房地产行业 | 策 | 投 | | | | | | --- | --- | --- | --- | --- | --- | | 略 | 资 | | | | | | 报 | 策 | | | | | | 告 | 略 | | | | | | 房地产行业 | | | | | | | 房地产（标配，维持） | 中央城市工作会议召开，行业或迎来发展新格局 | 行 | 行 | | | | 业 | 业 | | | | | | 房地产行业专题报告 | 研 | 研 | | | | | 究 | | | | | | | 2025 | 年 | 08 | 月 | 25 | 日 | | 究 | | | | | | | 投资要点： | | | | | | | 时隔十年再次召开会议 | 意义及影响深远。2025年中央城市工作会议 | 推荐 |  | 指明方向后，未来房地产行业发展将"以推进城市更新为重要抓手"， | | | 分析师：何敏仪 | 以"加快构建房地产发展新模式"作为核心任务。后续城市更新、 | SAC | 执业证书编号： | | | | 老旧小区改造等将加速推进，同时房地产企业改变发展模式，行业 | S0340513040001 ...

Core Viewpoint - Huafa Co., Ltd. is actively enhancing its financial stability and expanding its financing channels, which positions the company favorably within the real estate development sector [1]. Group 1: Stock Performance - As of August 8, 2025, Huafa's stock price is 4.80 yuan, reflecting a decrease of 0.41% from the previous trading day [1]. - The trading volume on the same day was 0.72 billion yuan, with a turnover rate of 0.55%, and the total market capitalization stands at 132.10 billion yuan [1]. Group 2: Business Operations - Huafa Co., Ltd. operates in the real estate development sector, focusing on residential development, commercial real estate, and urban renewal [1]. - The company has been continuously optimizing its debt structure, which contributes to its leading financial stability in the industry [1]. Group 3: Financing Activities - On August 7, the company announced that its application for issuing convertible bonds to specific investors has been approved by the China Securities Regulatory Commission, with the raised funds intended for projects in Shanghai and Zhuhai [1]. - Recently, the company has successfully obtained approvals for 800 million yuan in targeted asset-backed notes, 10 billion yuan in medium-term notes, and 7.82 billion yuan in corporate bonds, indicating smooth progress in financing [1]. Group 4: Capital Flow - On August 8, there was a net outflow of 8.61 million yuan in principal funds, with a cumulative net outflow of 14.31 million yuan over the past five days [1].

原标题：高质量开展城市更新 释放稳投资扩内需新动能 推进城市更新是当前和今后一个时期城市工作的重要抓手。7月30日召开的中共中央政治局会议（以下 简称"本次会议"）强调，落实好中央城市工作会议精神，高质量开展城市更新。 中指研究院政策研究总监陈文静对《证券日报》记者表示，城市更新已经成为当下推动城市高质量发展 的重点内容，也是房地产领域的聚焦点。未来各项配套政策有望加速落地，充分发挥城市更新在稳投 资、扩内需方面的作用。 锚定城市发展新方向 在城市工作取得积极成效的同时，城市发展也出现新的特征。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为主的阶段。 值得注意的是，本次会议还将"高质量开展城市更新"置于"持续防范化解重点领域风险"框架之下。上海 易居房地产研究院副院长严跃进认为，这说明开展城市更新工作也是防范化解房地产等领域风险的重要 抓手。 高质量推进城市更新 近年来，我国城市发展取得了历史性成就。住房和城乡建设部（以下简称"住建部"）数据显示，截至 2024年底，常住人口城镇化率达到67%，9.4亿人生活在城镇，城市的综合承载能力稳步提升，人居环 境持续改善，城 ...

