苏唱街其名，蕴藏一段风雅过往。清康乾年间，苏州昆曲艺人汇聚于此，"千家养女先教曲"的盛景在此 绵延。从梨园总局到红星针织厂再到职业学校，这片土地始终是城市记忆的载体。如何让老建筑，既留 存历史又融入当代？这考验的不仅是技术，更是对城市文明延续的深刻理解。 作为扬州建工控股集团旗下具有丰富历史街区改造经验的骨干企业，扬建集团在该项目中以"修旧如 旧"为准则，以"原生·共生·新生"为理念，系统化推进更新工作。面对多栋老旧建筑与复杂结构，项目团 队运用多年来在历史建筑修缮与微更新领域积累的技术体系，开展一系列精细评估与保护性改造。从传 统水刷石工艺的现代复现，到手工打磨进口灰泥呈现温润肌理；从保护古银杏根系采用的微扰动地基加 固，到小青砖墙的隐蔽式结构加强，每一道工序都体现了集团在城市更新中"保护优先、肌理延续、品 质营造"的综合能力。 在功能重塑上，团队充分回应现代城市的生活需求。4111.26平方米的空间内，复合多种公寓类型与公 共配套，创新采用共享停车与隐蔽排水系统，在有限的空间内实现多元融合。这不仅是一次建筑改造， 更是对老城社区生态的激活，践行了建工控股集团"持续运营、长效赋能"的城市更新理念。 （来源： ...

（编辑 丛可心 袁冠琳） 证券日报网讯 12月25日，天健集团在互动平台回答投资者提问时表示，公司全资子公司天健城发公司 深耕深圳市城市更新领域，具备三大核心优势：一是拥有专业化技术团队，是市属国企中唯一一家拥有 全流程技术团队的公司，具备前期规划、可行性研究、谈判签约、法务服务、建设管理、回迁安置服务 等全链条服务能力；二是具有丰富的实践经验，为全市超60个更新棚改等项目提供过服务，包括被业界 誉为"中国棚改第一难"的深圳罗湖"二线插花地"棚改项目，该项目创下了"最快签约""最快搬迁"等纪 录；三是拥有从前期服务、一级土地整备到二级土地开发的全周期全产业链协同资源，近期承接了螺岭 项目、沙尾项目等多个深圳市城中村改造前期服务项目，具体内容详见公司对外披露的相关公告。 ...

Core Viewpoint - Jiangsu Jianyuan Construction Co., Ltd. (referred to as "Jianyuan") is the only IPO candidate in the civil engineering and construction industry accepted by the Beijing Stock Exchange for 2024, but its IPO review has been stagnant for over 8 months since submitting the second round of responses in March 2025, raising concerns about its ongoing operational capabilities due to various compliance issues [1][13]. Group 1: Revenue Recognition Issues - Jianyuan's revenue recognition practices have come under scrutiny, with over 90% of its business using the output method based on progress to recognize revenue, which, while compliant with accounting standards, allows for some manipulation [2][14]. - The company admitted that from 2021 to 2023, its quarterly revenue was based on "estimated confirmations," leading to questions about the accuracy and verifiability of its financial data prior to 2024 [3][15]. - In 2022-2024 and the first half of 2025, the proportion of revenue covered by customer or supervisory confirmations increased from 60.67% to 86.81%, yet nearly 40% of revenue in the previous three years lacked external confirmation [5][17]. Group 2: Accounts Receivable and Bad Debt Provisions - Jianyuan's accounts receivable and contract assets have been significant, with total amounts of 980 million, 1.103 billion, 1.336 billion, and 1.333 billion yuan for 2022-2024 and the first half of 2025, representing 81.53%, 77.90%, 90.21%, and 167.67% of its revenue, respectively [7][18]. - Some core clients have repayment cycles exceeding two years, and there are concerns about the adequacy of bad debt provisions, as evidenced by the treatment of clients classified as dishonest executors [8][18]. - The company has faced regulatory scrutiny regarding its accounting treatment of contract assets, which may lead to underestimating the aging of receivables and consequently lowering bad debt provisions [20]. Group 3: Research and Development Expenditure - Jianyuan's reported R&D expenditures were 44.09 million, 39.09 million, 51.01 million, and 25.89 million yuan for the respective periods, constituting 3.16%, 3.25%, 3.60%, and 3.26% of its revenue, but there are concerns about the accuracy of these figures due to misclassification of costs [10][21]. - The actual R&D expenses, after adjustments, were significantly lower, indicating a decline in the proportion of R&D costs relative to revenue [11][21]. - Regulatory authorities have raised questions about the qualifications of internally transitioned R&D personnel, emphasizing the need for detailed disclosures regarding their backgrounds and capabilities [12][22].

