在上面的分类之下，那些中小型房企其实也可以自成"隐形地主"派别，其中的代表便是金光华集团。 两个多月前，由于前万科深圳副总冯卷的加盟，金光华集团久违地曝光在公众面前，也引起了人们对其 业务发展的关注。 走上旧改道路 自房地产市场进入调整期以来，土地市场的交易量也出现了一定程度的萎缩。在这种情况下，城市更新 成为房地产市场增量最重要的来源之一。 金光华集团至今成立三十年，当前业务涵盖住宅开发、城市更新、商业投资及运营、产业园区开发及运 营、物业管理五大板块。 深圳今年旧改市场的动态不少，各区均有不少项目进展得到更新，包括光明区光明街道富力片区城市更 新单元、龙华区观湖街道松元厦向西片区城市更新单元、盐田区海山街道沙头角林场桐华大厦片区城市 更新单元、宝安区西乡街道西乡牛湾旧村城市更新单元等。 不过，蛋糕大，玩家也不少。深圳这片热土上，参与旧改的可以笼统地分成三派：以华润、招商等为代 表的央企军团；以佳兆业、鸿荣源等为代表的民企旧改专家；以碧桂园、福天兴业为代表的外地"深 漂"。 和其他许多房地产大佬一样，金光华集团的创始人李亚鹤也是"潮汕帮"成员。1964年出生的李亚鹤，在 17岁那年为了分担家里的经济压力，选 ...

Core Points - Nexity has established a new Executive Committee to enhance its focus on Urban Planning, Development, and Serviced Properties, aiming for profitable growth starting from January 1, 2025 [1][2] - The new committee, chaired by Véronique Bédague, consists of seven members and is tasked with implementing the Group's strategy, particularly the rollout of New Nexity [1][2] - Nexity reported €3.5 billion in revenue for 2024, emphasizing its role as a national urban operator dedicated to urban regeneration and client needs [3] Governance Structure - The new Executive Committee includes members from the current Executive Management Committee and new appointments such as Fabrice Aubert as Chairman of the New Urban Services & Solutions division and Pierre-Henry Pouchelon as Deputy Managing Director [2][5] - Other notable members include Joris Delapierre and Lionel Séropian, both with extensive experience in property development at Nexity, and Anne-Laure Joumas, who will lead the Serviced Properties division [5] Strategic Focus - The establishment of the New Urban Services & Solutions division aims to address the current needs of regions across France and simplify decision-making processes [4] - Nexity is committed to affordable and sustainable real estate, focusing on low-carbon construction and vibrant, livable cities [6] Industry Recognition - In 2024, Nexity was recognized as France's number-one low-carbon project owner for the sixth consecutive year and ranked fifth in customer relations by Les Échos and HCG [7]

图为第四届北京城市更新论坛暨城市更新体验周在北京市海淀区开幕。主办方供图 开幕活动现场对第四届北京城市更新"最佳实践"项目进行表彰。本届评选共收到225个申报项目，经网 络投票和专家评审，最终40个项目脱颖而出，包括区校共建实现产城融合、为国家级实验室提供空间保 障的清华大学南口全国重点实验室基地项目，传承皇城文脉、激发业态赋新的景山三眼井启动区平房院 落及首开首院文化金融产业园项目，商圈提质带动区域升级、激发整个街道活力的规划引领下的三里屯 国际商居融合片区式更新(一期)项目等 北京城市更新体验周启动 打造商业与文化等多类场景 中新网北京9月29日电 (记者 陈杭)记者29日从北京市规划和自然资源委员会获悉，以"人民城市 有机更 新"为主题的第四届北京城市更新论坛暨城市更新体验周在北京市海淀区开幕。活动将在全市范围内持 续至10月中旬，期间包括开幕活动、政策交流研讨会、最佳实践经验分享会、北京城市更新周活动以及 闭幕式等系列活动。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwvi ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity Continues to Decline - The construction PMI for August was 49.1, indicating a decline in industry prosperity [7][8] - The new orders index fell to 40.6%, reflecting reduced demand [5][8] 2. Fixed Asset Investment Growth Slows - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decrease of 1.1 percentage points compared to the previous month [19] - The investment growth in the third industry decreased by 3.4%, while the second industry saw a growth of 7.6% [19] 3. Infrastructure Investment Growth Declines, New Regulations Ensure Existing PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, national real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for housing fell by 19.5%, while the completion area decreased by 17% [61] 5. Existing PPP Project Construction and Operation are Guaranteed - The report indicates that existing PPP projects have a substantial scale, with over 7 trillion yuan in projects already underway [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

