Group 1 - The core index of the China Trading Service Real Estate Index (CESCPD) experienced a slight decline of 0.01%, closing at 1417.95 points with a trading volume of 2.491 billion [1] - Over the past month, the CESCPD index has increased by 8.47%, by 9.17% over the last three months, and has risen 16.00% year-to-date [1] - The CESCPD index tracks the overall performance of publicly listed companies in the mainland real estate development, services, management, and park industries within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted stocks in the CESCPD index include China Resources Land (10.41%), China Overseas Development (9.49%), Beike-W (8.86%), Longfor Group (8.68%), China Resources Mixc Lifestyle (7.62%), Country Garden Services (4.86%), Sunac China (4.67%), China Jinmao (4.12%), Wanwu Cloud (3.99%), and Poly Property (3.65%) [1] - The CESCPD index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The index's holdings are entirely focused on the real estate sector, with a 100% allocation to this industry [1]

公司章程 保利物业服务股份有限公司 公司章程 二〇二五年七月修订 | 第一章 | 总 则 | | 1 | | --- | --- | --- | --- | | 第二章 | 公司经营宗旨和经营范围 | | 2 | | 第三章 | 股份和注册资本 | | 3 | | 第四章 | 股份增减和回购 | | 5 | | 第五章 | 股票和股东名册 | | 6 | | 第六章 | 股东的权利和义务 | | 8 | | 第七章 | 股东大会 | | 10 | | 第八章 | 董事会 | | 16 | | 第九章 | 公司董事会秘书 | | 20 | | 第十章 | 总经理及其他高级管理人员 | | 21 | | 第十一章 | 公司董事和高级管理人员的资格和义务 | | 22 | | 第十二章 | 党委 | | 24 | | 第十三章 | 财务会计制度 | | 25 | | 第十四章 | 利润分配 | | 26 | | 第十五章 | 审计 | | 28 | | 第十六章 | 会计师事务所的聘任 | | 28 | | 第十七章 | 公司的合并与分立 | | 28 | | 第十八章 | 公司解散和清算 | | 29 | | 第 ...

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 （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) 於2025年7月29日舉行的2025年第二次臨時股東大會、2025年第二 次內資股類別股東大會及2025年第二次H股類別股東大會之投票結果； 及 (2) 取消設立監事會 茲提述保利物業服務股份有限公司（「本公司」）日期為2025年7月11日有關2025年 第二次臨時股東大會（「臨時股東大會」）、2025年第二次內資股類別股東大會（「內 資股類別股東大會」）及2025年第二次H股類別股東大會（「H股類別股東大會」） 的通函（「通函」）及通告（「通告」）（統稱「臨時股東大會文件」）。除非文義另有所 指，本公告所用詞彙與臨時股東大會文件所界定者具有相同涵義。 董事會欣然宣佈，臨時股東大會、內資股類別股東大會及H股類別股東大會已於 2025年7 ...

