城市与区域治理研究院 苏志勇/文 最近参加了中国房地产报"寻找中国好房子·走进四川自贡"主题调研活动，其间与当地规划设计机构和开发商进行了一场座谈，交流过程中开发商代表抛 出了一个尖锐的问题：目前房地产市场深度调整，房价大幅下滑，而"好房子"标准提升，意味着无论是设计建造还是材料成本都在增加，如何破解刚性成 本与品质提升之间的矛盾？ 一边是房价下行压力，一边是品质提升带来的成本压力，好房子"新规之下，如何做到成本与品质的平衡？这确实是一个非常现实的深层次问题，不仅涉 及了企业从拿地、规划、设计、建造到运维等各个环节，也触及了政策、标准规范等制度层面的变革。 一、新规之下开发成本之变 从房地产开发成本构成看，大致包括土地成本、建安成本、基础设施配套、财务成本以及税费等，其中土地成本和建安成本是开发成本的"大头"，土地成 本占到总成本的30~50%；建安成本占总成本的30%~40%。其他成本如基础设施配套费用，通常指项目红线内为满足入住需求而建设的各种非营利性公共 设施费用，比如小区内道路、园林绿化、市政管线接入以及安防系统、垃圾站等设施，约占总成本的15%；财务成本及税费等占15%左右。 从成本结构看，不同城市 ...

Core Viewpoint - The company emphasizes its commitment to technological innovation and aims to drive high-quality transformation and upgrades across its business segments [1] Group 1: Construction Sector - The company plans to actively promote new industrialization, intelligence, and greening in the construction sector [1] - There will be an increased focus on research and application of new technologies, processes, and equipment [1] Group 2: Development Sector - The company intends to enhance research and layout in urban village renovation and affordable housing construction [1] - It will explore primary land consolidation and the linkage development model between primary and secondary markets [1] Group 3: Service Sector - The company aims to explore the management and operation of external properties to establish a sustainable development model [1]

Core Viewpoint - Tianjian Group experienced a significant stock price increase, reaching a peak of approximately 9% after rumors of a potential shell acquisition by Xinkai were addressed as untrue by the company [1] Company Response to Market Rumors - Tianjian Group clarified that the rumors regarding Xinkai's shell acquisition are not true and emphasized that all disclosed information will be based on announcements from the China Securities Regulatory Commission [1] Future Development Plans - The company plans to continue focusing on technological innovation to drive new engines, businesses, and models for high-quality transformation and upgrading [1] - In the construction sector, Tianjian Group aims to promote new industrialization, intelligence, and green development, increasing research and application in new technologies, processes, and equipment [1] - In the development sector, the company will enhance research and layout for urban village renovations and affordable housing construction, exploring primary land consolidation and the linkage development model between primary and secondary markets [1] - In the service sector, Tianjian Group intends to explore external property management and operations to establish a sustainable development model [1]

Core Insights - The article highlights Changsha's advancements in intelligent construction and new building industrialization, showcasing its role as a national pilot city in these areas [3][4][10]. Group 1: Intelligent Construction Framework - Changsha has developed a comprehensive framework for intelligent construction, termed "Four Beams and Eight Pillars," focusing on development strategy, construction models, industrial systems, and support mechanisms [3]. - During the pilot phase, 22 innovative measures from Changsha were included in the Ministry of Housing and Urban-Rural Development's replicable experience list, earning "excellent" ratings for two consecutive years [4]. Group 2: Industrial Growth and Economic Impact - The total output value of intelligent construction in Changsha is projected to reach 180 billion yuan in 2024, with expectations to exceed 200 billion yuan in 2025, doubling from 2023 [6]. - The composition of this output includes approximately 33% from intelligent equipment, 40% from intelligent construction, 17% from production, and 4% from design, indicating a well-rounded industrial chain [6]. Group 3: Digital Platforms and Technology Integration - Changsha is building universal, inclusive, and market-oriented digital technology platforms to facilitate the digital transformation of small and medium enterprises [5]. - Notable platforms include the "BIM Forward Design Collaboration Platform" and "Flexible Intelligent Production Platform," which enhance the industry's smart upgrade and high-quality development [5]. Group 4: Talent Development and Training - A comprehensive training system has been established to support industrial transformation, with over 1,000 individuals trained annually in emerging professions related to intelligent construction [8]. - The city has formed a multi-tiered talent cultivation structure, including partnerships with seven universities to offer specialized programs in intelligent construction [8]. Group 5: International Expansion - Companies from Changsha, such as Hunan Construction Investment and SANY Heavy Industry, have successfully expanded their operations to international markets, including Indonesia, Saudi Arabia, and South Korea, through collaborative models [7]. Group 6: Future Plans and Goals - The "14th Five-Year" intelligent construction development plan aims to elevate the industry, targeting an output value of over 500 billion yuan by 2030 [11]. - Changsha plans to establish an "481" technology system covering the entire industrial chain, focusing on digital technology, green building materials, and intelligent equipment [12].