Market Overview - The core viewpoint of the report indicates a slight decline in new home sales in key cities during the first three quarters of 2025, with market momentum weakening in the second quarter and continuing to stabilize at the bottom in the third quarter. However, the introduction of quality land by leading real estate companies in core cities is expected to support new home sales in the fourth quarter, suggesting opportunities in "good cities + good houses" [1][2][3]. Supply and Demand - In the first three quarters, new home transaction volume in key cities showed a slight year-on-year decline, with the second quarter experiencing weakened market momentum and the third quarter continuing to stabilize at the bottom. The second-hand housing market saw growth in transaction volume due to price adjustments [2][4]. - Nationally, from January to August 2025, the sales area of new commercial housing was 570 million square meters, a year-on-year decrease of 4.7%, with sales revenue of 5.5 trillion yuan, down 7.3% year-on-year. Existing home sales outperformed new homes, with existing home sales accounting for 35.4% of total sales [3][4]. Key Cities Performance - In the first three quarters of 2025, the transaction area of new residential properties in 100 key cities slightly decreased year-on-year. The market was affected by extreme weather and a continuous reduction in supply, although there was a recovery in September due to increased supply in core cities [4][6]. - The second-hand housing market in key cities maintained growth, with a year-on-year increase of approximately 9% in transaction volume. Notably, cities like Shenzhen and Shanghai saw significant increases in second-hand housing transactions [6][10]. Price Trends - From January to August 2025, the average price of second-hand housing in 100 cities fell by 5.08%, while new housing prices increased by 1.54% due to the entry of quality improvement projects [12][16][17]. - The average price of new residential properties in 100 cities was 16,910 yuan per square meter in August 2025, reflecting a year-on-year increase of 2.73% [17]. Land Supply and Demand - In the first three quarters, the land transfer revenue for residential land in 300 cities increased by approximately 13% year-on-year, although the area sold decreased by 9%. The focus of land acquisition remained on core cities, with a notable decline in land supply in lower-tier cities [19][21]. - The average premium rate for land transactions in the third quarter decreased, indicating a cooling in the land market despite some high premium transactions in core cities [26][27]. Development Investment - From January to August 2025, real estate development investment amounted to 6 trillion yuan, a year-on-year decrease of 12.9%. This decline was attributed to pressures on short-term investments [35][38]. - The funding available to real estate developers also faced challenges, with a year-on-year decrease of 8.0% in funds received by developers [41]. Policy Environment - The macroeconomic environment is expected to face increased pressure in the fourth quarter, necessitating stronger macro policies. The real estate policy is anticipated to continue focusing on stabilizing the market and stimulating demand [42][46]. - Recent central government meetings emphasized the importance of urban renewal and the need to activate demand through various measures, indicating a proactive approach to support the real estate market [43][48].

