｜点评｜ 从去年后半年开始，美国ADP就业人数增长就开始放缓。今年美国经济增速正在从此前的修复转向降温，新增就业岗位减少是正常现 象。与此同时，美国失业率维持在低位，就业市场接近充分就业的状态。然而，5月ADP就业人数远低于市场预期。 点击报名 ▲科学出海 中央财政拟支持20城实施城市更新 6月4日，财政部公示2025年城市更新行动评审结果，北京等20个城市入选。未来几年，中央财政计划补助超过200亿元，支持这20个城市实施城 市更新行动，探索建立可持续的城市更新机制，补齐城市基础设施的短板弱项。从资金支持方向来看，中央财政资金主要支持城市更新的样板项 目建设和机制建设这两个方向。 自2019年中央经济工作会议首次提出城市更新以来，中国城市更新行动持续推进。住房和城乡建设部数据显示，2024年，全国共实施城市更新 项目6万余个，完成投资约2.9万亿元。（上海证券报） ｜点评｜ 城市更新项目改善了老旧城区居民的居住环境，还能通过基建项目为相关产业链注入新的需求，加速国内经济修复。早期城市建设受 限于当时技术、资金等，部分城区在居住环境方面只能说是不尽如人意。 城市更新项目通过中央和地方政府牵头注资，带动社会资本 ...

老旧城区居民居住环境安全感，小区生活环境优美感、便利感，就业渠道通畅感，都是城市更新需要着 重加强的方面。 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。 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。 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。20 ...

Core Insights - The East An land parcel in Shanghai's Xuhui District has become the "national total price king" with a transaction amount exceeding 52.3 billion yuan, marking it as the largest single land acquisition project in Shanghai's history [1][2] - The project involves three residential land parcels sold through agreement, with prices of 8.35 billion yuan, 9.818 billion yuan, and 34.135 billion yuan respectively, totaling over 52.3 billion yuan [1] - The development is expected to enhance the urban landscape and provide a significant boost to the local real estate market, particularly with a focus on smaller housing units [1][3] Group 1 - The East An land is a large-scale redevelopment project in a mature area of Shanghai, covering a total area of 15.93 hectares and involving over 6,000 households [2][3] - The project is strategically located near the previous "land kings," indicating its potential for high-value development [2] - The project includes community-level public service facilities and emphasizes the design of significant architectural landmarks [3] Group 2 - The East An land's development is expected to complement the nearby West Bank Financial City, enhancing the overall urban value and functionality of the area [4] - The local government is supporting the integration of health technology and artificial intelligence, indicating a focus on future growth in the health tech sector [4] - The area is already rich in medical, educational, and commercial resources, which will further support the development of the East An land [4] Group 3 - The East An land is positioned near luxury residential areas, which have seen record-breaking property prices, suggesting a potential upward trend in housing prices in the vicinity [5][7] - The large-scale development is expected to create a cohesive urban environment, promoting a 15-minute living circle for residents [8] - The project is led by local state-owned enterprises, which may provide advantages in systematic and long-term development planning [8]

资金面持续宽松；多头情绪升温，债市明显回暖 【内容摘要】6 月 4 日，资金面持续宽松；多头情绪升温，债市明显回暖；转债市场主要指数 集体跟涨，转债个券多数上涨；各期限美债收益率普遍下行，主要欧洲经济体 10 年期国债收 益率走势分化。 一、债市要闻 （一）国内要闻 【中央财政拟支持 20 个城市实施城市更新行动】6 月 4 日，财政部发布《2025 年度中央财政 支持实施城市更新行动评选结果公示》，对 2025 年度中央财政支持实施城市更新行动评选结 果进行了公布。《公示》显示，中央财政拟支持的 20 个城市为：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。 【城投债年内已净偿还 2200 多亿，估值 2.2%以上规模仅剩 10%】6 月 4 日，据财联社，城投 债融资继续萎缩，高息城投债变得愈发稀少。5 月城投债净偿还 570 多亿，前 5 个月累计已净 偿还 2200 多亿元。据业内统计，目前估值在 2.2%以上的公募城投债占比仅剩 10%左右，未来 挖掘收益的重点在于 2-5 年期 AA 评级以下的城投债。 【上海：鼓 ...

股指期货全景日报 2025/6/5 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2506） IH主力合约（2506） IC主力合约（2506） | 3852.0 2674.0 5723.6 | +8.2↑ IF次主力合约（2509） -0.4↓ IH次主力合约（2509） +34.8↑ IC次主力合约（2509） | 3776.0 2637.8 5530.6 | +5.8↑ -0.2↓ +30.2↑ | | | IM主力合约（2506） | 6101.6 | +49.8↑ IM次主力合约（2509） | 5841.0 | +47.2↑ | | 期货盘面 | IF-IH当月合约价差 | 1178.0 | +9.2↑ IC-IF当月合约价差 | 1871.6 | +25.2↑ | | | IM-IC当月合约价差 | 378.0 | +12.8↑ IC-IH当月合约价差 | 3049.6 | +34.4↑ | | | IM-IF当月合约价差 | 2249.6 | +38.0↑ IM ...

