及 产 业 建筑装饰 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 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 11 月 23 日 住建部召开城市更新工作推进会，强调"四 好"建设 看好 ——申万宏源建筑周报（20251117-20251121） 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 行 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-6.11%，沪深 300 指 数-3.77%，相对收益为-2.34pct。周涨幅最大的三个子行业分别为国际 工程（-2.37%）、基建央企（-4.69%）、基建国企（-5.64%），对应 行业内三个公司：北方国际（+5.89%）、中国交 ...

转自：北京日报客户端 图则是在2025（第九届）北京国际城市设计大会上发布的。北建大卓越工程师学院、北京市城市更新研 究院同期成立。研究院由北建大和市住房城乡建设委共建，将聚焦城市更新重点难点问题，为首都城市 更新工作提供智力支持与技术支撑。卓越工程师学院则构建"项目驱动、校企协同"的创新培养体系，培 养具备扎实理论功底与卓越工程素养、拥有前瞻行业视野与深厚家国情怀的复合型领军人才。 另外，北建大城市设计学生交流工作营亮出设计成果——以"日常性街区的多维焕新"为主题，清华大 学、东南大学、同济大学等9所高校师生围绕新街口大街"后街·里巷"空间进行了更新设计。 《北京市历史建筑保护图则 东城区·西城区》发布 来源：北京日报客户端 11月22日，《北京市历史建筑保护图则 东城区·西城区》发布，更新和完善了274栋（座）历史建筑的信 息档案。 这些历史建筑分为近现代公共建筑、合院式建筑、工业遗产、居住小区4类，包含天安门观礼台、人民 大会堂、百万庄小区等历史建筑。"近两年，我们对这些建筑开展了详细的现状调查，逐一收集其地理 位置、照片、平面图等信息，详细记录具有保护价值的部位。"北京建筑大学建筑与城市规划学院副院 ...

2023年6月30日，天美艺术街区更新项目启动，项目以天津美术学院周边区域为更新范围。"我们通过对 项目范围内5片、17块闲置零散地块的规划调整、土地置换、资源盘活，最终'化碎为整'形成4片可开发 利用的规整地块，增补产业空间载体约6.87万平方米。"河北区住房和建设委员会主任罗云说。 在项目更新过程中，河北区与天津美术学院紧密合作，深入挖掘区内丰富的文化艺术资源，通过对壁画 系、雕塑系和石膏馆等教学空间的修缮改造，打破传统艺术教育的场域边界。 初冬时节，阳光正好。位于天津市河北区的天美艺术街区内，游人们三三两两，有说有笑。街区内，巨 型艺术雕塑、复古红砖建筑、公共艺术作品等引来不少市民游客。 在天美艺术街区的西南入口，一座昂首阔步向前的"行走巨人"艺术雕塑引来很多市民游客驻足拍照。市 民陈晓菲一边模仿巨人大步流星的样子，一边催促着朋友赶快摁下手机快门。"咖啡、红砖、涂鸦、雕 塑、画廊，这里的艺术氛围感简直太棒了。"她点赞说。 天美艺术街区位于河北区天纬路与三马路交口，这里曾经是产权混乱、历史遗留问题突出的老旧片区。 据了解，近年来，河北区以"实施一批、报审一批、谋划一批"的模式扎实有序推进城市更新工作。目 ...

11月21日，北京商报记者从首都"十四五"规划高质量收官系列主题新闻发布会——住有所居专场上获悉，"十四五"期间，北京市不断增加保障性住房有效供 给，全市共建设筹集各类保障性住房67万余套（间），竣工43万套（间）。在城市更新方面，"十四五"期间北京已累计实施市属老旧小区改造7800万平方 米，完成核心区平房院落申请式退租9700余户，启动实施危旧房改建104万平方米，全面推进D级危楼解危。 保障民生的同时，北京也积极推动战略性新兴产业、商业的快速落地及升级。王飞表示，"十四五"期间北京已实施老旧厂房更新项目300余个、重点产业园 区提升12个，支撑清华国重、火箭大街、氢能示范区等战略性新兴产业快速落地。完成西单、王府井等40个传统商圈改造提升，引导业态升级、挖掘新消费 潜力。推出亮马河、清河、京张铁路遗址公园等标杆项目，不断营造花园城市建设和美丽经济发展新场景，为经济高质量发展注入动力。 以首创繁星十八里店项目为例，杨家骥介绍，该项目是北京市目前规模最大的集体土地租赁住房项目，过去是华北地区最大的石材加工集散地，交通拥堵、 环境脏乱，建成后可提供租赁房源6500多套，还配套建设了餐饮商超、图书阅览室、健身房 ...