Core Viewpoint - The construction industry in China is seeking structural growth opportunities amid traditional demand pressures, driven by national strategic infrastructure projects and emerging trends in urban renewal [1][3]. Group 1: Industry Overview - In the first three quarters of 2025, 152 listed companies in the construction sector reported a total revenue of 5.84 trillion yuan, a year-on-year decrease of 5.14%. The net profit attributable to shareholders was 123.62 billion yuan, down 9.76% [2]. - The urban development is shifting towards improving existing stock, with urban renewal actions expected to create a market worth trillions, particularly in underground pipeline investments exceeding 5 trillion yuan during the 14th Five-Year Plan [3]. Group 2: Major Projects and Trends - Significant projects such as the Yaxi Hydropower and the Sichuan-Tibet Railway are highlighted, with the Yaxi Hydropower project alone having an investment of 1.2 trillion yuan and the Sichuan-Tibet Railway segment costing approximately 319.8 billion yuan [4]. - The regulatory environment is becoming more favorable for mergers and acquisitions, which will benefit construction companies [4]. Group 3: Investment Recommendations - Investment focus areas include major projects like Yaxi Hydropower and Sichuan-Tibet Railway, with recommended companies such as China Power Construction and China Railway Construction [6]. - Urban renewal, high dividend stocks, and overseas expansion are also key investment themes, with companies like China State Construction and Shanghai Construction recommended [6]. - Growth sectors include low-altitude economy, welding robots, and computing infrastructure, with suggested companies like China Communications Construction and Shanghai Institute of Building Science [6]. - The coal chemical industry in Xinjiang and nuclear power projects are highlighted as areas of improvement, with recommendations for companies like China Chemical and China Nuclear Engineering [6].

Core Viewpoint - The meeting emphasizes that urban renewal is a comprehensive and systematic strategic action essential for promoting high-quality urban development in China [1] Group 1: Urban Renewal Strategy - Urban renewal is recognized as a necessary path for optimizing urban structure, transforming energy, enhancing quality, promoting green transition, preserving cultural heritage, and improving governance [1] - The meeting calls for a deep understanding of the importance of urban renewal in achieving high-quality urban development [1] Group 2: Implementation Measures - The implementation should follow the guidelines from the Central Committee and the State Council, focusing on planning, funding, operation, and governance [2] - A sustainable urban construction and operation financing system should be established, utilizing various funding sources and encouraging financial institutions to develop long-term, low-interest credit products [2] - The meeting stresses the need for effective market integration with proactive government involvement to activate existing value through functional transformation and quality enhancement [2] Group 3: Goals and Outcomes - The meeting requires systematic advancement of the "Four Goods" construction: good houses, good communities, good neighborhoods, and good urban areas, ensuring tangible results [3] Group 4: Related Information - During the 14th Five-Year Plan period, Beijing has implemented approximately 78 million square meters of renovation for old urban communities, achieving a 98% implementation rate, with energy-saving renovations covering 26.5 million square meters and a resident satisfaction rate of 96% [4]

