Group 1 - The service industry is experiencing robust growth, stimulating new economic momentum [1] - The western region of China shows strong momentum for high-quality development [2] - Small and medium-sized enterprises in China are seeing a recovery in production and operations [3] - Foreign enterprises continue to invest in China [4] Group 2 - As of the end of May, China's foreign exchange reserves stood at 32,853 billion USD [10] - By 2024, the water consumption per ten thousand yuan of GDP in China is expected to decrease by 4.4% year-on-year [11] - The minimum purchase price for wheat will be initiated in 2025 [12] - Two departments have allocated 580 million yuan for water conservancy disaster relief funds to ensure safety during flood season [13] - The reservoir group in the upper reaches of the Yangtze River has cumulatively replenished 38 billion cubic meters of water this year [14]

央视网消息：城市更新，修旧如旧。近年来，不少城市在完善城市功能、保护传承城市历史文化等领域持续更新，让工业遗存蝶化重生，民生功能不断 完善、历史文化不断传承、安全韧性不断提升。 今年端午假期，位于江苏常州南城脚牡丹里文创园的这家餐饮店十分忙碌，一年多前，"90后"创业青年张松开了这家创意烧烤店，平时节假日都要排 队。 牡丹里文化创意产业园位于常州老城厢复兴发展及大运河文化带建设的中心区域，占地面积超过1万平方米。这里汇集了很多像张松这样慕名前来创业 的年轻人，他们经营的咖啡店、民谣酒馆一站式满足吃喝玩学购等消费需求，目前园区的招商率超过98%。 曾经机器轰鸣的老厂区，如今飘起了烧烤和咖啡香，现代生活与传统工业的和谐共生，源自当地探索的"工业遗存+文创商业"新路线，通过建筑活化、 功能重构、业态创新"三步走模式"，开启全面的修缮与翻新，让寸土变寸金，年接待游客百余万人次。 更新改造的同时，园区也注重工业遗产保护，保留工业遗存建筑5栋，经历修缮再利用后，已成为展示近代常州纺织工业历史和文化的重要场所。目 前，园区已经孵化小微企业及个体工商户43家，直接提供就业岗位400多个，间接带动周边就业千余人。 曾经荒芜的闲 ...

从1978年的17.92%到2023年的66.16%，我国常住人口城镇化率大幅提升。如今，中国加速迈向存量更 新时代，城市更新成为城市建设与发展的主要方向，其引发的物质消耗和生产生活方式变化，成为影响 中国"双碳"目标进程的重要因素。 "尽管新建建筑已全面执行绿色标准，但存量建筑改造在能源效率、运营成本等方面仍存在巨大提升空 间。"吕玫表示，行业正面临投资成本高、决策链条复杂、数据标准缺失等多重挑战，这要求以系统化 视角重构改造流程，而科技正是打通全链条的核心抓手。 以"走向碳中和之路"为主题的2025上海国际碳中和技术、产品与成果博览会(以下简称"碳博会")6月5日 至6月7日举行。碳博会期间，主题是"激活城市绿色动能"的城市更新绿色引力论坛举行。上海市国际展 览(集团)有限公司副总裁、上海国际展览管理有限公司总经理蒋岚在致辞时表示，上海作为全球超大城 市标杆，正积极探索"存量焕新"与"低碳发展"的协同路径。然而，城市更新面临技术应用成本高、资金 回报周期长等挑战，需凝聚"科创引力"突破技术瓶颈。绿色技术作为激活城市更新的关键驱动力，将为 城市空间重塑、功能升级提供有力支撑，推动城市向更绿色、更低碳、更宜居 ...

