Core Viewpoint - Urban renewal is becoming a key driver for high-quality urban development in China, shifting focus from mere existence to quality improvement [1] Group 1: Urban Renewal Strategy - The Ministry of Housing and Urban-Rural Development emphasizes that urban renewal is a comprehensive and systematic strategic action aimed at promoting high-quality urban development [1] - The focus will be on planning, funding, operation, and governance to effectively carry out urban renewal [1] - The goal is to activate existing value through functional transformation, business upgrading, and quality enhancement, while modernizing urban governance [1] Group 2: Special Planning for Urban Renewal - The Ministry stresses the importance of developing special urban renewal plans, moving away from fragmented approaches to a systematic planning model [2] - A mechanism for integrated urban health checks and renewal is proposed, allowing for precise identification of urban issues [2] - The planning implementation system includes "special planning - area planning - project implementation," ensuring seamless integration from design to execution [2] Group 3: Sustainable Financing System - Funding challenges are identified as a major obstacle for urban renewal projects, which often have long payback periods and strong public welfare characteristics [3] - The Ministry calls for the establishment of a sustainable financing system that coordinates various funding sources and enhances project attractiveness through government financial guidance [3] - Financial institutions are encouraged to innovate and develop financial products tailored to urban renewal, particularly offering long-term, low-interest credit support [3] - A sustainable operational model is to be established, integrating effective market mechanisms with proactive government involvement to enhance resource allocation [3] - The Ministry highlights the need for 35 centrally funded cities to innovate and create replicable and scalable models for urban renewal [3]

Core Insights - The Ministry of Housing and Urban-Rural Development held a national meeting to promote high-quality urban renewal, emphasizing the importance of creating modern, livable, and resilient cities [1] - Urban renewal is recognized as a crucial strategy for high-quality urban development and meeting the needs of citizens for a better life [1][2] - Significant progress has been made in urban renewal actions this year, particularly in improving institutional mechanisms and living environments [1][2] Group 1 - The central government has provided substantial support for urban renewal, with the Central Urban Work Conference highlighting it as a key focus for urban development [1][2] - As of now, 297 cities and 152 county-level cities have conducted urban assessments, covering over 3 million residential buildings and 180,000 communities [2] - The plan aims to start the renovation of 25,000 old urban communities by 2025, with 24,300 already initiated in the first nine months of this year [2] Group 2 - Challenges in urban renewal include significant funding gaps, low resident participation, difficulties in policy implementation, and a lack of professional talent [2][3] - The central government continues to support key urban renewal projects financially, with 20 cities selected for funding in 2025 and 15 cities already supported in 2024 [3] - A comprehensive approach is being developed to integrate urban assessments with renewal planning, emphasizing the need for specialized planning and project implementation [3][4] Group 3 - The focus is shifting from rapid development to quality improvement in urban renewal, advocating for organic updates that preserve historical culture and adhere to green standards [4] - The introduction of new technologies, such as drones and smart solutions, is recommended to enhance efficiency and reduce costs in urban renewal efforts [4]

行 业 研 究 新房成交面积环比增长，以高水平安全保障城市高质 量发展 投资评级：看好（维持） 行业走势图 房地产 沪深300 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-11 2025-03 2025-07 相关研究报告 《高基数下销售数据承压，开竣工面 积降幅扩大 — 行 业 点 评 报 告 》 -2025.11.16 核心观点：新房成交面积环比增长，以高水平安全保障城市高质量发展 本周我们跟踪的 68 城新房成交环比增长，同比下降，20 城二手房成交面积环比 下降，同比下降。土地成交面积同比下降，溢价率环比下降。国内信用债发行规 模环比下降。本周住建部提出有力带动投资和消费市场；深刻认识城市更新是提 升城市安全韧性的关键途径，系统整治消除各类安全隐患，以高水平安全保障城 市高质量发展。我们认为，在各项促进房地产市场止跌回稳政策作用下，2025 年以来我国房地产市场整体朝着止跌回稳的方向迈进，在止跌回稳的过程中，房 价仍可能存在小幅度震荡，期待后续在政策作用下，房地产市场进一步稳定。在 更加积极的财政政策、适度宽松的货币政策下，存量收储及城中村改造工作有望 加速推进，改善现 ...

