2025年10月，吉林省会长春正式迎来战略新定位，成为长春都市圈中心城市。并要携手吉林、四平、辽 源共建东北全面振兴的关键战略支点。 这是中国第18个国家级都市圈，面积2.97万平方公里，常住人口1210万人。所涉及城市是新中国汽车、 轨道客车、光电信息、应用化学、生物制品等工业发展的摇篮。70多年来，城市之间产业基础扎实、产 业上下游联系紧密。 作为都市圈的主引擎，长春的能级与承载力直接决定着区域发展的上限。这座城市能否扛起全域带动的 重任？"十四五"期间的亮眼经济数据给出了明确答案。2025年，长春GDP有望突破8000亿元，较2020年 新增约1200亿元；产业投资比重从2020年的28%稳步提升至2024年的 37.5%；2024年第三产业增加值占 GDP比重达58%，较"十四五"规划目标提前两年达成，产业结构优化成效显著。 长春航展影响力越来越大 如今，长春的角色已从单一城市发展转向都市圈全域引领，且早已备好"答卷"。在产城深度融合、区域 协同联动、开放枢纽能级提升等关键领域持续发力，通过与圈内兄弟城市的常态化对接协作，全力推进 长春现代化都市圈建设，向着"1351"空间布局勾勒的高质量发展蓝图迈进 ...

Core Viewpoint - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares, attracting global capital into the Chinese capital market [1] Group 1: Real Estate Industry Insights - The real estate sector remains a pillar of the economy, even as technology innovation drives development [1] - In developed economies like the US and Japan, real estate contributes approximately 11%-12% to GDP, while in China, it has decreased to around 5% due to cyclical adjustments [2] - The real estate sector's GDP contribution in China is expected to stabilize between 6%-7% as the market gradually stabilizes [2] Group 2: Urbanization and Population Trends - As urbanization progresses, population concentration in major metropolitan areas will increase, following patterns observed in developed economies [2] - Currently, the population in provincial capitals in China accounts for only 11%-14% of the total provincial population, indicating significant potential for urban agglomeration [2] - The Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area are identified as key regions for future population growth and real estate demand [2] Group 3: Future Outlook - The real estate industry is expected to integrate deeply into the development of core metropolitan areas, driven by population and industrial concentration [2]

他进一步指出，在城市化进程已进入后期的美国，房地产业占GDP的比重仍保持在11%-12%的高水平； 日本同样如此。反观中国，房地产业占GDP比重此前约为7%-7.5%，近年来受行业周期性调整影响，目 前大致在5%左右。杜昊旻判断，随着市场逐步企稳，中国房地产业占GDP的比重有望稳定在6%-7%的 区间。 杜昊旻分析指出，随着科技发展深化和城镇化进入后半程，中国的人口将进一步向主要都市圈聚集，形 成更加强大的"都市辐射群"。这是一个已被发达经济体验证的普遍规律，例如东京都市圈的人口占日本 全国总人口的比重接近30%。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海圆满举行。本次大会 汇聚了逾300位权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同就 中国资本市场的未来机遇展开深入探讨。 在备受关注的"金麒麟"评选环节，国联民生证券杜昊旻团队荣膺房地产领域"菁英分析师"称号，首席分 析师杜昊旻接受独家专访，系统阐述了对2026年房地产行业的投资展望。 当科技创新已成为驱动经 ...

Core Points - The Longcheng Urban Circle has been officially approved, becoming the 18th national-level urban circle in China and the second in Northeast China [2][34] - The development of urban circles and city clusters is emphasized in national strategic documents, marking a shift towards integrated urban development [3][34] Group 1: Urban Circle Development - The Longcheng Urban Circle includes Changchun, Jilin City, Siping, and Liao Yuan, covering an area of approximately 29,700 square kilometers with a permanent population of about 12.1 million [13][14] - The urban circle aims to enhance resource sharing in transportation, industry, technology, and public services, moving from a "strong provincial capital" model to a "strong urban circle" model [11][15] Group 2: Economic Positioning - In 2024, Changchun's GDP is projected to be 763.2 billion, accounting for 53.1% of Jilin Province's total GDP of 1,436.1 billion [6][7] - Changchun's economic dominance is evident, but local officials acknowledge that it has not yet effectively supported high-quality development across the province [10][11] Group 3: Northeast Urban Competitiveness - The Northeast F4 cities (Shenyang, Dalian, Changchun, and Harbin) play significant roles in national strategies, with each city assigned specific functions [19][30] - Shenyang is designated as a Northeast Asia international center city, while Changchun and Harbin are positioned as important regional centers with a focus on northern openness [20][29] Group 4: National Urban Circle Landscape - The approval of the Longcheng Urban Circle expands the total number of national urban circles to 18, although some regions remain without such designations [34][36] - Major cities like Beijing and Shanghai have yet to finalize their urban circle plans, indicating a complex urban development landscape [37][38]