Core Insights - The Ministry of Housing and Urban-Rural Development and provincial housing authorities have released a list of replicable experiences for urban renewal actions, with Nanjing's experiences being recognized nationally and provincially [1] Group 1: Urban Renewal Practices - Nanjing has successfully implemented 19 urban renewal experiences recognized at the national and provincial levels, establishing itself as a pioneer in urban renewal practices over the past five years [1] - The "flower bed" land supply method was introduced in the Shiliu New Village project, allowing for flexible land boundary delineation and the integration of irregular, scattered state-owned land [2][3] - The Shiliu New Village project, which began in 2020, has transformed a densely populated area with significant safety hazards into a modern residential community, showcasing effective solutions for urban renewal in areas lacking demolition conditions [3] Group 2: Community Involvement - The Xiaoxihu project emphasizes a collaborative approach to urban renewal, involving government, enterprises, communities, residents, and planners in the decision-making process [4] - Residents actively participated in the design and planning of their homes, leading to personalized solutions that meet their needs, exemplified by the involvement of a university professor's team in the renovation process [5] Group 3: Policy Framework and Future Plans - Nanjing is implementing the "Nanjing Urban Renewal Action Plan (2024-2026)" as part of its commitment to urban renewal, supported by a comprehensive policy framework that includes planning, land, construction, and fire safety regulations [6] - The city has established urban renewal experimental zones in five districts to encourage innovative projects and has formed a city urban renewal promotion association with 190 member units from various sectors [6] - Nanjing received the highest rating of "A" in the performance evaluation by the Ministry of Finance and the Ministry of Housing and Urban-Rural Development, highlighting its successful urban renewal initiatives [7]

Core Insights - The Ministry of Housing and Urban-Rural Development released the fourth batch of replicable experience practices for urban renewal, with four practices from Jiangsu province selected for nationwide promotion [1][2] Group 1: Urban Renewal Practices - Nanjing's approach includes flexible delineation of land boundaries and unified planning for scattered land, allowing project entities to merge or split land boundaries based on property rights and renewal needs [1] - The city simplifies regulatory adjustment procedures by synchronizing regulatory adjustments with preliminary research of urban renewal projects, ensuring that project implementation plans and regulatory adjustment plans are developed and approved together [1] Group 2: Government and Market Collaboration - Changshu promotes a sustainable urban renewal model through government guidance, market operation, and public participation, encouraging joint self-renewal of old industrial areas by multiple land ownership units [1] - The city issued operational guidelines for joint self-renewal in approved old industrial areas, clarifying workflows for defining renewal units and submitting implementation plans [1] Group 3: Regulatory Frameworks - Suzhou established a comprehensive urban renewal system through the "Suzhou Urban Renewal Regulations," focusing on low-efficiency industrial land renewal and historical cultural preservation with specific requirements and measures [2] - Nantong improved technical standards for urban renewal, addressing fire safety design challenges by categorizing projects into building repairs, partial renovations, and overall renovations, enhancing fire safety through various technical measures [2]

Core Viewpoint - The article highlights the successful inclusion of the company in the first batch of capability lists for private enterprises, showcasing its professional strength and industry benchmark status in the modern service sector [3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 3.4 billion, representing a year-on-year growth of 8.32%. However, the net profit attributable to shareholders decreased by 28.95% to 110 million [3]. - In the first quarter of 2025, the company reported a revenue of 740 million, a decline of 14.34% year-on-year, with a net profit of 33.82 million, down 14.16% [3]. Group 2: Business Segments - The core business of property management showed steady growth, with revenue from basic operations reaching 2.98 billion in 2024, accounting for 87.8% of total revenue, and growing by 8.2% year-on-year. The gross margin for basic operations was 10.8%, a decrease of 1.0 percentage points [4]. - The company’s innovative business and urban services are promising, with urban services generating 290 million and innovative services 120 million in revenue for 2024, reflecting year-on-year growth of 9.9% and 6.3%, respectively. The gross margins for these segments were 11.8% and 31.3%, both higher than the overall gross margin [4]. Group 3: Technological Advancements - The company is actively promoting the application of new technologies such as robots and drones. A new subsidiary, New Dazheng (Chongqing) Drone Technology Co., Ltd., was established to create a comprehensive business system integrating low-altitude economic platform construction, drone education and training, and system integration services [5]. - The company has invested nearly 100 environmental cleaning robots and inspection drones in various operational scenarios, exploring the synergistic effects of "scene + technology" [5].