Core Insights - The report indicates that urbanization in China is transitioning from a rapid growth phase to a stable development phase, emphasizing a shift from large-scale incremental expansion to a focus on improving existing stock and efficiency [1][2][8] - The emphasis on "high-quality urban renewal" suggests a move away from large-scale demolitions towards enhancing urban functionality and quality [1][2][9] - The report highlights the importance of integrated planning involving population, industry, urban areas, and transportation to optimize urban spatial structure [1][2][7] Industry Overview - The total number of stocks in the industry is 256, with a total market capitalization of 2,792 billion and a circulating market capitalization of 2,643.8 billion [3] - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 5.8%, and 35.2% respectively, while the relative performance is -0.9%, -0.1%, and 19.6% [5] Urban Renewal and Development - The report notes a significant change in the approach to urban renewal, focusing on quality improvements rather than extensive demolition [2][7][9] - The mention of "steady progress in the renovation of urban villages and dilapidated housing" indicates a more cautious and structured approach to urban renewal [1][2][9] Real Estate Development Model - The report suggests that there will be a continued push towards establishing a new model for real estate development, consistent with previous governmental statements [1][2][7] - The focus on optimizing the quality of land supply and urban planning is expected to create new opportunities in the real estate sector [1][2][7] Investment Opportunities - The report identifies potential investment opportunities in companies with capabilities in managing existing assets, such as China Resources Land, China Merchants Shekou, and China Overseas Development [8][10] - Companies involved in urban governance and public services, such as China Resources Vientiane Life and Poly Property, are highlighted as potential investment targets [8][10] - The report also suggests looking into sectors related to urban renewal, including inspection and testing, decoration, construction, and building materials for pipeline upgrades [8][10]

Group 1 - The "urban renewal" initiative has been officially recognized as a key direction for urban development in China, marking a shift from new construction to the renovation of existing urban areas [1][2] - The meeting emphasized the transition of urbanization from rapid growth to stable development, focusing on quality improvement and efficiency enhancement rather than large-scale expansion [2][3] - Urban renewal is expected to serve multiple functions, including optimizing urban structure, transforming economic drivers, enhancing quality, promoting green transitions, and improving governance [2][3] Group 2 - The real estate industry is anticipated to enter a new growth phase, with urban renewal becoming a significant driver of growth amid ongoing adjustments in the sector [3][4] - Urban renewal is seen as a complex system engineering project that provides new market opportunities for real estate companies, shifting focus from merely acquiring land and selling homes to enhancing living quality [3][4] - The government has allocated 80 billion yuan for urban renewal projects, supporting the renovation of old residential areas and dilapidated buildings, indicating a strong commitment to this initiative [4]

Group 1: Core Insights - The 2025 Central Urban Work Conference marks a shift in urbanization from rapid growth to stable development, emphasizing quality over quantity and internal growth over external expansion [2][6][17] - The conference outlines seven key tasks for urban development, focusing on optimizing urban systems, fostering innovation, enhancing livability, promoting green cities, ensuring safety, cultivating civility, and developing smart cities [2][6][10][12] Group 2: Impact on A-Share Market - The conference's emphasis on urban renewal and quality improvement is expected to boost investment in municipal infrastructure, green environmental protection, smart cities, and urban renewal, positively impacting related sectors in the A-share market [17][18] - As of July 14, 2025, the real estate sector has seen a cumulative decline of 2.72%, while the environmental protection sector has increased by 11.54%, indicating a divergence in sector performance [22][18] - Current price-to-book (PB) valuations for urban renewal-related industries are at historically low levels, suggesting high long-term investment value as profitability improves [22][18] Group 3: Real Estate Sector Analysis - The real estate market continues to face deep adjustments, with a year-on-year decline in fixed asset investment of 11.2% in the first half of 2025, reflecting weak supply and demand dynamics [26][27] - The conference provides direction for reshaping the real estate development model, focusing on inventory reduction and financing expansion, which may alleviate liquidity pressures for real estate companies [40] - The market is expected to differentiate further, with first-tier cities likely stabilizing in prices due to population inflows, while third and fourth-tier cities may experience prolonged price adjustments due to high inventory levels [40]

Core Viewpoint - The Central Urban Work Conference marks a significant shift in China's urban development strategy, transitioning from rapid growth to stable development, emphasizing urban renewal and quality improvement in real estate [1][2][9] Group 1: Urban Development Strategy - The conference highlights the importance of urban renewal as a key strategy for high-quality urban development, aiming to create modern, resilient, and livable cities [2][4] - The focus is on optimizing urban structures, enhancing quality, and promoting green transformation, while ensuring urban safety [2][7] Group 2: Real Estate Market Implications - Urban renewal is expected to stimulate both supply and demand in the real estate market, with potential support from government initiatives such as special bonds and REITs [3][4] - The emphasis on constructing a new real estate development model reflects a shift towards quality competition rather than mere scale expansion, with a focus on green building standards and improved housing quality [5][9] Group 3: Policy and Implementation - The conference calls for local governments to prioritize urban renewal, which is anticipated to lead to more supportive policies and encourage diverse participation in urban development [4][5] - The ongoing efforts in the renovation of urban villages and dilapidated housing are seen as critical to revitalizing the real estate market and addressing housing needs [8] Group 4: Future Outlook - The systematic deployment of urban development strategies aims to achieve a balance between supply and demand in the real estate market, with expectations of stabilizing housing prices [9] - Future competition among real estate companies is likely to focus on green technology, operational capabilities, and deep regional engagement [9]

