12月2日，代市长李忠军在鼓楼区调研。他强调，要深入学习贯彻党的二十届四中全会和习近平总 书记重要讲话精神，坚持创新引领，科学谋划布局，推动产业升级，激发城区活力，加快建设现代化中 心城区。 高层建筑是城市消防安全的重中之重。李忠军来到卢龙山庄小区，现场检查消防整改情况，强调要 加强高层楼宇消防隐患排查整治，有效防范化解消防安全风险，切实保障人民群众生命财产安全。 调研中，李忠军强调，鼓楼区位独特、资源富集、优势突出，要立足中心城区特点，持续发力总部 经济，加快产业转型升级，切实巩固拓展经济回升向好势头，努力在全市高质量发展中展现更大作为。 博西家用电器集团是全球家电行业的领军企业之一，自1997年在宁建立公司以来，为南京发展作 出积极贡献。李忠军走进企业展厅，了解技术研发、市场拓展等情况，鼓励企业持续深耕核心业务，精 准对接消费需求，不断丰富产品供给，努力开拓更大消费市场。位于玄武湖畔的南京华贸中心总建筑面 积约45万平方米，投运后将有力推动中央路—玄武湖商圈提档升级。李忠军了解项目推进情况，强调 要坚持高标准招商、高水平运营，着力提升供给质量，加快集聚龙头企业、品牌商家，努力营造新锐消 费新场景、引领都市 ...

Group 1 - The core viewpoint of the news is that Guangzhou has launched a significant urban renewal initiative, promoting 102 projects with a total investment of approximately 807.7 billion yuan, focusing on various types of urban renewal including the renovation of old neighborhoods and the reconstruction of dilapidated buildings [1] - Among the promoted projects, the urban village renovation is highlighted as a key focus, with 43 projects and a total investment of about 647.9 billion yuan [1] - The conference also showcased the signing of 24 representative projects, including significant urban renewal initiatives in various districts, with financial institutions responding by proposing customized financing solutions such as credit, REITs, and industrial funds [1] Group 2 - The Chinese government, through the National Development and Reform Commission, plans to implement a series of strategic and landmark engineering projects based on national strategic priorities and current needs [3] - These projects will span various sectors, including urban renewal, strategic transportation corridors, new energy systems, major water conservancy projects, and significant national scientific infrastructure [3] - The government aims to maintain a moderate but sustainable growth in infrastructure investment, ensuring it does not exceed necessary levels [3]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)," significantly expanding the asset categories included in infrastructure REITs, reflecting the internal demand for economic transformation and the public's desire for a better life [1][2]. Group 1: Expansion of Asset Categories - The new list includes high-quality asset categories such as sports venues, commercial travel and cultural sports complexes, four-star and above hotels, commercial office facilities, and urban renewal facilities, marking a major breakthrough in the scope of infrastructure REITs [1][2]. - Since the launch of infrastructure REITs in 2020, the market has continuously expanded, now covering 12 major industries and 52 asset types, with 18 asset types from 10 industries already achieving their first issuance [2][3]. Group 2: Consumer Infrastructure and Sports Consumption - The expansion of the scope to include consumer infrastructure signifies a shift in understanding, moving from merely providing shopping spaces to offering high-quality living and service experiences [2][3]. - The inclusion of sports venues supports the national strategy for public fitness and expands new spaces for sports consumption, aligning with government efforts to enhance financial support for the sports industry [3][4]. Group 3: Commercial Office Facilities - The list allows independent commercial office facilities to issue REITs for the first time, which aligns with international REIT market practices and is a cautious decision based on China's national conditions [4][5]. - This move is expected to significantly expand asset scale and attract a broader range of investors, while also providing stable operating spaces and quality business environments for the real economy [4][5]. Group 4: Urban Renewal Facilities - Urban renewal facilities have been included as an independent category, providing strong financial support for national urban renewal strategies [5]. - The introduction of infrastructure REITs is seen as a solution to challenges such as large investment scales and long recovery periods in urban renewal projects, promoting a sustainable operational model and enhancing the long-term vitality of updated areas [5].

学习中，戈玉兰了解到，城市是复杂而富有生命力的。回想起自己成长过程中古城区业态的不断变化， 她开始意识到，自己生于斯长于斯的古城区并非常年不变、"垂垂老矣"，而是依旧迸发着活力。在课程 中，戈玉兰了解到，自己在伦敦居住的新兴街区也经历了从荒废到复兴的过程，这令她愈发对故乡古城 区的焕新充满期待。 学成归国后，戈玉兰在北京从事遗产保护相关的策划工作。不久，她选择回到苏州接过父亲的衣钵。在 戈玉兰看来，父亲脚踏实地的精神很值得年轻人学习。而自己作为年轻的海归一代，拥有海外的开阔视 角、学习过国际上的多元理念，能够跳出单纯的古建筑修缮与保护，将其与城市更新融为一体，系统化 地推进古城焕新。 穿行于园林花阶与古建模型之间，戈玉兰如数家珍，娓娓道来。对于这名年轻的海归来说，建筑文物的 修缮与保护已是她人生中不可分割的一部分。 戈玉兰出生、成长于有着2500多年历史的苏州古城区，踏着青石板路、穿行于粉墙间、数着檐上黛瓦上 学是再平常不过的事情。有时，戈玉兰会自豪地指着古屋告诉同学们："那是我爸爸修缮的。" 戈玉兰的父亲戈荣华曾参与过长三角地区众多古建筑的修复、保护工作，在业内颇有名气。戈玉兰小时 候，父亲会带着她前往修复 ...