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [3]. Core Insights - The importance of urban renewal has been emphasized, with the Central Political Bureau meeting on July 30, 2025, highlighting the need for high-quality urban renewal in line with the central urban work conference [1][5]. - The urbanization development phase is shifting from rapid growth to stable development, with the urbanization rate expected to reach 67% in 2024, an increase of 6.76 percentage points from 60.24% in 2017 [5]. - Urban renewal is seen as a key driver for improving living conditions, particularly through the renovation of urban villages, with 1,790 projects planned across over 300 cities in 2024 [5]. - The report suggests that urban renewal and the renovation of dilapidated housing will support the construction of livable cities, with potential for overall industry valuation recovery as policy effects become evident [5]. Summary by Sections Urban Renewal - The report discusses the significance of urban renewal as a strategic focus for enhancing urban dynamics and quality of life [5]. - The Central Political Bureau meeting reiterated the importance of urban renewal as a means to optimize urban structure and promote green transformation [5]. Urbanization Trends - The transition of urbanization from a rapid growth phase to a stable development phase is noted, with a significant increase in urbanization rates over the past decade [5]. - The urbanization rate is projected to reach 67% in 2024, reflecting a steady upward trend [5]. Investment Recommendations - The report identifies several companies as favorable investment opportunities, including China Merchants Shekou, Poly Developments, and Longfor Group, among others [5]. - It suggests that the overall industry valuation may see recovery, particularly for leading real estate firms with lower financing costs and high market share in core areas [5].

Core Viewpoint - The article emphasizes the increasing importance of urban renewal in China, driven by recent government policies and initiatives aimed at enhancing urban living conditions and stimulating economic growth through infrastructure improvements and real estate development [1][3][10]. Policy Developments - The Central Political Bureau meeting on July 30 highlighted the need to implement the spirit of the Central Urban Work Conference, focusing on high-quality urban renewal [1][4]. - The Ministry of Finance's article stressed the importance of supporting consumption to expand domestic demand and promoting a new model for real estate development through urban renewal actions [1][3]. - The Ministry of Housing and Urban-Rural Development has placed urban renewal in a more prominent position, emphasizing the integration of various civil engineering and safety projects [1][3]. Regional Initiatives - Various local governments, including Sichuan, Changsha, and Shanghai, have begun to take significant steps towards urban renewal [1][5]. - Sichuan Province established a city renewal group led by Huaxi Group, focusing on comprehensive urban renewal services [1][5]. - Changsha's city leadership emphasized the need for high-quality urban renewal to enhance urban living standards [5]. Economic Implications - Urban renewal is expected to improve urban aesthetics and livability while generating new industrial demands [5][6]. - The transformation of urban villages and the renovation of dilapidated housing are also prioritized, with potential investments reaching tens of trillions, even if spread over several years [6][10]. Institutional Changes - The establishment of "Housing and Urban Renewal Bureaus" in various cities indicates a shift towards a focus on urban renewal rather than just construction [8][9]. - The Wuhan government has integrated responsibilities for housing management and urban renewal into a single bureau, reflecting a broader trend towards institutional support for urban renewal initiatives [9]. Future Outlook - Analysts predict that more cities will establish urban renewal agencies and that state-owned enterprises will increasingly participate in urban renewal projects [9][10]. - Policy support is expected to accelerate, with a focus on sustainable urban renewal models and financial incentives to attract private investment [10].