Core Insights - The Shanghai construction industry is undergoing a digital and intelligent transformation to address traditional construction pain points, creating a closed-loop system of "perception-decision-reuse" [1][3] - The 2025 Shanghai Housing and Urban-Rural Development Technology Conference showcased technological breakthroughs and the integration of advanced theories with practical applications in the construction sector [3][17] Group 1: Intelligent Construction - Intelligent construction is identified as the core engine for high-quality development in the housing and urban-rural construction industry, with a focus on integrating technology breakthroughs with practical applications [3][4] - The application of generative AI and digital twin technology is highlighted as a significant innovation, aiming to overcome challenges in creating city-level digital twin models [3][4] - Various companies are implementing advanced technologies, such as the "Tianchan" construction robot system and the "Cloud Engineering Big Model" AI product service platform, to enhance efficiency and reduce risks in construction processes [4][5] Group 2: Green and Low-Carbon Development - The "dual carbon" goals are driving the Shanghai construction industry's technological innovation, with a focus on green buildings, low-carbon technologies, and ecological governance [6][7] - The Shanghai Construction Consulting Group has developed a comprehensive technology system for low-carbon practices, achieving significant energy savings in building operations [7] - Experts emphasize the importance of a full lifecycle approach to low-carbon development, focusing on existing building upgrades and the application of renewable energy [7][8] Group 3: Urban Renewal - Urban renewal is positioned as a key path for sustainable development, emphasizing optimization of existing resources, ecological priorities, and community needs [8][9] - The revitalization of historical buildings and the development of underground spaces are highlighted as important aspects of urban renewal, showcasing innovative technologies for preservation and functionality enhancement [9][10] - The integration of digital technologies in community updates aims to improve living conditions and ensure efficient project management [10] Group 4: Resilience and Safety - The conference focused on enhancing urban safety through resilient city construction, addressing infrastructure safety and disaster response [11][12] - Innovations in monitoring technologies and dynamic decision-making systems are being implemented to improve safety in major infrastructure projects and underground engineering [12][13] Group 5: Innovation and Talent Development - The establishment of innovation platforms and talent development systems is crucial for the industry's growth, with significant achievements in technology awards and project management [14][16] - Strategic partnerships with educational institutions aim to enhance collaboration and promote technology transfer and talent cultivation [14][16] - The industry is committed to building a robust ecosystem that integrates government, industry, academia, and research to foster innovation [16][17]

Core Insights - The 2025 Beijing International Urban Design Conference focuses on "Renewal of Existing Stock for Quality Improvement and Efficiency Enhancement" and aims to explore new mechanisms, technologies, and pathways for high-quality urban development in the context of existing urban environments [1][3][13] Group 1: Conference Overview - The conference is hosted by Beijing University of Civil Engineering and Architecture, along with several architectural and cultural organizations, featuring a series of activities including keynote speeches, parallel events, and thematic forums [1][3] - Keynote speaker Qin Haixiang emphasized the importance of urban renewal and modern city construction, urging experts to enhance their sense of responsibility and mission in urban work [3][4] Group 2: Urban Development Focus - Beijing, as China's first mega-city focusing on reduction development, is actively exploring urban renewal practices to enhance development quality, optimize spatial value, and modernize governance capabilities [4][6] - The establishment of the Beijing Urban Renewal Research Institute aims to create a collaborative platform for addressing key challenges in urban renewal, ultimately forming a replicable "Beijing model" for urban development [9] Group 3: Educational Initiatives - The establishment of the "Excellence Engineer Training Alliance" aims to integrate education, industry, and research to address talent cultivation in urban renewal, smart construction, and green development [6][7] - The Beijing University of Civil Engineering and Architecture is committed to serving national housing and urban development needs, leveraging the conference platform to enhance urban governance and quality of life [4][7] Group 4: Historical Preservation - The release of the book "Beijing Historical Building Protection Map: Dongcheng District and Xicheng District" highlights the significance of historical architecture in Beijing, with 655 out of 1056 historical buildings located in these districts [9][10] - The conference also commemorates the 90th anniversary of Professor Cao Xun, showcasing his contributions to architectural history and culture [10] Group 5: Student Engagement - The conference includes a student exchange workshop aimed at fostering collaboration among universities and exploring new urban design concepts, focusing on revitalizing everyday neighborhoods [11][12] - Students from nine universities participated in design research, addressing real-world issues in historical districts, showcasing a successful integration of academic learning and community service [12]

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the expectation of enhanced policy support for the construction materials sector, particularly in Q4, highlighting potential investment opportunities [2][3] - The construction materials sector is anticipated to benefit from supply-side reforms and a recovery in housing demand due to declining interest rates and supportive government policies [4][6] - The report notes that the real estate market is gradually stabilizing, with a higher sensitivity to policy easing, which may lead to a recovery in the demand for construction materials [4][6] Summary by Sections Investment Highlights - The Ministry of Housing and Urban-Rural Development has initiated a national urban renewal meeting, focusing on improving housing and community quality [4] - In Beijing, from January to October, the sales area of new commercial housing was 8.159 million square meters, down 3.7% year-on-year, with residential sales down 7.3% [4] - National cement production from January to November reached 1.54 billion tons, a year-on-year decrease of 7.7% [4] Market Data - As of November 21, 2025, the average price of bulk P.O 42.5 cement was 341.6 yuan/ton, down 0.1% from the previous week and down 18.6% year-on-year [5][13] - The average price of glass (5.00mm) was 1102.9 yuan/ton, down 3.4% from the previous week and down 20.7% year-on-year [5][21] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued companies with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]

