其中提到，2027年底，2000年底前建成的需改造老旧小区应改尽改，因地制宜逐步改造2001年至2005年 底前建成的老旧小区，形成一批老旧小区改造版的"川居好房"。 《征求意见稿》还设立了阶段性目标：2025年全省启动约600个城市更新重点片区，实施约3800个城市 更新项目；到2027年底，建成50个省级城市更新重点片区样板，支持各地以更新重点片区为载体整合资 源、集成项目；到2030年，城市更新工作机制、支持政策、技术方法和管理制度更加完善，可持续城市 更新模式基本形成。 近日，四川省住房城乡建设厅发布《四川省实施城市更新行动方案(征求意见稿)》(以下简称《征求意见 稿》)，明确了未来五年四川城市更新的方向和重点。《征求意见稿》围绕城镇老旧小区整治改造、城 中村和老旧街区厂区更新改造、城市生态系统修复等8大重点任务，给出了老旧街区活力再现、历史片 区传承复兴等6个实施路径。 8项重点任务囊括基础设施升级、生态修复等 《征求意见稿》提到了8项重点任务，不仅包括了老旧小区、街区厂区、基础设施的更新改造，还提到 了生态修复、文化保护传承等内容。 在老旧小区、街区厂区更新改造方面，《征求意见稿》提出，将以供排水 ...

报告导读： 4月财政收支增速边际回升，反映经济韧性。二季度或主要加快落实存量政 策，关注城市更新项目的进展以及两新政策的力度。 狭义收入：增速继续回升。 2025 年 1-4 月，全国一般公共预算收入同比下降 0.4% ，但是 4 月当月增 速 1.9% ，相比 3 月的增速 0.3% 有所回升。在海外不确定性扰动、我国 PPI 价格低位运行的情况下， 4 月财政收入增速回升反映了积极财政发力后，经济表现出一定的韧性。从主要分项看，增值税、消费 税、企业所得税收入增速边际回落。个人所得税收入增速明显回升。此外，出口退税增速虽然边际回落， 但是表现尚可，或与出口受转口贸易的支撑有关。接下来，随着关税局势缓和，外需或边际回升。此外， 非税收入增速持续回落，可能对地方收入有所拖累。 狭义支出：增速平稳，保障民生。 2025 年 1-4 月，全国一般公共预算支出同比增长 4.6% ，其中从 4 月当月同比增长 5.8% ，相比 3 月的增速 5.7% 略微抬升。从节奏看，目前支出进度与过去两年的同期 水平大体相当。这体现出，财政政策仍较为积极，对经济保持应有的支持力度。 政府性基金：收入回升，支出提速。 2025 年 ...

存量资产改造升级契机。 5月15日，中共中央办公厅、国务院办公厅印发《关于持续推进城市更新行动的意见》，从政策引导、 资源配置、资金支持等多个关键维度明确了城市更新的发展方向。 5月20日，国务院新闻办公室召开专题新闻发布会，住房城乡建设部、自然资源部、国家发展改革委、 财政部、金融监管总局等五部门联合对《关于持续推进城市更新行动的意见》进行解读。 多部门联合解读城市更新政策，在过往较为罕见，凸显了城市更新行动方案已上升至极为重要的战略高 度。 住房城乡建设部副部长秦海翔在发布会上指出，当前，我国城市发展模式已从大规模增量建设，转向存 量提质改造与增量结构调整并重，正式迈入城市更新的重要时期。人民群众对城市生活的需求，也 从"有没有"转向了"好不好" 。实施城市更新行动，不仅能够推进城市结构优化、功能完善和品质提 升，推动城市实现高质量发展，还能有效拉动投资与消费，扩大内需，持续满足人民群众对美好生活的 向往，对促进经济增长、保障和改善民生意义重大。 今年以来，上海加快"两旧一村"改造，多个项目取得进展。其中，上海第十钢铁厂城市更新项目近日启 动招商，成为上海盘活闲置存量土地资源的又一案例。 城市更新政策演进 ...

2024 Interim Results 30 Aug 2024 Agenda | Opening Remarks | Vincent Lo | | --- | --- | | | Chairman | | Business Review and | Stephanie Lo | | Outlook & Strategy | Vice Chairman, Shui On Land | | Key Financial Highlights | Douglas Sung | | | CFO & CIO, Shui On Land | | Property Sales & Development | Jessica Wang | | | CEO, Shui On Land | | Commercial Asset Management | Allan Zhang | | | CEO, Shui On Xintiandi | 2 Opening Remarks 3 China Property Market Facing Immense Challenges China property market undergo ...