在云南，位于红河哈尼族彝族自治州的石屏古城，有一个清道光年间翰林的故居。通过修缮，故居变成了一处公共文化空间，备受市民游客的 欢迎。 石屏古城中的朱家花园，为清道光年间翰林朱淳的故居。前不久，一场以《家园 爱国行》为主题的研学活动在这里举行。 央视网消息：一个城市的历史遗迹、文化古迹、人文底蕴是城市生命的一部分，保护好传统街区、保护好古建筑、保护好文物，就是保存了城 市的历史和文脉。在城市更新的大背景下，如何促使古建筑也能重焕生机，成为各地目前亟待解决的关键课题。 坐落在江苏省苏州市锦帆路的章太炎故居始建于1932年，俗称"章园"。是国学大师章太炎晚年藏书、著述、会客和生活起居之所，由3栋民国 老洋房组成。最近，经过修缮重新亮相的章园迎来一波又一波打卡参观的市民游客。 同许多的民国建筑一样，"章园"曾经也是历经沧桑、年久失修，面临着功能老化、活力缺失等问题。 为此，当地将"章园"纳入城市更新项目范畴，以"古城活化"理念为古建老宅、历史街区注入新的活力。在修缮中，"章园"的外观风貌、平面轮 廓、层数高度等均未改动，对原有的老构件，甚至是园林、草木都做了保留和还原。 老宅更新只是第一步，如何活化利用让历史延续，则 ...

2025 年 6 月 5 日 股指期货偏强震荡 黄金、白银期货将偏强震荡 螺纹钢、 焦煤、原油期货将偏弱震荡 玻璃、纯碱期货将震荡偏弱 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3863 和 3879 点，支撑位 3833 和 3819 点；IH2506 阻力位 2689 和 2699 点，支撑位 2664 和 2644 点；IC2506 阻力位 5700 和 5749 点，支撑位 5668 和 5616 点；IM2506 阻力位 610 ...

央视网消息：2025年前4个月相关经济数据出炉，创新驱动与产业集聚效应持续释放。此外，城镇老旧小区改造加快推进，城市更新行动也在 加速中。 我国城镇老旧小区改造加快推进 2025年以来，我国老旧小区改造加快推进，改造精细化水平不断提高。住房城乡建设部最新数据显示，2025年，全国计划新开工改造城镇老旧 小区2.5万个。 1—4月份，全国新开工改造城镇老旧小区5679个。河北、重庆、辽宁、上海、浙江、湖北等6个省市开工率超过50%。河北、甘肃等地，聚焦 环境脏乱等痛点，出台一系列措施协同推进治理。广东、山西等地通过引入智能设备、创新管理模式，营造便捷高效、安全有序的居住场景。 宁夏、山东等地则积极为老旧小区增设各类服务设施，满足居民多元生活需求。 前4个月国家高新区规上工业企业营收超10万亿元 记者从工业和信息化部获悉，2025年前4个月，国家高新区规模以上工业企业营业收入达10.26万亿元，同比增长7.3%，创新驱动与产业集聚效 应持续释放。 其中，中关村新一代信息技术产业已跻身万亿级产业集群行列，武汉东湖光电子信息的产业规模已占到全国的50%。此外，国家高新区已布局 量子信息、人形机器人、下一代互联网等前沿 ...

Core Insights - Since May, various regions have announced plans for special bond acquisitions of existing land, indicating a significant push towards land recovery initiatives [1][3][17] - The issuance of special bonds aimed at real estate has seen a notable increase, with over 300 billion yuan allocated in the past two months [4][5] - As of the end of May, approximately 171 cities have proposed a total land recovery scale nearing 400 billion yuan, reflecting a growing trend in land recovery through special bonds [3][11] Special Bonds in Real Estate - The issuance of special bonds primarily targeting the real estate sector has reached 318 billion yuan, maintaining a steady level over the past two months [5][8] - In the first five months of the year, special bonds related to real estate totaled 1.3 trillion yuan, with 458.6 billion yuan specifically directed towards real estate, accounting for 34% of the total [5][11] - The provinces of Fujian and Jiangxi accounted for 50% of the newly issued real estate special bonds in May, highlighting regional disparities in bond issuance [8] Land Recovery Initiatives - The cumulative issuance of land reserve special bonds has exceeded 700 billion yuan, with a significant portion allocated for land recovery [11][14] - In May alone, 61% of the special bonds aimed at real estate were designated for land reserves, totaling 193 billion yuan, with Fujian contributing 149.6 billion yuan [14][15] - The ongoing urban renewal actions are expected to enhance land use efficiency and stimulate the recovery of existing land and commercial properties [17]

Group 1: Market Trends and Performance - The construction and building materials indices have shown a W-shaped fluctuation in 2025, with the building materials sector outperforming the Shanghai Composite Index by 2.5 percentage points[12] - As of May 30, 2025, the CI building materials index has increased by 0.05% compared to the end of 2024, while the CI construction index has decreased by 3.3%[12] - The construction sector's operating cash flow has improved significantly, with a net cash inflow of CNY 1,668 billion in 24Q4 and 25Q1, an increase of CNY 1,534 billion year-on-year[38] Group 2: Industry Outlook and Recommendations - The demand for renovation and urban renewal is expected to support the building materials sector, with an estimated 1.1 to 1.2 million units of renovation demand per year from 2024 to 2026, growing at a CAGR of 5%[4] - Key recommendations for investment include China State Construction, China National Materials, and China Nuclear Engineering, with target prices set at CNY 8.60, CNY 13.04, and CNY 10.81 respectively[10] - The cement industry is projected to see a 6% year-on-year decline in demand, while the glass fiber and carbon fiber sectors are expected to maintain high demand due to emerging industries[5] Group 3: Corporate Strategies and Transformations - Many small and medium-sized construction enterprises are actively seeking cross-industry transformations, with a focus on sectors like semiconductors and renewable energy[45] - The "6+4+2" trillion yuan debt restructuring plan has led to a total of CNY 3.38 trillion in debt replacement funds in 2024, benefiting smaller construction firms more significantly[37] - The construction industry is entering a phase of deep integration, with state-owned enterprises likely to increase their market share as private firms exit the market[43]