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].

Investment Rating - The report maintains a standard rating for the construction materials sector [2] Core Views - The real estate market is showing signs of recovery, particularly in high-energy cities, with improved sales of larger residential units. The demand for real estate and construction materials is expected to rise due to accelerated urban renewal initiatives [4][29] - The land market has seen a resurgence, with the top 100 companies acquiring land worth 405.19 billion yuan, a year-on-year increase of 28.8% [4][27] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [4][29] Summary by Sections Real Estate Market Overview - In the first four months of the year, 20 out of 30 representative cities saw an increase in the proportion of residential units over 120 square meters sold, with cities like Nanjing and Qingdao showing increases exceeding 8% [4][27] - New home prices in first-tier cities rose by 0.90% month-on-month in May, while second-tier cities saw a slight increase of 0.06% [4][27] - The report indicates that the recovery in the real estate market will gradually expand from specific points to a broader area, potentially leading to a valuation recovery for the sector [29] Construction Materials Market Overview - National cement production from January to April 2025 was 495 million tons, a year-on-year decrease of 2.8%, marking the lowest level for the same period since 2010 [5][47] - The report highlights that the cement industry is undergoing significant capacity reduction and is pushing for energy-saving and green transformation [6][49] - The construction materials sector is expected to benefit from increased fiscal spending and the issuance of special bonds, which will support demand for construction materials [51] Key Data and Trends - The report notes that the total amount of special bonds planned for issuance in June across 25 regions is approximately 885.64 billion yuan, with new special bonds accounting for 469.49 billion yuan [51] - The construction materials sector has seen a slight increase in prices, with the average cement price at 339 yuan per ton, down 4 yuan from the previous week [36][41] - The report recommends focusing on leading companies in the cement industry, such as Conch Cement and Huaxin Cement, which are expected to benefit from industry consolidation and overseas expansion [6][50]

4日，财政部发布了《2025年度中央财政支持实施城市更新行动评选结果公示》，20个城市入选。 资金支持方向为城市更新重点样板项目、城市更新机制建设两个方面。 这表明，要充分发挥中央财政补助资金的带动作用，积极推进城市更新进程，努力实现到2030年， 城市更新行动取得重要进展、城市更新体制机制不断完善、城市开发建设方式转型初见成效、安全发 展基础更加牢固等目标。 城市更新行动是推动城市高质量发展、不断满足人民美好生活需要的重要举措。5月中旬，中办、国 办发布了《关于持续推进城市更新行动的意见》（下称《意见》），强调城市更新要坚持以人民为中 心、全面践行人民城市理念。 2025.06. 06 以人民为中心，首先是城市更新要更加着眼于安民，让居民有一个更为安全的生活环境。 本文字数：1513，阅读时长大约2分钟 城市更新主要针对的是老旧城区，这些城区基础设施老化，燃气、桥梁、供水等存在安全隐患。一个 较为普遍的现象是，一旦遇到大雨很多老旧城区就会道路成河，形成内涝。老旧城区城市燃气管网普 遍使用年限较长，有的甚至达到30年以上，比较容易出现泄漏、破裂、爆燃等安全隐患。2022年某 市发生的一起燃气爆燃事故，就是由于 ...

行 业 研 究 2025 年 06 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 房地产 沪深300 相关研究报告 《"好房子"系列专题一：四代宅崛起， 政策红利与产品创新驱动居住升级— 行业深度报告》-2025.6.4 《新房成交面积环比增长，杭州土拍 市场火热—行业周报》-2025.6.2 《新房二手房成交面积环比增长，持 续推进城市更新 — 行 业 周 报 》 城市更新示范城市扩容，去库存进程有望提速 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 事件：财政部公示 2025 年城市更新行动评审结果 6 月 4 日，财政部公示 2025 年城市更新行动评审结 ...

《"好房子"系列专题一：四代宅崛起， 政策红利与产品创新驱动居住升级— 行业深度报告》-2025.6.4 《新房成交面积环比增长，杭州土拍 市场火热—行业周报》-2025.6.2 《新房二手房成交面积环比增长，持 续推进城市更新 — 行 业 周 报 》 城市更新示范城市扩容，去库存进程有望提速 行 业 研 究 2025 年 06 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 房地产 沪深300 相关研究报告 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 事件：财政部公示 2025 年城市更新行动评审结果 6 月 4 日，财政部公示 2025 年城市更新行动评审结 ...