Core Insights - The article highlights the successful implementation of community-oriented services in the ancient town of Zhouzhuang, Jiangsu, facilitated by the property service team of Poly Development, which has improved the management and operational efficiency of the scenic area [1][3]. Group 1: Community Services and Management - The introduction of a "convenience service boat" by Poly Property has enhanced logistics for local businesses and residents, especially after the "motor ban" in the scenic area [1]. - The property service team has adopted a grid management model and smart management platform to address the challenges of managing a community-type scenic area, which includes over 200 original residents and more than 1,000 shops [1]. - The scenic area, covering only 0.47 square kilometers, has been divided into five grids for better order maintenance and environmental management, with dedicated personnel assigned to each grid [1]. Group 2: Digital Management Platform - Zhouzhuang has launched a digital comprehensive management platform that integrates over 500 high-definition cameras for real-time monitoring of issues such as littering and illegal construction, as well as assisting in locating missing persons [2]. - The management platform allows for efficient tracking of maintenance issues, with a system in place for rapid response to reported problems [2]. - The platform also plays a crucial role in guiding and dispersing tourist traffic during peak times, enhancing overall visitor experience [2]. Group 3: Community Engagement and Support - The establishment of a convenience service station by Poly Property, in collaboration with the government, provides essential services to residents, merchants, and tourists, including repairs and emergency assistance [2]. - The service station offers special support for elderly residents, including small appliance repairs and delivery of essential goods, fostering community engagement [2]. - The positive changes brought by Poly Property's involvement have been recognized by local stakeholders, indicating a successful model of shared governance and community vitality [3].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Property Management and Services Theme Index, which has shown significant growth over various time frames, including a 5.53% increase in the past month, a 5.99% increase in the past three months, and a 15.01% increase year-to-date [1] - The index comprises 30 listed companies involved in property management services, community value-added services, and non-owner value-added services, reflecting the overall performance of the Hong Kong market in this sector [1] - The index is based on a reference date of December 31, 2019, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include Poly Property (10.75%), Greentown Service (10.52%), Wanwu Cloud (10.27%), Sunac Services (10.06%), Evergrande Property (10.06%), Yongsheng Services (9.96%), Country Garden Services (9.87%), China Overseas Property (9.83%), Yasheng Life Services (9.5%), and China Resources Mixc Life (9.17%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% representation in the real estate management sector [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [2]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the real estate market is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) but a smaller year-on-year (YoY) decline. The second-hand housing prices are experiencing a similar trend, with a YoY decline narrowing while the MoM decline is expanding [8][19][26]. Summary by Sections New Housing Market - In June 2025, new housing prices in first, second, and third-tier cities decreased by -0.3%, -0.2%, and -0.3% respectively, with a total of 70 cities showing a MoM decline of -0.3%, which is a 0.1 percentage point increase in decline compared to May [14][15]. - The YoY decline for new housing prices in first, second, and third-tier cities was -1.4%, -3.0%, and -4.6% respectively, leading to an overall YoY decline of 3.7% for 70 cities, which is a reduction of 0.4 percentage points compared to the previous month [14][15]. Second-Hand Housing Market - The second-hand housing prices in June 2025 saw a MoM decline of -0.6%, with first, second, and third-tier cities experiencing declines of -0.7%, -0.6%, and -0.6% respectively. This represents an increase in the decline of 0.1 percentage points compared to May [19][21]. - The YoY decline for second-hand housing prices across 70 cities was -6.1%, with first, second, and third-tier cities showing declines of -3.0%, -5.8%, and -6.7% respectively, indicating a narrowing of the decline for some tiers [19][22]. Regional Performance - In June 2025, Shanghai led the new housing market with a MoM increase of +0.4% and a YoY increase of +6.0%. Among the 35 key cities, only Shanghai, Hangzhou, and Taiyuan saw YoY increases in new housing prices [26][27]. - The second-hand housing prices in June across 35 cities showed a decline, with only Xining experiencing a MoM increase of +0.1%. The overall trend indicates a consistent decline in second-hand housing prices since early 2024 [26][27]. Investment Recommendations - The report suggests focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Merchants Shekou, and China Overseas Development [8][26]. - It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group, as well as high-quality property management firms under the "Good House, Good Service" policy [8][26].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a new consumption-boosting plan introduced by Beijing, while both new and second-hand housing transactions have shown a month-on-month decline [1][8] - The real estate sector has outperformed the broader market, with the Shenwan Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index, resulting in a relative return of 5.3% [5][13] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 6.12%, while the CSI 300 Index rose by 0.82%, indicating strong sector performance [5][13] 2. Industry Fundamentals - For the week of July 4-10, the total number of new homes sold in 38 key cities was 25,620 units, reflecting a year-on-year growth of 6.9% but a month-on-month decline of 36%. The total transaction area was 2.092 million square meters, with a year-on-year decrease of 18% and a month-on-month decrease of 54.2% [6][20] - In the same week, the total number of second-hand homes sold in 16 key cities was 16,990 units, showing a year-on-year decline of 10% and a month-on-month decline of 6.7%. The total transaction area was 1.692 million square meters, with a year-on-year decrease of 8.4% and a month-on-month decrease of 5.4% [6][38] - The inventory of commercial housing in 17 key cities was 187.848 million square meters, with a month-on-month increase of 0.2% and a depletion cycle of 142.6 weeks [6][51] 3. Company News - China Merchants Shekou reported a signed sales area of 695,000 square meters and a sales amount of 21.748 billion yuan in June 2025. For the first half of 2025, the cumulative signed sales area was 3.35 million square meters, with a total sales amount of 88.894 billion yuan [17][19] - Gemdale Group announced a signed area of 262,000 square meters in June 2025, a year-on-year decrease of 41.39%, with a signed amount of 3.1 billion yuan, down 53.24% year-on-year [17][19] - Huaxia Happiness expects a net profit loss of between 5.5 billion and 7.5 billion yuan for the first half of 2025, compared to a loss of 4.849 billion yuan in the same period last year [18][19]

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之任 何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 中國廣州，2025年7月11日 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年第二次H股類別股東大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2025年7月29日（星期二） 上午10時30分（或緊隨內資股類別股東大會或其任何續會結束後）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2025年第二次H股類別股東大 會（「H股類別股東大會」），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7月11日的通函（簡稱「通函」）所界定 者具有相同涵義。 特別決議案 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 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 ...