] - *ST Yazhen closed at 38.81 CNY per share, down 4.99%, ranking second in the decline [1] - Youbang Ceiling closed at 28.49 CNY per share, down 3.62%, ranking third in the decline [1] - Zhongyuan Home closed at 19.70 CNY per share, up 9.99%, leading the gains in the sector [1] - Xilinmen closed at 23.07 CNY per share, up 5.63%, ranking second in the gains [1] - Shangpin Home Delivery closed at 14.86 CNY per share, up 5.46%, ranking third in the gains [1] Urban Renewal - The funding sources for urban renewal include central government funds, local special bonds, loans from financial institutions, and social capital, providing strong momentum for urban renewal development [1] - A total of 25,000 old urban residential communities are planned to be renovated by 2025, with 21,700 already started from January to August, achieving 86.8% of the annual target [1] - There is significant potential for construction companies in urban renewal and maintenance fields [1]

Group 1 - The Yuandadu City Wall Ruins Park has undergone a comprehensive upgrade with a focus on "ecological priority and all-age friendliness," and the Haidian District Garden Greening Bureau will continue to enhance this concept through ongoing maintenance and service improvements [2] - The Xihuan Road North Extension project in Shunyi District has received approval from the Beijing Development and Reform Commission, marking a significant step forward in improving connectivity between Shunyi and the central urban area [4] - The Wangfujing Ice Wonderland, a collaboration between Wangfujing and Burberry, has returned for its sixth consecutive year, offering an immersive ice and snow experience that integrates commerce with cultural and artistic elements, enhancing the brand image of Wangfujing as a high-end lifestyle destination [8] Group 2 - The 40th Longqing Gorge Ice Lantern Art Festival is in preparation, set to begin in mid-January 2026, featuring a combination of flower lanterns, ice lanterns, and ice entertainment projects for a dual visual and experiential delight [10] - The second batch of new performance spaces in Haidian District has been announced, with ten new venues recognized to break traditional theater boundaries and integrate performances into diverse settings [12] - The completion of the Garden Street (Dongzhimen) construction project in Dongcheng District has added 1,340 square meters of green space and approximately 700 square meters of recreational area, enhancing the living environment for nearly 30,000 residents [26]

Core Insights - The Wuhan Municipal Committee has approved the "15th Five-Year Plan" and the "Five-Year Action Plan" to build a modern Wuhan, aiming for a GDP exceeding 3 trillion yuan by 2030 [1][3] - The plan emphasizes the construction of "Five Centers" as a dual-target strategy, with significant progress expected by 2030 and full realization by 2035 [1][3] Group 1: Five Centers Development - The "Five Centers" initiative has become the main task for Wuhan's 15th Five-Year period, reflecting its importance for high-quality economic and social development [3] - The initiative traces back to 2016, when the National Development and Reform Commission outlined the need for Wuhan to become a national central city supported by four key functions [3][4] - The action plan aims to accelerate the construction of a national central city and position Wuhan as a leading strategic hub in central China [3][4] Group 2: Economic and Technological Integration - The development of the national economic center will align with Wuhan's goals to expand domestic demand and integrate into the national market [4] - The city aims to build a modern industrial system and promote deep integration of technological and industrial innovation to support the national technology innovation center [4][10] - The plan includes seven major actions to transform the "Five Centers" from a blueprint into reality, focusing on economic elevation, technological leadership, and regional development [4][5] Group 3: Urban Renewal and Infrastructure - Wuhan plans to implement urban renewal through the "Five Reforms and Four Improvements" strategy, which includes upgrading existing buildings and enhancing community services [7][8] - The city will explore new urban renewal models to address core challenges such as financing and land use, promoting a multi-faceted development approach [9] - The "Five Grains" initiative focuses on leveraging Wuhan's industrial advantages and future sectors, enhancing the city's competitiveness and economic growth [9][10] Group 4: Regional Economic Impact - The Wuhan metropolitan area achieved a GDP of 3.2 trillion yuan in 2022, accounting for over 59% of the province's total, with a target of exceeding 3% of the national GDP by 2030 [6] - The metropolitan area is expected to play a crucial role in the national market and regional economic development, enhancing its influence and connectivity [6][11] - The "One City, Three Corridors, One Belt" strategy aims to optimize spatial layout and enhance the overall efficiency of Wuhan's innovation system [11]

