当前，我国城镇化正从快速增长期转向稳定发展期，城市发展正从大规模增量扩张阶段转向存量提质增效阶段。中央城市工作会议指出，"以推进城市 更新为重要抓手，大力推动城市结构优化、动能转换、品质提升、绿色转型、文脉赓续、治理增效"，明确了城市更新作为建设现代化人民城市的重要途径 和主要方式方法。 城市更新的"精耕细作"离不开金融活水的润泽。浦发银行秉持"人民城市"理念，聚焦城市高质量发展主题，精准对接城市内涵式发展需求，积极探索金 融服务模式，迭代推出城市更新2.0产品，提供多元化融资服务，以有温度的服务助力城市"旧貌换新颜"。 助力城市结构优化 今年7月，中央城市工作会议明确提出当前和今后一个时期的城市工作目标，即建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。在具体 举措中，会议同时指出要着力建设富有活力的创新城市，着力建设舒适便利的宜居城市。 打造便利宜居城市，重点之一是推进城中村和危旧房改造。2019年，浦发银行上海分行率先推出首个城市更新管理办法，积极创新贷款品种，成为上海 市首家推出城市更新贷款品种的商业银行，并为虹口区瑞康里、青浦老城厢等旧改项目注入资金，切实践行以"人"为本的内核，让城市更新的 ...

该政策将于2025年10月1日正式实施，涵盖所有八条地铁线路。注册无年 龄限制，长期开放。乘客需在"Thang Rath"应用程序中提供身份证号码及用于 支付的信息，系统将据此管理跨线路费用结算。未注册用户或未使用登记卡者 将无法享受统一票价。 据泰媒报道，泰国副总理兼交通部长素里亚宣布，政府将在2025年8月25 日凌晨起，通过应用程序开放注册20泰铢地铁统一票价。 （原标题：泰国政府将于8月25日开放"20泰铢地铁票"注册） 素里亚表示，政策实施后，预计日均乘客人数将从当前的15万人增至25万 人。下一阶段将推出二维码支付等便捷技术，进一步优化乘车体验。此举旨在 减轻市民出行负担，提升公共交通系统效率，推动曼谷绿色交通发展。 ...

Core Viewpoint - The article highlights various initiatives taken by different cities in China to provide cooling solutions for citizens and outdoor workers during extreme heat, showcasing innovative public service measures to enhance social governance and community welfare [7]. Group 1: Initiatives in Yichang - Yichang launched a "cooling bus" service to provide air-conditioned transportation for outdoor workers at construction sites, offering free drinks and cooling supplies [8][9]. - The service operates daily with seven buses covering six major construction sites, running until the end of August, and can adjust based on weather conditions [9]. - Since its inception, the cooling bus service has operated nearly 800 times, providing around 3,000 hours of service to over 22,000 outdoor workers and tourists [9]. Group 2: Initiatives in Zhengzhou - Zhengzhou has established 35 cooling points in subway stations, providing a temperature-controlled environment for citizens seeking relief from the heat [10][11]. - The cooling areas are equipped with seating, reading materials, and recreational activities, with sizes ranging from 15 to 60 square meters [11]. - The initiative has expanded from 10 to 35 cooling points since 2023, with additional services such as emergency supplies and free restroom access [11][12]. Group 3: Initiatives in Chongqing - Chongqing has utilized civil defense facilities as cooling points, offering a naturally cool environment for residents, complete with seating and recreational options [13][14]. - The cooling points are open daily from 10 AM to 9 PM, attracting over 1,000 visitors per day since their opening on July 1 [14]. - The initiative has become a popular choice for residents, providing a cost-effective alternative to air conditioning [14].

Core Viewpoint - The extension of Line 5 in Shenzhen is set to enhance transportation efficiency in the southern region, creating a significant transit artery of approximately 50.526 kilometers with 37 stations, expected to open within the year [1][2]. Group 1 - The Line 5 west extension project has achieved dual power supply (35KV and 400V), ensuring stable electricity for equipment and necessary power for testing and debugging [1][2]. - The project spans 2.88 kilometers, starting from Huangbeiling Station and ending at the Grand Theater Station, with three new stations: Dongmen Road Station, Jianshe Road Station, and Grand Theater Station [1][2]. - The extension will allow direct access to the Grand Theater Station from Line 5 without needing to transfer to Line 2, significantly improving convenience for commuters [2]. Group 2 - The construction faced challenges due to dense urban infrastructure and complex underground networks, including the need to tunnel under existing structures like the Guangzhou-Shenzhen Railway [2]. - The successful completion of the dual power supply marks a critical milestone in the project, providing essential power for the operational readiness of the line [2].

