Group 1 - The company Tianjian Group (SZ 000090) held its 34th meeting of the 9th Board of Directors on October 14, 2025, via communication methods, where it reviewed the proposal to amend the "Board Meeting Rules" [1] - For the first half of 2025, the revenue composition of Tianjian Group was as follows: construction industry accounted for 60.72%, real estate development and operation accounted for 37.52%, other industries accounted for 11.08%, property leasing accounted for 3.04%, and shantytown renovation project management services accounted for 0.14% [1] - As of the time of reporting, Tianjian Group's market capitalization was 7.1 billion yuan [1]

Group 1 - The company Tunnel Corporation (SH 600820) announced on October 14 that its 10th Board of Directors held its 50th meeting via telecommunication, reviewing the "10th Board Work Report" and other documents [1] - For the first half of 2025, Tunnel Corporation's revenue composition is as follows: construction business accounts for 84.3%, operational business 6.91%, investment business 3.38%, design services 2.39%, and financing leasing 1.41% [1] - As of the report date, Tunnel Corporation's market capitalization is 20.5 billion yuan [1]

Core Insights - The "Bay Area Eye" is a new cultural landmark in Shenzhen, symbolizing a shift from speed-focused construction to a more intelligent and quality-driven approach in urban development [1][6]. Project Overview - The "Bay Area Eye" covers an area of 66,000 square meters with a total construction area of 131,000 square meters, making it one of the largest bookstores globally and a cultural landmark in Bao'an District [2][3]. - The design concept is inspired by "Heaven and Earth," featuring two circular structures that represent the bookstore and a folk museum, complemented by square buildings [3]. Construction Challenges - The project faced significant complexity due to its large scale and unique architectural features, including numerous curved and large-span structures [3][5]. - The construction team utilized Building Information Modeling (BIM) technology to create a digital twin of the building, allowing for early detection of conflicts and optimization of various systems [4][7]. Technological Innovations - BIM technology enabled the integration of all professional drawings and data, facilitating a "one model to the end" approach, which minimized rework and waste during construction [4]. - A custom intelligent scaffolding software was developed to optimize the arrangement of scaffolding, resulting in a 25% reduction in material usage and increased efficiency [4]. Structural Integrity - The project utilized over 11,000 tons of steel, with significant challenges in connecting the two main areas through a large corridor [5][6]. - A closed-loop workflow involving simulation, measurement, and correction was employed to ensure precision in the construction of complex curved shapes [6]. Future Implications - The data from the "Bay Area Eye" will contribute to a City Information Model (CIM), supporting future smart city initiatives in Shenzhen [7]. - The project reflects a broader trend in Shenzhen, where BIM technology has become a standard in large public buildings and infrastructure projects [7].

人民日报海外版记者 徐佩玉 10月11日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，住房城乡建设部部长倪虹 介绍"十四五"时期住房城乡建设高质量发展成就。总体看，过去五年，人民群众住房条件进一步改善， 城市人居环境质量进一步提升，建筑业转型升级进一步加快。 以"小切口"改善"大民生" 过去五年，全国住房城乡建设系统着力稳增长、惠民生、防风险、促转型，努力为经济社会发展作 贡献，为民生改善办实事。 人民群众住房条件进一步改善。"十四五"期间，全国累计销售新建商品住宅面积约50亿平方米；建 设筹集各类保障性住房和城中村、城市危旧房改造等安置住房1100多万套（间）、惠及3000多万群众。 城市人居环境质量进一步提升。"十四五"期间，全国累计改造城镇老旧小区24万多个，惠及4000多 万户、1.1亿人；加装电梯12.9万部，增设停车位340多万个、养老托育等社区服务设施6.4万个；更新改 造供水、燃气、供热等地下管网84万公里；打造"口袋公园"1.8万多个、城市绿道2.5万公里，以"小切 口"改善"大民生"。 建筑业转型升级进一步加快。建筑产业规模屡创新高，2024年建筑业总产值达到了32.7万亿元 ...

