投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-11-24 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251031 | 2025/10 | 制造业 PMI | % | 49.00 | 49.80 | 50.10 | | 20251031 | 2025/10 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.00 | 50.20 | | 20251113 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 202511 ...

钢材周报 2025 年 11 月 24 日 供需边际增加 期价震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/8 ⚫ 宏观面：国务院副总理何立峰在湖北、湖南调研时强调， 要持续推动外贸提质增效，完善高标准物流体系建设， 加力支持制造业高质量发展，加快构建全国统一大市 场，进一步畅通国内国际双循环。要完善法律与政策体 系，综合整治"内卷式"竞争。国家统计局最新数据显 示，2025年10月份，中国钢筋产量为1434.0万吨，同比 下降18.6%；1-10月累计产量为15801.0万吨，同比 ...

越更新，悦杭州。一起走进这些城市更新"杭州样本"，探寻其间的蝶变轨迹。 社区焕新 以"自造血"激活可持续"生命力" 在余杭区崇福社区，昔日"村民"找到了全新的生活节奏——已经退休的王阿姨在康养中心运动健 身，"宝妈"陈女士推着婴儿车在慢行道上散步…… 近年来，随着余杭区的高速发展，大量近郊农村经历了田园变城市、农民变市民、分散变聚集的更 迭，崇福社区正是良渚街道首个完成"撤村建居"的新型农村社区，管辖2个农居点小区和5个城市化小 区，3700户家庭在此安居，常住人口达万余人。 玉湖公园 昔日的简陋棚户蜕变为现代化宜居社区，生动勾勒"安居向乐居"的幸福图景；老旧的工业园区跃升 专精特新产业聚集地，精彩铺展"产城融合"的发展画卷…… 自开展城市更新以来，杭州坚持"市级专项规划—区级建设规划—片区策划方案—项目实施方案"四 级传导体系，以一批重点片区、重点项目试点为引领，积极培育典型案例，取得了阶段性成果：入选全 省首批具有典型引领价值的城市更新项目名单、城市更新省级试点名单中的项目与片区数量均位居全省 首位。 多元居民结构催生多样需求。崇福社区以城市更新社区试点建设为契机，新建儿童之家、老年活动 室、图书阅览区等 ...

广州珠江新城板块又有"核心地块"距离挂牌出让近了一步。 根据《补偿方案》，广州市天河区珠江新城"马场地块"（位于黄埔大道以南、潭村路以西，具体以政府批复文件为准）将迎来百亿级补偿，该补偿金额在国 内众多城市更新项目中位居前列。 该地块作为广州CBD最后一块未充分开发的核心低效用地，以36.2万平方米的核心体量，采用有偿收回、货币补偿方式，补偿款总额约100亿元（具体以政 府批复的补偿方案为准），由做地主体广州越秀集团股份有限公司负责支付。 方案明确，扣除税费及必要支出后，约66.4亿元补偿款将由广州赛马场运营管理有限公司根据章程按各股东持股比例分配（最终以专项审计报告为准）。 这一牵动多方利益的方案将于2025年11月26日进行表决，若顺利通过，地块距离挂牌入市又将更近一步。 从1992年赛马场开业到如今的更新改造，这片连接珠江新城与金融城的黄金地块承载着城市变迁记忆，被业内预测有望成为广州"地王"的有力竞争者。 "马场地块"内部店铺已搬空 图片来源：每经记者 陈荣浩 摄 珠江新城"核心地块"入市在即 11月19日上午，《每日经济新闻》记者在广州天河区"马场地块"了解到，之前该地块的主要业态包括家居、餐饮、汽 ...

长江商报消息 ●长江商报记者 刘倩雯 此外，会议明确了"专项规划—片区策划—项目实施方案"的规划实施体系。这一纵向到底的链条，确保 了顶层设计的蓝图能够不走样地落地为一个个具体的改造项目，实现了规划与实施的无缝衔接。 构建可持续投融资体系 资金问题一直是困扰城市更新的"拦路虎"。许多更新项目由于公益性强、回报周期长，难以吸引社会资 本。对此，住房城乡建设部指出，要下功夫建立可持续的城市建设运营投融资体系。 从"有没有"转向"好不好"，城市更新正成为中国城市高质量发展的关键抓手。 近日，住房城乡建设部在召开的全国城市更新工作推进会上指出，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，高质量开展城市更新。将因 地制宜、探索创新，编制好城市更新专项规划、建立可持续的城市建设运营投融资体系，通过功能转 换、业态升级、品质提升等方式激活存量价值，推进城市治理现代化。 当前，我国城市发展已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。截至2024年底，我国 常住人口城镇化率达到67%，9.4亿人生活在城镇。 编制城市更新专项规划 过去三十年，中国城市经历了规模扩 ...

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]

中新网北京11月23日电 2025(第九届)北京国际城市设计大会22日至23日在北京建筑大学举办。本届大会 以"存量焕新提质增效"为主题，邀请院士大师、知名专家学者汇聚一堂，围绕城市更新与治理、文脉传 承与建筑遗产保护、数字与智慧赋能、城乡安全韧性建构、城市设计教育等重点领域开展交流研讨，旨 在搭建高端对话平台，汇聚全球智慧，探索存量时代城市高质量发展的新机制、新技术与新路径。 《北京市 探索存量时代城市高质量发展新路径 本次大会由北京建筑大学、中国建筑学会、中国建筑文化中心主办，北京未来城市设计高精尖创新中 心、中国建筑学会城市设计分会、"一带一路"建筑类大学国际联盟、北京建筑大学科学技术协会承办， 包括开幕式、10场主旨报告、2场平行活动、12场专题论坛、3场沙龙等系列活动。 住房和城乡建设部党组成员、副部长秦海翔在讲话中指出，本届大会以"存量焕新，提质增效"为主题探 讨城市设计的新使命、新方法、新路径，恰逢其时。希望与会专家学者进一步增强做好新时代城市工作 的责任感和使命感；大力实施城市更新，建设现代化人民城市；着力提高设计建设水平，为人民群众创 造高品质生活空间。 北京市相关负责人在讲话中表示，未来的 ...

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]