Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].

Group 1 - The central government has issued an opinion to promote urban renewal actions, aiming for significant progress by 2030, including improved urban development mechanisms and enhanced living environments [1] - The urban village renovation is highlighted as a key project, with a focus on historical and cultural preservation, and a tailored approach for each village to improve living conditions [1][2] - A surge in A-share stocks related to urban village renovation was observed, with notable increases in companies like Jitai Co. and Zhengzhong Design, which saw gains of 9.99% and 9.98% respectively [1][2] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement 1 million sets of urban village and dilapidated housing renovations, involving a renovation scale of approximately 1.1 million square meters [3] - The financial demand for monetary compensation for these renovations is estimated at 1.4 trillion yuan, with a potential boost of 1.1 trillion yuan in residential sales [4] - Nearly half of the companies involved in urban village renovation reported positive performance in Q1, with notable profit increases from companies like Youfa Group, which saw a 9680.17% year-on-year increase in net profit [5] Group 3 - 17 stocks related to urban village renovation received significant interest from social security funds, with major holdings in China State Construction and Poly Developments, indicating strong institutional support [6]

市领导方文浜、施嘉泓，市中级法院院长刘建功参加调研。 刘小涛先后来到小河浜、解放新村、城湾地块、茶花村等城中村改造项目现场，实地察看征迁进 度、施工安全等情况，深入了解规划建设、架空线整治等工作，并走进项目现场办公室，看望慰问奋战 一线的工作人员，感谢他们的辛勤付出，勉励大家发扬连续作战精神，一鼓作气、乘势而上，圆满完成 城中村改造各项工作。刘小涛还来到已经改造焕新的月泊湾·生活广场，与居民群众亲切交流，了解大 家对城市更新的意见建议。 调研中，刘小涛指出，城中村改造一头连着民生保障，一头连着城市发展。要坚持规划引领，加强 科学设计，做到因地制宜，将城中村改造与民生改善、产业发展、社会治理等结合起来，推动城市更新 和产业焕新深度融合，构建生活生产生态"三生"融合的城市格局。要突出民生为本，补齐基础设施短 板，优化公共服务供给，提升环境卫生水平，保留城市历史底蕴，让群众得实惠、更有感。要建强工作 专班，坚持依法依规，做到合情合理，清单化落实重点任务，节点化推进项目建设，切实把好事办好、 实事办实。要创新工作方法，积极推动政策创新、服务创新、模式创新、技术创新，总结提炼好经验好 做法，做到一地示范、全市推广。要加 ...

广州日报讯 （全媒体记者李天研通讯员祝健轩）5月15日，《中共中央办公厅国务院办公厅关于持续推 进城市更新行动的意见》出台，提出转变城市开发建设方式，建立可持续的城市更新模式和政策法规， 大力实施城市更新，促进城市结构优化、功能完善、文脉赓续、品质提升，打造宜居、韧性、智慧城 市。 当前，在《广州市城中村改造条例》（以下简称《条例》）实施一周年之际，广州不断完善超大城市积 极稳步推进城中村改造政策体系，已构建城中村改造"1+N+X"制度体系，力促新一轮城中村改造助力城 市转型发展，面向"十五五"走内涵式高质量发展道路。 作为全国首部城中村改造地方性法规，《条例》39项条款已涵盖城中村改造的方方面面，为新一轮城中 村改造定下了公益性的主基调。在保障村民权益、回迁安置，促进产业升级、历史文化保护方面起到了 关键作用。 保障公益性 加速项目推进村民回迁 近日，广州市住房和城乡建设局发布《广州市旧村庄改造项目拆迁补偿安置争议处理试点项目清单的通 知》，进一步推动从根本上解决城中村改造个别留守户问题，加速城中村改造尽早进入安置房建设和交 付阶段，让村民们早日回迁安居。 上述《通知》落实《条例》第二十七条规定，城中村改造 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - The real estate market in key cities has shown signs of recovery due to a series of policy optimizations introduced in 2024, leading to increased market activity in the fourth quarter of 2024. The report anticipates that these policies will continue to take effect in 2025, resulting in a gradual stabilization of the market in high-capacity cities [4][85] - The report suggests focusing on two main investment lines: 1) Strong leading real estate companies with comprehensive development capabilities and a good reputation, actively participating in urban renewal and village reconstruction [4][85] 2) Commercial public REITs with diverse business models and strong operational brands [4][85] Summary by Sections New Housing Market - In the first four months of 2025, the average transaction price of new homes in the core 30 cities increased by 5% year-on-year, with a total transaction area of 4,376 million square meters, reflecting a 2.3% increase year-on-year [1][17] - The average transaction price for new homes in key cities was as follows: Beijing at 60,061 CNY/sqm (+21.2%), Shanghai at 77,681 CNY/sqm (-2.8%), Guangzhou at 32,623 CNY/sqm (-11.8%), and Shenzhen at 60,537 CNY/sqm (-2.0%) [2][37] Second-Hand Housing Market - The transaction area of second-hand homes in the core 15 cities increased by 21% year-on-year in the first four months of 2025, with the average price in 10 cities rising by 2% [3] - The average transaction price for second-hand homes in key cities was: Beijing at 28,927 CNY/sqm (+3.5%), Shanghai at 39,193 CNY/sqm (+2.6%), Guangzhou at 27,170 CNY/sqm (-7.4%), and Shenzhen at 57,887 CNY/sqm (-2.0%) [80] Investment Recommendations - The report emphasizes the importance of monitoring the implementation of policies aimed at stabilizing the real estate market and suggests that the market will see further differentiation among regions and cities in 2025 [4][85] - Recommended companies include China Overseas Development, China Merchants Shekou, Poly Developments, and others that are actively involved in urban renewal and have a strong market presence [4][85]

