Investment Rating - The industry is rated as "Buy" for non-metallic building materials and "Overweight" for construction and engineering [5][8]. Core Insights - The central government has issued opinions to promote high-quality urban development, emphasizing the need for better housing construction and urban infrastructure, which is expected to benefit leading companies with strong industry chains and financing capabilities [1]. - Shanghai has accelerated the renovation of urban villages, with 21 new projects planned for 2024, which is anticipated to benefit regional construction companies [2]. - Investment suggestions include focusing on companies such as China State Construction, Deep City Transportation, Tunnel Shares, and others in the construction and infrastructure sectors [1][2]. Summary by Sections Urban Development Initiatives - The central government aims to systematically promote the construction of "good houses" and complete communities, while also supporting the renovation of old housing and urban infrastructure [7]. - Emphasis is placed on enhancing urban infrastructure, including optimizing layouts, improving safety management, and integrating modern communication networks [7]. Company Focus - Current investment recommendations highlight companies in new materials such as China Jushi and Guoen Co., as well as construction and infrastructure firms like China State Construction and Dongfang Yuhong [3].

贵阳市部分区域的天然气管道已"服役"近30年，局部地区的管网老化、电化学腐蚀严重，如继续"带病 运行"，将影响市民生活乃至城市安全。从去年4月起，贵阳打响燃气老旧管网改造攻坚战，确保城市运 行经络畅通，增强城市管线抗风险能力，提升居民幸福指数。 贵阳贵安新区在《2025年城市更新改造工作方案》中特别强调"地下动脉"与"城市微更新"协同发展，计 划投入35.5亿元、实施111个城镇地下管网改造项目，重点解决燃气、雨污管网等基础设施痛点，同步 推进38万户燃气安全装置智能化改造。 贵州燃气集团股份有限公司是贵阳城市燃气的经营者。该公司今年初在完成2024年工作基础上，对城区 老旧燃气管道全面摸查，对风险隐患分级并编制改造方案，杜绝管道设施"带病运行"，筑牢城市安全运 行防线。目前，该公司正同步改造贵阳市94.049公里老旧燃气管道，涉及99个居民小区与13条市政主干 道。 在燃气管网改造过程中，施工单位还积极优化施工工艺，合理安排作业时间，降低对居民生活的影响。 贵州燃气集团工程管理部副部长文小辉告诉记者，该公司将燃气管线改造施工分为上半夜、下半夜两个 时段，上半夜进行管沟开挖、管道焊接等噪声比较大的施工，下半夜 ...

Core Viewpoint - The land parcel in Chaoyang District, Beijing, is officially listed for auction with a starting price of 446 million yuan, covering an area of 5,300 square meters and a controlled building scale of 7,588 square meters, resulting in a floor price of 58,800 yuan per square meter [1]. Group 1: Land and Development Details - The project is located in the CBD expansion area of Chaoyang District, which is a key area for the capital's functional relief and urban spatial structure optimization [10]. - The land is categorized as R2 residential land and A8 community service facility land, with a total area of 5,300 square meters and a planned building area of 7,588 square meters [2][8]. - The residential land (9001 parcel) has a building area of 5,580 square meters, a floor area ratio of 2.04, and a height limit of 36 meters [5][16]. - The community service facility land (9002 parcel) has a building area of 2,080 square meters, a floor area ratio of 0.8, and a height limit of 9 meters [8]. Group 2: Traffic and Urban Context - The surrounding area is experiencing high traffic pressure, with the overall traffic load being at a high level, particularly during peak hours [11]. - The project is strategically located near major commercial and office clusters, leading to frequent commuting and business travel, which adds to the complexity of traffic flow [11]. - The area has been identified for urban renewal due to the presence of older buildings that pose safety risks, with plans for redevelopment to address these issues [5][13].

