福州上下杭历史文化街区2014年开始实施保护修复工程，十多年来成效显著。图为改造后的俯瞰景色。 （资料图片） 眼前现代化的凤湖社区，很难让人联想到它曾经是建筑密度大、环境治安不佳、基础设施不完善的棚户区。 2007年，洪山镇全力推动乌山西路凤湖片区旧改项目。27.99万平方米的拆迁面积，为城市发展腾出了宝贵空 间。2010年，棚户区改造项目全面完工，凤湖新城5个小区的高楼拔地而起，居民陆续迁入新居。如今，这里 高楼林立、道路宽敞，绿树成荫的社区环境与昔日的棚户区形成了鲜明对比。 凤湖社区党委副书记林琴说，社区创新性地利用住宅楼架空层，打造集长者食堂·学堂、健康小屋、四点钟学 校等功能于一体的"乐享邻里中心"。社区按照"15分钟步行通达"标准，整合周边服务资源，打造了全市首 个"一刻钟幸福圈"。 "现在买菜、看病、孩子上学和放学后的托管问题都解决了，这才是真正的宜居社区。"陈建华说。 同样经历华丽变身的还有台江区华侨新村。这个建于上世纪的老旧小区，曾经因电力设施老化而隐患重重。 2024年，国网福州供电公司成立了华侨新村电力提升改造工作专班，历经6个多月，累计拆除架空线路7.33公 里，敷设电缆6.27公里。该 ...

Group 1 - The core viewpoint of the news is the acceleration of urban renewal actions in China, as outlined in the recent document released by the State Council, which specifies the next steps for urban renewal following the "14th Five-Year Plan" [1] - The urban renewal will focus on upgrading living experiences, including significant renovations of old residential communities, updating aging pipelines, and adding elevators to buildings where conditions allow, benefiting especially the elderly and those with mobility issues [1] - The emphasis of urban renewal is on optimizing existing resources to promote high-quality urban development, which includes upgrading urban functions and infrastructure, such as parking and charging facilities, and enhancing community amenities like libraries [1] Group 2 - The National Development and Reform Commission is organizing project applications and evaluations, with plans to issue the urban renewal special central budget investment plan by the end of June, and will provide subsidies to 20 selected cities, with the highest subsidy in central and western regions reaching 1.2 billion yuan [2] - The approach to urban renewal will involve meticulous governance, prioritizing issues identified in urban assessments as focal points for renewal efforts, aiming for cities to become more livable and smarter over the next five years [2]

Group 1: Company Performance and Market Position - The company achieved revenue growth in 2024 due to focused market expansion and differentiation strategies, particularly in lower-tier cities [2] - The architectural design and landscaping engineering sectors contributed to the company's revenue structure, marking their first significant income share in 2024 [3] - The concentration of the design industry has increased, with a higher demand for comprehensive design capabilities from national firms [3] Group 2: Business Development and Strategic Partnerships - The company plans to expand its business into digital technology, land management, urban renewal, and project operations while solidifying its core landscape design business [3] - Collaboration with Rokid has been upgraded, focusing on integrating design and culture with smart technology [4] - The company aims to enhance its competitive edge through strategic partnerships that align with its core business and promote resource integration [3] Group 3: Financial Management and Risk Mitigation - As of the end of 2024, 72% of accounts receivable are from private real estate companies, with 24% from state-owned enterprises [5] - The company has established a special collection mechanism, optimizing the bad debt provision ratio to 46%, a 5% decrease year-on-year [5] - To mitigate risks, the company focuses on selecting high-quality clients and enhancing accounts receivable management [5] Group 4: Urban Renewal and Future Goals - Urban renewal is a key focus, with projects in major cities like Beijing and Guangzhou aimed at improving cultural districts and public spaces [6] - The company has set ambitious performance targets for 2025, aiming for a revenue growth rate of at least 21% from a 2023 base of CNY 333 million and a net profit of no less than CNY 15 million [7] - Future strategies include a shift towards integrated service models and international market expansion to drive growth [8]