Core Viewpoint - The Fourth Beijing Urban Renewal Forum and Urban Renewal Experience Week opened with the theme "People's City, Organic Renewal," showcasing 40 selected urban renewal projects from 225 submissions, including 14 recognized as "Best Practices" [2][3]. Group 1: Event Overview - The event includes a series of activities such as an opening ceremony, policy exchange seminars, sharing of best practices, and a closing ceremony, with a total of 5 million yuan in consumption vouchers distributed to encourage public engagement in urban renewal sites [2][5]. - The activities will continue citywide until mid-October, aiming to enhance public awareness and experience of urban renewal [2]. Group 2: Best Practice Projects - The Haidian Grand Fusion City, recognized as a "Best Practice" project, exemplifies urban renewal by integrating commercial, cultural, and recreational elements, significantly revitalizing the area [3][4]. - The project addressed previous issues such as insufficient public space vitality and inadequate transportation systems, transforming the area into a "commercial + parking" mixed-use development without increasing building scale or reducing green space [3][4]. Group 3: Community Engagement and Activities - The "Beijing Urban Renewal Experience Week" was launched to allow citizens to understand and experience urban renewal through various commercial, cultural, and sports activities, including high-level sports events [5]. - The initiative aims to promote deep integration of culture, commerce, and sports, enhancing citizens' leisure experiences and fostering a collaborative community environment [5]. Group 4: Policy and Future Directions - The urban renewal projects align with the "Six Urban" construction requirements set by the central government, emphasizing innovation, livability, beauty, resilience, civilization, and intelligence [7]. - Future efforts will focus on policy guidance, institutional innovation, and optimizing approval processes to attract social capital and create a multi-channel investment model for urban renewal [7][8].

中国青年报客户端讯（中青报·中青网记者 张艺）时尚街区三里屯、保留历史古韵的长辛店老镇……这 些活力地标背后是城市更新带来的改变。9月28日，第四届北京城市更新论坛暨城市更新体验周在北京 市海淀区中关村广场开幕，40个第四届北京城市更新"最佳实践"项目揭晓。 此次活动以"人民城市 有机更新"为主题，旨在为各方搭建沟通合作平台，共谋城市发展新篇章。活动 将持续至10月中旬，其间包括开幕活动、政策交流研讨会、最佳实践经验分享会、北京城市更新周活动 以及闭幕式等系列活动。 据了解，本届评选共收到225个申报项目，经网络投票和专家评审，最终40个项目脱颖而出。 北京市规划和自然资源委员会相关负责人表示，将深入贯彻落实中央城市工作会议精神，以建设创新、 宜居、美丽、韧性、文明、智慧的现代化人民城市为目标，以新时代首都发展为统领，以北京城市总体 规划为指引，以城市更新为重要抓手，科学谋划"十五五"城市发展战略，全力推动首都城市高质量发 展。 具体而言，将优化城市更新审批流程，完善城市更新配套政策，以代表性案例为重点，针对实施过程中 的难点、堵点问题加强统筹研究，形成小切口、可落地的改革措施；参与构建"财政资金引导+社会资 ...

Core Viewpoint - The provincial government is focusing on high-quality urban development in Jiangsu, addressing new challenges and tasks in urban work through expert consultations [1] Group 1: Urban Development Strategies - Experts, including Academician Wang Jianguo, provided advanced and practical suggestions on optimizing the modern urban system, promoting high-quality urban renewal, innovating investment and financing mechanisms, and facilitating the transformation and upgrading of the real estate sector [1] Group 2: Government Initiatives - The meeting emphasized the need for enhanced collaboration among government departments and active contributions from experts to gather collective wisdom for effective urban planning and development [1] - The provincial government is committed to implementing the important discussions by General Secretary Xi Jinping on urban work and is tasked with integrating expert policy recommendations into the "14th Five-Year Plan" [1]

