Core Viewpoint - The central urban work conference indicates a strategic shift in China's urbanization from rapid growth to stable development, emphasizing quality over quantity in urban planning and policies [2][4]. Group 1: Urbanization Transition - China's urbanization rate increased from 53.1% in 2012 to 67% in 2024, with urban population rising from 720 million to 940 million, highlighting a significant demographic shift [2]. - The conference outlines a transition from large-scale urban expansion to enhancing existing urban quality and efficiency, marking a critical strategic change [2][3]. Group 2: Development Principles - The new urban development principles focus on being people-oriented, efficient, distinctive, governance-focused, and coordinated, shifting the emphasis from superficial growth to substantive development [3][4]. - The need for systematic adjustments in urban planning, development policies, and social services is emphasized, moving away from entrenched growth-oriented values [4]. Group 3: Population Dynamics - As urban populations stabilize, there is a trend of population concentration in urban clusters, leading to some cities experiencing population decline, which poses challenges for urban governance [4]. - The competition among cities to attract high-educated young people is intensifying, with these individuals prioritizing livability and educational opportunities alongside job prospects [5]. Group 4: Future Urban Planning - The ongoing process of integrating migrant workers into urban life continues, driven by aspirations for a better quality of life, necessitating cities to adapt to these evolving expectations [5].

Core Insights - The central urban work conference has redefined China's urban strategy, indicating a shift from rapid urbanization to stable development, focusing on quality improvement and efficiency in existing urban areas [1] - China's urbanization has seen the urbanization rate of the permanent population rise from 53.1% in 2012 to 67% in 2024, with urban population increasing from 720 million to 940 million, highlighting a new economic landscape [1] - The conference emphasizes a transition in urban development philosophy, prioritizing human-centered approaches, efficient resource use, distinctive development, governance investment, and coordinated efforts [2] Urban Development Strategy - The new urban development framework stresses the importance of moving from superficial growth to substantive, quality-driven development, necessitating systemic adjustments in urban planning and policies [2] - As urban population growth stabilizes, there will be a concentration of people in urban clusters, leading to some cities experiencing population decline, which poses challenges for urban governance [2] - Current economic and population policies in many cities are often contradictory, with a need to address the lack of urban residency for a significant portion of the urban population, which limits access to public services [2] Demographic Trends - Under the pressures of aging and declining birth rates, cities are increasingly competing to attract highly educated young individuals, who are now more selective in their city choices based on livability and quality of life [3] - The ongoing process of urbanization for migrant workers continues, with aspirations for better living conditions driving the demand for innovative, livable, and resilient urban environments [3]

Core Insights - The recent Central Urban Work Conference emphasizes the importance of understanding the strategic orientation of connotative urban development, focusing on improving urban development quality as cities transition from large-scale expansion to enhancing existing resources [1] Group 1: Urban Development Challenges - Traditional extensive development models have not been fully reversed, with some cities still experiencing "sprawling" expansion and high proportions of inefficient industrial land use [1] - There is a mismatch between public service supply and community needs, with educational and medical resources concentrated in certain areas while emerging districts lack adequate facilities [1] - Many cities face challenges in digital governance transformation, with only 30% achieving cross-departmental data collaboration, leading to "data silos" [1] Group 2: Technological Innovation in Urban Development - Cities should activate urban dynamics through technological innovation, as demonstrated by Hefei's integration of over 800 AI companies to support small and medium enterprises with computing resources [2] - The smart traffic system in Shijiazhuang has reduced congestion by 10.3% despite a 22% increase in vehicle ownership, showcasing the potential of new infrastructure [2] Group 3: Green and Low-Carbon Transformation - Green low-carbon transformation is essential for connotative development, exemplified by the transformation of the former Oriental Chemical Plant in Beijing into an ecological park, enhancing urban resilience and boosting tourism revenue [2] - The need for coordinated industrial restructuring and ecological restoration is highlighted, with mechanisms like carbon trading and green finance encouraging social capital participation in ecological protection [2] Group 4: Enhancing Urban Governance Efficiency - Improving urban governance effectiveness is crucial, as seen in Xiamen's "one network governance" platform, which integrates over 700 urban data points and reduces risk response time to 5 minutes [3] - The establishment of a closed-loop mechanism for governance that breaks down departmental barriers and encourages community participation is essential for effective urban management [3] - Cities are writing new chapters in connotative development through various explorations, translating the Central Urban Work Conference's spirit into actionable steps for enhancing quality of life [3]

