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" ...

Core Viewpoint - The article discusses the recent meeting of the Wuhan Municipal Committee, which approved the "15th Five-Year Plan" and the "Action Plan" to build a modern Wuhan by 2030, aiming for a GDP exceeding 3 trillion yuan and the establishment of five centers [1][2]. Group 1: Economic Goals and Development Strategy - Wuhan aims to achieve a GDP of over 3 trillion yuan by 2030, with a two-step goal for the "five centers" construction [1]. - The "five centers" initiative is a key task for Wuhan's economic and social development during the 15th Five-Year Plan period, reflecting its importance in guiding high-quality development [2]. - The plan emphasizes the integration of economic growth with the construction of the "five centers," showcasing a dual focus on economic capacity and development quality [1][2]. Group 2: Implementation and Action Plans - The construction of the national economic center will align with expanding domestic demand and integrating into the national market [3]. - Wuhan will implement seven major actions to transform the "five centers" from a blueprint into reality, focusing on economic elevation, technological innovation, and regional development [3]. - The city plans to enhance coordination among the "five centers" to promote mutual advancement and integrate innovation with industry [4]. Group 3: Urban Development and Infrastructure - The "Five Improvements and Four Goods" strategy will drive urban renewal, enhancing the quality of life and urban infrastructure [9][10]. - The urban renewal efforts will focus on five areas of improvement and four aspects of quality, aiming to optimize urban structure and functionality [9][10]. - The city will explore new models for urban renewal, addressing core challenges such as financing and land use [10][11]. Group 4: Industrial Layout and Future Prospects - The "Five Valleys" initiative aims to establish a modern industrial system, leveraging Wuhan's comparative advantages in various sectors [12][13]. - The spatial layout of "One City, Three Corridors, and One Belt" will enhance the overall efficiency of Wuhan's innovation system [13]. - The development strategy emphasizes the need for a balanced economic growth across different regions within Wuhan, promoting a more integrated urban economy [13].

Core Insights - Wuhan aims to achieve a GDP exceeding 3 trillion yuan by 2030, with a focus on building "five centers" to drive economic growth and modernization [1][2] - The "five centers" initiative is a strategic framework established in 2016 to enhance Wuhan's status as a national central city, emphasizing economic, technological, commercial, and international capabilities [2][3] - The city plans to implement seven major actions to transform the "five centers" from a conceptual framework into tangible outcomes, fostering regional economic development [3][4] Economic Goals - By 2030, Wuhan's GDP is projected to surpass 3 trillion yuan, with the urban agglomeration's GDP expected to reach 3.6 trillion yuan by 2024, representing over 60% of the province's total [4][5] - The urban agglomeration's GDP accounted for 59% of Hubei province and 2.66% of the national total in 2022, indicating a steady increase in its economic significance [4][5] Strategic Framework - The "five centers" construction is positioned as the main task for Wuhan during the 14th Five-Year Plan, highlighting its importance for high-quality economic and social development [1][2] - The city aims to integrate its development with national strategies, enhancing its role as a leading hub in the central region of China [2][3] Urban Development Initiatives - Wuhan's urban renewal strategy focuses on "five improvements and four enhancements," targeting urban infrastructure and quality of life [6][7] - The city plans to adopt innovative development models to address challenges in financing, land use, and administrative processes, promoting a comprehensive approach to urban renewal [7][8] Industrial Development - The "five valleys" initiative aims to establish a modern industrial system, integrating advanced manufacturing and modern services to enhance competitiveness [8][9] - The spatial layout of "one city, three corridors, and one belt" is designed to optimize innovation capabilities and foster collaboration across various sectors [10]

Core Viewpoint - The construction of modern people-oriented cities is essential for promoting high-quality development and improving the quality of life in China, emphasizing a people-centered approach in urban modernization [1][2]. Group 1: Urban Modernization Goals - The "14th Five-Year Plan" suggests strategic deployment around building innovative, livable, beautiful, resilient, civilized, and smart modern people-oriented cities [1]. - Urban modernization should focus on optimizing urban structure, transforming development momentum, enhancing quality, promoting green transitions, and ensuring effective governance to achieve the goal of "making cities better for living" [1][2]. Group 2: Challenges in Urban Development - Current challenges include gaps between public service supply and the growing needs of citizens, the need for improved systematic and refined urban planning, and the modernization of urban governance systems [2][3]. - Balancing historical preservation with urban renewal and strengthening the resilience of urban infrastructure are also critical issues that need to be addressed [2]. Group 3: Transition to Quality Improvement - By the end of 2024, China's urbanization rate is expected to reach 67%, with 940 million people living and working in urban areas, indicating a shift from large-scale expansion to quality enhancement in urban development [3]. - This transition requires a focus on improving urban quality through optimizing industrial layout and urban functions, promoting urban-rural integration, and enhancing overall operational efficiency and sustainability [3]. Group 4: Systematic Approach to Urban Modernization - The historical achievements in urban modernization stem from treating cities as organic entities and systematically planning urban development dimensions and goals [4]. - The expansion of urban development goals from "livable, resilient, smart" to "innovative, livable, beautiful, resilient, civilized, smart" reflects the guiding role of new development concepts and emphasizes the coordination of material and spiritual civilization [4]. Group 5: Strategic Focus Areas - Urban renewal should be a key focus, emphasizing high quality through comprehensive and systematic measures to enhance urban economic, social, and cultural development [5]. - Urban governance should prioritize high standards, addressing the complexities of urban ecosystems through improved legal frameworks, scientific planning, and digital technology integration [6]. - Ensuring urban safety as a baseline is crucial, with a focus on risk identification, infrastructure resilience, and innovative social governance models to create a collaborative urban governance community [6].

