Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][32]. Core Insights - The real estate market is experiencing a recovery, with new home sales in 34 key cities increasing by 30% week-on-week, while second-hand home sales also showed a positive trend with a 32% increase [4][5]. - The report highlights significant policy support for urban renewal and housing quality improvement, including the implementation of current housing sales for newly released land in Xinyang and the introduction of standards for quality housing in Shandong [4][32]. - The report emphasizes the importance of product strength in real estate companies, recommending firms with strong product offerings and a focus on first and second-tier cities [4][32]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 238 million square meters last week, reflecting a 30% increase compared to the previous week [4][5]. - Year-on-year, new home sales in May showed a decline of 7%, with first and second-tier cities also experiencing a 7% drop [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 126 million square meters last week, marking a 32% increase week-on-week [4][13]. - Cumulatively, second-hand home sales in May increased by 1% year-on-year [13]. Inventory and Market Dynamics - The report notes that 15 cities had a total of 106 million square meters of new homes launched, with a sales-to-launch ratio of 0.99, indicating a continued trend of inventory reduction [4][22]. - The average months of inventory for new homes in these cities is 19.7 months, which has decreased by 0.6 months [22]. Policy and News Tracking - The report outlines key policy developments, including the central government's push for urban renewal and the resolution of historical real estate registration issues, benefiting over 50 million people [32][33]. - Local governments are implementing various measures to enhance housing quality and accessibility, such as optimizing housing loan conditions for young people in Wuhan and expanding housing fund coverage for flexible employment workers in Shenyang [32][33]. Company Dynamics Performance Highlights - Beike reported a net income of 23.33 billion yuan for Q1 2025, a year-on-year increase of 42.4%, with a net profit of 860 million yuan, up 98.2% [41][42]. - New City Holdings and China Resources Land reported significant declines in sales, with New City Holdings down 56% and China Resources Land down 5% year-on-year [38][40]. Management Changes - Recent leadership changes include Xu Xiaoxi resigning as chairman of Xiamen International Trade Group to take over as chairman of Jianfa Group, and Zheng Yongda stepping down from Jianfa Group to lead Xiamen International Trade [38][40].

城市更新，连着民生福祉，牵着经济发展。近日，《关于持续推进城市更新行动的意见》印发，为城市更新工作构建了一个全面而细致的顶层设计框架。今 天的民生一件事，我们来聚焦城市更新。 上海易居房地产研究院副院长严跃进：八项重点任务，从微观的既有建筑的改造起步，延伸到老旧小区的更新改造，再拓展到整个这个社区的建设、城中村 的改造，城市功能的完善，基础设施的升级，应该说是循序渐进的有这样一个任务的链条，它既立足于我们民生的细微处，也立足于、着眼于我们城市整体 的能级提升，为我们地方实践提供了一个非常完整的"施工图"。 业内人士表示，此次《意见》围绕人民关切，部署了八项主要任务，包括加强既有建筑改造利用，推进城镇老旧小区整治改造，开展完整社区建设，推进老 旧街区、老旧厂区、城中村等更新改造，完善城市功能，加强城市基础设施建设改造，修复城市生态系统，保护传承城市历史文化，任务设计呈现出鲜明 的"从小到大"的逻辑脉络。 除了八项重点任务之外，《意见》还从机制创新、用地政策，到房屋权益保障、多元化融资，再到更新模式引导、法规完善，形成了立体支撑网络。在业内 人士看来，这标志着我国城市更新已从单点突破转向系统重构，回应了当前制约城 ...

建筑装饰 2025 年 05 月 18 日 城市更新规划加快推进，存量市场持续挖掘 看好 ——申万宏源建筑周报（20250512-20250516） 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 本期投资提示： 行 业 及 产 业 证 券 研 究 报 告 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 研 究 / 行 业 点 评 ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数+0.77%，沪深 300 指数+1.12%，相对收益为-0.35pct。周涨幅最大的三个子行业分别为 钢结构（+2.28%）、装饰幕墙（+1.38%）、基建央企（+1.22%），对 应行业内三个公司：鸿路钢构（+7.59%）、郑中设计（+20.21%）、中 国 ...

