投资良机就在眼前！8月7日，郑州航空港经济综合实验区举行2025年优质地产项目推介会，对外集中发布22宗总占地面积约1219亩的"黄金地 块"。 今年7月，中央城市工作会议指出，"要加快构建房地产发展新模式""着力建设舒适便利的宜居城市""大力发展生活性服务业，提高公共服务水 平"等，为新时期城市工作和城市发展指明了方向。 郑州航空港作为目前我国唯一一个由国务院批准设立的航空港经济综合实验区，秉持"港产城园"融合发展理念，近年来快速发展，基础设施加 速推进，生态环境显著改善，城市品质快速提升。140平方公里的建成区绿树成荫，620公里的道路网络四通八达，36.6%的绿化覆盖率让这里 成为名副其实的生态新城。 ——位于北港总部经济和现代服务业发展区的4宗居住地块占地439亩，毗邻康平湖公园、纬一河，周边配套设施完善，教育资源丰富，交通便 利，将打造配套高品质生活区； ——位于国际贸易会展区的9宗商业服务业地块占地总面积426亩，毗邻东湖公园、航空港站公园，距离郑州航空港高铁站不足2km，将打造高 品质生活及商业配套区； ——位于中原医学科学城的居住地块占地26亩，位于中原医学科学城中部，毗邻双鹤湖公园、莲鹤湖， ...

Core Viewpoint - The real estate market in China is undergoing a transformation, shifting from rapid growth to stable development, with a focus on quality and efficiency in urban development [3][4][5]. Group 1: Policy and Direction - The Central Urban Work Conference has identified a significant shift in urbanization, moving from rapid growth to stable development, emphasizing quality urban renewal [3]. - Key tasks outlined include promoting the urbanization of agricultural migrants, high-quality urban renewal, and the construction of livable cities, all of which are closely related to the future development of the real estate sector [4]. - The government has implemented a series of targeted policies to stabilize the real estate market, leading to positive outcomes in transaction volumes and prices [5]. Group 2: Industry Transformation - Real estate companies are encouraged to adapt to changing market conditions by shifting from high-debt, high-leverage models to sustainable development practices that prioritize quality over quantity [4]. - There is a call for a focus on urban renewal and the revitalization of existing properties, including the transformation of old neighborhoods and underutilized commercial spaces into high-quality living environments [4]. - The emphasis is on meeting diverse housing needs through the construction of safe, comfortable, and environmentally friendly homes, aligning with the public's demand for higher living standards [4]. Group 3: Market Outlook - The long-term outlook for the real estate market remains positive, supported by substantial demand, as the government continues to respect urban development laws and the market's self-correcting mechanisms [5]. - The focus for the second half of the year will be on implementing existing policies effectively, increasing the supply of high-quality housing, and stimulating both rigid and improved housing demand [5].

Core Viewpoint - The article discusses the evolving investment strategy in the real estate sector, emphasizing a shift towards a new development model that focuses on high-quality housing and a return to manufacturing from finance [1][2]. Group 1: New Development Model - The new real estate development model may include concepts such as high-quality housing, human-centered design, lifecycle management of properties, and a system for selling completed homes [1]. - The current market shows a low penetration rate of high-quality housing at only 24% within urban residential stock, while the demand for improved housing is projected to account for 44% from 2022 to 2025 [1]. Group 2: Quality Housing Definition - The definition of "good housing" is expanding from a focus on physical structures to include functional living spaces and emotional fulfillment, indicating a broader understanding of housing quality [2]. Group 3: Lessons from the U.S. Market - Drawing parallels with the U.S. experience post-real estate crisis, the article suggests that companies with strong product capabilities and inventory management will successfully navigate market cycles [4][5]. Group 4: Future Outlook - Companies that can create high-quality housing products are expected to thrive, characterized by strong product margins and efficient inventory turnover [6]. - The premium for high-quality housing products is becoming increasingly evident, as illustrated by specific case studies [7].

摘要 风险提示：政策不及预期、美联储加息 正文 1.中央城市工作会议为哪般 中央城市工作会议是对当下经济问题的积极回应，具有重要政策意义。2015 年是国民经济和社会发展五年规划的收官和谋划之年，中国经济面临着产能 过剩、物价疲弱、房价下跌的情况。2015 年 12 月中央城市会议召开，提出加强城市地下和地上基础设施建设，建设海绵城市，加快棚户区和危房改造， 有序推进老旧住宅小区综合整治，力争到 2020 年基本完成现有城镇棚户区、城中村和危房改造，推进城市绿色发展等目标。之后随着棚改的结束，房地 产库存问题得以解决，中国经济走出通缩阴霾。2025 年同样是国民经济和社会发展五年规划的收官和谋划之年，中国经济也面临着产能过剩、物价疲 弱、房价下跌的情况。在本次会议同样提出了加快构建房地产发展新模式，稳步推进城中村和危旧房改造等一系列任务。结合 3 月国务院发布《关于持续 推进城市更新行动的意见》来看，本轮相关政策并不会采用棚改货币化安置的方式，而是选择更为温和老旧小区改造等城市更新措施。从会议规格和召开 时点来看，本次中央城市工作会议充分体现了政策层对中国经济以及地产问题的高度关注，具有重要的信号意义。 2. ...

