Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a recent policy change where the value-added tax (VAT) rate for housing sold within two years has been reduced from 5% to 3%, effective January 1, 2026. This aims to lower transaction costs and stimulate the second-hand housing market [5][6] - The report notes a significant decline in second-hand housing transaction volumes in major cities during the fourth quarter of 2025, with year-on-year decreases of 24.9% in Beijing, 19.4% in Shanghai, and 30.8% in Shenzhen for October-November [7][11][14] - The adjustment in VAT is expected to stabilize market expectations and promote overall recovery in the real estate sector, with specific recommendations for companies that are well-positioned to benefit from these changes [8] Summary by Sections Policy Changes - The VAT rate for housing sold within two years is reduced to 3%, while sales of properties held for two years or more remain exempt from VAT. This change is projected to save approximately 9.25 million yuan in VAT for a property priced at 5 million yuan [5][6] Market Trends - The report indicates a notable drop in second-hand housing transactions in major cities, with cumulative year-on-year increases of 11.0%, 18.5%, and 28.7% for the first nine months of 2025, followed by significant declines in October and November [7][11][14] Investment Recommendations - The report recommends focusing on companies with strong fundamentals and the ability to cater to improving customer demands, such as Greentown China, China Overseas Land & Investment, and China Resources Land. It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms [8]

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 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） 臨時股東大會由董事會召集並由董事長吳蘭玉女士主持。本公司董事吳蘭玉女 士、姚玉成先生、劉智慧先生、王小軍先生、譚燕女士及張禮卿先生均已出席本 次臨時股東大會。本公司其餘董事未能出席本次臨時股東大會。本次臨時股東大 會以投票方式進行表決。 卓佳證券登記有限公司為本公司H股股份過戶登記處，獲本公司委任為臨時股東 大會的監票員。 臨時股東大會的召開符合適用的中國法律法規、上市規則及《公司章程》的規定。 於舉行臨時股東大會當日，本公司已發行股份總數為553,333,400 股（包括 206,333,310股內資股及347,000,090股H股）。持有1,305,970股H股的限制性 股票激勵計劃獨立受託人已根據上市規則的規定放棄投票。因此，合共持有 206,333,310股內資 ...

就业是最大的民生工程，也是巩固拓展脱贫攻坚成果的基本措施。2018年以来，保利集团持续开办"星 火班"项目，以扎实的就业帮扶实践探索出了一条央企践行社会责任的有效路径。 星火班创新推出3个月在校培训、2个月顶岗实习的培养模式。"我们是按岗位标准'量身育才'。"项目培 训主管介绍，结合岗位需要，课程特意增设了应急处理模拟、标准服务礼仪等实操训练。在培训过程 中，学生们找到了通往未来的方向，也树立起了劳动创造美好生活的志向。"我以前是个害羞内向的男 生，现在面对几千人演讲都不怯场，希望未来能有机会站上更广阔的舞台。"星火班第二期学员苏超 说。 培训有目标、就业有保障、发展有空间，教学与就业衔接既破解了脱贫地区劳动力"就业难"，又解决了 企业"用工荒"，形成双向共赢的良性循环。 从2018年首期到2025年第十期，从技能培训到涵盖生活保障、学历提升、职业发展的全链条服务，星火 班的演进轨迹，勾勒出央企帮扶从"输血"到"造血"再到"活血"的升级路径。巩固拓展脱贫攻坚成果需要 更多企业立足自身优势，勇担社会责任。 （文章来源：人民日报） "我来自山西省忻州市河曲县，现在是保利物业公司的业务经理。"8年前，梁丽为了照顾生 ...