近年来，上海的城市更新，不仅是城市空间的再造，更是城市功能的重塑、生活品质的跃升、文化记忆 的延续和发展动能的转换。 中意政府文化论坛意方主席马西莫·布莱认为，城市更新需"激活承载集体认同的历史要素"。上海在这 方面的实践具有示范意义，如外滩"第二立面"的更新中，上海采用"绣花针"式的渐进式改造，既保护历 史文脉又实现功能升级，通过保留141栋历史建筑并植入新功能，重塑"万国建筑博览群"的文化价值； 张园更新项目通过"修旧如故"的手法，将石库门里弄转化为文化创意空间。此外，上海还通过意中文化 合作机制，在外滩海关大楼设立常设文化交流平台，推动东西方文化互鉴。 "立法先行、规划引领、动态评估"的制度设计，为上海城市更新提供了长效保障。以民生为导向的城市 更新机制创新既保护了历史风貌，又平衡了开发的成本和收益。此外，上海创新通过规划师、设计师、 策划师"三师联创"的工作机制，将专业力量下沉到社区，从而确保更新方案贴近居民需求。上海还通过 建立城市更新专家委员会，整合高校、研究机构的智力资源，为政策制定提供科学支撑。 中国科学院院士郑时龄表示，城市更新已从物理空间改造转向"融合经济、社会、生态治理的综合战 略"。他 ...

Core Viewpoint - The acquisition of old residential buildings' top floors presents a low-risk investment opportunity with potential for high returns due to urban population growth and housing demand [2][6]. Group 1: Investment Opportunities - Acquiring top floors in old residential complexes is considered a relatively low-risk investment due to their favorable locations and existing infrastructure [5]. - The investment can yield high returns as costs are relatively low, and with renovations, significant asset appreciation can be achieved within a few years [6]. - The potential for transformation is high, as government support for urban renewal projects can enhance the market competitiveness and value of these properties [8]. Group 2: Urban Development and Trends - Urbanization and the ongoing process of demolition and reconstruction of old neighborhoods are key trends that can lead to increased property values [10]. - Investors are encouraged to monitor the dynamics of old residential areas for potential demolition opportunities, which can lead to financial gains through compensation [12]. Group 3: Considerations for Acquisition - Legal regulations regarding property rights and ownership must be thoroughly understood before purchasing [14]. - The structural integrity and condition of the building are critical factors that need assessment to avoid unexpected renovation costs [16]. - Awareness of local urban planning and policies is essential, as these can significantly impact investment returns and property appreciation potential [18]. - A comprehensive financial plan should be established, considering all costs associated with the purchase and renovation [20].

Group 1 - The core viewpoint of the articles emphasizes the ongoing urban renewal initiatives across various cities in China, with a focus on enhancing urban functions and quality, supported by significant financial investments and government policies [1][2][3] Group 2 - In 2024, over 60,000 urban renewal projects are planned, with an estimated investment of approximately 2.9 trillion yuan, indicating a comprehensive effort to revitalize urban areas [1] - The central government has initiated support for 15 cities, including Shijiazhuang, Shanghai, and Hefei, to implement urban renewal actions, showcasing a coordinated national approach [1] - The Ministry of Housing and Urban-Rural Development has released a first batch of 28 typical urban renewal case studies to promote successful experiences in project organization, implementation models, and supportive policies [1] - The urban renewal process involves complex planning, construction, and management, requiring a balance between economic, social, and environmental benefits, while facing various challenges [1] - There is a call for a comprehensive policy framework for urban renewal, including legislative support and a toolbox of policies to address key issues in project approval, land planning, financing, and taxation [2] - Encouragement for market participation in the entire lifecycle of urban renewal projects is highlighted, with a focus on establishing a multi-party financing mechanism and enhancing cooperation between government and financial institutions [2] - The need for innovative planning and technical support for urban renewal projects is emphasized, advocating for tailored planning systems and non-standard technical specifications to improve urban quality [2]

Group 1 - The core viewpoint of the article emphasizes the ongoing urban renewal efforts in China, particularly focusing on the transformation of old residential communities and the integration of cultural elements into urban spaces [3][7][8] - The article highlights the successful renovation of the Changxin Apartment, which has improved living conditions through better parking, waste management, and designated charging areas for electric vehicles [3][6] - The "Boundaryless Art Museum" concept in the Beilei community showcases how urban renewal can enhance cultural engagement by transforming streets into exhibition spaces for art and community events [4][5] Group 2 - The article discusses the significant upgrades in the Beilei community, including the introduction of modern commercial establishments that attract younger demographics, enhancing the area's vibrancy [5][6] - It notes the importance of addressing the needs of elderly residents, such as the installation of elevators in old buildings and the establishment of community dining facilities with subsidies for senior citizens [6][8] - The article mentions the successful transformation of Chengdu's Taikoo Li, which has become a luxury shopping destination while preserving historical architecture, demonstrating the balance between modern retail and cultural heritage [7][9] Group 3 - The article outlines the necessity of multi-department collaboration in urban renewal projects, as seen in the Yulin East Road case, where various governmental departments worked together to enhance pedestrian and commercial spaces [10][11] - It emphasizes the need for a structured approach to urban renewal, with clear responsibilities for city authorities to ensure effective implementation and avoid superficial efforts [11]

