Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Insights - The central political bureau meeting on April 25, 2025, emphasized the importance of "urban renewal" as a significant factor for the real estate market, indicating that stabilizing the real estate market is crucial for expanding domestic demand [1][5] - The meeting highlighted the need to accelerate the implementation of urban renewal actions, effectively and orderly promote the renovation of urban villages and dilapidated housing, and increase the supply of high-quality housing [5][8] - The report anticipates that the demand for "good houses" will drive sustainable development in the industry, with a focus on safety, comfort, and green living standards [5][8] Summary by Sections Policy and Market Dynamics - The report discusses the implementation of more proactive macro policies, including the issuance of local government special bonds and the potential for interest rate cuts to maintain liquidity [5][8] - It notes that as of April 10, 2025, approximately 850 projects for acquiring idle land have been proposed, covering over 40 million square meters and amounting to 128.2 billion yuan [5] Urban Renewal and Housing Quality - The report emphasizes that urban renewal will be a key policy focus for the year, with a significant portion of the existing housing stock eligible for renovation [5][8] - It states that about 31.9% of the existing urban residential stock was built before 2000, indicating substantial potential for urban renewal projects [5] Market Stability and Investment Opportunities - The report indicates that the real estate market has shown signs of stabilization, with average sales prices for commercial housing increasing by 0.7% and 0.9% year-on-year in Q4 2024 and Q1 2025, respectively [5][8] - It suggests that the market's stability will depend on the effective implementation of supportive policies in the second quarter of 2025 [5][8] - The report identifies four main investment lines: companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, companies with strategic changes, and real estate brokerage firms benefiting from the recovery of the second-hand housing market [5]

Core Insights - Shunxin Agriculture reported a revenue of 9.126 billion yuan and a net profit of 231 million yuan for the previous year, marking a year-on-year increase of 178.2% [1] - The company aims to enhance its governance and improve the quality of its listed entity while focusing on its two main businesses: liquor and pork [3] Liquor Business - In 2024, Shunxin's liquor segment generated a revenue of 7.041 billion yuan, reflecting a growth of 3.19% year-on-year, with sales volume reaching 369,400 kiloliters [1] - The Niulanshan distillery capitalized on market trends, achieving significant sales growth in key regions, with the Pearl River Delta market increasing by 50% and Xinjiang market by 23% year-on-year [1] - The classic Erguotou series saw a sales increase of 32%, while the traditional Erguotou series grew by 37% year-on-year [1][2] Pork Business - The pork segment reported a revenue of 1.891 billion yuan, down 27.21% year-on-year, with slaughtering and breeding revenues at 1.689 billion yuan and 202 million yuan, respectively [2] - The company has been adjusting its production rhythm in response to industry dynamics and pork price trends to ensure stable supply in the Beijing market [2] - Shunxin has been recognized as a "Beijing Old Brand" enterprise and has been included in the "China Meat Food Safety Credit System Construction Demonstration Project" for ten consecutive years, enhancing its brand value [2] Future Strategy - For 2025, Shunxin has outlined a "Five-Five" development strategy focusing on governance and quality enhancement, aiming to strengthen its liquor and pork businesses [3] - The liquor segment will leverage consumer trends and technological advancements to establish a new brand of Chinese liquor, while the pork segment will focus on high-quality meat supply and processing [3] - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares, totaling 111.27 million yuan, with a payout ratio of 48.13%, the highest in 22 years [3]

继新建住宅新标准发布后，住房城乡建设部将开展住宅工程质量问题重点整治。 日前，住建部发布通知，将聚焦城镇住宅工程隔声、串味、渗漏等质量问题，开展重点整治，并从严格落 实标准规范、严格施工图设计审查、狠抓材料进场检验、开展实体性能检测、组织全链条监督检查等五方 面提出具体要求。 业内人士认为，通知是此前发布的《住宅项目规范》的实操版，尤其是明确了对设计、材料和施工等前端 环节的工作要求，从源头上进行把控，将促进二季度各地高品质住宅建设工作扎实推进。预计建材、房屋 检测等领域的市场机会会明显增加。 重点整治住宅三大质量问题 日前，住建部发布了《关于开展城镇住宅工程质量问题重点整治的通知》，将聚焦城镇住宅工程隔声、串 味、渗漏等质量问题，开展重点整治，并从五方面提出具体要求。 通知要求，要严格落实标准规范要求，新建住宅项目要执行新标准。各地要督促参建单位严格执行工程建 设强制性标准，设计单位不得以"优化设计"等名义变相降低设计标准，施工单位严禁违反施工技术标准施 工。自《住宅项目规范》实施之日起，新建住宅工程要严格按照新标准实施。各地要全面落实住宅隔声、 防串味、防水等标准规定，并结合实际细化相关技术措施要求。 同 ...

以下文章来源于克而瑞产品测评 ，作者产品力研究中心 克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 房企对居住空间功能性的打磨日益细化，对颜值属性也愈加重视，"功能至上"、"颜值主义"已成为交付 品质提升的核心理念。 在高端住宅产品中，子母门的材质进一步升级。 佛山保利天悦采用实心铸铝门，表面经过多道喷漆及烤 漆处理，一体铸造浇铸成型，具备耐氧化、耐腐蚀的特性，使用寿命更长，从而彰显高端品质。 图：佛山保利天悦入户区域交付实景 室内配件的标准也在提升。在郑州电建洺悦融园， 电热毛巾架取代了传统毛巾架， 新增烘干和除湿功 能，有效避免毛巾潮湿和异味，这一改进虽成本不高，却充分体现出项目对细节的打磨和对居住健康的 关注。 文/克而瑞产品力研究中心 随着房地产行业加速向高质量发展转型，房企的高品质交付能力重要性愈发凸显。这不仅是赢得市场认可 的关键，更是推动行业高质量发展的有力支撑。在此背景下， 房企在室内交付领域的提升趋势愈发明显， 即功能与颜值并重，通过双重维度的细节优化，为居住生活持续"做加法"，从而多方位诠释高品质交付的 内涵。 0 1 功能迭代：从入户门到智能家居 房企全面提升交付标准 ...

创业板风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 中航上大高温合金材料股份有限公司 Zhonghang Shangda Superalloys Co.,Ltd. （河北省清河县挥公大道 16 号） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书（申报 稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作 为投资决定的依据。 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 中航上大高温合金材料股份有限公司 招股说明书（申报稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保 ...