ooo[Table_ReportInfo] 2025 年 05 月 16 日 证券研究报告•宏观定期报告 宏观周报（5.12-5.16） 关税博弈阶段性缓和，美国通胀仍在下行 摘要 [Table_Summary] 一周大事记 国内：加快构建科技金融体制，持续推进城市更新。5 月 13 日，中国－拉美 和加勒比国家共同体论坛第四届部长级会议在北京举行，同日，中国和巴西发 布关于强化携手构建中巴命运共同体的联合声明，未来我国自巴西进口有望持 续增加，中国企业向巴西出海投资的步伐也有望加快；14 日，科技部联合中 国人民银行等七部门发布《加快构建科技金融体制 力支撑高水平科技自立自 强的若干政策举措》，提出 15 项具体措施，推动金融资源精准投向科技创新 领域；同日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕经济 形势、稳就业稳经济政策落实等议题，系统回应民营企业关切，释放了强化政 策执行、法治保障和战略引导的积极信号；15 日，中办、国办印发《关于持 续推进城市更新行动的意见》，系统部署八大任务与六大支撑保障措施，城市 更新改造后续或将获得更多财政和融资等方面的支持。 相关研究 请务必阅读正文后的重要声 ...

Group 1 - The core idea of the article is the transformation of industrial heritage sites into cultural and recreational spaces, highlighting the shift from "industrial rust belt" to "urban showcase" in Beijing Shougang Park and other areas in the Beijing-Tianjin-Hebei region [1][2] - The recent policy document encourages market-driven approaches to revitalize old industrial areas, emphasizing the protection and utilization of industrial heritage [1] - The transformation of the Cangzhou Dahua plant into an industrial cultural heritage display area showcases the successful integration of industrial history with tourism [3][5] Group 2 - The popularity of industrial tourism in Tangshan remains high, with the Kailuan National Mine Park attracting numerous visitors for its "underground exploration" tours [5][6] - The park serves as a comprehensive site for industrial relic protection, coal culture education, and displays of industrial civilization, contributing to the local tourism economy [5] - Tangshan has launched a themed study tour route that includes various industrial heritage sites, allowing visitors to explore the city's industrial history [6] Group 3 - The Shijiazhuang Steel Industrial Site Park has been transformed into a cultural landmark, retaining elements of its industrial past while hosting music and cultural events [9][7] - The park features iconic structures from the former Hebei Steel Group, creating a vibrant atmosphere that combines industrial heritage with modern entertainment [9][7] - Shijiazhuang aims to foster new cultural consumption models through the integration of music and tourism, enhancing the visitor experience [9]

Group 1 - The article discusses the transformation of urban areas through innovative construction technologies such as prefabricated building technology, light-storage direct-flex technology, and aerial construction factories, which significantly enhance construction efficiency and sustainability [3][4][6] - Prefabricated building technology allows for factory pre-fabrication and on-site assembly, drastically reducing construction time and improving quality by minimizing common issues like wall cracks and leaks [4][5] - Light-storage direct-flex technology integrates photovoltaic systems and energy storage, leading to a 10% reduction in carbon emissions for renovated buildings, while also providing economic benefits to households through reduced electricity costs [6] Group 2 - The aerial construction factory, a new intelligent construction equipment platform, integrates materials, equipment, and personnel, allowing for a significant reduction in construction time by 1 to 2 days per floor [7][8] - This technology enhances safety by minimizing high-altitude work and reducing dust and noise pollution, thus creating a safer environment for both workers and residents [8] - The application of aerial construction factories in urban renewal projects is still in the exploratory phase, with plans for broader implementation in the future [8]

央视网消息：近日，《关于持续推进城市更新行动的意见》印发，包含推进城镇老旧小区整治改造，加强城市基础设施建设改造 等八项任务。城市更新，连着民生福祉，牵着经济发展。目前，我国297个地级以上城市已经全部启动城市体检工作，通过体检查找 出来的问题，正在成为各地城市更新工作的重点内容。 城市体检 为城市更新精准"把脉" 城市更新，也要强化城市历史文化保护。改造老旧街区和厂区，不仅可以留住城市烟火气，还能让城市更有活力。前不久，苏州 的阊门城墙重新向公众开放，迅速成为热门打卡地，随后还举办了"城墙音乐会"。近日，两家酒店在姑苏区签约落地。其中一家将盘 活原有的自来水大楼，一家将落地苏州第一丝厂的百年老厂改造提升项目中。 在四川绵阳涪城区，当地先后改造提升了6处历史建筑，实现历史建筑的功能再造与活化利用。截至目前，住房城乡建设部结合 各地具体实践，已公布了三批实施城市更新行动可复制经验做法清单。 P LAND 0 a B D AD UI 1 cc Mccom ECTN 13 15 12 171 1 新 间 . GREAM U. TOHIANTIA Eduction of the the light FRICS l 글 ...

