9月25日晚，中华企业（600675）发布公告，公司全资子公司上海澜钻置业有限公司与宸嘉发展集团有 限公司全资子公司上海新祺弘创置业有限公司组成联合体，以29.87亿元的成交总价，成功竞得上海新 枫安企业发展有限公司(下称：新枫安)100%股权。其中，澜钻置业出资20.91亿元受让新枫安公司70% 股权及相应债权。 徐汇滨江板块已成为上海高端住宅市场热门区域，与东安路距离最近的西岸誉府，一季度开盘即售罄， 合计销售约48亿元。再往东，即顶着全国最高楼面价纪录光环的潮鸣东方，5月11日开盘，一次性推出 120套千万元级大平层房源，销售均价高达19.5万元/平方米，销售总金额69.88亿元。 随着徐汇滨江板块整体价值持续提升，市场预计，该地块未来房价具备继续上涨的潜力，将有望为中华 企业创造可观的业绩贡献。 值得注意的是，中华企业在财务层面保持充裕的资金储备，可为项目开发提供坚实保障。截至2025年6 月末，公司货币资金达178.14亿元，远超短期有息负债水平，不仅支撑了此次对东安地块的顺利竞得， 也为后续高标准建设和品质兑现提供了资金安全垫。 中华企业表示，公司将积极探索城市生活服务领域，深化新赛道的培育与布局 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].

上海六百项目原建筑主体拆除。 李贝贝/摄 本报记者 李贝贝 上海报道 9月18日，上海徐家汇商城股份有限公司（002561.SZ）（下称"徐家汇"）披露，拟对上海六百城市更新 项目（下称"上海六百项目"）进行重大调整，计划总投资将从7.08亿元增至16.98亿元，增加近140%； 总建筑面积、高度等亦发生显著变化。 徐家汇方面表示，调整上海六百项目有应对激烈竞争、提升资产价值以及推动企业强基转型的必要性， 但短期来看会对公司业绩造成一定影响。 就资金压力、外部融资来源等市场关注的问题，《华夏时报》记者致电该公司并发送了采访提纲。9月 22日，该公司回复称："针对上海六百城市更新项目，目前我司尚未取得政府相关部门的正式批复文 件，因此暂不便接受采访。"而在2025年中报中，徐家汇强调，下半年将通过积极把握市场回暖机会、 参与商圈营销、拓展社区门店与自营品牌等举措稳固业绩，为项目推进提供资金支撑。 投资额与规模双双翻倍 公开资料显示，作为上海最早的"号码"百货店之一，上海六百成立于1952年，上世纪90年代曾经历过整 体改造，为徐家汇商圈的元老级商场之一。 不过，近年来，面对消费需求变化与市场竞争激烈的情况，上海 ...

能否真正理解政策、整合资源、平衡多方诉求，将成为代建企业能否在城市更新赛道上实现规模与品牌突破的关键。 ◎ 文/ 谢杨春、吴嘉茗 随着城市更新政策的不断落地，有望进一步释放政府代建的需求。然而，与传统开发不同，城市更新类代建项目复杂度高、周期 长、利益相关方多元，要求企业不仅需具备工程管理与合规能力，更要在产业导入、文化保育、资金协同乃至风险化解方面构建系 统竞争力。 能否真正理解政策、整合资源、平衡多方诉求，将成为代建企业能否在这条赛道上实现规模与品牌突破的关键。 城市更新政策力度、资金支持力度持续提升 01 有望进一步释放政府代建的需求 2025年以来，城市更新成为房地产政策端重要一环，在房地产市场中占据着关键地位，得到了政府在表态、政策制定和资金支持方 面的显著扶持。 政府表态上： 2025年7月的两次重要会议（中央城市工作会议和中央政治局会议）中均提及城市更新，中央城市工作会议指出当前 和今后一个时期城市工作的总体要求包括"以推进城市更新为重要抓手"；7月末的中央政治局会议要求落实城市工作会议精神，高质 量开展城市更新。 政策出台上： 2025年以来，配合中央城市工作高质量发展的方针，城市更新类政策的 ...

"上海市城市更新优质项目励选颁证仪式"在大会现场举行。据悉，此次优质项目评选历经多轮严格筛选，最终综合选出42个优质项目，项目涵盖 城市空间综合提升、绿化景观改善、历史文化保护、公共配套完善、水环境治理五大类别，成为上海城市更新的"标杆样本"。 未来，随着优质项目的示范引领与多方协作机制的不断完善，，为建设更具活力、更有品质的现代化国际大都市注入新动能，也为全国城市更新 工作提供"上海经验"。 在主题报告环节，上海社会科学院城市与房地产研究中心主任万勇教授以"新时期城市更新的展望与思考"为题，深入剖析了城市更新面临的挑战 与机遇，为与会者提供理论参考。全国工程勘察设计大师、华东建筑设计研究院有限公司首席总建筑师汪孝安，以"体系构建"为核心，结合早期 建筑师历史遗存案例，分享城市更新"提质增效"路径。上海建工四建集团副总工、工程研究院副院长、城市更新公司副总经理谷志旺，介绍"数字 赋能上海音乐厅保护修缮与预防性维保"实践，展现科技对文化遗产保护的助力。上海外滩老建筑投资发展有限公司总经理朱亦锋，以"百年老市 府焕新"为例，分享历史建筑活化利用的成功模式。 上海将持续探索文化保护与可持续发展深度融合的城市更新新模 ...