Group 1 - Tianjian Group's stock increased by 5.48%, reaching 3.85 CNY per share, with a trading volume of 229 million CNY and a turnover rate of 3.30%, resulting in a total market capitalization of 7.194 billion CNY [1] - The company, established on December 6, 1993, and listed on July 21, 1999, is primarily engaged in real estate development and operation, construction, and urban services [1] - The revenue composition of Tianjian Group includes construction at 60.73%, real estate sales at 37.52%, other urban services at 11.08%, property leasing at 3.04%, and shantytown renovation project management services at 0.14% [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Tianjian Group, having increased its holdings by 2.3345 million shares to a total of 12.1253 million shares, representing 0.65% of circulating shares [2] - The ETF has generated an estimated floating profit of approximately 2.4251 million CNY as of the report date [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY and year-to-date returns of 27.87%, ranking 2028 out of 4220 in its category [2]

浙江省宁波市住建部门按照"好房子"建设标准，采取更新改造、原拆原建的方法建设安置房，让老旧小 区居民在乔迁新居的同时，留住乡愁记忆和邻里情。图为建设中的宁波市镇海区庄市老街安置房和待改 造拆迁的老居民房。胡学军摄（人民视觉） 10月11日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，住房城乡建设部部长倪虹介 绍"十四五"时期住房城乡建设高质量发展成就。总体看，过去五年，人民群众住房条件进一步改善，城 市人居环境质量进一步提升，建筑业转型升级进一步加快。 坚持机制创新，建立可持续城市更新模式。比如，完善以需求为导向、以项目为牵引的城市更新机制。 城市体检和城市更新一体化推进，健全"体检发现问题、更新解决问题、评估实施效果、推动巩固提 升"的闭环工作机制等。 以"小切口"改善"大民生" 过去五年，全国住房城乡建设系统着力稳增长、惠民生、防风险、促转型，努力为经济社会发展作贡 献，为民生改善办实事。 人民群众住房条件进一步改善。"十四五"期间，全国累计销售新建商品住宅面积约50亿平方米；建设筹 集各类保障性住房和城中村、城市危旧房改造等安置住房1100多万套（间）、惠及3000多万群众。 城市人居环境 ...

Core Insights - The "14th Five-Year Plan" period has seen significant improvements in housing conditions, urban living environments, and the transformation of the construction industry in China [3][4][5] Housing Supply and Demand - A multi-tiered housing security system has been established, including public rental housing and affordable housing, benefiting over 30 million people with the construction of more than 11 million housing units [4] - Policies to support home purchases have been enhanced, including lowering down payment ratios and interest rates, resulting in approximately 5 billion square meters of new residential sales during the "14th Five-Year Plan" [5] - Over 7.5 million previously sold but undelivered homes have been successfully delivered [5] Urban Development and Infrastructure - The renovation of old urban communities has improved living quality for over 110 million residents, with more than 240,000 old communities renovated [5] - Historical building protection initiatives have been implemented in over 70 cities, enhancing urban aesthetics and preserving cultural heritage [6] Construction Industry Growth - The construction industry is projected to reach a value of 32.7 trillion yuan by 2024, marking a 24% increase from 2020 [7] - Significant infrastructure projects have been completed, including 154 billion square meters of construction and extensive road and rail networks [7] Real Estate Reform and Development - The government is reforming the real estate sector to adapt to changing market dynamics, focusing on a new development model that balances market forces with government support [9] - A new mechanism for coordinating real estate financing has been established, with over 7 trillion yuan in loan approvals for "white list" projects [9] Technological Advancements - The construction sector is advancing in technology, focusing on green, smart, and efficient building practices, with significant breakthroughs in various technical fields [10] - The integration of new technologies, such as urban information models, is enhancing urban management and service delivery [10]

Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in high-quality development in housing and urban-rural construction, contributing to economic and social development and improving people's livelihoods [1] Group 1: Housing Supply and Demand - Over the past five years, more than 11 million units of various types of affordable housing and urban village renovations have been constructed, benefiting over 30 million people [2] - Approximately 5 billion square meters of new residential properties have been sold nationwide, and over 240,000 old urban communities have been renovated, benefiting over 40 million households and 110 million people [2] - The government has adapted real estate policies to meet changing market demands, focusing on increasing the supply of affordable housing and improving urban housing conditions [2][3] Group 2: Urban Living Environment - The quality of urban living environments has improved, with significant investments in urban infrastructure, including the installation of 129,000 elevators and the addition of over 3.4 million parking spaces [4] - A total of 840,000 kilometers of underground pipelines for water, gas, and heating have been updated or renovated, enhancing urban services [4] - The implementation of urban renewal projects has been prioritized, with 297 cities conducting comprehensive urban assessments [4] Group 3: Cultural Heritage Preservation - The government has emphasized the protection of historical and cultural heritage, with 143 national historical and cultural cities and numerous traditional villages and streets being preserved [5][6] Group 4: Construction Industry Development - The construction industry has seen a transformation, with a projected output value of 32.7 trillion yuan in 2024, an increase of 6.3 trillion yuan or 24% from 2020 [7] - The industry is advancing in digital design and green construction practices, with 800 million square meters of existing buildings undergoing energy-saving renovations [7] - The international presence of the "China Construction" brand has grown, with over 1 trillion USD in contracts signed for overseas projects from 2021 to 2024 [7]