:8 司 SECOND AVE. e A 00 4 式马路历史文化街区 维度 CHESTICAL 联播+ 7月14日至15日，中央城市工作会议时隔十年再次举行，习近平总书记出席会议并发表重要讲话。 2015年召开的中央城市工作会议指出，防止"摊大饼"式扩张，坚持集约发展，推动城市发展由外延扩张式 向内涵提升式转变。 外延扩张式发展是指以外部扩张为核心的发展模式。它依靠城市人口规模和空间扩张、资源投入来实现城 市增长，亦被俗称为"摊大饼"式扩张。 与之相对应的则是内涵提升式发展。内涵提升式发展强调创新驱动、结构优化，以城市的内部要素发展作 为动力和资源。 由"外"向"内"的转变，折射出我国城市发展理念的演进。对此，本次中央城市工作会议明确提出五个"转 变"： ——转变城市发展理念，更加注重以人为本； ——转变城市发展方式，更加注重集约高效； ——转变城市发展动力，更加注重特色发展； ——转变城市工作重心，更加注重治理投入； 会议充分肯定了党的十八大以来我国城市发展取得的历史性成就，强调未来要"以坚持城市内涵式发展为 主线""深刻把握城市内涵式发展的战略取向，更有针对性地提升城市发展质量"。这一表述，不仅是对城市 ...

Core Insights - China's urbanization is transitioning from a rapid growth phase to a stable development phase, focusing on quality improvement and efficiency enhancement in urban development [1][2] - The recent Central Urban Work Conference highlighted the need for a new approach to urban modernization that aligns with the current historical context and challenges [1][2] Urbanization Trends - Urbanization rate increased from 53.1% in 2012 to 67% in 2024, with urban population rising from 720 million to 940 million [2] - 19 urban agglomerations now accommodate 75% of the national population and contribute approximately 85% of the GDP [2] - The urban rail transit operational mileage has reached nearly 11,000 kilometers [2] Development Strategies - Emphasis on "five transformations" and "five enhancements" to adapt to changing urban development needs [4][7] - The focus is shifting from mere quantity of urbanization to the quality of urban living, addressing diverse public demands and urban shortcomings [2][4] Urban Planning and Quality Improvement - The new urbanization strategy prioritizes human-centered development, aiming to enhance the quality of life for residents [5] - Key initiatives include optimizing urban functional structures and spatial layouts, and improving resource utilization [6][7] Key Tasks and Goals - The conference outlined a clear framework for urban development, focusing on optimizing modern urban systems and building vibrant, livable, green, resilient, and smart cities [8][9] - Emphasis on regional coordination and collaborative development among cities to enhance overall urban competitiveness [8][9]

存量是已经形成的资产，如果任由其"沉睡"，就会影响资金循环与经济循环。盘活的前提是心中有数， 充分掌握存量资产的历史、形态、权属等，然后打开思路，借助体制机制创新，探索新路径、新模式， 让这些资产动起来，提高流转效率，通过盘活存量来带动增量。增量必须做优，不断提高增量要素投入 标准，综合提升要素产出效能，推动实现更高的附加价值。当创新创造的内生动力被充分激活，城市潜 在生产力也将被有效释放。 我国有690多座城市。城市与城市之间，自然禀赋千差万别、基础条件各不相同、产业特色多种多样、 文脉芳华各美其美。要做到从各自实际出发，从"按规律办事"的角度进行产业布局，留住城市特有的地 域环境、文化特色、建筑风格等"基因"，认识到自己的不可替代性，才能增强城市发展的动力活力，在 准确定位中实现内涵式发展，避免"千城一面"。而这，正是此次会议强调"坚持因地制宜、分类指导"的 现实考量。 坚持城市内涵式发展，要放在区域经济发展的大背景下统筹谋划。中心城市与周边中小城市通过功能互 补、产业协同与要素流动，加速迈向空间整合、制度接轨与治理协同的现代化都市圈，为驱动区域经济 能级跃升汇聚起更为丰沛的能量。由此来看，分工合作、各展 ...