Core Insights - The current real estate market is experiencing unusual dynamics, with developers lowering prices while second-hand listings are increasing, and a growing trend of investors purchasing old top-floor apartments [1][4] - The shift in policy starting from late 2023 has led to a nationwide initiative for the renovation of old residential communities, with over 200,000 communities included in the urban renewal plan by 2025 [1][8] Policy Changes - The government views old residential areas as "sunk assets" that, once activated, can become valuable land for development, creating a visible policy dividend for investors [4][12] - Renovation projects such as elevator installations and facade improvements are not merely for improving living conditions but are driven by deeper policy logic [2][4] Investment Opportunities - The addition of elevators transforms top-floor apartments from undesirable units to highly valued assets, with potential price increases from 150,000 to 300,000 or even 400,000 after renovations [6][12] - The anticipated urban renewal and demolition projects starting in 2024 will focus on old residential areas, which are often located in prime urban locations, making top-floor units attractive for investment [8][10] Market Dynamics - The value of land in these old communities far exceeds the current property values, making demolition and redevelopment inevitable, with top-floor units being the easiest to negotiate for high compensation during redevelopment [10][19] - Investors are not merely speculating but are capitalizing on the certainty of policy-driven opportunities, with top-floor apartments seen as a low-barrier entry point into the real estate market [12][17] Future Trends - As the market evolves, top-floor apartments are becoming a new investment weapon, with their previously overlooked value now recognized as a significant opportunity [19] - The market rewards those who can see beyond current trends, with early investors in top-floor units already experiencing substantial returns [19]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by integrating urban health assessments into the planning and execution of urban renewal projects, emphasizing a systematic approach to address identified issues and enhance urban living standards [1][4][6] Group 1: Urban Health Assessment and Integration - The Ministry is promoting the establishment of a unified mechanism for urban health assessments and urban renewal, ensuring that the findings from health assessments are directly translated into urban renewal plans and projects [1] - The approach includes a comprehensive methodology of "monitoring, evaluation, early warning, and feedback" throughout the urban renewal process to assess effectiveness and address shortcomings [1] Group 2: Policy and Planning Framework - The Ministry plans to enhance top-level design for urban renewal, focusing on the development of the national "14th Five-Year" urban renewal plan, and will collaborate with relevant departments to refine supportive policies across land, planning, finance, and taxation [4] - The principle of "health assessment first, then renewal" will guide local governments in formulating specialized urban renewal plans and establishing implementation systems [4] Group 3: Progress and Achievements - As of this year, 449 cities have initiated urban health assessments, with significant progress made during the "14th Five-Year" period, including the renovation of over 240,000 old urban residential communities and the creation of nearly 3,000 complete community models [6] - A total of 840,000 kilometers of underground pipelines for gas, water, drainage, sewage, and heating have been renovated, alongside 2,387 urban village renovation projects and over 6,500 old street and 700 old factory area renovations, significantly improving urban livability [6]