Core Insights - The Ministry of Natural Resources has approved the "Guidelines for Optimizing Urban Stock Space Activation," marking a shift towards utilizing existing land rather than large-scale construction as China enters the "stock era" of urban development [1][3] - The guidelines provide a technical standard focused on stock activation, outlining principles and specific technical guidance for local governments to address challenges in stock governance [1][3] - The guidelines emphasize a layered and dynamic approach to land planning, allowing for flexibility and adjustments based on actual conditions, thereby enhancing operational elasticity in urban stock space activation [1][3] Policy and Economic Impact - Future policies are expected to include measures related to land use conversion, mixed-use development, flexible lease terms, and financial support to reduce the difficulty and cost of activating stock space [2] - There is significant economic value in underutilized industrial land, vacant commercial properties, and old residential areas, which can be transformed into effective investments and growth points for the economy [2] - In 2024, over 60,000 urban renewal projects are anticipated to be implemented, with an estimated investment of approximately 2.9 trillion yuan, stimulating growth in related industries such as building materials and smart devices [2] Environmental and Technological Focus - Stock activation promotes the renovation of existing buildings, which is a key strategy for carbon reduction by avoiding emissions associated with new construction [3] - The application of energy-efficient and low-carbon technologies, as well as smart city solutions, will enhance the efficiency and precision of stock space activation [3] - The release of the guidelines signifies a strong national push towards urban transformation in the stock era, addressing issues like land resource constraints and inefficient spatial structures [3][4] Challenges and Future Outlook - Despite challenges related to property rights, funding, planning, and social factors, the optimization of urban stock space is expected to yield significant economic, social, cultural, and ecological benefits [4] - The initiative is seen as a long-term strategy that will integrate various aspects of urban development, acting as a catalyst for future growth [4]

Core Insights - The "14th Five-Year Plan" period has seen significant achievements in high-quality housing and urban construction, with a focus on sustainable development and improving living conditions for citizens [2][4]. Housing Market Performance - During the "14th Five-Year Plan," approximately 5 billion square meters of new residential properties were sold nationwide, with over 11 million units of various types of affordable housing constructed, benefiting over 30 million people [2]. - The secondary housing market is expanding, with 15 provinces and cities reporting higher transaction volumes than new homes [2]. Construction Industry Transformation - The construction industry is undergoing a transformation towards industrialization, digitalization, and sustainability, with a total output value reaching 32.7 trillion yuan and an added value of 9 trillion yuan by 2024 [3]. Urban Renewal and Community Development - Over 240,000 old urban communities have been renovated, benefiting more than 40 million households and 110 million people [4]. - Significant infrastructure improvements include the installation of 129,000 elevators and the addition of over 340,000 parking spaces [4]. Quality Housing Standards - New housing standards have been implemented, raising the minimum floor height from 2.8 meters to at least 3 meters and mandating elevators in buildings over four stories [7]. - A national housing design competition has attracted nearly 2,000 proposals, focusing on both new constructions and renovations [8]. Innovative Building Materials and Techniques - The promotion of new building materials, including green materials, aims to enhance housing quality and reduce waiting times for residents [9]. - A comprehensive operational manual has been developed to ensure that new housing meets specific quality and safety standards [10]. Lifecycle Management and Community Services - A safety management system for the entire lifecycle of buildings is being established, alongside initiatives to improve property services and address residents' concerns [11]. Real Estate Market Stability - The stability of the real estate market relies on the effective allocation of resources related to people, housing, land, and finance, with ongoing efforts to develop housing plans based on population changes [12].