股票简称：广州发展 股票代码：600098 公告编号：临 2025-047 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 关于公司土地交储的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 重要内容提示： ? 公司拟向广州市白云区人民政府征地办公室交储罗冲围储罐 厂地块 40,540 平方米土地及建筑物约 5,400 平方米，预计补偿金额为 人民币 5.08 亿元，具体以征收补偿协议约定为准。 ? 本事项已经公司第九届董事会第十六次会议审议通过，无需提 交公司股东大会审议。 ? 本事项会计处理及对公司业绩的影响以会计师事务所审计后 的结果为准。 一、交储事项概述 为贯彻落实政府决策部署，配合城市建设总体规划，推 动罗冲围片区城市更新改造和城市空间优化提升，公司拟将 罗冲围储罐厂地块（以下简称"罗冲围地块"）交储，广州 市白云区人民政府征地办公室已出具《广州市白云区人民政 府征地办公室 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The Central Urban Work Conference emphasized urban renewal and transformation rather than large-scale demolition, focusing on improving existing urban infrastructure and addressing public needs [1]. - The National Development and Reform Commission (NDRC) highlighted the need to prevent inefficient and redundant construction in the low-altitude economy, advocating for a more orderly and high-quality development approach [2]. - The public REITs market remained stable, with the CSI REITs (Total Return) Index slightly increasing by 0.06% to 1104.55, and a year-to-date increase of 14.12% [3]. Summary by Sections Urban Development - The focus is on upgrading existing urban areas and enhancing quality rather than new large-scale projects, with a strong demand for renovation in first-tier cities [1]. - The emphasis on safety and resilience in urban infrastructure, including the upgrade of old pipelines and disaster prevention measures, is crucial for future urban planning [1]. Low-Altitude Economy - The NDRC's meeting stressed the importance of developing the low-altitude economy based on local conditions, avoiding blind imitation, and preventing low-end competition [2]. - The lack of a unified regulatory framework and stable business models in the low-altitude economy may slow down infrastructure development [2]. Public REITs Market - The public REITs market is expected to see concentrated trading of Q2 performance reports, with products showing strong operational performance likely to rebound slightly [3]. - Investment recommendations include companies like Honglu Steel Structure and China Construction, which are expected to benefit from market recovery and operational improvements [3].

Core Insights - The recent Central Urban Work Conference indicates a shift in urban development strategy from rapid expansion to quality improvement and urban renewal, reflecting a similar context to the 2015 meeting [3][5][7] - The current economic backdrop mirrors that of 2015, with low growth rates, high inventory pressures in the real estate market, and challenges in traditional industries [7][9] - A new round of urban renewal is anticipated, but the scale of initiatives may be limited compared to previous efforts, as many properties have already been addressed in past reforms [11][13] Group 1: Urban Development Strategy - Urbanization in China has transitioned from rapid growth to stable development, focusing on enhancing existing urban areas rather than expanding [3] - Officials are encouraged to adopt a sustainable development approach, moving away from inefficient large-scale infrastructure projects [3] - The strategy includes developing modern urban clusters and metropolitan areas to improve the capacity for population and economic growth [3] Group 2: Economic Context - The economic conditions today are reminiscent of 2015, with a growth rate of 6.9% and significant pressures on the real estate sector [7][9] - The real estate market has been under continuous downward pressure, affecting related industries and local government revenues [9] - The potential for a "Shelter Reform 2.0" initiative is being discussed, similar to the successful policies implemented after the 2015 meeting [9][11] Group 3: Urban Renewal Challenges - The scale of urban renewal efforts is expected to be smaller than in previous years, with only 1 million units targeted for renovation compared to 18 million in the past [11] - Current urbanization rates are high, with 67% urbanization and a 61.5% household leverage ratio, indicating a saturation point in urban growth [13] - Future urbanization will focus on both new developments and the improvement of existing urban areas, with a shift towards smaller cities and counties [13][15]

Economic Growth and Consumption - In the first half of 2025, domestic demand became a crucial pillar supporting GDP growth, with final consumption expenditure contributing 52% to economic growth [2][3] - The total retail sales of consumer goods reached 24.55 trillion yuan, growing by 5.0% year-on-year, with a notable acceleration in the second quarter [3][4] - The "old-for-new" policy significantly boosted retail sales in categories such as home appliances and automobiles, with substantial growth rates observed [4][5] Investment Trends - National fixed asset investment (excluding rural households) reached 24.87 trillion yuan, with a year-on-year growth of 2.8%, and a growth of 6.6% when excluding real estate development [6][7] - Infrastructure investment grew by 4.6%, while manufacturing investment increased by 7.5%, although real estate development investment saw a decline of 11.2% [7] - The potential for fixed asset investment remains significant, with a focus on enhancing efficiency and effectiveness in manufacturing and infrastructure investments [8]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2][19]. Core Insights - The recent Central Urban Work Conference has provided specific guidance for urban development, aiming to promote a new balance between supply and demand in the real estate sector, which is expected to lead to a long-term healthy development of the industry [4][5]. - The conference emphasizes the construction of modern urban clusters and the promotion of urban renewal, which will enhance the quality of urban infrastructure and housing supply, thereby supporting the recovery of building materials demand [5][6]. - The report highlights that the industry is currently experiencing a historical low in market sentiment, which is accelerating the process of industry consolidation and the elimination of outdated production capacity [6][11]. Summary by Sections Urban Development and Policy - The Central Urban Work Conference serves as a directive for urban modernization in China, with a focus on high-quality urban development and the enhancement of living conditions [4][5]. - The conference outlines the need for innovative, livable, and resilient cities, which will drive the demand for building materials as urban infrastructure is upgraded [5]. Industry Demand and Supply Dynamics - The report anticipates that the policies from the conference will stimulate demand in the real estate sector, leading to a stabilization of building materials demand over the next 3-6 months [6][11]. - The focus on urban renewal and infrastructure improvement is expected to create a new balance between supply and demand in the building materials industry, benefiting leading companies in the sector [11]. Market Performance and Outlook - The building materials industry is projected to see a recovery in demand as urbanization progresses and policies are implemented, with a particular emphasis on the renovation of urban villages and old city areas [11]. - The report suggests that leading companies in the sector will benefit the most from these developments, as they are better positioned for growth and valuation recovery [11].