Core Viewpoint - The total inventory value of 50 typical listed companies reached 7.98 trillion yuan, a significant decrease of 15% compared to the end of last year [1]. Group 1: Inventory and Land Reserve Data - As of the end of 2024, the total land reserve value of the top 100 real estate companies amounted to 25.23 trillion yuan, down 13% year-on-year [15]. - The total land reserve area of the top 100 companies was 1.582 billion square meters, a decrease of 12% compared to the previous year [15]. - The threshold for the top 100 companies in terms of total land reserve value was 20.58 billion yuan, a decline of 16% [16]. Group 2: Company Performance and Trends - 96% of the top 100 real estate companies experienced a decline in land reserve value, with 15% of companies seeing a drop of over 20% [19]. - Vanke's total land reserve value decreased by over 340 billion yuan, a drop of approximately 25% [20]. - The inventory turnover cycle for the top 100 companies reached a historical high of 6.93 years, indicating increased pressure on inventory liquidation [25]. Group 3: Market Conditions and Challenges - The sales of new commercial housing in 2024 totaled 96,750 billion yuan, a decline of 17.1%, reflecting weak market demand [25]. - 94% of the 50 typical listed companies recognized inventory impairment losses totaling 167.7 billion yuan in 2024, marking a 26% increase from previous years [32]. - The proportion of completed inventory reached a record high, accounting for 27% of the total inventory value, indicating a shift towards liquidating completed projects [30]. Group 4: Strategic Focus and Policy Directions - The industry is transitioning from a "scale-oriented" approach to a "product-oriented" strategy, with companies focusing on core first and second-tier cities for new investments [35]. - Companies like Poly Development and China Resources Land are emphasizing inventory liquidation and optimizing land use to reduce capital occupation [36]. - The 2025 policy focus is expected to revolve around ensuring housing delivery, land reserve optimization, and urban renewal initiatives [37].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The "Opinions on Continuously Promoting Urban Renewal Actions" was released, defining the "roadmap" and "timetable" for urban renewal, and multiple - dimensional financing support will be strengthened [6][7]. - Xinjiang plans to clear all financing platforms by the end of 2025, and Jilin aims to exit the list of key provinces with high - risk debts [6][12]. - This week, 10 urban investment enterprises prepaid bond principal and interest, with a total scale of 1524 million yuan [6][14]. 3. Summary by Directory 3.1. News Review 3.1.1. "Opinions on Continuously Promoting Urban Renewal Actions" - Since 2019, the central and local governments have actively promoted urban renewal. By the end of 2024, China's urbanization rate reached 67%. From 2019 - 2024, 280,000 old communities were renovated, benefiting over 120 million people. Various infrastructure improvement projects have also achieved remarkable results [8]. - Future urban renewal focuses on eight tasks, aiming to make important progress by 2030 [9]. - Financing support includes central finance (continuing to increase investment and special treasury bond support), local finance (expanding special bond investment areas), financial institutions (formulating special loan management methods), and diversifying financing methods (such as PPP and REITs) [10][11]. 3.1.2. Xinjiang and Jilin's Debt - related Goals - Xinjiang plans to complete the clearance of all financing platforms by the end of 2025, and prohibits the establishment of new ones [12]. - Jilin aims to exit the list of high - risk debt provinces by innovating investment and financing models,盘活 "three capitals" of finance, and reducing the number of financing platforms [12]. 3.1.3. Pre - payment of Bonds by Urban Investment Enterprises - This week, 10 urban investment enterprises prepaid 10 bonds, with a total scale of 1524 million yuan, a decrease of 14.409 billion yuan compared to the previous value. Most of these enterprises are from the east and west regions, and the majority of their credit ratings are AA [14]. 3.2. Issuance of Local Government Bonds and Urban Investment Bonds 3.2.1. Local Government Bonds - This week, 51 local government bonds were issued, with a total scale of 197.25 billion yuan, a decrease of 0.66% from the previous value, and a net financing increase of 7.02% to 171.114 billion yuan. As of May 18, the replacement progress of local bonds this year reached 80%, and more than half of the provinces completed their annual tasks [6][16]. - The weighted average issuance interest rate decreased by 1.49BP to 1.88%, and the weighted average issuance spread narrowed by 2.04BP to 12.79BP [16]. - Anhui had the largest issuance scale of 56.452 billion yuan, and Guangxi had the highest issuance interest rate and spread [16]. 3.2.2. Urban Investment Bonds - This week, 35 urban investment bonds were issued, with a total scale of 32.227 billion yuan, a significant decrease of 80.01% from the previous value, mainly due to seasonal factors. The net financing increased by 4.51 billion yuan to - 21.62 billion yuan [6][20]. - The overall issuance interest rate was 2.17%, a decrease of 28.78BP from the previous value, and the issuance spread was 67.58BP, a narrowing of 26.77BP [20]. - Private placement bonds were the main issuance type, accounting for 45.71%. The 3 - year term was the most common, accounting for 37.14%. The issuer's main credit rating was AAA, accounting for 40.00% [20][21]. - Three overseas urban investment bonds were issued, with a total scale of 862 million yuan, and the weighted average issuance interest rate was 5.90% [21]. 3.3. Trading of Local Government Bonds and Urban Investment Bonds - The central bank conducted 486 billion yuan of reverse repurchases this week, with a net withdrawal of 475.1 billion yuan. Short - term capital interest rates mostly increased [26]. - This week, the trading volume of local government bond spot was 452.947 billion yuan, a decrease of 17.66% from the previous value, and most of the maturity yields increased, with an average increase of 3.33BP [26]. - The trading volume of urban investment bonds was 290.14 billion yuan, a decrease of 31.50% from the previous value, and most of the maturity yields increased, with an average increase of 1.41BP. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 7.96BP, 3.71BP, and 6.10BP respectively [26]. - In a broad sense, 25 bonds of 22 urban investment entities had 30 abnormal trades, with an increase in the number of entities, bonds, and abnormal trades [27]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 63 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [32].

