Core Viewpoint - The Ministry of Housing and Urban-Rural Development emphasizes the importance of urban health checks to identify urgent issues faced by the public and to enhance urban competitiveness and sustainability [1] Group 1 - Urban health checks are being conducted nationwide in cities at the prefecture level and above, focusing on identifying pressing problems and weaknesses [1] - The next steps involve expanding the scope and depth of urban health checks and better utilizing the results to establish a closed-loop mechanism for problem identification, resolution, evaluation, and enhancement [1] - The findings from urban health checks will serve as key priorities for urban renewal efforts [1]

2. 综合整治"内卷式"竞争，维护公平竞争市场秩序 2.1 习近平主席：共建中拉命运共同体 5月13日，国家主席习近平在国家会议中心出席中国-拉美和加勒比国家共同体论坛第四届部长级会议开幕式，并发表题为《谱写构建中拉命运共同体新篇 章》的主旨讲话。中方愿同拉方携手启动五大工程，共谋发展振兴，共建中拉命运共同体。未来3年，中方将每年邀请300名拉共体成员国政党干部来华考察访 问。加强发展战略对接，深入推进高质量共建"一带一路"。中方将进口更多拉方优质产品，鼓励中国企业扩大对拉投资。中方将首批向拉美和加勒比地区5个国家 实施免签政策，并适时扩大对地区国家覆盖范围。 2.2 李强总理：把做强国内大循环作为推动经济行稳致远的战略之举 5月15日，国务院召开做强国内大循环工作推进会，中共中央政治局常委、国务院总理李强在会上强调，要把发展的战略立足点放在做强国内大循环上，以 国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展。 结合现阶段我国发展实际，做强国内大循环重点要体现在四个方面。一是资源要素的高效配置，二是科技创新和产业创新的深度融合，三是产业链供应链的 自主完备， ...

Group 1 - The event "City Walk" gathered over 40 representatives from 10 cities in the Yangtze River Delta to discuss the vitality of building economies and the integration of the region [1] - The initiative aims to implement the national strategy for the integrated development of the Yangtze River Delta and promote high-quality development of building economies [1] - A "Seven Ones" brand project was proposed to establish a mechanism for building economy brand creation, with building interaction experience activities being a key component [1] Group 2 - Hangzhou, as a historical and cultural city, plays a crucial role in the transformation of urban and economic development through its building construction and development [1] - The deputy district head of Shangcheng District expressed the hope to enhance regional cooperation and explore new paths for urban renewal, cultural heritage, and tourism integration [2] - Representatives visited various sites, including the Qianjiang New City Central Business District and the "Billion Avenue" Fuchun Road, to appreciate the skyline and engage in discussions on building economy brand development [2]

截至2024年底，常住人口城镇化率达到67%，9.4亿人生活在城镇，城市的综合承载能力稳步提升，人 居环境持续改善，城市发展质量和人民生活水平显著提高。 5月20日，国务院新闻办公室举行新闻发布会，住房城乡建设部副部长秦海翔介绍，《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》已正式印发，5月15日向社会公开发布。 秦海翔表示，城市是推动高质量发展、创造高品质生活、全面建设社会主义现代化国家的重要载体。党 的十八大以来，在以习近平同志为核心的党中央坚强领导下，我国城市发展取得历史性成就。截至2024 年底，常住人口城镇化率达到67%，9.4亿人生活在城镇，城市的综合承载能力稳步提升，人居环境持 续改善，城市发展质量和人民生活水平显著提高。 秦海翔表示，当前，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，进入了城 市更新的重要时期，人民群众的需要从"有没有"转向"好不好"。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，能够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，对于促进经济增长、进一步保障和改善民生都具有 ...

Core Viewpoint - The Ministry of Finance emphasizes the importance of policy banks in supporting eligible urban renewal projects, aiming to enhance the financing mechanism and expand the scope of local government special bonds [1] Group 1: Policy Support - The Ministry of Finance is focusing on the coordination of fiscal and financial policies to promote a sound investment and financing mechanism [1] - There is an initiative to increase support for urban renewal projects through the expansion of local government special bonds [1] - Policy banks are encouraged to provide support for eligible urban renewal projects under the premise of controllable risks and commercial sustainability [1] Group 2: Risk Management and Insurance - The Ministry aims to improve the residential catastrophe insurance system to better provide disaster risk protection [1] - There is an exploration of sustainable investment and financing models for urban renewal that involve government guidance, market operations, and participation from the entire society [1] Group 3: Private Sector Involvement - The Ministry encourages private enterprises to participate in the operation of infrastructure and public utility concessions [1]