Group 1 - The core viewpoint emphasizes the need to enhance urban livability and enrich citizens' lives through optimizing urban spatial structure, steadily advancing the renovation of urban villages and dilapidated housing, and improving public service levels [1] Group 2 - Optimizing urban spatial structure involves coordinating production, living, and ecological layouts, with examples such as Beijing's efforts to relieve non-capital functions and Jiangxi's construction of pocket parks to improve urban quality of life [1] - Steady progress in the renovation of urban villages and dilapidated housing is crucial for ensuring safe living conditions, focusing on infrastructure improvements while preserving historical memories and community characteristics [1] - Enhancing public service levels aims to make life more convenient, with initiatives like the "15-minute living circle," dedicated agricultural bus lines, and mobile convenience markets to ensure equitable and high-quality public services [1] Group 3 - Future planning should integrate population, industry, urbanization, and transportation, accelerating the establishment of a new real estate development model and promoting the growth of service industries to create comfortable and convenient livable cities [1]

Core Viewpoint - The recent meeting of the Political Bureau emphasized a more optimistic tone regarding the economic outlook, despite ongoing uncertainties and challenges. The focus is on maintaining macroeconomic policies while enhancing flexibility and foresight to adapt to changing conditions [3][5]. Summary by Sections Economic Performance and Policy Adjustments - The Political Bureau meeting acknowledged the strong performance of major economic indicators in the first half of the year, highlighting the resilience and vitality of the economy. However, it also pointed out the risks and challenges that remain, such as insufficient domestic demand and difficulties faced by some enterprises [2][3]. - The meeting did not call for increased macroeconomic adjustments compared to previous years but stressed the importance of policy continuity and stability, indicating a lower probability of significant policy tightening in the short term [5][6]. Domestic Demand and Consumption - A key focus of the meeting was on accelerating the construction of a long-term mechanism to expand domestic demand. The government aims to effectively release consumption potential and stimulate consumer spending through various initiatives [9][10]. - The meeting highlighted the need to deepen the implementation of consumption promotion actions and to ensure that policies are not merely about increasing liquidity but are part of a systematic approach to economic revitalization [10]. Market Structure and Competition - The meeting emphasized the importance of advancing the construction of a unified national market to optimize market competition and address issues of disorderly competition. This includes legal measures to regulate market behavior and improve the overall market environment [11][12][13]. - The government aims to break down local protectionism and market segmentation, which are seen as barriers to economic circulation and growth [12][13]. Real Estate Sector - The meeting acknowledged the need for a new model of real estate development, focusing on stabilizing the market and promoting urban renewal. The government plans to implement measures that support the real estate sector while ensuring it remains a pillar of the national economy [14][15]. - The emphasis is on a long-term perspective, with a focus on quality and efficiency in urban development rather than merely expanding supply [15][16]. Future Economic Strategy - The meeting outlined three major tasks for the second half of the year: enhancing domestic demand, promoting a unified market, and developing a new real estate model. These tasks are seen as essential for achieving high-quality economic growth [9][14][16]. - The government remains committed to monitoring economic conditions closely and is prepared to adjust policies as necessary to respond to unexpected changes in the domestic and international landscape [16].

开栏的话 中央城市工作会议提出建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。会议为新时 代新征程上建设现代化人民城市作出战略指引，擘画未来城市美好模样。广袤的巴蜀大地，大中小城市 星罗棋布，它们的区位环境不同、发展阶段各异，但都在朝着现代化人民城市图景迈进。 即日起，四川日报全媒体推出"城市'成长记'"系列报道，派出多路记者深入市（州）城市探访，走 进街头巷尾、老旧小区、城市新区，倾听现代化人民城市建设过程中的经历与感受，探寻城市成长故 事。敬请关注。 【成长画像】 中央城市工作会议要求，"着力建设舒适便利的宜居城市""加快构建房地产发展新模式，稳步推进 城中村和危旧房改造""全面提升房屋安全保障水平"。达州推进中心城区危旧房以旧换新改造，通过原 址重建或异地新建，有效消除住房安全隐患，把"忧居"变"优居"。 【城市故事】 8月2日，借着晨跑的时间，达州市达川区三里坪街道店子梁二小区居民蔡华昌，照例来看看他还没 搬进去的新家——楼栋入口玻璃门上贴着"福"字，17层房屋，每层阳台相同位置都挂着两个红灯笼。仰 头扫视，喜人又壮观。 59岁的蔡华昌，现租住在距小区1公里的地方。2023年11月，他和146 ...