Core Viewpoint - Shanghai has released the "Opinions on Further Promoting the Quality Improvement of Residential Properties in the City" to enhance the quality of both new and existing residential properties, reflecting a nationwide trend towards improving living standards in housing [1][2]. Group 1: Policy Measures - The "Opinions" include 17 specific measures aimed at improving urban living environments and residential design quality, focusing on urban design, environmental quality, and residential building functions [2]. - For instance, the design of open balconies along public green spaces is specified, with a maximum depth of 0.75 meters, which will not count towards the floor area ratio or saleable area [2]. - The use of high-quality materials for building facades is encouraged, allowing for a shift from flat decoration to three-dimensional shaping in architecture [2]. Group 2: Market Trends - A survey by 58 Anjuke Research Institute indicates that 61.6% of homebuyers prioritize "living comfort," with significant attention to natural lighting and ventilation [3]. - The adjustments in design standards in Shanghai reflect a direct response to changing consumer demands for higher quality living spaces [3]. Group 3: Regional Standards - Guangzhou's recent draft guidelines for promoting quality housing set higher standards than national ones, emphasizing local climate considerations and public space design [3][4]. - The guidelines include specific height requirements for residential lobbies and common areas, showcasing a tailored approach to local needs [3]. Group 4: Integration with Urban Renewal - The central government has called for a systematic approach to "good housing" and complete community development, linking housing quality improvements with urban renewal efforts [5]. - Beijing's "original demolition and reconstruction" model has successfully transformed old housing into improved living spaces using modern construction techniques [6]. Group 5: Future Recommendations - The integration of "good housing" initiatives with urban renewal is recommended to enhance living conditions while preserving historical aesthetics [7]. - Cities experiencing population inflow should focus on improving housing quality, while those with outflow should prioritize eco-friendly housing developments to stimulate demand [7].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The implementation of stable growth policies in the building materials sector is expected to strengthen anti-involution efforts, leading to potential growth opportunities [1][4] - The report highlights a rebound in industrial profits and improvements in the Producer Price Index (PPI), driven by anti-involution measures [4] - The report recommends several companies, including Huaxin Cement, Conch Cement, and Qibin Group, as well as consumer building materials firms like Oppein Home and Arrow Bathroom, indicating a positive outlook for these stocks [4][6] Summary by Sections 1. Industry Trends - The building materials sector experienced a decline of 2.11% this week, underperforming the CSI 300 and Wind All A indices, which gained 1.07% and 0.25% respectively [4] - The average price of high-standard cement nationwide is reported at 351.0 CNY/ton, with a week-on-week increase of 5.3 CNY/ton but a year-on-year decrease of 35.0 CNY/ton [4][18] - The average cement inventory ratio is 65.7%, up 0.9 percentage points from last week [25] 2. Cement Market - The report notes a slight decrease in cement demand due to weather conditions, with an average shipment rate of 46.5%, down 1.9 percentage points from last week [25] - The report anticipates that cement companies will continue to push for price increases as the fourth quarter approaches, with expectations for a rebound in prices [4][11] - Recommendations include leading companies such as Huaxin Cement and Conch Cement, which are expected to benefit from industry consolidation and improved profitability [11] 3. Glass Market - The average price of float glass is reported at 1224.7 CNY/ton, reflecting a week-on-week increase of 16.8 CNY/ton and a year-on-year increase of 47.6% [4] - The report suggests that the glass industry is currently facing a supply-demand stalemate, but mid-term supply-side adjustments are expected to improve pricing dynamics [13] - Flagship companies like Qibin Group are recommended due to their competitive advantages in resource access and potential profit growth from diversified business lines [13] 4. Fiberglass Market - The report indicates that the profitability of fiberglass is expected to improve in the medium term, with a focus on high-end products [12] - The report highlights that the industry is experiencing a gradual reduction in supply pressure, which is likely to stabilize prices [12][13] - Companies such as China Jushi are recommended for their strong market position and growth potential in emerging applications [12][13] 5. Consumer Building Materials - The report emphasizes the positive impact of government policies on consumer demand for building materials, with expectations for continued growth in the sector [14] - Companies like Oppein Home and Arrow Bathroom are highlighted for their strong market positions and potential for recovery in consumer spending [14] - The report suggests that the competitive landscape is improving, with many companies showing signs of profit recovery and growth strategies [14]