Core Viewpoint - The expansion of the issuance scope of infrastructure Real Estate Investment Trusts (REITs) marks a significant milestone, as urban renewal facilities are now included as an independent category, providing strong financial support for urban high-quality development and industrial model upgrades [1][4]. Group 1: Urban Renewal and Financial Support - The inclusion of urban renewal facilities in the infrastructure REITs category reflects a precise adaptation of financial tools to the stage of urban development, addressing the needs of urbanization transformation [1][4]. - The current phase of urbanization in China has shifted from incremental expansion to improving existing stock, with the renovation of old neighborhoods and factories becoming a core task to drive urban momentum and meet public needs [1][4]. Group 2: Characteristics of Infrastructure REITs - Infrastructure REITs, which combine equity and long-term characteristics, align well with the funding needs of urban renewal projects by enabling asset securitization to realize the value of existing assets and providing effective exit paths for initial investments [2][5]. - The professional screening mechanism of the capital market can compel urban renewal projects to enhance operational efficiency [2][5]. Group 3: Market Implications and Investor Opportunities - The inclusion of urban renewal facilities in the REITs framework not only enriches the asset types but also expands the market scale, attracting more long-term capital and enhancing market liquidity and risk resistance [2][5]. - For investors, participating in urban core asset investments through publicly traded infrastructure REITs broadens wealth management channels and gathers a wider range of social capital for urban renewal, achieving a win-win for capital, cities, and livelihoods [2][5]. Group 4: Future Outlook - The deep expansion of infrastructure REITs provides a market-oriented and sustainable financing solution for urban renewal, adding quality underlying assets to the capital market and injecting lasting momentum into high-quality urban development [3][6]. - Successful urban renewal projects are expected to accelerate their entry into the capital market in the future [3][6].

Core Insights - The National Development and Reform Commission has expanded the scope of infrastructure REITs to include commercial office facilities and urban renewal projects, which will enhance the public REITs market in China [1] - The China Securities Regulatory Commission has proposed a pilot program for commercial real estate REITs, aiming to revitalize a large amount of existing assets and improve resource allocation [1][2] - As of November 2025, China has issued 77 infrastructure REITs with a total fundraising scale of approximately 220 billion yuan, indicating a small scale compared to the vast existing assets [1] Group 1: Infrastructure REITs Expansion - The inclusion of sports venues, commercial complexes, and four-star hotels in the infrastructure REITs category is expected to stimulate supply-side improvements and innovation, thereby boosting consumption [2] - The integration of urban renewal projects into the REITs framework will address funding challenges in urban renewal, promoting a cycle of investment, construction, operation, exit, and reinvestment [2] Group 2: Commercial Real Estate REITs - Commercial real estate investment faces challenges due to long recovery periods and heavy reliance on debt financing, with over one trillion yuan of assets tied up in real estate companies and local state-owned enterprises [3] - REITs can provide a channel for asset exit and cash flow recovery for real estate companies, helping to revitalize existing assets and optimize capital structures [3] Group 3: Market Dynamics and Challenges - The REITs market is highly market-driven, with regions like the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area attracting more investment due to strong asset operation capabilities and stable cash flows [3] - The current low savings and bond yields enhance the attractiveness of REITs, which offer high mandatory dividend payouts, although there are structural factors limiting large-scale issuance [3] Group 4: Operational Improvements - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from asset holding to asset operation and capital management to enhance supply quality and attract more social capital [4]

Core Insights - The expansion of the scope for infrastructure Real Estate Investment Trusts (REITs) marks a significant milestone, with urban renewal facilities now included as an independent category for issuance [1][2] - This move is not merely an asset type expansion but aims to provide robust financial support for high-quality urban development and industrial model upgrades, aligning financial tools with urban development needs [1][2] Industry Summary - China's urbanization has shifted from incremental expansion to enhancing existing stock, focusing on the renovation of old neighborhoods and factories as a core task to drive urban momentum and meet public needs [1] - Urban renewal projects face challenges such as large investment scales, long recovery periods, and prolonged cash flow stagnation, making traditional financing models unsustainable and deterring social capital participation [1] Financial Mechanism - Infrastructure REITs, which combine equity and long-term characteristics, match the funding needs of urban renewal by enabling asset securitization to realize the value of existing assets, providing effective exit paths for initial investments, and creating a virtuous cycle of "investment—construction—operation—exit—reinvestment" [2] - The professional screening mechanism of capital markets can also compel urban renewal projects to enhance operational efficiency [2] Market Implications - The inclusion of urban renewal facilities in the REITs framework reflects both the adoption of international best practices and innovative responses to local market demands, enriching the asset types within China's REITs and expanding market size [2] - This development is expected to attract more long-term capital, enhance market liquidity and risk resilience, and improve mechanisms for valuation, operation management, and risk prevention, laying the groundwork for the inclusion of more asset types [2][3] Investor Opportunities - For investors, participating in urban core asset investments through publicly traded infrastructure REITs broadens wealth management channels and gathers a wider range of social capital for urban renewal, achieving a win-win for capital, cities, and public welfare [2] Conclusion - The deep expansion of infrastructure REITs not only provides a market-oriented and sustainable financing solution for urban renewal but also adds quality underlying assets to the capital market, injecting lasting momentum into high-quality urban development [3]