本文源自：市场资讯 天眼查工商信息显示，近日，保利物业服务股份有限公司出资500万元成立广东保民城市景区运营有限 公司，持股100%，所属行业为公共设施管理业。 作者：情报员 资料显示，广东保民城市景区运营有限公司成立于2025年12月25日，法定代表人为靳勤，注册资本500 万人民币，公司位于深圳市，一般经营项目是：游览景区管理、名胜风景区管理、公园、景区小型设施 娱乐活动、自然生态系统保护管理、文物文化遗址保护服务、露营地服务、物业管理、停车场服务、专 业保洁、清洗、消毒服务、城市绿化管理、林业有害生物防治服务、园林绿化工程施工、房地产咨询、 日用百货销售、五金产品零售、办公设备耗材销售、家具销售、卫生洁具销售、建筑装饰材料销售、通 讯设备销售、家用电器销售、食用农产品零售、广告制作、广告设计、代理、广告发布、酒店管理、家 政服务、餐饮管理、票务代理服务、房地产经纪、厨具卫具及日用杂品零售、个人卫生用品销售、化妆 品零售、日用品销售、洗烫服务、通信设备销售、洗车服务、日用电器修理、食品销售（仅销售预包装 食品）、非居住房地产租赁、新鲜水果零售、水产品零售、新鲜蔬菜零售、体育场地设施经营（不含高 危险性体育 ...

企业名称广东保民城市景区运营有限公司法定代表人靳勤注册资本500万人民币国标行业水利、环境和 公共设施管理业>公共设施管理业>市政设施管理地址深圳市大鹏新区南澳街道西涌社区沙岗村西涌暗 夜天文馆202企业类型有限责任公司(法人独资)营业期限2025-12-25至无固定期限 来源：市场资讯 序号股东名称持股比例1保利物业服务股份有限公司100% 经营范围含一般经营项目是：游览景区管理；名胜风景区管理；公园、景区小型设施娱乐活动；自然生 态系统保护管理；文物文化遗址保护服务；露营地服务；物业管理；停车场服务；专业保洁、清洗、消 毒服务；城市绿化管理；林业有害生物防治服务；园林绿化工程施工；房地产咨询；日用百货销售；五 金产品零售；办公设备耗材销售；家具销售；卫生洁具销售；建筑装饰材料销售；通讯设备销售；家用 电器销售；食用农产品零售；广告制作；广告设计、代理；广告发布；酒店管理；家政服务；餐饮管 理；票务代理服务；房地产经纪；厨具卫具及日用杂品零售；个人卫生用品销售；化妆品零售；日用品 销售；洗烫服务；通信设备销售；洗车服务；日用电器修理；食品销售（仅销售预包装食品）；非居住 房地产租赁；新鲜水果零售；水产品零售 ...

12月19日 截至收盘。2025年12月19日物企市值涨幅周排行榜出炉。63家上市物企总市值2674.16亿元， 环比增加约2382.34亿元，涨幅816.37%。其中，57家物企市值持平，占90%；4家物企市值上涨，市值 增加136.41亿。2家物企市值下跌。 榜单显示，市值涨幅排名第一的是中天服务，涨幅达35.82%，市值 增加6.44亿元，总市值24.43亿元，行业领涨。榜单涨幅前十依次为中天服务、珠江股份、新大正、招商 积余、特发服务、南都物业、润华服务、领悦服务集团、苏新服务和力高健康生活。 市值跌幅排名第 一的是碧桂园服务 ，跌幅达0%，市值缩水0亿元，总市值190.24亿元，行业领跌。榜单跌幅前十依次为 碧桂园服务、绿城服务、彩生活、中海物业、雅生活服务、保利物业、中奥到家、祈福生活服务、浦江 中国和兴业物联。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report emphasizes that there is significant potential for high-quality development in China's real estate sector, driven by both rigid and improvement housing demands. The urbanization rate for permanent residents is projected to reach 67% by 2024, while the registered population urbanization rate is below 50%, indicating ongoing housing demand [11][12] - A new model for real estate development is being proposed, focusing on controlling supply, revitalizing existing stock, and encouraging the transformation of real estate companies. This includes reforms in development, financing, and sales systems to facilitate a smooth transition from old to new models [12][4] - The report highlights that the real estate sector serves as an early economic indicator, suggesting that investing in real estate stocks is akin to investing in economic trends. The focus remains on first-tier and select second-tier cities, which are expected to perform better in terms of sales [4][12] Summary by Sections Central Economic Work Conference Insights - The central government outlines the need for high-quality development in real estate, addressing both rigid and improvement demands. The report notes that many urban residents are still unsatisfied with their housing conditions, indicating a strong potential for improvement demand [11][12] Market Review - The report notes that the Shenwan Real Estate Index decreased by 0.4% this week, underperforming the CSI 300 Index by 0.13 percentage points, ranking 24th among 31 Shenwan primary industries. A total of 71 stocks rose, while 40 fell [13][4] New and Second-Hand Housing Transactions - In the latest week, 30 cities recorded new housing transaction areas of 208.7 million square meters, a 19.9% increase month-on-month but a 42.7% decrease year-on-year. First-tier cities accounted for 54.1 million square meters, with a month-on-month increase of 14.3% and a year-on-year decrease of 36.9% [24][26] - For second-hand housing, 14 sample cities saw a total transaction area of 200.4 million square meters, a 2.0% increase month-on-month but a 24.8% decrease year-on-year [30] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the anticipated policy support and the improving competitive landscape. Key stocks to watch include major developers and companies involved in property management and brokerage services [4][12]