Core Insights - The report highlights the robust growth in the housing rental sector, with companies focusing on both scale and efficiency, while urban village redevelopment for affordable housing emerges as a new growth opportunity [2][4]. Group 1: Revenue Growth - Six disclosed rental companies reported a combined revenue of 8.87 billion yuan, reflecting a year-on-year increase of 3.65% [2]. - Among these, Boyu contributed 41.76% and Guanyu contributed 29.89% to the total revenue [2]. - Rental companies such as Boyu, Guanyu, and Zhaoshang Yidun achieved revenue growth ranging from 3.92% to 42.11% in 2024, with Boyu, Guanyu, and Zhaoshang Yidun generating revenues of 3.702 billion yuan, 2.65 billion yuan, and 1.234 billion yuan respectively, marking year-on-year growth of 7%, 4%, and 13% [2]. Group 2: Operational Efficiency - Rental companies like Xiangyu, Boyu, and Guanyu reported occupancy rates exceeding 95%, indicating stable operations [3]. - As of the end of the previous year, Guanyu's overall occupancy rate was 95.3%, while Boyu's occupancy rate was 95.6%, with a front-end GOP profit margin of 89.8% and a customer satisfaction rate exceeding 95% [3]. - The report noted a significant increase in new rental projects, with 26 new projects launched, primarily due to multiple openings by Vanke Boyu and Longhu Guanyu [3]. Group 3: Policy and Market Trends - Recent policies have been implemented to support the acquisition of existing residential properties for affordable housing, indicating a clear direction from the national level [4]. - Various cities, including Guangzhou, are promoting urban village redevelopment to enhance the affordable housing supply, mandating that at least 10% of residential land in redevelopment projects be allocated for affordable housing [5]. - Despite downward pressure on rents in key cities, signs of stabilization are emerging, with 35 out of 50 monitored cities experiencing a decline in rents, while 15 cities maintained or increased rents [5][6].

据悉，为了积极稳妥推进改造工作，潭村城中村改造还成立了项目部，凝聚区、街道、企业和村社多方 力量，通过明确工作界面、压实主体责任、严格资金管理等，形成政企协同、权责清晰、合力推进的良 好局面，全力保障回迁房如期交付。 根据《白云区产业发展空间布局规划（2025—2030年）》，潭村片区主要产业为现代都市消费产业、美 丽健康产业、文旅创意和设计产业。 潭村位于时尚之都核心区，改造完成后将依托枢纽带动，协同"两城一都"重点平台，加强整体规划和基 础设施建设，聚焦时尚服饰、皮具箱包、枢纽展贸环节发展高价值产业。 （文章来源：广州日报） 广州日报 （全媒体记者汤南通讯员杨黛清、石井街宣）5月7日上午，广州湾区新岸（罗冲围片区）潭 村城中村改造项目一期回迁房奠基仪式在原新穗巴士地块举行，这标志着新模式下的潭村城中村改造工 作正式转入实质性开发建设阶段。 本期回迁房共建1906套，紧随其后的二期回迁房共建2020套，两期回迁房建筑面积合计41万平方米，计 划总投资17亿元，预计2027年底开始交付。记者了解到，当天还举行了二期回迁地块永丰五金城牌坊拆 除仪式，实现一、二期安置区"一建一拆"。 祠堂选址上，将征求广大村民的 ...