Core Insights - The opening of the Shenyang Metro Line 1 East Extension has significantly increased passenger flow and boosted local tourism and commerce, enhancing the overall urban experience for residents and visitors [2][4][5]. Group 1: Tourism Impact - The East Extension of Metro Line 1 has created a unique "Metro Cultural Tourism Corridor," connecting major attractions such as Dongling Park, Bird Island, and the Botanical Garden, leading to a 78% increase in visitor numbers at Dongling Park compared to the same period last year [4][3]. - The first Sunday after the line's opening saw a peak passenger volume of 603,900, making it the busiest line in Shenyang [3]. - The integration of metro services with tourist sites has enabled a seamless travel experience, promoting night economy initiatives at attractions like the Botanical Garden [3][4]. Group 2: Commercial Growth - The opening of the metro line has led to a 30% increase in sales at Wangfujing Outlet in Qipanshan, with over 50% of customers arriving via the metro [5]. - Weekend foot traffic at the outlet has surged by over 40%, indicating a strong correlation between metro accessibility and commercial activity [5]. - Plans are underway to enhance metro connectivity with additional shuttle services and exclusive promotions to further attract customers [5]. Group 3: Urban Development - The metro's expansion is expected to bring an average of over 10,000 new daily visitors to the Qipanshan area, fostering a deep integration of culture, tourism, and commerce [4][6]. - The improved transportation infrastructure is anticipated to enhance property values and attract investment in the region, particularly in the development of large commercial complexes and cultural projects [6][8]. - The metro line's connectivity has facilitated a more balanced urban transport network, integrating the eastern districts with the central city and promoting economic growth within the Shenyang metropolitan area [8].

Core Viewpoint - The article discusses the financial implications of government spending on public transportation and university funding, highlighting the ongoing legal battle between Harvard University and the Trump administration over funding issues and the broader impact of such financial decisions on educational values and public services [2][5][8]. Group 1: Government Spending on Public Transportation - The construction of metro systems, such as the one in Xi'an, has uncovered over 1,300 ancient tombs, raising questions about the profitability of such projects [3]. - Despite the historical significance, many metro systems, including the world's oldest in London, continue to operate at a loss, with some stations being described as "the loneliest metro stations" due to their remote locations [3][4]. - For local governments, metro systems serve not only as public transport but also as a means to stimulate economic growth along the lines, increasing land prices and generating revenue through land sales [3]. Group 2: Harvard University vs. Trump Administration - Harvard University has taken a strong stance against the Trump administration, refusing to compromise on funding issues, which has led to a legal confrontation [5][8]. - The conflict stems from the administration's actions that Harvard argues undermine the core values of higher education, emphasizing the importance of maintaining these principles amidst financial disputes [5][8]. - Other universities have opted for compromises in funding disputes, contrasting with Harvard's approach, which has resulted in a more aggressive legal strategy [5][8]. Group 3: Mosquito Control Research - The article mentions the release of sterilized male mosquitoes as a method to control mosquito populations, which has shown significant success in places like Singapore, where mosquito numbers dropped by nearly 90% [10]. - This method targets the Aedes mosquito, known for transmitting diseases like dengue fever, highlighting the innovative approaches being taken in public health research [10].