铝类产业日报 2025/5/21 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | | 沪铝主力合约收盘价(日,元/吨) 主力合约持仓量:沪铝(日,手) | 20,190.00 200,224.00 | +115.00↑ 氧化铝期货主力合约收盘价(日,元/吨) +458.00↑ 主力合约持仓量:氧化铝(日,手) | 3,246.00 357,007.00 | +112 ...

| | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | 环比 | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 78,100.00 | +560.00↑ LME3个月铜(日,美元/吨) | 9,580.00 | +60.50↑ | | | 主力合约隔月价差(日,元/吨) | 260.00 | -30.00↓ 主力合约持仓量:沪铜(日,手) | 163,320.00 | -2768.00↓ | | | 期货前20名持仓:沪铜(日,手) | 6,810.00 | -4521.00↓ LME铜:库存(日,吨) | 170,750.00 | -3575.00↓ | | | 上期所库存:阴极铜(周,吨) | 108,142.00 | +27437.00↑ LME铜:注销仓单(日,吨) | 66,450.00 | -1100.00↓ | | | 上期所仓单:阴极铜(日,吨) | 41,218.00 | ...

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints On May 20, the liquidity continued to ease, with major repo rates declining. The reduction of deposit rates by large banks and the expected cut of LPR led to a correction in the bond market. The main indices of the convertible bond market closed higher, and most individual convertible bonds rose. The yields of U.S. Treasury bonds across different tenors showed divergent trends, and the yields of 10 - year government bonds in major European economies also varied [1]. 3. Summary by Section 3.1 Bond Market News - **Domestic News**: The latest LPR was lowered on May 20, with the 1 - year LPR dropping to 3% and the 5 - year and above to 3.5%, both down 10 basis points. State - owned banks and some joint - stock banks cut deposit rates, and mortgage rates in Beijing and Shanghai were also reduced by 10 basis points. From January to April, the cumulative decline of national fiscal revenue continued to narrow, while fiscal expenditure accelerated. Additionally, multiple departments will support urban renewal, and the central bank emphasized stabilizing the economy [3][4][5]. - **International News**: The Reserve Bank of Australia cut the cash rate by 25 basis points to 3.85% on May 20, the lowest since May 2023. It also discussed the possibility of a 50 - basis - point cut. The bank predicted that in the worst - case scenario of the "trade war", the unemployment rate might rise to nearly 6%, inflation would drop to around 2% by the end of 2026, and GDP would decline by more than 3% by mid - 2027 [7]. - **Commodities**: On May 20, WTI June crude oil futures fell 0.21% to $62.56 per barrel, Brent July crude oil futures fell 0.24% to $65.38 per barrel, COMEX gold futures rose 1.82% to $3292.20 per ounce, and NYMEX natural gas prices rose 9.97% to $3.420 per ounce [8]. 3.2 Liquidity - **Open - Market Operations**: On May 20, the central bank conducted 3570 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating rate of 1.40%. With 1800 billion yuan of reverse repurchases maturing on the same day, the net capital injection was 1770 billion yuan [10][11]. - **Funding Rates**: On May 20, the liquidity continued to ease, and major repo rates declined. DR001 dropped 2.11 basis points to 1.516%, and DR007 dropped 1.58 basis points to 1.586% [12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: - **Yield Trends**: On May 20, due to the reduction of deposit rates by large banks and the expected cut of LPR, the bond market corrected. As of 20:00, the yield of the 10 - year Treasury bond active bond 250004 rose 1.10 basis points to 1.6660%, and the yield of the 10 - year China Development Bank bond active bond 250205 rose 1.45 basis points to 1.7345% [15]. - **Bond Tendering**: Information on the tendering of several bonds such as 25Guokai03 (Zeng17) was provided, including details like term, issuance scale, winning yield, and multiple over - subscriptions [17]. - **Credit Bonds**: - **Secondary - Market Transaction Anomalies**: On May 20, two industrial bonds and one urban investment bond had transaction price deviations of over 10%. "24Chanrong02" fell over 14%, "H1Rongchuang03" rose over 25%, and "20ChangzhouBinjiangGreenBond" fell over 18% [17][18]. - **Credit Bond Events**: There were events such as Rong盛 Development planning to hold a bondholder meeting, and杉杉 Group's creditor's meeting passing relevant proposals [19]. - **Convertible Bonds**: - **Equity and Convertible Bond Indices**: On May 20, the A - share market and the convertible bond market both rose. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose 0.38%, 0.77%, and 0.77% respectively. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rose 0.26%, 0.23%, and 0.28% respectively [20]. - **Convertible Bond Tracking**: Some convertible bonds were expected to trigger downward revisions of conversion prices or meet early - redemption conditions [26]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On May 20, the yields of U.S. Treasury bonds across different tenors showed divergent trends. The 2 - year yield remained at 3.97%, while the 10 - year yield rose 2 basis points to 4.48%. The yield spreads between 2 - year and 10 - year, and 5 - year and 30 - year Treasury bonds widened [22][23]. - **European Bond Market**: On May 20, the yields of 10 - year government bonds in major European economies showed divergent trends. The yields of German, Italian, and British 10 - year government bonds rose, while those of France and Spain remained unchanged [25]. - **Chinese - Issued U.S. Dollar Bonds**: The daily price changes of Chinese - issued U.S. dollar bonds as of May 20 were presented, showing the top 10 gainers and losers in terms of daily price changes [28].