Group 1 - The core viewpoint of the news is that the Chinese government is accelerating urban renewal efforts, aiming for significant progress by 2030, with a focus on improving living conditions and urban quality [2][3][5] - The government has outlined eight key tasks for urban renewal, emphasizing the need for comprehensive and systematic approaches to enhance existing buildings and old neighborhoods [3][4] - Financial support from the central government will be directed towards urban renewal projects, including a dedicated budget for public infrastructure and services by 2025 [5][6] Group 2 - The Ministry of Finance will focus on three areas to support urban renewal: exploring new models, reinforcing fiscal policies, and promoting diversified financing mechanisms [5][6] - The central government plans to expand the use of local government special bonds for urban renewal projects, enhancing financial backing for these initiatives [5][6] - The REITs market is expected to play a crucial role in financing urban renewal, with significant issuance and strong performance in the sector, indicating its potential as a stable funding source [7][8]

新华财经北京5月22日电（记者高婷）城市更新对于扩大内需、改善民生、提升城市品质意义重大。近 日，住房城乡建设部副部长秦海翔在国新办召开的新闻发布会上说，实施城市更新行动，就是要推进城 市结构优化、功能完善、文脉赓续、品质提升，推动城市高质量发展，同时，有效拉动投资和消费，扩 大内需，不断满足人民群众美好生活需要。 "城市更新之所以重要，是因为它顺应了我国城市发展从大规模增量建设转向存量提质改造和增量结构 调整并重的战略转型。"中央财经大学商学院金融与财务管理系主任张光利表示，通过对老旧小区、棚 户区、低效工业园等存量空间的改造，推动土地、资本、人口等资源重新配置，能有效激发城市活力， 提升产业能级和公共服务水平，进而实现更高质量、更可持续的城市发展。 业内人士认为，城市更新之所以重要，是因为它顺应了我国城市发展从大规模增量建设转向存量提质改 造和增量结构调整并重的战略转型，大力实施城市更新将有效拉动投资和消费，扩大内需；随着城市更 新工作的不断推进，应积极探索政府引导、市场运作、全社会参与的可持续城市更新投融资模式。 城市更新明确"施工图" 描绘城市高质量发展蓝图 近日，中办、国办联合印发《关于持续推进城市 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index [2][4]. Core Insights - Urban renewal is anticipated to accelerate, with a focus on local construction and consumer building materials, driven by government policies aimed at enhancing existing building utilization and improving urban infrastructure [3][4]. - The construction materials sector is expected to benefit from increased orders related to urban renewal projects, particularly in waterproof materials, coatings, and piping [3][4]. Summary by Sections Cement - The national average cement price decreased by 1.1% last week, with regional price changes ranging from a drop of 10-30 CNY/ton in North, East, and Central South China, while prices in Liaoning and Henan increased by 20 CNY/ton. Demand showed a slight increase week-on-week but remains 6-7% lower year-on-year [3][22]. Glass - The float glass market continued to show weakness, with an average price of 1306.73 CNY/ton, down 0.82% from the previous week. Demand remains weak, and supply is stable with a production capacity utilization rate of 80.08% [3][35]. Fiberglass - The price of non-alkali fiberglass remained stable, with mainstream prices for 2400tex ranging from 3500-3800 CNY/ton, averaging 3735.25 CNY/ton, a year-on-year decrease of 3.3% [3][46]. Investment Recommendations - The report suggests focusing on resilient consumer building material leaders, particularly those benefiting from second-hand housing and renovation demand, recommending companies such as Sanke Tree, Beixin Building Materials, and others [4]. - For the cement and fiberglass sectors, companies like Anhui Conch Cement and China Jushi are highlighted for their potential recovery in performance [4].