Core Viewpoint - The acceleration of major infrastructure projects across various regions in China is expected to positively impact economic growth in the second quarter, supported by increased funding and investment from state-owned enterprises [1][2][3]. Group 1: Infrastructure Investment - The National Energy Group has completed an investment of 35.95 billion yuan in the first quarter, with a 5.3% year-on-year increase in wind power investment [1]. - Major projects in Guangdong, such as the Bai'e Tan project and housing projects, are progressing rapidly, with a planned investment of 1 trillion yuan for 1,500 key projects by 2025 [2]. - In Anhui, over 1,300 major projects have been launched this year, with a total investment exceeding 800 billion yuan, more than half of which are in emerging industries [3]. Group 2: Funding and Policy Support - The issuance of long-term special bonds, with a planned 1.3 trillion yuan for this year, is aimed at supporting "two heavy" projects, contributing to the acceleration of infrastructure investment [3][4]. - The National Bureau of Statistics reported a 5.8% year-on-year increase in infrastructure investment in the first quarter, contributing 1.3 percentage points to overall investment growth [4]. - Experts emphasize the importance of optimizing spending structures and increasing expenditure intensity to enhance the effectiveness of funding and stimulate further social investment [4].

在长期发展过程中，广州的城中村形成了特有的土地利用模式。然而，由于前期缺乏统一规划与管理， 部分城中村土地呈现碎片化、低效化特征，存在土地权属复杂、历史遗留问题多等挑战。例如，大量土 地用于建设低矮破旧的住宅和简易厂房，建筑密度高、容积率低，土地产出效益较低，难以满足现代化 产业发展需求。对此，可通过拆除破旧建筑、清理闲置土地等方式，对土地进行重新整合与规划。将原 本分散的土地集中起来，依据"12218"现代化产业体系需求，合理划分产业用地、居住用地和公共服务 用地。例如，改造时可将适合发展高新技术产业的区域规划为科技园区，为新一代信息技术、生物医药 等产业提供空间支持；把靠近商业中心的区域规划为现代服务业集聚区，发展金融、物流、创意设计等 产业。 城市更新和城中村改造，关乎城市能级、城乡品质，影响产业发展、经济大局，更事关群众利益、民生 福祉。不久前，广州市城市更新工作动员部署会召开，其中强调要聚焦产城融合、转型升级。笔者认 为，可从以下几点切入。 土地资源重整：开拓产业布局新局 空间品质跃升：吸引高端要素汇聚 城中村改造不只是改善建筑外观和基础设施，更是全面提升整个空间品质。实践证明，高品质的城市空 间是 ...

Group 1 - The company reported a revenue of 430 million yuan for 2024, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 40 million yuan, down 50% year-on-year, which aligns with the performance forecast of 35-45 million yuan [1] - The decline in performance is primarily due to a significant contraction in the real estate sales business, with property sales revenue dropping to 1.143 million yuan, a year-on-year decrease of 99%, and its contribution to total revenue falling from 18.81% to 0.27% [1] - The company has adopted a rental strategy to generate income, leasing out all remaining 122 apartments in the Hualian Urban Business Center project, resulting in an additional rental area of 22,000 square meters, contributing positively to performance [1] Group 2 - The company holds two urban renewal projects in Shenzhen, with the "Yupin Luanshan" project expected to start pre-sales in October 2025, which could positively impact future performance [2] - The company is actively cultivating new growth points, with the Zhuhai Juneng production line for enriched materials having commenced production in September 2024, and the product is now in the market promotion phase [2] - The company decided to cancel 80.1153 million shares from the 97.2153 million shares repurchased between January 2024 and January 2025, amounting to approximately 250 million yuan, enhancing shareholder equity value [2] Group 3 - The company has adjusted its net profit forecasts for 2025 and 2026 to 80 million yuan and 90 million yuan, representing decreases of 22% and 18% respectively, with an expected net profit of 190 million yuan for 2027 [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.05, 0.06, and 0.13 yuan respectively, with a book value per share (BPS) of 3.48 yuan for 2025 [3] - Considering the recovery of the real estate market and the acceleration of urban village renovations, the company’s reasonable price-to-book ratio (PB) for 2025 is estimated at 1.1x, with a target price of 3.83 yuan [3]