广州推动装配式建筑，销售环比上升 ——20251219 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 12 月 20 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：由子沛 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523020005 | | 保利发展 | 6.33 | 1.01 | 0.42 | 0.46 | 0.51 | 0.54 | 6.3 | 15.1 | 13.8 | 12.4 | 11.7 | 买入 | | Email：youzp@zts.com.cn | | ...

本文件為經修訂的代表委任表格（修訂處已加下劃線註明）。2025年12月15日刊發及寄發的原代表委任表格（「原代表委任 表格」）仍然有效，且已遞交原代表委任表格的股東無需採取任何進一步行動。倘並無填妥及妥為交回此經修訂代表委任表 格，或倘經修訂代表委任表格遲於臨時股東大會指定舉行時間前24小時親自或郵寄交回，而原代表委任表格已正確填妥並 交回，則原代表委任表格將被視為股東交回的有效代表委任表格。倘已填妥此經修訂代表委任表格並於不少於臨時股東大 會指定舉行時間前24小時親自或郵寄交回，則此經修訂代表委任表格將取代股東先前交回的原代表委任表格。此經修訂代 表委任表格（倘填寫正確無誤）將被視為股東交回之有效代表委任表格。 （股份代號：06049） 2025年第三次臨時股東大會之經修訂代表委任表格 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 大會主席或 （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） | | ...

Core Viewpoint - The property management industry is undergoing significant transformation in 2025, shifting from traditional service models to asset management and specialized operational strategies to enhance profitability and service differentiation [3][6]. Group 1: Industry Trends - Property management companies are evolving from basic service providers to asset operators, focusing on creating diverse revenue streams through innovative service models [3][6]. - The industry is moving away from homogeneous competition towards differentiated development based on core competencies, emphasizing the need for specialized and vertical service offerings [3][6]. Group 2: Company Strategies - Poly Property has introduced the "All-Domain Scenic City" model, integrating property services with cultural tourism to create new profit models [3][6]. - Wanwu Cloud is transitioning from traditional property management to asset services, utilizing AI and low-carbon solutions to enhance operational efficiency and tenant satisfaction [7][8]. - Country Garden Services is concentrating on basic services, particularly in managing old residential communities, addressing common issues such as outdated facilities and low resident satisfaction [11][12]. Group 3: Case Studies - Poly Property's management of the Xichong scenic area has transformed it from a simple tourist spot into a comprehensive experience destination, increasing secondary consumption by 78% within six months [5][6]. - Wanwu Cloud's "Ling Stone 3.0" solution has improved operational efficiency significantly, achieving a 95% increase in inspection efficiency at certain projects [8][9]. - Country Garden Services has implemented various value-added services in old communities, such as community retail and home maintenance, to create sustainable revenue streams [12][13].