截至2025年5月21日 11:10，国企共赢ETF(159719)上涨0.53%， 冲击3连涨。最新价报1.52元。拉长时间看，截至2025年5月20日，国企共赢ETF近1周累计上 涨0.27%。 截至5月20日，国企共赢ETF近3年净值上涨43.42%，指数股票型基金排名66/1763，居于前3.74%。 流动性方面，国企共赢ETF盘中换手1.02%，成交122.21万元。拉长时间看，截至5月20日，国企共赢ETF近1年日均成交1792.90万元。 消息面上，存款降息利好国企共赢（国企+红利）！新一轮存款降息来袭，包括工行、中行、建行等多家银行纷纷下调了活期存款、定期存款以及通知存款 等多个产品利率。随着银行存款"降息潮"的延续，曾被视为"揽储利器"的大额存单产品，正在逐渐"失宠"。近期，有多家银行在调降定期存款利率的同时， 也同步下调了大额存单产品利率。目前，大额存单产品即将全面迈入"1时代"。 此外，国务院新闻办公室举行新闻发布会，住房城乡建设部和国家发展改革委、财政部、自然资源部、金融监管总局有关负责人介绍了城市更新行动有关情 况有机构认为，一些央国企将会在城市更新活动中迎来机会。 华福证券认为20 ...

根据施工计划，项目将分3个阶段推进实施。 为保障这场盛会圆满举办，北人亦创国际会展中心的这场改造，不仅是简单的"翻新粉刷"，更是一场由 亦庄控股旗下城市更新公司主导的全维度升级。 北人亦创国际会展中心项目规划总建筑面积达21.96万平方米，其中新建工程超过13万平方米。本次改 造是对现有场馆的全面升级，并通过空间布局优化、配套功能完善等措施，重点打造会展中心、会议中 心、酒店等核心功能板块，构建面向未来的科技会展综合体。"项目将'芯片'与'连接'作为设计核心理 念，每栋建筑被视为一个大型智能交互设备，而连接空间则作为其信息通道，通过连廊系统实现酒店、 会议、展览等多功能一体化协同，形成'功能矩阵'，向城市开放更多便捷接口，激发高频互动，打造高 品质交往场景。"城市更新公司相关负责人表示。 来源：光明网 2025世界机器人大会将于8月8日至12日在北京亦庄举办。作为全球机器人领域的顶级盛会，世界机器人 大会不仅是技术的风向标，更是展示国家战略新兴产业的重要窗口。作为世界机器人大会永久会址—— 北人亦创国际会展中心，也正在经历一场全新的升级改造。 2025世界机器人大会将邀请20余个国家和地区、近500名嘉宾齐聚 ...

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [5]. Core Insights - The recent urban renewal framework is expected to stabilize the real estate market and promote high-quality urban development in the long term [1][2]. - The government has set a target for significant progress in urban renewal by 2030, with a focus on improving existing buildings and upgrading old neighborhoods [2]. - Funding for urban renewal will come from various sources, including central government subsidies and special bonds [3]. Summary by Sections Urban Renewal Framework - The urban renewal initiative is a key action for stabilizing the real estate market and enhancing urban quality [1]. - The recent government opinion outlines major goals, tasks, and support mechanisms for urban renewal, aiming for significant progress by 2030 [2]. Funding Support - The government plans to support urban renewal through multiple funding channels, including central subsidies and special bonds [3]. - In 2023, 15.3 billion yuan has been allocated for urban village renovations, indicating strong financial backing for these initiatives [3]. Investment Recommendations - The report suggests focusing on core cities, particularly first-tier cities, for recovery and investment opportunities [4]. - Recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Co. - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [8][9]. Company Performance Insights - Chengdu Investment Holdings reported a significant revenue increase of 455.6% year-on-year in Q1 2025, indicating strong operational performance [10]. - Binjiang Group achieved a revenue growth of 64% year-on-year in Q1 2025, benefiting from a peak in deliveries [11]. - New Town Holdings showed a recovery in net profit, with a 34% year-on-year increase in Q1 2025 [12].