Group 1 - The core focus of the news is on the efforts of the Shaanxi provincial government to stabilize and improve the real estate market while enhancing housing conditions for residents [1] - The province is implementing a new model for real estate development, emphasizing tailored strategies for different cities and ensuring the alignment of housing supply and financing [1] - In the first eight months of the year, real estate development investment in the province reached 217.73 billion yuan, a year-on-year increase of 0.3%, while the sales area of new commercial housing was 14.05 million square meters, up 1.8% year-on-year [1] Group 2 - The province is actively advancing the renovation of old urban residential communities, with plans to start renovating 870 communities by 2025, benefiting over 101,900 households [2] - As of now, 743 communities have commenced renovation, covering 88,800 households, achieving an opening rate of 85.4% [2] - The total output value of the construction industry in the province reached 435.31 billion yuan in the first half of 2025, reflecting a year-on-year growth of 2.2%, surpassing the national average growth rate by 2 percentage points [2] - The smart construction industry chain in the province generated a value of 47.39 billion yuan in the first nine months of the year, marking a year-on-year increase of 12.17% [2]

Core Viewpoint - Rizhao City has announced measures to promote high-quality development in the construction industry, which is a key pillar for economic growth and urban development in the region [3][4]. Group 1: Challenges and Solutions - The measures address four main challenges faced by construction enterprises: project acquisition difficulties, challenges in enterprise growth, enhancement of core competitiveness, and cost reduction [4]. - To tackle project acquisition issues, the city will support leading construction enterprises in forming joint ventures with state-owned enterprises for large infrastructure projects and allow good credit enterprises to benefit from higher credit scores in bidding [4][5]. - The plan encourages private enterprises to participate in the mixed-ownership reform of state-owned construction companies and reserves procurement quotas for small and medium-sized enterprises [4][5]. Group 2: Enterprise Growth Support - A cultivation plan for leading construction enterprises will be implemented, providing tailored support and establishing a service mechanism for individual enterprises [5]. - The city will promote the development of specialized small and medium-sized enterprises in intelligent construction and green building, and support them in participating in international markets [5][6]. - Conditions will be created for the establishment of intelligent construction industrial parks, integrating them into land supply plans [5][6]. Group 3: Enhancing Core Competitiveness - The measures promote the adoption of smart construction technologies and encourage training for high-skilled talent in the construction industry [6]. - Quality assurance fees for good credit enterprises will be reduced, and incentives will be provided for projects that win awards at various levels [6][7]. Group 4: Cost Reduction Initiatives - The reserve ratio for quality assurance funds for good credit enterprises will be lowered from a maximum of 3% to 1.5% [7]. - Enterprises with a good track record of wage payments will be exempt from certain financial guarantees for new projects [7]. - The measures also include promoting electronic guarantees and ensuring timely payments to construction enterprises to reduce disputes and protect their rights [7][8]. Group 5: Implementation and Support - The city will enhance inter-departmental collaboration to ensure effective implementation of the measures [8]. - A regular evaluation mechanism will be established to monitor the execution of the measures and address any arising issues [8][9]. - Comprehensive communication strategies will be employed to ensure that construction enterprises are well-informed about the policies and can effectively utilize the benefits [9].