Investment Rating - The industry maintains an "Overweight" rating, with a focus on real estate-related stocks due to expected policy support and market recovery [5][7]. Core Insights - The report emphasizes the need for urban renewal, highlighting the government's commitment to improving living conditions and urban infrastructure, which is expected to support high-quality urban development [2][12]. - The real estate market is showing signs of pressure, with new home sales in 30 cities down 38.2% year-on-year, despite a 6.5% month-on-month increase [3][27]. - The report suggests that the competitive landscape in the real estate sector is improving, with leading state-owned enterprises and select private firms expected to benefit from favorable policies and market conditions [5]. Summary by Sections 1. Market Overview - The real estate index decreased by 5.8% this week, underperforming the CSI 300 index by 2.06 percentage points, ranking 20th among 31 sectors [2][16]. 2. New Home Sales - In the latest week, new home sales in 30 cities totaled 169.3 million square meters, with a year-on-year decline of 38.2% and a month-on-month increase of 6.5% [3][27]. - Year-to-date, new home sales in these cities have reached 85.89 million square meters, down 9.7% year-on-year [33]. 3. Second-Hand Home Sales - Second-hand home sales in 14 cities totaled 199.9 million square meters, down 12.6% year-on-year and slightly down 0.2% month-on-month [38][39]. - Cumulatively, second-hand home sales for the year have increased by 9.9% [38]. 4. Credit Bond Issuance - A total of 9 credit bonds were issued by real estate companies this week, amounting to 4.71 billion yuan, with a net financing amount of -1.79 billion yuan [4][48]. 5. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and those benefiting from urban renewal policies, including both state-owned and select private enterprises [5].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Insights - The real estate market is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2][31]. Industry Data Summary New Housing Transaction Volume - In the week of November 15-21, 2025, 34 key cities recorded a total new housing transaction volume of 2.54 million square meters, a week-on-week increase of 26.3%. The transaction volume for first and second-tier cities rose by 28.6%, while third and fourth-tier cities saw a decline of 5% [3][4]. - For November 2025, the total new housing transaction volume in 34 cities was 6.348 million square meters, a year-on-year decrease of 32.7% [4][6]. Second-hand Housing Transaction Volume - In the week of November 15-21, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.073 million square meters, a week-on-week decrease of 12.8%. The cumulative transaction volume for November was 3.412 million square meters, a year-on-year decrease of 13.8% [10][11]. Inventory and Market Dynamics - In the week of November 15-21, 2025, 15 key cities had a total of 890,000 square meters of new housing launched, with a corresponding transaction volume of 920,000 square meters, resulting in a transaction-to-launch ratio of 1.04. The average monthly inventory turnover period was 23.3 months, a decrease of 0.17 months from the previous period [20][22]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting on November 21, 2025, emphasizing the need for innovative approaches in planning, funding, operation, and governance [31][32]. - Guangzhou is actively promoting the acquisition of existing commercial housing for use as affordable housing, with specific policies being implemented in various cities to support housing supply [31][32]. Company Dynamics - Major real estate companies are actively engaged in financing, with several issuing bonds and short-term financing instruments. For instance, China Merchants Shekou issued bonds totaling 5.04 billion yuan [36][38]. - The real estate sector underperformed the broader market, with the SW Real Estate Index declining by 5.83% compared to a 3.77% drop in the CSI 300 Index [42][45].

房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

Group 1 - The Beijing International Urban Design Conference aims to explore the reform of the training model for outstanding engineers in the construction sector, with the establishment of the "Joint Training Alliance for Outstanding Engineers in the Construction Field" led by Beijing University of Civil Engineering and Architecture [1] - The conference emphasizes the importance of serving national housing and urban construction development, aligning with the strategic goals outlined in the 14th Five-Year Plan and the decisions made during the Central Urban Work Conference [1] - The university plans to leverage the conference platform to enhance urban governance and contribute to the modernization of cities in China [1] Group 2 - The Joint Training Alliance will focus on creating a collaborative education platform that integrates government, industry, academia, research, and application, addressing key industry needs such as urban renewal, smart construction, and green low-carbon development [2] - The newly established Beijing Urban Renewal Research Institute will serve as a collaborative platform to tackle urban renewal challenges, aiming to develop a replicable "Beijing model" for urban renewal [2] - The training system will emphasize project-driven and school-enterprise collaboration to cultivate versatile leaders with strong theoretical foundations and industry foresight [2] Group 3 - The conference theme "Revitalizing Stock, Improving Quality and Efficiency" will facilitate discussions among experts on urban renewal, heritage protection, digital empowerment, and urban resilience [3] - The event aims to create a high-level dialogue platform to gather global insights and explore new mechanisms, technologies, and pathways for high-quality urban development in the context of existing urban stock [3]