报告指，尽管保利物业核心物业管理业务整体保持韧性，但随着行业项目交付量疲弱，加上销售活动低 迷导致非业主增值服务持续承压，增长势头难免趋缓。 智通财经APP获悉，里昂发布研报称，由于增值服务表现逊于预期，下调对保利物业(06049) 2025及 2026财年的收入与盈利预测。然而基于10.5倍目标市盈率，低于五年均值0.5个标准差，将目标价由32港 元上调至36.6港元，并基于核心业务的韧性及国企背景带来的防御性优势，维持"跑赢大市"评级。 ...

报告指，尽管保利物业核心物业管理业务整体保持韧性，但随着行业项目交付量疲弱，加上销售活动低 迷导致非业主增值服务持续承压，增长势头难免趋缓。 里昂发布研报称，由于增值服务表现逊于预期，下调对保利物业(06049)2025及2026财年的收入与盈利 预测。然而基于10.5倍目标市盈率，低于五年均值0.5个标准差，将目标价由32港元上调至36.6港元，并 基于核心业务的韧性及国企背景带来的防御性优势，维持"跑赢大市"评级。 ...

里昂发表报告指，尽管保利物业核心物业管理业务整体保持韧性，但随着行业项目交付量疲弱，加上销 售活动低迷导致非业主增值服务持续承压，增长势头难免趋缓。报告指，由于增值服务表现逊于预期， 下调对保利物业2025及2026财年的收入与盈利预测。然而基于10.5倍目标市盈率，低于五年均值0.5个标 准差，该行将目标价由32港元上调至36.6港元，并基于核心业务的韧性及国企背景带来的防御性优势， 维持"跑赢大市"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the real estate sector, indicating a positive outlook for investment opportunities in this area [4]. Core Insights - The "old-for-new" policy is being reintroduced in Shanghai, which is expected to effectively stabilize housing prices and stimulate market activity [10][26]. - The policy focuses on acquiring second-hand homes to address inventory issues and enhance market liquidity, with specific criteria for eligible properties [10][26]. - The anticipated financial impact includes a potential market transaction increase of approximately 1,080 billion yuan, representing a 9% boost to total market transactions and a 24% increase in new home sales [3][10]. Summary by Sections 1. Background of the "Old-for-New" Policy - The central government has emphasized the need for policies that control inventory and improve supply, with the "old-for-new" initiative aligning closely with these goals [10][11]. 2. Historical Experience of "Old-for-New" - The "old-for-new" model is categorized into acquisition and assistance types, with the acquisition model being more effective in driving sales [16][21]. - The acquisition model has been implemented in over 20 cities, with a total of 14,520 units identified for trial [16][21]. 3. Shanghai's "Old-for-New" Policy - The policy aims to stabilize housing prices by focusing on second-hand homes, with specific requirements for properties built before 2000 and under 400 million yuan [3][10]. - The estimated funding requirement for the acquisition of 27,000 units is approximately 54 billion yuan, leveraging a 1:2 replacement ratio to maximize market impact [3][10]. 4. Feasibility of the Latest "Old-for-New" Policy - Shanghai is positioned as a key city for the implementation of this policy due to its strong government credibility and market stability [3][10]. - The second-hand housing market in Shanghai has shown signs of stabilization, with a reduction in the average transaction cycle to 22.2 months and a 2% month-on-month price rebound [3][10]. 5. Investment Recommendations - The report suggests that the current environment, characterized by improving transaction volumes and prices in the second-hand market, presents significant investment opportunities [3][10].

Core Viewpoint - The "group purchase property" model introduced by Poly Property aims to enhance property management quality in old and small residential communities in Shanghai, addressing long-standing governance challenges while promoting innovation in property services [1][2]. Group 1: Background and Challenges - Old and small residential communities in Shanghai face governance difficulties due to their outdated infrastructure, small scale, and scattered distribution [1]. - As of May 2025, there are 27,500 existing residential communities in Shanghai, with 82% of buildings over 20 years old [1]. - Property fees for old communities typically range from 0.4 yuan to 0.8 yuan per square meter per month, leading to insufficient funding for professional management and poor service quality [1]. - Structural issues include low property fees that only cover emergency repairs, while daily maintenance and service quality are lacking [1]. Group 2: Implementation of the Model - Twelve typical communities were selected as pilot projects to implement the "group purchase property" model, with Poly Property winning the bid to provide comprehensive property services [2]. - The model emphasizes a collaborative governance framework, leveraging advantages such as "multi-quick-good-economical" service delivery and a "grid + professional" management approach [2]. - The service fee for properties has been adjusted from 0.18 yuan per square meter to 0.6 or 0.8 yuan, reflecting a more sustainable pricing structure [3]. Group 3: Benefits of the Model - The "group purchase property" model breaks the cycle of low-quality services by enhancing management efficiency and rationalizing service prices, supported by government subsidies [5]. - It promotes resource optimization by allowing personnel to serve multiple communities, thus reducing waste from fixed staffing [5]. - The model establishes a six-part governance mechanism involving the street, community committees, property management, and residents, enhancing overall governance effectiveness [5].