Group 1 - The core viewpoint is that Shaanxi province is actively enhancing the construction of intelligent building and new industrialization of the construction industry chain, achieving positive results with a reported output value of 38.049 billion yuan, a year-on-year increase of 9.86% in the first seven months [1] Group 2 - Shaanxi has selected China Railway First Group and Shaanxi Construction Group as the first batch of leading enterprises in the intelligent construction and new industrialization of the construction industry chain [2] - The provincial housing and urban-rural development department is guiding cities to cultivate a trillion-level construction industry system, focusing on four sub-chains: steel structure product processing and assembly, building photovoltaic integration, and solid waste product recycling [2] - Eight industrial bases, including Shaanxi Congyuan Concrete Prefabricated Components Production, have been included in the provincial new industrialization demonstration industrial base directory [2] Group 3 - Shaanxi has held four consecutive observation meetings for intelligent construction and new industrialization pilot projects, listing 41 projects as demonstration projects and promoting 50 best practices in BIM forward design, professional collaboration, and intelligent production [2] - Six universities in Shaanxi have been guided to set up undergraduate programs in intelligent construction, and 15 types of occupations and 23 job categories have been included in the new talent demand list [2] Group 4 - The province has established five national key laboratories and 13 provincial key laboratories related to green buildings and mechanical manufacturing systems [3] - 20 innovation teams and 22 research platforms have been formed, including those focused on 3D printing low-carbon concrete intelligent construction [3] - 85 technology-based small and medium-sized enterprises and 38 specialized and innovative enterprises have been recognized to support technological innovation in the intelligent construction and new industrialization of the construction industry chain [3]

Core Viewpoint - Jiangsu Hengshang Energy Conservation Technology Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, reflecting challenges in the construction industry and a shift towards stable development amid macroeconomic pressures [1][4][14]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 930.45 million yuan, a decrease of 6.57% compared to the same period last year [2][21]. - The total profit was approximately 52.85 million yuan, down 25.56% year-on-year [2][21]. - The net profit attributable to shareholders was approximately 45.43 million yuan, a decline of 31.97% compared to the previous year [2][21]. - The company's net assets increased by 2.54% to approximately 1.24 billion yuan, while total assets decreased by 7.22% to approximately 3.33 billion yuan [2][21]. Industry Situation - The construction industry, particularly the curtain wall sector, is facing significant downward pressure, with a 12% decline in construction area [4][5]. - The market is experiencing increased competition, leading to a concentration of high-end projects in core economic areas like the Yangtze River Delta [5][7]. - The government has set ambitious targets for energy conservation and carbon reduction in the building sector, creating new opportunities for the industry [8][9]. Business Operations - The company focuses on high-end public building curtain wall projects, with a project portfolio that includes high-end office buildings, commercial complexes, and high-tech industrial parks [14][15]. - The company has maintained strategic partnerships with leading construction firms and property developers, enhancing its market presence [15][20]. - The company is actively involved in urban renewal projects, contributing to the development of new infrastructure in key economic zones [16][20]. Innovation and Development - The company emphasizes innovation in research and development, particularly in energy-efficient systems and photovoltaic curtain walls [17][18]. - The adoption of advanced technologies such as BIM and smart manufacturing is a key focus for enhancing operational efficiency and product quality [12][21]. - The company has received multiple awards for its project quality and has established a strong reputation in the industry [19].

Group 1 - The Guangzhou International Smart Construction and Industrialized Building Expo is the first domestic event focusing on the entire industry chain of "smart construction + industrialized buildings," attracting approximately 1,300 overseas merchants from 90 countries and over 500 well-known domestic enterprises [1] - The event covers various fields including smart construction technology and equipment, industrialized building and prefabricated technology, green building materials, and low-carbon technology [1] - The mayor of Guangzhou, Sun Zhiyang, emphasized the importance of seizing opportunities from the new round of technological revolution and industrial transformation to enhance the international competitiveness of the construction industry [1][2] Group 2 - There is a focus on promoting breakthroughs in key core technologies of smart construction, such as modular buildings and integrated platforms for smart construction machines, to form a self-controllable technology system [2] - The integration of smart construction with digital economy and advanced manufacturing is encouraged to cultivate a complete industry chain that includes R&D design, production manufacturing, construction installation, and operation maintenance [2] - The initiative aims to enhance the living quality and happiness of residents by considering the needs of different groups and promoting practical construction technologies, materials, and advanced processes [2]

江苏恒尚节能科技股份有限公司 （Jiangsu Hengshang Energy Conservation Technology Co., Ltd.） （无锡市锡山区鹅湖镇通湖路 8 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 江苏恒尚节能科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 江苏恒尚节能科技股份有限公司 招股说明书 发行概况 | 发行股票类型 | 股） 人民币普通股（A | | | | | | --- | --- | --- | --- | -- ...