从4月初，美国对全球贸易伙伴拿出"关税大棒"，到5月份，中美经贸牵头人在日内瓦会谈迈出了解决问 题重要一步，再到之后，美国又拿出"科技大棒"，一波三折，世界都在期待两个大国缓和的动向。 积极的财政政策是，中央财政发力，从而拉动地方财政和社会资金，把钱投在人口流入的地方，满足了 流动人口的生产、生活需求，自然也会激发更多更新的消费增长点。 最近火爆出圈的江苏省足球超级联赛，被简称为"苏超"，在端午节假期中，成为现象级的体育赛事，成 为各方期待的拉动消费的香饽饽，门票收入、赛事周边、景区旅游、酒店餐饮，更进一步是对体育产业 的带动，对城市运营的推进。 6月5日晚，国家主席习近平应约同美国总统特朗普通电话。习近平指出，"校正中美关系这艘大船的航 向，需要我们把好舵、定好向，尤其是排除各种干扰甚至破坏，这尤为重要"。特朗普表示，美方乐见 中国经济保持强劲增长，美中合作可以做成很多好事。习近平欢迎特朗普再次访华，特朗普表示诚挚感 谢。两国元首同意双方团队继续落实好日内瓦共识，尽快举行新一轮会谈。 如此进展，令市场鼓舞，但是，做好自己的事情，争取最好的结果，依然是在谈判中赢得主动的基本 盘。如何在国内经济上，也"把好舵、 ...