Group 1: Central Urban Work Conference Insights - The conference marked a shift in urbanization from rapid growth to stable development, emphasizing quality over quantity in urban expansion[2] - Seven key tasks were outlined, focusing on optimizing urban systems, fostering innovation, enhancing livability, promoting green cities, ensuring safety, cultivating cultural values, and developing smart cities[2][6] Group 2: Impact on A-Share Market - The shift towards stock quality improvement and urban renewal is expected to boost investment in municipal infrastructure, green technology, and smart city initiatives, positively impacting related A-share sectors[17] - From January to July 14, 2025, the real estate sector fell by 2.72%, while the environmental sector rose by 11.54%, indicating a divergence in sector performance[22] - Current price-to-book (PB) ratios for urban renewal-related industries are at historically low levels, suggesting high long-term investment value[22] Group 3: Real Estate Sector Analysis - In the first half of 2025, real estate development investment dropped by 11.2%, with new housing starts down by 20%[27][40] - The market remains under pressure, with a significant decline in both sales area and sales value, reflecting ongoing weak demand[27][35] - The conference's directives aim to reshape the real estate sector towards a model focused on quality and sustainability, potentially benefiting firms with strong operational capabilities[40]

截至6月3日收盘，粤港湾控股（01396.HK）报3.110港元，较上个交易日下跌0.64%，当日盘中最高价触 及3.220港元，创近一年新高。 粤港湾控股有限公司(原毅德国际控股)是香港联交所主板上市企业(股份代号:01396.HK),是全国地产百 强之星,位列湾区地产50强TOP19、品牌价值TOP10。公司以"赋能城市未来,成就美好生活"为企业愿景, 以"智创品质生活"为品牌理念,致力于构建和谐的客户、企业、政府、员工、自然环境等关联方共赢的 产业生态系统。重点聚焦粤港澳大湾区,以大湾区为总部基地和战略价值高地,同时在其他区域,尤其是省 会城市,寻找发展高周转商住项目的机会。 作者：港股君 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 资金流向方面，当日主力流入847.320万港元，流出676.360万港元，净流入170.96万港元。 本文源自：金融界 2020年,传承"以产促城、繁荣城市"的企业基因,公司战略升级和产业转型,全新定位为"新生态产城服务 商",同时更名为"粤港湾控股有限公司"。形成"城市更新、产业园区、特色小镇、品质社区、商业服 务"和基建、金融等多 ...

华夏时报（www.chinatimes.net.cn）记者 刘诗萌 北京报道 今年加力释放住房消费活力的重要抓手之一城市更新，明确将获得更多中央财政的支持。 5月20日，在国新办新闻发布会上，财政部经济建设司司长郭方明表示，城市更新需要大量资金资源要素的投入， 财政部将聚焦城市更新重点任务，强化财政政策和资金保障。2024年，财政部和住建部启动实施城市更新示范行 动，首批确定了15个城市，今年将再选拔第二批20个城市，同时对相关城市的工作进展、资金使用管理等开展绩 效评价。 中央财政再度发力 国家发展改革委固定资产投资司负责人赵成峰也透露，2025年中央预算内投资专门设立城市更新专项，支持城市 更新相关公益性基础设施和公共服务设施建设，将于今年6月底前下达2025年城市更新专项中央预算内投资计划。 上海易居房地产研究院副院长严跃进向《华夏时报》记者表示，通过中央预算内投资设立城市更新专项，充分体 现了中央财政工具对城市更新的重视。过去也有一些财政资金进入到城市更新领域，但是一般是通过基础设施建 设等进行，此次通过设立专项，说明政策层面将城市更新视为今年的一项重要工作。 从大拆大建到"不能拆" 城市更新并不是一 ...