车位租售业务代理服务框架协议 甲方:保利发展控股集团股份有限公司 统一社会信用代码:91440101741884392G 住所: 广州市海珠区阅江中路 832 号保利发展广场 53-59 层 法定代表人:刘平 乙方:保利物业服务股份有限公司 统一社会信用代码:914401012312453719 住所:广州市海珠区阅江中路 832 号保利发展广场 48-49 层 法定代表人:吴兰玉 鉴于: 双方按照《上市规则》的要求就甲方集团和乙方集团之间的车位租售业务代理服务 持续关连交易签订本协议。 a 6 7 1. 保利发展控股集团股份有限公司(以下简称"保利发展控股")为一家根据中 华人民共和国法律设立并合法存续的股份有限公司,是上海证券交易所(以下 简称"上交所"）主板的上市公司,股份代码为 600048.SH。 2. 保利物业服务股份有限公司(以下简称"保利物业")为一家根据中华人民共 和国法律设立并合法存续的股份有限公司,是香港联合交易所有限公司(以下 简称"香港联交所"）主板的上市公司,股份代码为6049.HK。 3. 根据《香港联合交易所有限公司上市规则》(以下简称 "《上市规则》"), 保利发展控股及其联 ...

（其地址為 ） POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 2026年度第一次臨時股東大會之代表委任表格 本人╱吾等 （附註1） 地址為 （附註2） 持有保利物業服務股份有限公司（「本公司」） （附註3） 股內資股╱H股 （附註4） 為本公司的股東， 現委任 （附註5） 大會主席或 為本人╱吾等之代理人，代表本人╱吾等出席2026年3月13日（星期五）上午10時正於中國廣東省廣州市海珠區閱江中路832號保 利發展廣場東塔二樓會議室舉行的2026年度第一次臨時股東大會（「臨時股東大會」）或其任何續會，並於該會代表本人╱吾等依照 下列指示就臨時股東大會通告所列的決議案投票；如無作出指示，則本人╱吾等之代理人可酌情投票。 除文義另有所指外，本表格所用詞彙與本公司日期為2026年2月9日的通函（簡稱「通函」）所界定者具有相同涵義。 | | （附註6） 普通決議案 | （附註7） 贊成 | （附註7） 反對 | （附註7） 棄權 | | --- | --- | --- | --- | --- | | 1 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 2026年第一次臨時股東大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2026年3月13日（星期五） 上午10時正於中國廣東省廣州市海珠區閱江中路832號保利發展廣場東塔二樓會議室舉 行臨時股東大會（「臨時股東大會」），以審議（如屬適當）並批准以下決議案。於本通告 內，除非文義另有所指，所用詞彙與本公司日期為2026年2月9日的通函（簡稱「通函」） 所界定者具有相同涵義。 普通決議案 承董事會命 保利物業服務股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 吳蘭玉 中國廣州，2026年2月9日 於本通告日期，本公司執行董事為吳蘭玉女士；本公司非執行董事為劉平先生及 劉智慧先生；及本公司獨立非執行董事為王小軍先生、譚燕女士及張禮卿先生。 – 1 – 1. 審議及批准《 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取與本通函相關的行動有任何疑問，應諮詢 閣下的股票經紀 或其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下全部保利物業服務股份有限公司的股份，應立即將本通函連同隨附之 代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以 便轉交買方或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） (1)須予披露及持續關連交易 (2)選舉董事 及 2026年第一次臨時股東 大會通告 獨立董事委員會及 獨立股東的獨立財務顧問 保利物業服務股份有限公司將於2026年3月13日（星期五）上午10時正於中國廣東省廣州市海珠區閱江中 路832號保利發展廣場東塔二樓會議室舉行臨時股東大會。臨時股東大會通 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]