2024年，为引导部分大中城市探索建立可持续的城市更新模式，财政部已启动实施城市更新行动，首批 确定了15个城市。今年4月，财政部、住建部联合发布《关于开展2025年度中央财政支持实施城市更新 行动的通知》，明确将通过竞争性选拔，确定部分基础条件好、积极性高、特色突出的城市，在城市层 面探索整合各类资源，探索建立资金、用地、金融等各类要素保障机制，形成工作合力。力争通过三年 探索，城市地下管网等基础设施水平明显提升，生活污水收集处理效能进一步提高，老旧片区宜居环境 建设取得明显成效。 根据上述通知，中央财政将按区域对实施城市更新行动城市给予定额补助。其中：东部地区每个城市补 助总额不超过8亿元，中部地区每个城市补助总额不超过10亿元，西部地区每个城市补助总额不超过12 亿元，直辖市每个城市补助总额不超过12亿元。资金根据工作推进情况分年拨付到位。 近日，财政部、住建部联合公示2025年度中央财政支持实施城市更新行动评选结果。2025年度中央财政 支持实施城市更新的20个城市分别为：北京、天津、唐山、包头、大连、哈尔滨、苏州、温州、芜湖、 厦门、济南、郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁木齐。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The zinc price's box - style oscillation pattern awaits a breakthrough, while the lead price is expected to remain volatile. Attention should be focused on the price trend of waste batteries [4][64]. 3. Summary According to the Table of Contents 3.1 Report Abstract - The US ADP employment increase in a certain month was 1.37 million, lower than the expected 1.5 million and the previous value of 2.625 million, reaching the lowest level in years. The market focused on this data [4]. - China's manufacturing PMI in a certain month was 49.5%, up 0.5 percentage points from the previous month, but still below the critical point. It was the first time to fall below the critical point in a certain period [4]. - The European Central Bank mentioned continued small - scale interest rate cuts, and countries would increase investment in national defense and infrastructure, providing support on a broader macro - level [4]. - The China Zinc Raw Material Joint Negotiation (Coordination) Group announced the guidance price range for imported zinc concentrate procurement fees in the third quarter of 2025 [4]. - The supply of zinc raw materials remained loose, and the zinc ingot output might have a large - scale increase. The domestic zinc ingot social inventory decreased slightly, and the low inventory supported the zinc price [4]. - The supply of recycled lead was unstable, and the inventory of lead ingots in the national market increased. The consumption of waste batteries was weak, and the lead price was expected to remain volatile [4]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Zinc) - Bullish factors: The output of domestic and foreign zinc mines may accelerate in June, and the zinc ingot output ratio may have a large - scale increase, and the social inventory has decreased [7]. - Bearish factors: The consumption end is weak [7]. 3.2.2 Multi - and Short - Factors Analysis (Lead) - Bullish factors: The supply of recycled lead is still unstable [10]. - Bearish factors: The operating rate of primary lead enterprises is high, the price of waste batteries is running weakly, and the off - season consumption has not improved significantly [10]. 3.3 Data Analysis 3.3.1 Zinc - Related Data - In April, China's zinc ore concentrate imports were 494,662.21 tons, with a month - on - month increase of 37.64% and a year - on - year increase of 72.63%. The supply from major countries increased, and Australia became the top supplier [12]. - In June, the average domestic zinc concentrate TC increased by 150 yuan/metal ton to 3,650 yuan/metal ton, and the average imported ore TC increased by 10 dollars/dry ton to 55 dollars/dry ton. The China Zinc Raw Material Joint Negotiation (Coordination) Group released the guidance price range for imported zinc concentrate procurement fees [15]. - The price of zinc concentrate slightly increased. The price of 50% zinc concentrate in Hechi was 17,930 yuan/ton, up 90 yuan/ton from the previous week; in Chenzhou, it was 17,700 yuan/ton, up 70 yuan/ton from the previous week [20]. - In April, China's refined zinc output was 576,000 tons, down 39,000 tons from March, with a year - on - year slight increase of 0.3%. From January to April, the cumulative output was 2.333 million tons, and the year - on - year decline narrowed to 2.9%. Due to the increase in zinc ore processing fees, the smelter's production profit was repaired [23]. - In April, refined zinc imports were 28,200 tons, with a month - on - month increase of 2.4% and a year - on - year decrease of 38.66%. From January to April, the cumulative imports were 129,200 tons, with a year - on - year decrease of 9.44% [26]. - Policies such as the new energy vehicle countryside campaign and urban renewal were introduced, which may have an impact on the consumption of zinc in related industries [30]. - As of June 5, the LME zinc inventory was 137,150 tons, down 1.44% from the previous week. The SHFE zinc inventory decreased by 4% to 42,310 tons in the week of May 30. As of June 5, the zinc ingot inventory in the national main markets was 58,300 tons, down 900 tons from June 3 [33]. 3.3.2 Lead - Related Data - This week, the lead futures and spot prices rebounded after hitting the bottom. The basis was 55 yuan/ton, and the premium range narrowed. The price difference between 1 lead and recycled refined lead was 110 yuan/ton, down 60 yuan/ton from the previous week [38]. - The weekly price of 60% lead concentrate in Kunming decreased by 257 yuan/ton, and in Baoji, it decreased by 251 yuan/ton. As of May 30, the lead concentrate processing fees in different regions changed, with some decreasing and some increasing [42]. - In April 2025, the lead concentrate imports were 111,046 physical tons, with a month - on - month decrease of 4.3% and a year - on - year increase of 22.1%. As of 2025, the cumulative lead concentrate imports were about 448,700 physical tons, with a year - on - year increase of 41%. In April, the refined lead imports were 4,734 tons, with a month - on - month increase of 65% [46]. - In April 2025, China's lead output was 664,000 tons, with a year - on - year decrease of 1%. Both primary lead and recycled lead production decreased in April, but some enterprises resumed production in May [48]. - The operating rate of primary lead increased by 5.98 percentage points to 66.26%. The operating rate of recycled lead enterprises increased by 10.94 percentage points to 62.91%, and the operating rate of lead batteries increased by 1.99 percentage points to 74.34% [51][53][57]. - Last week, the LME lead inventory decreased after a large - scale increase, and the SHFE lead inventory decreased by 3.98% to 46,500 tons in the week of May 30. As of June 5, the national main market lead ingot social inventory was 50,800 tons, up 3,900 tons from June 3 [61]. 3.4 Market Outlook - The zinc price's box - style oscillation pattern awaits a breakthrough; the lead price is expected to remain volatile, and attention should be paid to the price trend of waste batteries [64].