Core Viewpoint - The first Urban Renewal Development Conference held in Shanghai focuses on urban renewal, cultural preservation, and sustainable development, aligning with national policies to enhance existing urban areas [1][3][4] Group 1: Conference Overview - The conference was organized by multiple associations, including the Shanghai Urban Renewal Promotion Association and the Shanghai Survey and Design Industry Association, aiming to explore urban renewal paths and promote public participation [1][3] - Keynote speeches highlighted the importance of urban renewal for sustainable development, with insights from industry leaders and scholars [3][4] Group 2: Urban Renewal Practices - Shanghai has implemented the Urban Renewal Regulations and established a centralized platform for urban renewal, showcasing exemplary projects that serve as benchmarks [4] - Notable projects include the "Zhang Garden Phase I," which integrates historical architectural styles while innovatively utilizing underground space, and the "Most Beautiful Street Corner" project, which emphasizes historical preservation and community enhancement [5][6] Group 3: Project Recognition and Promotion - A total of 42 exemplary urban renewal projects were recognized, covering categories such as urban space enhancement, historical cultural preservation, and public facility improvement [4][7] - To enhance the impact of the conference and recognized projects, initiatives such as compiling a project portfolio and organizing exhibitions are being launched [7]

在津全方位布局"好房子" 在本届房交会上，14家房地产开发企业共计推出新房项目98个，近2万套房源，房地产开发企业主动升级产品，在销售端加力，通过房交会平台精准促进 住房消费。从企业构成看，全国性企业和本地企业各占50%，天津房地产市场对全国性房企的吸引力增强，各类企业在天津多元布局，市场活跃度大幅提 升，体现出极强的市场韧性。 2025天津秋季线下房交会于上周末圆满闭幕。从主办方获悉，房交会期间全市销售新建商品房12.2万平方米，日均达到4.1万平方米，较9月份房交会前日 均销售面积翻倍，较8月份日均销售面积增长132%。详细梳理本届房交会成果，从中可以发现，津城楼市正显现出三大新趋势。 多元化房企 2022年以来，我市出台支持房地产市场发展的一揽子政策，特别是去年10月份取消了限制性措施，房地产市场活跃度明显回升。今年上半年，我市住房和 土地市场数据同比也大幅改善，一方面是政策层面持续释放刚性与改善性购房需求，另一方面则是通过房交会构建一站式服务平台，进一步打通了供需对 接的"最后一公里"。 今年秋季房交会显现展会共接待市民8.01万人次、较上届增长14.3%，新房登记客户近1000组，中介机构及租赁企业 ...

首届城市更新发展大会由上海市城市更新促进会、上海市勘察设计行业协会、上海市建筑施工行业 协会、上海市报业传媒行业协会联合承办。 42个项目涉及城市更新的各方面，包括城市空间综合提升、绿化景观改善、历史文化保护、公共配 套完善、水环境治理。上海市勘察设计行业协会副秘书长戴顺康介绍，它们凭借较强的示范性、创新性 和可推广性，成为上海城市更新实践的标杆样本。 随着优质项目的示范引领与多方协作机制的不断完善，上海将持续探索文化保护与可持续发展深度 融合的城市更新新模式，为全国城市更新工作提供"上海经验"。 记者 戚颖璞 上海正积极探索城市更新新路径和新模式。在昨天举行的首届城市更新发展大会上，记者获悉，最 美街角（南昌大楼、钟和公寓、淮海坊一期）等42个城市更新优质项目正式对外发布。 ...

Core Viewpoint - The recent implementation opinions on urban renewal actions aim to address key issues such as what to do, how to do it, funding sources, and responsible parties for urban renewal in the province [1] Group 1: Urban Renewal Objectives - The urban renewal efforts will focus on five key tasks: comprehensive area renovation, infrastructure enhancement, urban service function improvement, urban space quality enhancement, and strict historical and cultural protection [2] - This year, the province plans to accelerate the renovation of 120 areas, including the construction of 140,200 units of resettlement housing in urban villages and the renovation of 844 old urban communities [2] Group 2: Implementation Strategies - The implementation opinions outline a complete urban renewal path, including conducting city health assessments, developing relevant plans, generating quality projects, setting scientific planning requirements, and exploring various land supply methods [3] - The province will support cities in exploring detailed planning management paths that align with the revitalization of existing spaces, allowing for reasonable adjustments to standards for historical districts and old neighborhoods [4] Group 3: Stakeholder Involvement and Funding - The urban renewal initiative requires participation from government, enterprises, and citizens, with a focus on optimizing mechanisms for project implementation, including encouraging property owners and supporting the transformation of construction and design companies [5] - The province will innovate project implementation models, proposing integrated solutions for planning, financing, design, construction, and operation, while establishing a sustainable financing model that does not increase hidden debts [6]

人民财讯9月25日电，中国银河（601881）证券研报表示，2025年1—8月建筑及装潢材料类零售额同比 增长1.8%，增幅较1—7月收窄0.4个百分点，其中8月单月同比下降0.7%，环比下降1.19%，8月受高温雨 水等因素影响，家装市场需求减弱，消费建材零售需求减少。后续来看，9月天气好转，叠加以旧换新 政策的持续释放，预计家装市场需求逐步改善，此外，随着城市更新的推进，旧改、修缮需求将进一步 拉动消费建材市场需求。 ...