Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The real estate market is experiencing weak sales under high base conditions, with a trend of exchanging price for volume continuing towards the end of the year [1][5] - The overall performance of the sales market has been lackluster since the second half of the year, with a significant decline in sales data reflecting persistent market hesitation [8][33] Summary by Sections Sales Data - From January to November 2025, the national commercial housing sales area was 787 million square meters, down 7.8% year-on-year, with residential sales area down 8.1% [5][14] - In November 2025, the sales area and amount of commercial housing decreased by 17.3% and 25.1% year-on-year, respectively, with a notable trend of price reduction to stimulate sales [5][14] Construction Data - The new construction area from January to November 2025 was 535 million square meters, down 20.5% year-on-year, with residential new construction down 19.9% [6][19] - The completion area was 395 million square meters, down 18.0% year-on-year, indicating continued pressure on construction data [6][19] Investment Data - Real estate development investment from January to November 2025 was 7.86 trillion yuan, down 15.9% year-on-year, with residential development investment down 15.0% [7][23] - The funds available to real estate developers were 8.51 trillion yuan, down 11.9% year-on-year, with significant declines in various funding sources [7][25] Investment Recommendations - Recommended companies include those with strong credit and good urban fundamentals, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][35] - Companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, are also recommended [8][35]

智通财经APP讯，绿城服务(02869)公布，2025年12月15日耗资约96.89万港元回购21.4万股股份。 该信息由智通财经网提供 ...

格隆汇12月15日丨绿城服务(02869.HK)发布公告，2025年12月15日耗资96.9万港元回购21.4万股，回购 价格每股4.5-4.54港元。 ...

绿城服务(02869)公布，2025年12月15日耗资约96.89万港元回购21.4万股股份。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 綠城服務集團有限公司 呈交日期： 2025年12月15日 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02869 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 ...

| 燕之屋(01497) | 20.00 万 | 139.00 万 | 365.68 万 | 0.786% | | --- | --- | --- | --- | --- | | 叮当健康(09886) | 117.65 万 | 126.64 万 | 510.50 万 | 0.387% | | 昊海生物科技(06826) | 4.23 万 | 112.38 万 | 238.53 万 | 6.094% | | 信利国际(00732) | 100.00 万 | 107.00 万 | 1.12 亿 | 3.553% | | 医渡科技(02158) | 15.50 万 | 79.07 万 | 600.05 万 | 0.564% | | 博雅互动(00434) | 20.00 万 | 74.28 万 | 149.90 万 | 0.211% | | 汇通达网络(09878) | 6.62 万 | 70.62 万 | 38.26 万 | 0.212% | | 威高股份(01066) | 12.00 万 | 63.10 万 | 2338.84 万 | 5.179% | | 健康之路(N23031) | 13.00 万 | 6 ...

2025 年 12 月 14 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 经济工作会议定调，着力稳定房地产、积极稳妥化解风险 看好 —— 地产及物管行业周报（2025/12/6-2025/12/12） 本期投资提示： 房地产 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房、二手房成交环比均回落，新房成交推盘比下降。上周(12.6-12.12)34 个重点 城市新房合计成交 242.3 万平米，环比-12.3%，其中，一二线环比-12.9%，三四线环比-2.6%。12 月(12.1-12.12)34 城一手房成交同比-32%，较 11 月+ ...

绿城服务(02869)发布公告，于2025年12月12日斥资195.23万港元回购43万股。 ...

格隆汇12月12日丨绿城服务(02869.HK)公告，12月12日耗资195.2万港元回购43万股。 ...

智通财经APP讯，绿城服务(02869)发布公告，于2025年12月12日斥资195.23万港元回购43万股。 ...