Core Viewpoint - The recent Central Urban Work Conference emphasized the significant improvements in urbanization levels, urban development capabilities, and ecological environment quality in China since the 18th National Congress of the Communist Party, advocating for a new path of urban modernization with a focus on high-quality development and people-centered urban planning [1][4]. Group 1: Urban Development Goals - The conference outlined seven key tasks for urban work, including optimizing modern urban systems, building vibrant innovation cities, creating comfortable and convenient livable cities, developing green and low-carbon beautiful cities, ensuring safe and resilient cities, fostering virtuous and civilized cities, and establishing efficient smart cities [2]. - The transition from rapid urbanization to stable development requires a shift in urban development philosophy, emphasizing human-centered goals such as innovation, livability, beauty, resilience, civilization, and intelligence [1][2]. Group 2: Urbanization Statistics - As of the end of 2023, China's urban resident population reached 932.67 million, an increase of 11.96 million from the previous year, with the urbanization rate rising to 66.16%, up by 0.94 percentage points [3]. Group 3: Urban Quality Improvement - The meeting highlighted the need for a scientific evaluation system for urban development, moving away from GDP-centric approaches that have led to poor decision-making and uniform city renovations, advocating for high-quality development to be included in performance assessments for local officials [3][4]. - The focus on improving urban quality includes addressing urban issues, enhancing air quality, and implementing refined urban management practices, such as waste classification and low-carbon infrastructure [4].

Core Viewpoint - The meeting of the Jiangsu Provincial Committee emphasized the transition of urbanization in China from rapid growth to stable development, focusing on enhancing existing urban quality rather than large-scale expansion [1] Group 1: Urban Development Strategy - The meeting highlighted the need to adapt to significant changes in urban development, aligning with the central government's directives [1] - It stressed the importance of a stable and progressive work approach, tailored to local conditions, to build modern, innovative, livable, resilient, and smart cities [1] Group 2: Key Principles and Tasks - The meeting underscored the principle of intrinsic urban development, aiming to enhance the scientific, anticipatory, proactive, and creative aspects of urban work [1] - It outlined key tasks for urban development, focusing on optimizing the modern urban system and building vibrant, comfortable, green, safe, civilized, and efficient cities [1]

Core Viewpoint - The article emphasizes that cities fundamentally belong to the people, and the driving force behind urban development lies in the capacity for sustainable development [1] Group 1: Urban Development - Urban conditions vary significantly across different regions, with disparities in resource endowments, geographical environments, development levels, and foundational conditions [1] - Effective urban management must be grounded in local realities, leveraging unique resource endowments to enhance technological and cultural empowerment [1] - The goal is to build core competitiveness and achieve differentiated development, avoiding homogeneous competition to strengthen internal development momentum and shape competitive advantages [1]

Group 1: Macro Insights - The 2025 Central Urban Work Conference emphasized the need for high-quality urban development, transitioning from rapid growth to stable development, focusing on improving existing urban infrastructure rather than large-scale expansion [6][7][9] - The conference highlighted the importance of a people-centered approach, aiming for sustainable urban development that meets the needs of citizens while enhancing urban governance and service levels [6][9] Group 2: Non-Bank Financial Sector - The introduction of supporting rules for the Sci-Tech Innovation Board (STAR Market) aims to enhance the predictability of IPO processes for tech companies, thereby supporting high-level development in the technology sector [10] - Brokerage firms are expected to report significant profit increases for the first half of the year, driven by growth in wealth management and proprietary investment businesses, with some firms seeing net profit growth exceeding 100% [10] Group 3: Chemical Pharmaceutical Industry - The PDE3/4 inhibitors for COPD treatment are showing rapid sales growth, with the first product, Ensifentrine, expected to generate significant revenue in the coming years, indicating a strong market potential for innovative therapies [12][14][15] - Clinical trials for PDE3/4 inhibitors are progressing well, with positive results in improving lung function and reducing exacerbation rates in COPD patients [14][15] Group 4: Retail and Consumer Goods - In June 2025, China's retail sales grew by 4.8% year-on-year, which was below market expectations, indicating a slowdown in consumer spending, particularly in discretionary categories [16][17] - The performance of online retail channels outpaced traditional retail, with significant growth in categories such as food and clothing, suggesting a shift in consumer purchasing behavior [16][17] Group 5: Renewable Energy and UCO Market - The sustainable aviation fuel (SAF) market is expected to see significant growth, with EU regulations mandating increasing SAF blending ratios, which will drive demand for used cooking oil (UCO) as a feedstock [20][21] - The domestic market for SAF is also gaining momentum, with pilot projects and supportive policies being implemented, indicating a favorable environment for UCO suppliers [20][21] Group 6: Photovoltaic Industry - Prices for polysilicon, silicon wafers, and battery cells have seen substantial increases, driven by strong demand and active market conditions, suggesting a bullish outlook for the photovoltaic supply chain [22][24] - The market for photovoltaic components is expected to experience price adjustments due to rising costs in upstream materials, while demand remains stable [24]