Core Insights - The development of Xi'an's subway system has significantly improved public transportation, with the network expanding to 11 lines and 422 kilometers of operational track as of May 2023, and a record daily ridership of 5.539 million passengers on December 31, 2024 [1][2] Group 1: Subway Network Expansion - The upcoming launch of Line 10 and Line 8 (ring line) in 2024 will further enhance the density of the subway network in Xi'an [1] - The subway system has become a preferred mode of transportation for both locals and tourists, providing convenient access to major attractions [1] Group 2: Smart Technology Integration - Xi'an subway has adopted advanced smart technologies for operations and passenger services, including intelligent ticketing, facial recognition, and automated management systems, which have greatly improved operational efficiency [2] - The Line 8 (ring line) is designed with the highest automation standard (GoA4) and features an aluminum alloy body, capable of speeds up to 80 km/h, enhancing safety and reliability [2] Group 3: Safety and Efficiency Enhancements - The signal system provided by Casco Signal Co. for Line 16 enables full automation of train operations, significantly improving safety and operational efficiency [3] - The integration of various transportation modes, including subways, buses, and shared bicycles, creates a comprehensive green travel system in Xi'an, catering to diverse commuting needs [3]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Since May 2025, the high - valuation transactions of Shenzhen Metro's long - term bonds in the secondary market have been active, with yields rising by over 20bp at one point. This is mainly due to concerns that Shenzhen Metro's frequent support for Vanke may lead to significant losses in equity investment and drag down its creditworthiness [2][12]. - Real estate - related public opinions may disrupt the valuation of urban investment bonds. After the market digests the impact, the credit spreads usually compress. For example, the public opinions related to Guangzhou Urban Construction Investment Group Co., Ltd. and Evergrande and Cedar Industries have affected its bond spreads [2][30]. - The trading of Shenzhen Metro's long - term bonds has stabilized. Given its strong regional economic and financial strength, relatively low credit risk, and higher static yields compared to other municipal subway platforms, there is an opportunity for its long - term bond valuation to recover. Investors with stable liability ends can gradually participate [3][42]. 3. Summary According to the Directory 3.1 Long - term Bonds with High - valuation Transactions are Active, and Yields Rise by Over 20bp at One Point - From May to June 2025, the number of high - valuation transactions of Shenzhen Metro's bonds in the secondary market reached a record high. In May 2025, there were 65 high - valuation transactions out of 133 total transactions, and as of June 20, there were 144 high - valuation transactions out of 259 total transactions [12]. - Structurally, the high - valuation amplitude of long - term bonds is larger. From April to May 2025, the average deviation of bonds within 5 years from the valuation was within 1bp, while for those over 10 years, it was 2.1bp and 10.86bp respectively [15]. - The average transaction price and term of Shenzhen Metro's bonds have increased rapidly in the past month. From May 20 to June 17, 2025, the average transaction price rose from 1.69% to 2.42%, and the average transaction term increased from 0.9 years to 10.58 years [19]. - Frequent high - valuation transactions have caused the yields of Shenzhen Metro's long - term bonds to rise by over 20bp. Compared with the beginning of the year, the yields of 5 - year, 10 - year, 15 - year, and 20 - year sample bonds have risen by 11bp, 18bp, 18bp, and 13bp respectively [22]. - The reason for the rise in yields is that some institutional investors are worried that Shenzhen Metro's frequent support for Vanke may lead to significant losses in equity investment and drag down its creditworthiness. In 2025, Shenzhen Metro plans to provide about 15 billion yuan in loans to Vanke, and in April 2025, it announced a net profit loss of 33.5 billion yuan, mainly due to losses in its long - term equity investment in Vanke [25]. 3.2 Real Estate Public Opinions May Disrupt the Valuation of Urban Investment Bonds, and Spreads Usually Compress after Market Digestion - The real estate industry accounts for a relatively high proportion of Guangdong's GDP. From 2022, many Guangdong - based private real estate enterprises have defaulted on their debts, and some urban investment platforms have been involved in real - estate - related public opinions [30]. - For example, Guangzhou Urban Construction Investment Group Co., Ltd. has public opinions related to Evergrande and Cedar Industries. In 2020 - 2021, it paid 10 billion yuan to acquire 4.8072% of Evergrande's equity, and in 2022, its subsidiary's investment in Cedar Industries' debt financing plan defaulted with an amount of 6 billion yuan. The public opinions have affected the spreads of its sample bonds [34]. - Real - estate - related public opinions can cause the credit spreads of urban investment bonds to widen rapidly, and if there are no new public opinions, the impact may last for 2 - 3 months. After the market digests the impact, the spreads usually narrow quickly, and the market's pricing of public opinions will become less sensitive [42]. 3.3 Transactions are Stabilizing, and Attention Should be Paid to the Valuation Recovery Opportunity of Shenzhen Metro's Long - term Bonds - Shenzhen Metro is wholly - owned by the Shenzhen State - owned Assets Supervision and Administration Commission. Its business has strong public welfare attributes, and the region has strong economic and financial strength. The support from its shareholders is potentially strong. Its support for Vanke is within an acceptable range, and its bond maturities are relatively dispersed, with relatively low credit risk [42]. - Since March 2025, the yields of Shenzhen Metro's short - term bonds have declined, while those of long - term bonds have risen, resulting in a significant widening of the term spread. After more than two months of adjustment, the trading of long - term bonds has stabilized [49]. - From a static yield perspective, Shenzhen Metro's bonds have higher yields compared to other municipal subway platforms. Its current yield curve is steeper than in early May, with higher riding returns. The long - term yields of urban investment bonds with an implied rating of AAA are at the lowest quantiles since 2021, while the yields of Shenzhen Metro's 8 - 10 - year bonds are 2.35%, indicating good value [56][62].