Core Insights - Nanjing Metropolitan Area is the first approved national-level metropolitan area in China, encompassing Nanjing and several surrounding cities in Jiangsu and Anhui provinces [1] - The area has established a three-tier operational mechanism for decision-making, coordination, and execution since 2013, with regular meetings and specialized committees focusing on public services [1] - The metropolitan area has developed extensive transportation infrastructure, including nearly 3,000 kilometers of railway, with over half being high-speed rail, and a significant public transportation network [1] Transportation Development - The Nanjing Metropolitan Area has a railway operating mileage of nearly 3,000 kilometers, which is 2.7 times the national average density, with approximately 1,700 kilometers being high-speed rail [1] - There are nearly 600 kilometers of suburban rail transit, and a new rail line from Nanjing to Ma'anshan is expected to open next year [1] - More than 60 bus routes connect cities within the metropolitan area, achieving a 92% bus coverage rate between Nanjing and neighboring counties [1] Healthcare and Emergency Services - A metropolitan appointment registration platform has been established, allowing citizens to book appointments at 110 hospitals, with over 3,700 appointments made [2] - A framework agreement for emergency medical cooperation was signed with Ma'anshan, resulting in 11 cross-province emergency responses with an average response time of under 15 minutes [2] Employment and Social Services - The Nanjing Metropolitan Area launched an online public employment and entrepreneurship service platform, which has evolved into a regional recruitment zone with over 200,000 visits [2] - The area has achieved seamless transfer of employee pension insurance and unemployment insurance between Jiangsu and Anhui provinces [2] Social Governance and Cultural Integration - New police stations have been established to enhance social governance, integrating various law enforcement and judicial resources [3] - The metropolitan area is promoting cultural and tourism integration by creating online travel services and hosting various cultural events and sports competitions [3] - Future plans include developing the "14th Five-Year Plan" to enhance the metropolitan area's role as a model for coordinated urban development and high-quality living [3]

Core Viewpoint - The Chengdu metropolitan area has made significant progress in urban integration over the past five years, transitioning from basic infrastructure connectivity to advanced industrial collaboration and regional synergy, aiming for a more coordinated development model [1][2][4]. Economic Growth - The economic output of the Chengdu metropolitan area is projected to grow from 2.24 trillion yuan in 2020 to 2.98 trillion yuan by 2024, with an average annual growth rate exceeding national and provincial levels [2]. - The GDP contribution of the four cities in the metropolitan area has increased from 46% in 2020 to 48.5% in the first quarter of this year, despite occupying only 6.8% of the provincial land [2]. Inter-City Collaboration - In 2024, the number of enterprises collaborating across cities in the Chengdu metropolitan area reached 2,860, a year-on-year increase of 21.8%, significantly outpacing the GDP growth rate of the metropolitan area [3]. - Examples of successful inter-city collaborations include the joint development of hydrogen fuel cell buses and the establishment of a complete industrial chain for hydrogen energy [3][4]. Innovation and Industry Development - The Chengdu metropolitan area has seen the emergence of a trillion-yuan industrial cluster, with innovative collaboration models such as "Chengdu R&D + Deyang Manufacturing" enhancing product iteration speed by 30% [8]. - The area is also home to significant technological advancements, with plans for the largest laser display optical screen manufacturing base and optical film production base in the world [8]. Mechanism and Institutional Innovation - The success of the Chengdu metropolitan area is attributed to continuous institutional innovations that facilitate efficient resource allocation and collaborative governance [14][17]. - The establishment of a five-level working mechanism and a comprehensive planning system has enabled effective coordination among the four cities, enhancing the overall business environment [17]. Future Outlook - By 2025, the Chengdu metropolitan area aims to solidify its position as a resilient and competitive industrial community, leveraging ongoing innovations and collaborative efforts to address future uncertainties [18].

Core Viewpoint - The construction of the Shenxiang Bridge has faced repeated delays, raising concerns about the fulfillment of commitments and the implications for regional development in the Guangzhou-Foshan area [1] Infrastructure Development - The Shenxiang Bridge's construction challenges reflect deeper contradictions in regional collaborative development, particularly as the year marks the conclusion of the "14th Five-Year Plan" for the Guangzhou-Foshan area, which aims for a GDP of approximately 5 trillion yuan [1] - Infrastructure connectivity is deemed essential for achieving the goal of half-hour access within the core urban areas and one-hour access across the entire region [1] Government Credibility - Delaying cross-city projects due to short-term financial considerations could undermine government credibility and hinder the progress of the Guangzhou-Foshan integration [1] Urbanization Trends - The era of urban agglomeration has arrived, with recent central government meetings emphasizing the need to enhance cities' capacity for population and economic development through modern urban clusters and metropolitan areas [1] - The inclusion of Foshan into the Guangzhou metropolitan area in 2023 signifies a new phase of integrated development between the two cities [1] Future Directions - The Guangzhou and Foshan governments need to reassess the contemporary challenges of urban integration, with a focus on transportation as a priority for future development [1]