Core Viewpoint - The recent meeting of the Central Political Bureau emphasized the need for flexible and proactive macroeconomic policies to address ongoing uncertainties while maintaining a stable economic recovery trajectory [1][4][12]. Economic Performance - The meeting acknowledged that major economic indicators showed strong performance in the first half of the year, with GDP growth of 6.5% in Q2 2023, a significant increase from the previous year's 3.6% [4][5]. - Despite the positive indicators, challenges such as insufficient domestic demand and external uncertainties remain prevalent [2][3]. Policy Direction - The meeting did not call for increased macroeconomic control but instead focused on maintaining policy continuity and stability, suggesting a lower probability of immediate policy tightening [4][6]. - Emphasis was placed on implementing proactive fiscal policies and moderately easing monetary policies to stimulate economic growth [2][4][6]. Domestic Demand and Consumption - A key focus is on expanding domestic demand through consumption, with initiatives aimed at enhancing consumer spending and improving living standards [5][8]. - The government plans to implement a series of measures to boost consumption, including financial incentives for personal loans and support for service sector financing [8]. Market Structure and Competition - The meeting highlighted the importance of advancing the construction of a unified national market to optimize market competition and eliminate disorderly competition among enterprises [9][10]. - Legal reforms, such as the revised Anti-Unfair Competition Law, aim to foster a fair competitive environment and protect consumer rights [10]. Real Estate Sector - The meeting acknowledged the need for a new model of real estate development, focusing on stabilizing the market and promoting urban renewal [10][11]. - Policies will be implemented to support the real estate sector, including financial measures to ensure stability and growth [11][12].

Core Insights - The real estate market in China is experiencing mixed trends, with new residential prices showing slight increases in core cities while second-hand housing prices are declining [1][3][5]. New Residential Market - In July, the average price of new residential properties in 100 cities was 16,877 yuan per square meter, reflecting a month-on-month increase of 0.18% and a year-on-year increase of 2.64% [1]. - First-tier cities saw a month-on-month price increase of 0.36%, while second-tier cities experienced a 0.23% increase, driven by quality improvement projects [3]. - Third and fourth-tier cities, however, faced a month-on-month price decline of 0.19% [3]. Second-Hand Residential Market - The average price of second-hand residential properties in July was 13,585 yuan per square meter, showing a month-on-month decrease of 0.77% and a year-on-year decrease of 7.32% [1]. - First-tier cities experienced a month-on-month price drop of 0.61%, while second-tier and third/fourth-tier cities saw declines of 0.84% and 0.77%, respectively [3][11]. Rental Market - The average rental price in 50 key cities was 34.93 yuan per square meter per month, with a month-on-month decrease of 0.07% and a year-on-year decrease of 3.81% [1]. - Rental demand during the graduation season provided some support, but overall rental prices are still under pressure [1][13]. Policy and Market Outlook - The central government is focusing on implementing policies to stabilize the real estate market, including urban renewal and housing rental regulations [4][5]. - The recent Central Urban Work Conference emphasized the transition from rapid urbanization to stable development, aiming to improve existing urban areas rather than expanding [4]. - Local governments are also taking measures to optimize housing policies, such as canceling housing sales restrictions and enhancing public housing fund access [4][5]. Market Trends - The market is expected to maintain some resilience in core cities due to strong fundamentals, although disparities between different cities and regions are likely to persist [8].

Economic Performance - China's GDP grew by 5.3% year-on-year in the first half of 2025, exceeding the 5% target, driven by effective domestic demand policies and optimized export structures[3] - The meeting acknowledged the current economic operation as stable with progress, while also recognizing ongoing risks and challenges[4] Policy Direction - The government will maintain a "steady progress" approach, emphasizing stability in employment, enterprises, markets, and expectations[4] - Fiscal policy will continue to be "more proactive," with a focus on accelerating government bond issuance and improving fund utilization efficiency[4] - Monetary policy will emphasize "appropriate easing," ensuring ample liquidity and supporting sectors like technology innovation and small enterprises[4] Consumption and Investment - The meeting highlighted the importance of boosting consumption and expanding effective investment, particularly in service consumption and high-quality infrastructure projects[5] - Policies will be directed towards enhancing service consumption and stimulating private investment, with a focus on quality and effectiveness[5] Real Estate Market - The real estate market is transitioning from rapid growth to stable development, with a focus on improving existing stock rather than expanding new supply[8] - The government aims to support urban renewal and the transformation of old neighborhoods, with a target of 1 million units for renovation projects[9][10] Debt Management - There is a commitment to actively and prudently manage local government debt risks, with strict controls on new hidden debts and a focus on clearing local financing platforms[5] - The meeting emphasized the need for effective measures to mitigate local government debt pressures while ensuring orderly progress[5] Capital Market Stability - The government aims to enhance the attractiveness and inclusiveness of the domestic capital market, reinforcing the positive momentum observed in recent market performance[5]