行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-02 2025-06 2025-10 房地产 沪深300 相关研究报告 《上海三区启动住房以旧换新，推动 新房去库存 — 行 业 点 评 报 告 》 -2026.2.4 行 业 研 究 2026 年 02 月 24 日 投资评级：看好（维持） 《2025Q4 公募基金延续低配，持股集 中度进一步提升—行业点评报告》 -2026.1.27 《销售延续调整态势，期待政策显效 与市场筑底 — 行 业 点 评 报 告 》 -2026.1.19 楼市延续筑底行情，政策宽松下布局时点已至 ——行业点评报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | huyaowen@kysec.cn 证书编号：S0790524070001 春节市场成交量：一手房网签偏弱，二手房基本持平 一手房方面，2026 年除夕前一周 40 城市合计一手房成交 133.68 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

股票近期走势 近7天(截至2026年2月13日)，保利物业股价区间波动，最高价为2月9日的34.12港元，最低价为2月13日 的32.44港元，区间振幅达5.06%。2月13日收盘价为32.72港元，单日下跌2.09%，近5日累计跌幅为 1.45%。同期港股物业服务板块整体下跌2.08%，恒生指数下跌1.72%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网里昂于2026年2月13日发布报告，指出保利物业核心物业管理业务保持韧性，但受行业项目 交付疲软及销售活动低迷影响，非业主增值服务承压，增长势头趋缓。该行下调2025及2026财年收入与 盈利预测，但基于10.5倍目标市盈率(低于五年均值0.5个标准差)，将目标价从32港元上调至36.6港元， 并维持"跑赢大市"评级，强调国企背景的防御性优势。 机构观点 2026年1月27日，保利物业宣布管理层调整，原总经理姚玉成因工作调整辞任，由47岁的王英男接棒。 王英男拥有15年地产开发全链条经验，此次人事变动被视为保利系强化地产与物业协同的战略举措，以 提升商业资产运营和城市公共服务能力。 ...

Core Viewpoint - The report from Citi indicates a downward revision of revenue and profit forecasts for Poly Property (06049) for the fiscal years 2025 and 2026 due to underperformance in value-added services [1] Group 1: Financial Projections - Revenue and profit forecasts for Poly Property for FY2025 and FY2026 have been lowered due to weaker-than-expected performance in value-added services [1] - The target price for Poly Property has been raised from HKD 32 to HKD 36.6, based on a target price-to-earnings ratio of 10.5 times, which is 0.5 standard deviations below the five-year average [1] Group 2: Business Performance - Despite the core property management business of Poly Property maintaining resilience, the overall growth momentum is expected to slow down due to weak project delivery in the industry and sluggish sales activities impacting non-owner value-added services [1] - The defensive advantage provided by the state-owned enterprise background is highlighted as a positive factor for the company's core business resilience [1]

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。 ...

Group 1 - The core property management business of Poly Property remains resilient, but growth momentum is expected to slow due to weak project delivery and low sales activity impacting non-owner value-added services [1] - The report indicates a downgrade in revenue and profit forecasts for Poly Property for the fiscal years 2025 and 2026 due to underperformance in value-added services [1] - Despite the downgrade, the target price for Poly Property has been raised from HKD 32 to HKD 36.6 based on a target price-to-earnings ratio of 10.5 times, which is 0.5 standard deviations below the five-year average [1] Group 2 - The resilience of the core business and the defensive advantages provided by its state-owned enterprise background support the "outperform" rating maintained by the firm [1]

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 ...