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.35%, while the Shenzhen Component Index increased by 0.14% and the ChiNext Index decreased by 0.23% [1] Group 1: Market Performance - The Infrastructure 50 ETF (159635) rose by 0.73%, with a latest price of 1.107 yuan [1] - Leading stocks in the ETF include Sichuan Road and Bridge up by 3.95%, Shantui Construction Machinery up by 3.83%, Hangzhou Forklift up by 2.83%, XCMG Machinery up by 2.75%, and COFCO Engineering up by 2.71% [1] Group 2: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Infrastructure 50 ETF is 9.55, which is at the 31.98% percentile over the past 10 years, indicating a relatively low valuation compared to other sectors in the A-share market [1] Group 3: Industry Outlook - According to Kaiyuan Securities, infrastructure investment and new construction contracts have been weakening since 2025, leading to a divergence in the performance of sub-sectors [1] - With ongoing government debt management and corporate deleveraging, the construction sector is expected to experience a resonance of fundamentals, policies, and valuations [1] - The industry is advised to focus on marginal changes in areas such as overseas construction, urban renewal, digital construction, power engineering, and debt management, while maintaining a positive outlook on state-owned construction enterprises and regional leaders with low valuations and stable performance [1]

中邮证券认为，高层近期强调"深入实施城市更新行动"，将其与稳楼市、消除安全隐患结合，要求2026 年底前完成地市级城市更新专项调查，划定保护底线。同时，"好房子"建设标准进一步明确，要求新供 土地原则上满足绿色建材应用比例不低于70%、智慧社区配套率100%等，重庆、常州等地已出台地方 版"好房子"建设十条，推动产品力升级。此外，多地发放购房补贴，实现需求端松绑与供给端优化并 举，"因城施策"稳楼市预期。 财信证券认为，短期看，基本面进一步下行带来的政策宽松预期有望推动板块估值修复，长期需关注房 企在新模式下的发展机遇。我们建议短期关注政策宽松带来的估值修复机会，中长期聚焦具备核心城市 资源和不动产运营能力的龙头企业。 截至13:39，A股三大指数全线调整，上证指数跌0.46%，深证成指跌0.36%，创业板指跌1.05%。房地产 ETF基金（515060）上涨3.23%，最新报价0.734元，盘中换手率6.25%。成分股涨跌互现，世联行领涨 10.07%，万科A上涨10.06%，海南高速上涨9.97%，财信发展上涨9.94%，华夏幸福上涨9.92%；盈新发 展领跌2.03%，首开股份下跌1.37%，万通发展下 ...

| 代码 | 类型 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 159707 | 行 地产ETF | 0.642 | 0.025 | 4.05% | | 159768 | 主 房地产ETF | 0.575 | 0.021 | 3.79% | | 512200 | 行 房地产ETF | 1.536 | 0.048 | 3.23% | | 515060 | 行 房地产ETF基金 | 0.733 | 0.022 | 3.09% | 有分析认为，房企基本面处于"磨底"阶段。未来一段时间，加码政策出台及行业基本面站稳回升的进程，将主导板块行情走势。中长期来看， 行业发展将从"高杠杆、高周转"转向"品质、服务、可持续"，并以城市更新释放存量潜力。 （文章来源：每日经济新闻） 地产股午后拉升，万科A涨停，海南机场涨超7%，保利发展涨超5%，新城控股、华发股份涨超3%。 受盘面影响，房地产相关ETF涨超3%。 ...

在土地资源紧约束的背景下，城市更新不止是空间的再造，更是空间功能重塑、延续历史记忆、留住城 市文脉、提升生活品质，让更多人能从城市发展中获益。 近年来，静安区探索城市更新综合路径，持续撬动区域转型发展蜕变升级。万科在此深耕十余年，通过 城市更新，从商务印书馆第五印刷所的文脉起底到国际先锋商业街区的持续营造，再到优质社区配套的 导入，构建15分钟理想生活圈，为国际静安注入新的活力。 从2024年到2025年，中興傲舍经历了从蓝图到实景、从理念到生活的完整演进。每一次开放，都是体系 的一环：会所、空中公区，样板房、花园、楼王与春熙集，逐步点亮了一座"可感知的理想社区"。 焕新片区面貌 大型旧城改造项目拆迁规模巨大，开发难度高，而万科在整个中兴城焕新计划中，地块开发与城市焕新 紧密联合在一起：通过城市公共空间的联合改造与修复，留驻历史文脉，将片区活力充分激发。 2014年，万科对中兴城约100万平方米区域进行规划，不仅推动商务印书馆第五印刷所的更新复建、中 兴公园的改造，还相继推出翡翠雅宾利、中兴路一号等高品质项目，且获得不错的市场反响。万科在这 一片区不断加大投入，以实际行动改善和提升片区面貌。 十余年"中兴城" ...