Core Viewpoint - The construction of modern people-oriented cities is essential for promoting high-quality development and improving the quality of life in China, emphasizing a people-centered approach in urban modernization [1][2]. Group 1: Urban Modernization Goals - The "14th Five-Year Plan" suggests strategic deployment around building innovative, livable, beautiful, resilient, civilized, and smart modern people-oriented cities [1]. - Urban modernization should focus on optimizing urban structure, transforming development dynamics, enhancing quality, promoting green transitions, and ensuring cultural continuity [1][2]. Group 2: Challenges in Urban Development - Current urban construction faces challenges such as gaps in public service supply, the need for improved systematic and refined urban planning, and the necessity for modernized urban governance capabilities [2][3]. - Balancing historical context preservation with urban renewal and enhancing urban resilience are critical issues that need addressing [2]. Group 3: Transition to Quality Improvement - By the end of 2024, China's urbanization rate is projected to reach 67%, with 940 million people living and working in urban areas, indicating a shift from large-scale expansion to quality enhancement in urban development [3]. - Urban development should focus on quality improvement through optimizing industrial layout and urban functions, promoting urban-rural integration, and enhancing overall urban living standards [3]. Group 4: Systematic Approach to Urban Modernization - The historical achievements in urban modernization stem from treating cities as organic entities and systematically planning urban development dimensions and goals [4]. - The expansion of urban development goals reflects the guiding role of new development concepts, emphasizing the coordination of material and spiritual civilization [4]. Group 5: Strategic Focus Areas - Urban renewal should be a key focus, emphasizing high quality through the transformation of urban spaces and functions to meet current and future needs [5]. - Urban governance must prioritize high standards, addressing the complexities of urban ecosystems through improved legal frameworks, scientific planning, and refined service models [6]. - Ensuring urban safety is crucial, with a focus on building resilient cities that prioritize safety and reliability, enhancing risk assessment mechanisms, and fostering community participation in governance [6].

Core Viewpoint - The articles emphasize the transformation of urban development in China, shifting from rapid growth to stable development, and from large-scale expansion to quality enhancement, with urban renewal as a key strategy for achieving these goals [1][2][3] Group 1: Urban Development Transformation - The central urban work conference highlighted that urbanization in China is transitioning from a rapid growth phase to a stable development phase, marking a significant change in urban development philosophy and approach [1] - The focus is shifting from "heavy scale" to "heavy quality" and from "expanding increment" to "optimizing stock," indicating a need for urban renewal to drive intrinsic development [1][2] Group 2: Urban Renewal Strategies - Urban renewal is defined as not merely large-scale demolition and construction but as organic updates that enhance urban functionality, comfort, and vitality [2] - The transition to a new development model emphasizes the importance of creating innovative scenarios and development momentum for new productive forces through systematic urban renewal [2][3] Group 3: Governance Innovation - Urban renewal requires innovative governance to address challenges related to "people, money, land, and procedures," necessitating a shift from a focus on reconstruction to a balanced approach of updating, operation, and governance [3] - The strategy includes maintaining public facilities with meticulous care, leveraging artificial intelligence for smart city development, and fostering a collaborative governance community [3]

政策要闻 | 全国城市更新工作推进会召开,研究部署高质量开展城市更新 (11.17-11.23) 摘要:财政部提前下达 566 亿城镇保障性安居工程补助资金,住建部召开全国城市更新工 作 推进会研究部署 高质量开展城市更新;广州常态化收购存量商品房用作保障性住房,杭 州出台工商业用地改革实施意见, 佛山优化境外个人购房条件,佛山、嘉兴、鹤壁等地优 化公积金贷款政策。 1. 中央:财政部提前下达保障性安居工程补助资金,住建部重申城市更新重要性 要闻一:财政部提前下达 566 亿城镇保障性安居工程补助资金 11月19日,财政部发布的关于提前下达 2026年部分中央财政城镇保障性安居工程补 助资金预算的通知中,今年中央财政下达的补助资金为566亿元,从分配来看,东部地区 为 142.40 亿元，中部地区为 218.63 亿元， 西部地区为204.97 亿元， 补助资 金整体向中、 西部地区倾斜,以更好地助力中、西部城市改善居民的住房条件和居住环境。 要闻二:住建部召开全国城市更新工作推进会,研究部署高质量开展城市更新 更多政策解读、城市月报、房企研究报告 ..... | 中指云 就在 \ 中指 · 政策要闻】全国城 ...

中国银河（601881）证券发布研报称，2026年去产能效果有望显现，行业供需格局改善预期增强，价格 有望回升，企业盈利有望逐步修复。此外，水泥龙头企业加速海外产能布局，将贡献更多业绩增量，拉 开龙头企业盈利差距。玻璃纤维下游新兴产业发展势头较好，AI算力需求驱动下，特种玻纤纱高景气 有望持续；城市更新驱动消费建材在旧改、修缮市场的需求释放，消费升级将带动高品质绿色建材需求 提升；终端需求改善预期较弱，"反内卷"有望加速玻璃供给侧优化。 消费建材：10月家装零售需求走弱，高品质存量需求托底消费建材市场 2025年1-10月建筑及装潢材料类零售额同比增长0.5%，其中10月单月同比下降8.3%，环比下降2.1%。 随着地产销售的走弱，存量家装市场需求有所减弱，且因新房需求大幅缩减，今年消费建材需求不及往 年同期。后续城市更新战略的持续落地将释放修缮、旧改等需求，"好房子"建设标准的推进将提升高品 质绿色建材的市场渗透率。 浮法玻璃：供给缩减，但提振效果有限，11月价格继续承压 11月浮法玻璃市场刚需变化不明显；月产能减少，行业总供给收缩；企业库存虽有所下降，但仍处于历 史高位；浮法玻璃价格进一步下滑。后续来看， ...