今日早参 2025 年 5 月 22 日 申建国 电力设备与新能源行业首席研究员 邮箱：shenjianguo@htsc.com 边文姣 电力设备与新能源行业研究组长 座机：0755-82776411 邮箱：bianwenjiao@htsc.com 今日热点 宏观：人民币或将有升值动力 4 月 2 日后，美国"对等"关税经历数轮调整，但实际结果是美国仍将对全 球加征 13-17 个百分点的进口关税。美国对中国关税更是经历了"过山车"， 两国于 5 月 12 日达成协议，将特朗普上任来对中国加征关税的水平从最高点 的 145%左右降低至 30%（参见《美中关税降级的缘起、影响和后续》， 2025/5/13）。由此，美元指数小幅反弹，而人民币兑美元汇率上升 0.5%左 右。我们认为，这一升值幅度并未完全反映今年来中国相对美国和其他经济 体基本面的相对变化。而在去美元化的大幕初启的背景下，全球、尤其是亚 洲资产大幅超配美元、低配本币这一实质意义上的"套利交易"势必经历结 构性"再平衡"，这一过程中，人民币贬值预期或将渐渐消弭，甚至出现升 值动力可能是题中之义（参见《新台币大幅升值的启示》，2025/5/7）。 风险 ...

Core Viewpoint - The article emphasizes the importance of establishing a diversified financing mechanism to support urban renewal, highlighting both policy-based financial support and market-oriented social financing as essential components [2][3][4]. Group 1: Urban Renewal Goals and Progress - The "Opinions on Continuing to Promote Urban Renewal Actions" was introduced by various government departments, aiming for significant progress in urban renewal by 2030, including improved systems and enhanced service efficiency [2]. - In 2024, over 60,000 urban renewal projects were implemented in China, with an investment of approximately 2.9 trillion yuan [2]. Group 2: Financing Mechanisms - Successful examples of financing mechanisms include cities like Chengdu and Tangshan, which have allocated special fiscal funds for direct investment and subsidies, while Chongqing and Yantai have issued government bonds to provide long-term, low-cost funding [3]. - The Ministry of Finance plans to expand the scope of local government special bonds and increase support for urban renewal projects, while also encouraging policy banks to provide financial support under controlled risks [3][4]. Group 3: Role of Social Capital - The importance of social capital in urban renewal is highlighted, with encouragement for private enterprises to participate in infrastructure and public utility projects [5]. - The article notes that urban renewal's characteristics, such as strong public welfare attributes and long return periods, make it less attractive to social capital, necessitating more efforts to engage suitable market participants [5]. Group 4: International Best Practices - The article suggests that successful international experiences, such as the Denver Union Station project in the U.S., can be referenced to improve urban renewal financing models in China [5]. Group 5: Conclusion - Urban renewal is a comprehensive strategy requiring significant financial resources, balancing government and market roles, and necessitating continuous innovation in financing approaches [6].