Group 1: Immigration and Travel Statistics - The number of inbound and outbound flights at Xi'an Port during the Dragon Boat Festival reached over 110, with more than 17,000 people processed, representing a year-on-year increase of 61% and 63% respectively [1] - A total of 2,980 foreign nationals entered China through Xi'an Xianyang International Airport, marking a 35% increase year-on-year, with 2,360 of them utilizing various visa exemption policies, which is a significant 264% increase [1] Group 2: Public Transportation Performance - During the Dragon Boat Festival holiday (from May 30 to June 2), the Xi'an Metro transported a total of 17.437 million passengers, averaging 4.359 million passengers per day, which is a 9.1% increase compared to the same period in 2024 [2] - On May 30, the metro network recorded a peak passenger volume of 5.15 million, with 11 stations setting new single-day traffic records [2] Group 3: Cultural and Educational Activities - Various cultural institutions in Shaanxi received approximately 1.8159 million visitors during the holiday, with notable attendance at the Shaanxi History Museum (approximately 70,800 visitors) and the Terracotta Army Museum (approximately 96,200 visitors) [2] - The Shaanxi Provincial Museum showcased an original exhibition titled "Ji Jin: The Rise and Prosperity of Chinese Bronze Civilization," while the Xi'an Museum presented "Half Smoke, Half Poetry: The Aesthetic of Life in Changsha Kiln" [4]

Core Viewpoint - Shenzhen Metro Group, once known as the "profit king" of China's urban rail transit, reported a staggering loss of 33.46 billion yuan in 2024, marking a significant turnaround from its previous five years of profitability [1][4][6]. Group 1: Financial Performance - The loss of 33.46 billion yuan in 2024 equates to 10.46% of the company's net assets at the end of the previous year, representing a daily loss of approximately 91.78 million yuan [1][4]. - Over the past five years, Shenzhen Metro Group accumulated a profit of 27.3 billion yuan, which was entirely wiped out in one year, alongside an additional 6 billion yuan loss [4][6]. - The company's asset-liability ratio surged, with interest-bearing debt exceeding 400 billion yuan, indicating a severe financial strain [6][17]. Group 2: Business Model and Challenges - Shenzhen Metro's previous success was largely attributed to its "rail + property" model, which integrated real estate development with metro operations, contributing to 67.7% of its revenue [5][12]. - The downturn in the real estate market, particularly affecting Vanke, a key partner, has severely impacted Shenzhen Metro's financial health, leading to significant losses [5][6]. - The operational costs of metro systems are high, with average costs per kilometer ranging from 8,000 to 16,000 yuan, and the long payback period for investments complicates profitability [9][22]. Group 3: Industry Overview - The overall performance of urban rail systems in China is declining, with 29 cities reporting losses in 2023, highlighting a systemic issue within the industry [21][22]. - The public service nature of metro systems limits pricing flexibility, necessitating government subsidies, which are becoming increasingly difficult to secure due to local fiscal constraints [22][23]. - Shenzhen Metro's experience reflects broader challenges in the industry, where reliance on real estate for funding is no longer sustainable, necessitating a shift towards diversified revenue streams [23][24].