Core Insights - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by establishing an integrated mechanism for urban health assessments and urban renewal planning [1][2] - A total of 449 cities have conducted urban health assessments this year, with significant progress in urban renewal tasks during the 14th Five-Year Plan period [2] Group 1: Urban Health Assessment and Renewal Mechanism - The Ministry emphasizes the need for a systematic approach where urban health assessments identify issues that inform urban renewal plans and projects [1] - The focus is on a "monitoring, evaluation, early warning, and feedback" methodology throughout the urban renewal process to address identified shortcomings [1] Group 2: Achievements in Urban Renewal - Over 240,000 old urban residential communities have been renovated, creating nearly 3,000 complete community models [2] - A total of 840,000 kilometers of underground pipelines for gas, water supply, drainage, sewage, and heating have been upgraded [2] - 2,387 urban village renovation projects and over 6,500 old street renovations have been implemented, significantly enhancing urban livability [2]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating urban renewal by establishing an integrated mechanism for urban health assessments and urban renewal planning, ensuring that identified issues are transformed into actionable plans and projects [1][3]. Group 1: Urban Health Assessment and Renewal Mechanism - Local governments are required to establish an integrated mechanism for urban health assessments and urban renewal, emphasizing the importance of conducting assessments prior to planning [3][5]. - The assessment process will include monitoring, evaluation, early warning, and feedback throughout the urban renewal process to address identified shortcomings and issues [3]. Group 2: Urban Renewal Planning and Implementation - The Ministry is focused on top-level design for urban renewal, aiming to finalize the "14th Five-Year" urban renewal plan and improve supporting policies related to land, planning, finance, and taxation [5]. - As of this year, 449 cities have initiated urban health assessments, with over half of the housing, communities, and neighborhoods assessed nationwide [7]. - During the "14th Five-Year" period, significant progress has been made in urban renewal, including the renovation of over 240,000 old urban residential areas and the establishment of nearly 3,000 complete community models [7].

他强调，要下功夫建立可持续的城市建设运营投融资体系，统筹用好各类资金，发挥政府资金撬动作 用，鼓励金融机构开发金融产品，提供长周期、低利率的信贷支持。 同时，要下功夫建立可持续的运营模式，统筹有效市场与有为政府，加强资源整合，通过功能转换、业 态升级、品质提升等方式激活存量价值；并下功夫抓好系统治理和基层治理，发挥好"一委一办一平 台"作用，推动"城市管理进社区""物业服务进家庭"，推进城市治理现代化。 ● 新华社合肥11月21日电（记者 王优玲 马姝瑞） 住房城乡建设部部长倪虹21日表示，城市更新是推动城市高质量发展的综合性、系统性战略行动，要着 力在规划、资金、运营、治理四方面下功夫，因地制宜、探索创新，持续推进城市更新行动。 住房城乡建设部21日在安徽省芜湖市召开全国城市更新工作推进会。倪虹表示，要下功夫编制好城市更 新专项规划，建立城市体检与城市更新一体化推进机制，建立完善"专项规划—片区策划—项目实施方 案"规划实施体系，做好规划衔接。 倪虹强调，35个中央财政支持城市要结合实际、创新突破，形成可复制、可推广的经验模式。要建立房 屋安全体检、房屋安全管理资金、房屋质量安全保险等房屋全生命周期安全管理 ...

Core Viewpoint - The Tuanjie area in Xi'an is experiencing a significant surge in real estate activity, driven by urban renewal efforts, increased land supply, and improved infrastructure, making it a new hotspot in the Xi'an housing market [3][10]. Group 1: Market Dynamics - The Tuanjie area has seen a dramatic increase in new residential projects, with multiple developments being launched and selling out quickly, indicating strong demand [4][10]. - Projects like Greentown's Lvtin Fangfei and Baoyi's Runyuan have achieved "sold out" status upon opening, reflecting the area's rising popularity [4][5]. - The area has become a competitive landscape for major developers, with companies like Greentown, Baoyi, and others vying for market share [3][10]. Group 2: Urban Renewal Impact - Urban renewal initiatives have transformed the Tuanjie area from a suburban fringe into a desirable residential location, enhancing living conditions and infrastructure [7][8]. - The completion of urban renewal projects, including the Red Flag Railway Park, has significantly improved the area's ecological environment and living quality, attracting high-quality residents [7][8]. - The government's commitment to urban renewal is evident in the ongoing development of public amenities and infrastructure, which is expected to further boost property values [8][11]. Group 3: Future Prospects - The year 2024 is anticipated to be a pivotal year for the Tuanjie area, with the introduction of key educational institutions and transportation links, which will enhance its attractiveness [11][12]. - The unique product offerings of the new developments, such as higher usable space due to favorable policy conditions, contribute to their market success and perceived value [11][12]. - The combination of favorable market conditions, strategic location, and enhanced living standards positions the Tuanjie area for continued growth and investment opportunities [10][12].