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concentrating on basic services, particularly in managing old residential communities, addressing common issues such as outdated facilities and low resident satisfaction [11][12].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].

Investment Rating - The report maintains a "Positive" rating for the real estate sector and property management, highlighting potential opportunities in shopping centers and the "Good House" new track [3][4]. Core Insights - The investment side of the real estate industry continues to weaken, with significant declines in new starts and completions. For January to November 2025, total real estate investment decreased by 15.9% year-on-year, with new starts down by 20.5% and completions down by 18% [3][4][19]. - The sales side shows a downward trend in sales area, sales amount, and average sales price. For the same period, the sales area fell by 7.8%, sales amount by 11.1%, and average price by 3.4% year-on-year [20][32]. - The funding side indicates a widening decline in funding sources, with total funding down by 11.9% year-on-year. In November alone, funding sources dropped by 32.5% [37]. Investment Analysis Summary Investment Side - From January to November 2025, real estate development investment totaled 785.91 billion yuan, down 15.9% year-on-year. In November, the investment growth rate was -30.3%, a decline of 7.3 percentage points from October [4][19]. - The residential investment during the same period was 604.32 billion yuan, also down 15% year-on-year, with November showing a -29.5% growth rate [4][19]. Sales Side - The total sales area for January to November was 790 million square meters, down 7.8% year-on-year. In November, the sales area decreased by 17.3% [20][32]. - The total sales amount reached 7.5 trillion yuan, down 11.1% year-on-year, with November's sales amount at 611.3 billion yuan, a 25.1% decrease [20][32]. Funding Side - Total funding sources for real estate development enterprises amounted to 850 billion yuan, down 11.9% year-on-year. In November, the decline was 32.5% [37]. - Domestic loans decreased by 10.4% in November, while self-raised funds fell by 30.7% [37].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, highlighting opportunities in shopping center value reassessment and new housing tracks [4][22][39] Core Insights - The investment side of the real estate sector continues to weaken, with cumulative investment from January to November 2025 down by 15.9% year-on-year, and a significant drop of 30.3% in November alone [4][21] - The sales side is also under pressure, with cumulative sales area down by 7.8% year-on-year and a notable decline of 25.1% in November [22][35] - Funding sources are tightening, with total funding for real estate development down by 11.9% year-on-year, and a sharp decline of 32.5% in November [40] Investment Side Summary - Cumulative real estate development investment from January to November 2025 reached 785.91 billion yuan, down 15.9% year-on-year, with November's single-month investment declining by 30.3% [5][21] - New construction starts fell by 20.5% year-on-year, with a 27.6% drop in November [19][21] - The report forecasts continued weakness in investment, with predictions for 2025-2026 showing construction starts down by 18.0% and total investment down by 14.2% [4][21] Sales Side Summary - Cumulative sales area for real estate from January to November 2025 was 790 million square meters, down 7.8% year-on-year, with November's sales area declining by 17.3% [22][35] - Cumulative sales revenue reached 7.5 trillion yuan, down 11.1% year-on-year, with a 25.1% drop in November [22][35] - The average selling price of properties decreased by 3.4% year-on-year, with a notable decline of 9.5% in November [34][35] Funding Side Summary - Total funding sources for real estate development amounted to 850 billion yuan, down 11.9% year-on-year, with November showing a 32.5% decline [40] - Domestic loans decreased by 2.5% year-on-year, with a 10.4% drop in November [40] - Self-raised funds fell by 11.9% year-on-year, with a significant 30.7% decline in November [40]

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]

存款业务框架协议 甲方:保利财务有限公司 统一社会信用代码: 91110000717881749W 注册地址:北京市东城区朝阳门北大街1号8层 法定代表人或授权代表:徐颖 乙方:保利物业服务股份有限公司 统一社会信用代码:914401012312453719 注册地址:广州市海珠区阅江中路 832 号保利发展广场 48-49 层 法定代表人或授权代表:吴兰玉 鉴于: 1.甲方为一家根据中华人民共和国法律设立并合法存续的有限责任公司,系经 国家金融监督管理总局批准，由中国保利集团有限公司（以下简称"保利集团"） 联合保利发展控股集团股份有限公司(以下简称"保利发展控股")及其他企业共 同设立的企业集团财务公司。 2.乙方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,截至 本协议签署之日为保利发展控股的下属子公司。乙方发行的 H 股在香港联合交易所 有限公司（以下简称"香港联交所"）主板上市。 根据以上所述及《香港联合交易所有限公司上市规则》（以下简称"《上市规 则》"）,甲方为乙方的关连人士的联系人,甲方和存款人(定义见下述)之间于 本协议项下的业务为持续关连交易(定义见《上市规则》）。 根据《中华 ...

除文義另有所指外，本表格所用詞彙與本公司日期為2025年12月15日的通函所界定者具有相同涵義。 普通決議案 （附註6） 贊成 （附註7） 反對 （附註7） 棄權 （附註7） 1. 審議及批准《2026至2028年度存款業務框架協議》及其項下擬進行的 交易（包括年度上限）。 2. 審議及批准聘任立信會計師事務所（特殊普通合夥）及香港立信德 豪會計師事務所有限公司分別為本公司2025年度境內及境外審計機 構，任期直至本公司下屆股東周年大會結束，並批准董事會授權經營 層釐定其薪酬及簽署相關協議。 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） 2025年第三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 ...

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） （股份代號：06049） 2025年第三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2025年12月30日（星期二） 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2025年12月15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 董事長兼執行董事 吳蘭玉 中國廣州，2025年12月15日 於本通告日期，本公司執行董事為吳蘭玉女士及姚玉成先生；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 ...

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。 （股份代號：06049） (1)須予披露及持續關連交易 (2)建議委任2025年度審計機構 及 2025年第三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 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） 保利物業服務股份有限公司將於2025年12月30日（星期二）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 ...