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment continues to support economic stability, with expectations for increased fiscal efforts in the second half of the year to drive high growth in infrastructure investment [1] - Real estate development investment has shown a decline of 11.2% year-on-year for the first half of 2025, while narrow and broad infrastructure investments have increased by 4.6% and 8.9% respectively [1] - Cement demand is stabilizing, with a production decline of 4.3% year-on-year in the first half of 2025, but a potential price rebound is anticipated due to local price increases in certain regions [3] - Flat glass production has decreased by 4.3% year-on-year in the first half of 2025, with market demand remaining stable despite seasonal impacts [4] Summary by Sections Infrastructure Investment - In June, infrastructure investment growth slowed, attributed to reduced fiscal spending and weather disruptions, but remains crucial for economic stability [1] - The issuance of long-term special government bonds is expected to further support infrastructure investment [1] Real Estate Market - Real estate sales area decreased by 3.5% year-on-year in the first half of 2025, with new construction area down by 20% [2] - Construction area saw a decline of 9.1% year-on-year, while completion area dropped by 14.8% [2] Cement Industry - Cement production in the first half of 2025 was 815 million tons, down 4.3% year-on-year, with a slight recovery in shipment rates observed in July [3] - The average cement price as of July 11 was 352 RMB per ton, down 43 RMB year-on-year [3] Glass Industry - Flat glass production in the first half of 2025 was 48.497 million weight cases, a decrease of 4.3% year-on-year, with inventory levels remaining high [4] - The price of 5mm float glass was 63.2 RMB per weight case as of July 10, showing a slight increase [4]

Economic Overview - In Q2 2025, China's GDP growth rate reached 5.2%, slightly down from 5.4% in Q1, but still above the 5% target, supported by proactive fiscal policies and a temporary pause in US tariffs, which encouraged exports [3][4]. - Despite the growth, domestic demand remains weak, with inflation levels low and the GDP deflator index negative for nine consecutive quarters, indicating downward pressure on the economy [3][4]. Consumption Trends - Consumer spending showed signs of weakening in June 2025, with retail sales growth remaining at 5.0% for the first half of the year, and restaurant sales growth at 4.3%, both reflecting a slowdown compared to earlier months [3][23]. - The increase in consumption has been largely driven by policy subsidies rather than a sustainable rise in household income, as new short-term loans for residents have not been strong [3][23]. Industrial Production - In June 2025, the cumulative year-on-year growth rate of industrial added value increased by 0.1 percentage points to 6.4%, indicating that production continues to outpace demand [3][6]. - The Consumer Price Index (CPI) turned positive at 0.1% year-on-year, supported by fresh vegetable and energy prices, although the Producer Price Index (PPI) showed an expanded decline, reflecting ongoing supply-demand imbalances [3][8]. Investment Insights - Fixed asset investment growth declined to 2.8% year-on-year in June 2025, with real estate investment down by 11.2%, infrastructure investment at 8.9%, and manufacturing investment at 7.5%, all indicating a weakening trend [3][10]. - The core issue in the domestic economy remains the contraction in demand and weakening expectations, with the bond market expected to remain in a favorable position despite recent adjustments [3][10]. Future Outlook - The report suggests that the economic landscape in July 2025 may not see significant tightening of funds, with the central bank's supportive stance indicated by a recent 1.4 trillion yuan reverse repo operation [3][10]. - Potential catalysts for a breakthrough in 10-year government bonds include new rounds of interest rate cuts and the resumption of government bond purchases by the central bank [3][10].