编 辑丨张星 作 者丨李莎 城市更新是城镇化发展的必然过程。2 0 2 4年我国常住人口城镇化率达到6 7%，较上年末提高 0 . 8 4个百分点。中国城市规划学会理事长杨保军表示，我国城市发展已进入以存量为主的新 阶段，从解决"有没有"转向解决"好不好"问题，国家发展目标、市场需求、百姓诉求等都发 生变化，城市建设必须主动适应这些变化，从关注增量、追求规模扩张、拉大城市框架转向 关注存量、追求品质提升和结构优化。 《意见》提出多项城市更新目标，到2 0 3 0年，城市更新行动实施取得重要进展，城市更新体 制机制不断完善，城市开发建设方式转型初见成效，安全发展基础更加牢固，服务效能不断 提高，人居环境明显改善，经济业态更加丰富，文化遗产有效保护，风貌特色更加彰显等。 为实现这些目标，《意见》提出八项主要任务， 包括加强既有建筑改造利用，推进城镇老旧 小区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改造，完善城 市功能，加强城市基础设施建设改造，修复城市生态系统，保护传承城市历史文化。并明确 要从建立健全实施机制、完善用地政策、健全多元化融资方式等六方面，加强对城市更新工 作的支撑保障。 日 ...

Group 1: Definition of a Good House - The standard of a "good house" should be multidimensional, catering to different age groups, regions, and individual needs while pursuing high-quality living [3][4] - A good house requires both hardware and software upgrades, including reasonable spatial layout, climate adaptability, and smart, ecological living experiences [4] - Different age demographics have varying needs; younger individuals prioritize technology and aesthetics, while older adults require age-friendly designs [4] Group 2: Characteristics of a Livable City - A livable city is characterized by developed infrastructure and public services, as well as attention to citizens' daily lives, integrating small yet significant life details into urban governance [5] - Chengdu is highlighted as an attractive livable city due to its pleasant climate and warm living atmosphere, which has led to increased population attraction [5][6] - Challenges such as traffic congestion and environmental pressure arise from urban expansion, necessitating central urban area decongestion and regional collaborative development [5] Group 3: Balancing New and Old Urban Development - The population growth in Chengdu is largely driven by external migration, particularly among young people, indicating the city's livability and cultural inclusiveness [6][7] - Recommendations for enhancing livability include reducing urban density through the development of new districts like the Sichuan Tianfu New Area, which aims to create a livable environment [7] - Urban renewal should focus on organic updates rather than simple demolition, preserving historical culture while transitioning industries, exemplified by the transformation of the Red Light Electronic Factory into a creative park [7]

据研究机构最新的监测数据，全国重点城市二手房市场延续"以价换量"模式，挂牌量高企叠加政策调整 窗口期，市场价格仍面临下行压力。 根据中指研究院近日发布的4月重点城市二手房房价地图，十大重点城市二手住宅均价环比下跌 0.43%，同比下跌5.69%，同比跌幅较上月收窄0.44个百分点。与此同时，成交量同比普遍增长，但增幅 较一季度明显放缓，市场进入阶段性调整期。 《中国经营报》记者了解到，百城二手住宅均价环比下跌0.69%，同比跌幅收窄至7.23%。十大城市 中，武汉、南京领跌，环比跌幅分别为0.97%和1.08%，同比跌幅则分别高达9.85%和9.61%；深圳、成 都跌幅最小，环比仅跌0.21%和0.06%，同比跌幅分别为2.88%和2.98%。 4月25日，中央政治局会议指出要"加紧实施更加积极有为的宏观政策""适时降准降息"，其中针对房地 产强调："加力实施城市更新行动，有力有序推进城中村和危旧房改造。加快构建房地产发展新模式， 加大高品质住房供给，优化存量商品房收购政策，持续巩固房地产市场稳定态势。" 地方层面，四川省取消普宅和非普宅标准；无锡市取消限售并暂停市区新建商品住房销售价格备案，由 企业根据市场 ...