Market Overview - The Shanghai Composite Index closed at 3367.58 points with minimal fluctuation, while the Shenzhen Component Index fell by 0.08% to 10171.09 points [1] - The ChiNext Index decreased by 0.33%, closing at 2032.76 points [1] ETF Market Performance - The median return for stock ETFs was 0.0%, with the highest return from the Bosera CSI 1000 Enhanced Strategy ETF at 1.81% [2] - The Southern CSI All Share Real Estate ETF had a return of 1.62%, while the Rongtong CSI Chengtong Central Enterprise Dividend ETF returned 0.7% [2] ETF Gain and Loss Rankings - The top three performing ETFs were: Bosera CSI 1000 Enhanced Strategy ETF (1.81%), Southern CSI All Share Real Estate ETF (1.62%), and Huaxia CSI All Share Real Estate ETF (1.56%) [4] - The largest declines were seen in: Dachen CSI Dividend Low Volatility 100 ETF (-2.96%), Dachen CSI Engineering Machinery Theme ETF (-1.71%), and Guotai CSI Machine Tool ETF (-1.48%) [4] ETF Fund Flows - The top three ETFs by fund inflow were: Huaxia SSE Sci-Tech 50 ETF (5.77 billion), Bosera SSE Sci-Tech 100 ETF (2.27 billion), and Ping An CSI A500 ETF (2.15 billion) [6] - The largest outflows were from: E Fund ChiNext ETF (3.46 billion), Southern CSI 500 ETF (3.08 billion), and Southern CSI 1000 ETF (2.91 billion) [6] ETF Margin Trading Overview - The highest margin buy amounts were for: Huaxia SSE Sci-Tech 50 ETF (386 million), Guolian An CSI All Share Semiconductor Products and Equipment ETF (168 million), and Huabao CSI Medical ETF (167 million) [8] - The largest margin sell amounts were for: Southern CSI 500 ETF (97.06 million), Southern CSI 1000 ETF (89.22 million), and Huatai-PineBridge SSE 300 ETF (12.99 million) [8] Institutional Insights - Open Source Securities noted that the real estate market in China is stabilizing, with improved transaction volumes in first and second-tier cities due to supportive policies [9] - Guojin Securities expects urban renewal projects to accelerate with fiscal support, enhancing the market for both new and existing properties [11]

Core Viewpoint - The Ministry of Natural Resources emphasizes the importance of land spatial planning to guide and constrain special planning, while promoting urban renewal actions [1] Group 1 - The Ministry aims to actively support local governments in developing urban renewal special plans [1] - There is a focus on aligning these plans with overall strategic positioning and spatial layout [1] - The Ministry plans to establish a system for regular assessments, with evaluations conducted every five years [1]

住建部副部长秦海翔：加强既有建筑的改造利用，努力把老房子、旧房子改造成好房子 金十数据5月20日讯，5月20日，住房城乡建设部副部长秦海翔在国新办发布会上表示，近日发布的《关 于持续推进城市更新行动的意见》是指导实施城市更新行动的纲领性文件。在任务安排上，《意见》部 署推进"好房子、好小区，好社区，好城区"四好建设，具有很强的系统性。"好房子"建设，主要是大力 建设安全、舒适、绿色、智慧的好房子。同时加强既有建筑的改造利用，努力把老房子、旧房子改造成 好房子，稳妥推进危险住房改造，加强老旧厂房、低效楼宇、传统商业设施等存量房屋改造利用。 （e 公司） ...

住建部副部长秦海翔：我国城市发展转向存量提质改造和增量结构调整并重 进入城市更新的重要时期 智通财经5月20日电，住房城乡建设部副部长秦海翔5月20日在国新办发布会上表示，2021年以来，每年 的政府工作报告都会对城市更新行动作出部署，提出明确要求。当前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，进入城市更新的重要时期，人民群众的需要从"有没有"转 向"好不好"。秦海翔表示，实施城市更新行动，就是要推进城市结构优化、功能完善、品质提升，推动 城市高质量发展。同时能够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。对于促 进经济增长、进一步保障和改善民生都具有十分重要的意义。 ...

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交面积环比改善，持续推进城市 更新 增持（维持） 2025 年 05 月 19 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -26% -21% -16% -11% -6% -1% 4% 9% 14% 19% 2024/5/20 2024/9/18 2025/1/17 2025/5/18 房地产 沪深300 相关研究 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.5.12-2025.5.16）：上周房地产板块（中信）涨跌幅-0.5%,同期 沪深 300、万得全 A 指数涨跌幅分别为 1.1%、0.7%，超额收益分别为- 1.6%、-1.2%。29 个中信行业板块中房地产位列第 25。 ◼ （1）新房市场：上周 36 城新房成交面积 205.1 万方，环比+29.6%，同 比-12.5%。2025 年 5 月 1 日至 5 月 16 日累计成交 381.4 万方，同比- 2.4%。今年截至 5 月 16 日累计成交 3684.7 万方， ...