Core Insights - Jiangsu province is exploring innovative practices for urban renewal, showcasing successful case studies that contribute to high-quality urban development [1] Group 1: Urban Renewal Practices - Jiangsu has selected and implemented 118 provincial pilot projects for urban renewal, with 18 experiences included in a national replicable action list, establishing a systematic governance model [1] - In Yancheng, eight old communities were integrated to improve living conditions, increasing green space by 30% and achieving full smart security coverage [2] - Nanjing's innovative land use policy revitalized previously neglected areas, allowing 70% of residents to choose to return to newly built homes on the same site [3] Group 2: Industrial Transformation - The transformation of old factories into smart industrial parks in Wuxi has significantly increased rental income from 4.8 million to 32.3 million yuan annually [4] - Jiangsu's approach to revitalizing old industrial zones has led to over 40% of pilot projects focusing on industrial updates, enhancing productivity and sustainability [5] Group 3: Institutional Innovation - Jiangsu has developed a "1+N+X" policy framework for urban renewal, ensuring historical preservation while meeting modern safety standards [6] - The gradual and small-scale updating model in Yangzhou emphasizes preservation and revitalization, attracting over 2 million visitors annually [7] - The province has established a closed-loop system for historical district updates, balancing protection, utilization, and inheritance of cultural heritage [7]

Core Insights - The average price of second-hand residential properties in 100 cities across China decreased to 13,143 yuan per square meter in November, reflecting a month-on-month decline of 0.94% and a year-on-year decline of 7.95% [1] - There is a notable divergence in transaction volumes among different tier cities, with first and second-tier cities showing an increase in transaction area [3] Group 1: Second-Hand Housing Market - In November, the transaction area for second-hand residential properties in first-tier cities reached 4.02 million square meters, a month-on-month increase of 10%, with a cumulative growth of 5% for the first 11 months [3] - The average price of second-hand homes in first-tier cities saw a month-on-month decline of 1.15% for first-tier cities, 0.98% for second-tier cities, and 0.81% for third and fourth-tier cities, with year-on-year declines of 5.62%, 8.24%, and 7.47% respectively [4] - The transaction area for second-hand homes in 30 key cities is expected to be 17.04 million square meters in November, reflecting a month-on-month increase of 14% and a year-on-year increase of 3% [4] Group 2: New Housing Market - The average price of newly built residential properties in 100 cities was 17,036 yuan per square meter in November, showing a month-on-month increase of 0.37% and a year-on-year increase of 2.68% [6] - First-tier cities experienced a month-on-month price increase of 0.75% for new homes, while second-tier cities saw a 0.36% increase, and third and fourth-tier cities experienced a month-on-month decline of 0.18% [6] - The Ministry of Housing and Urban-Rural Development emphasized the need for high-quality urban renewal actions, which may positively impact the new housing market [5] Group 3: Market Outlook - The year-end is expected to see an increase in the number of quality new projects in core cities, leading to a potential rise in new housing transaction volumes [7]

Core Viewpoint - The third season of the Beijing Shougang Basketball Club's original video brand "Looking at Beijing from a New Height" showcases the transformation of industrial heritage sites in Beijing, highlighting the city's rapid development and the integration of sports and culture [1][5]. Group 1: Program Overview - The program features basketball players exploring famous industrial heritage sites in Beijing, such as Shougang Park and the 798 Art District, providing a unique perspective on the city's evolution [1][3]. - The first two seasons of the program garnered over 30 million views, with significant engagement on social media platforms, indicating a strong public interest [3][7]. Group 2: Industrial Heritage and Urban Development - The third season focuses on four exemplary industrial heritage sites, emphasizing their role as "living fossils" of urban development and the importance of their protection and revitalization in Beijing's high-quality growth strategy [5][7]. - Shougang Park serves as a benchmark for the revitalization of industrial heritage, blending industrial aesthetics with sports vitality, and showcasing modern developments alongside preserved historical structures [5][9]. Group 3: Audience Engagement and Future Plans - The initial episodes of the Shougang Park series achieved over 3 million views across various platforms, with the program's hashtag reaching nearly 97 million reads on Weibo [7]. - Future plans include hosting CBA and WCBA games at the Shougang Ice Hockey Arena and organizing various fan engagement activities, aiming to enhance the area's economic vitality and integrate industrial heritage into daily life [9].