免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月6日，保利物业服务股份有限公司成立了广东保民城市景区运营有限公司，以拓展城市景 区运营业务。 该公司由保利发展旗下企业全资持股，法定代表人为靳勤。经营范围覆盖游览景区管理、名胜风景区管 理及露营地服务等多个领域。 ...

Group 1 - A new company named Guangdong Baomin City Scenic Area Operation Co., Ltd. has been established, with Jin Qin as the legal representative [1] - The company's business scope includes management of scenic areas, management of famous scenic spots, small facility entertainment activities in parks and scenic areas, natural ecosystem protection management, and camping site services [1] - The company is wholly owned by Poly Property Service Co., Ltd., a subsidiary of Poly Development [1]

Core Viewpoint - The article discusses the innovative "group purchase property management" model implemented in Yangpu District's Dinghai Road community to address the challenges faced by numerous old and small residential complexes, aiming to improve property management services and resident satisfaction. Group 1: Background and Challenges - Dinghai Road community has many old residential complexes with low property fees, leading to poor management and resident dissatisfaction, creating a "vicious cycle" of low fees and low service quality [1] - The property management fees in some mini complexes are as low as 0.18 yuan per square meter, resulting in inadequate services and reliance on community volunteers for emergency repairs [5][10] - Residents often resort to self-help for repairs, facing high costs and unreliable service providers due to the small scale of their communities [8] Group 2: Implementation of Group Purchase Model - The community decided to consolidate 12 similar old complexes into a single property management entity covering 112,000 square meters, aiming to reduce management costs by pooling resources [10] - The proposed increase in property fees from 0.18 yuan to 0.8 yuan per square meter raised concerns among residents about the value of the services they would receive [11] - Over 70% of residents approved the new property management plan after multiple community meetings aimed at addressing their concerns and explaining the benefits of professional management [14] Group 3: Expected Outcomes and Future Plans - The new property management model is expected to enhance service quality, with a three-month adjustment period anticipated for residents to see significant improvements [14] - The local government plans to use the experience from this pilot project to expand the group purchase model to other communities facing similar challenges, potentially providing a new solution for many old residential complexes in the city [16] - The goal is to create a positive cycle of service upgrades, resident satisfaction, and timely fee payments, ultimately improving the living conditions in these old and small communities [15]

Core Insights - The report highlights the expansion of property service companies in China, with a focus on new contract areas and third-party market development for the year 2025 [1][14][19] Group 1: New Contract Areas - The top 50 property service companies in China achieved a total of approximately 690 million square meters in new contract areas for 2025, with an average of 13.79 million square meters per company [2][19] - The leading companies by new contract area include: - China Overseas Property Management Co., Ltd.: 7,917,000 square meters - Shanghai Yongsheng Property Management Co., Ltd.: 5,107,000 square meters - Poly Property Service Co., Ltd.: 4,396,000 square meters - Country Garden Life Service Group Co., Ltd.: 4,361,000 square meters - Greentown Property Service Group Co., Ltd.: 4,063,000 square meters [1][5][19] Group 2: Third-Party Market Expansion - The top 50 companies in the third-party market expansion achieved a total of approximately 611 million square meters, with an average of 12.22 million square meters per company [2][23] - The top companies in third-party market expansion include: - China Overseas Property Management Co., Ltd.: 6,970,000 square meters - Shanghai Yongsheng Property Management Co., Ltd.: 5,029,000 square meters - Country Garden Life Service Group Co., Ltd.: 3,922,000 square meters - Greentown Property Service Group Co., Ltd.: 3,564,000 square meters - Poly Property Service Co., Ltd.: 3,354,000 square meters [9][23] Group 3: AI Bid Management System - In 2025, a new AI bidding system called "AI Bid Agent" was launched, designed to enhance the bidding process through customized services and intelligent proposal generation [1][14] - The system aims to shorten the proposal preparation cycle and improve the success rate of bids by utilizing a multi-agent model for proposal generation, review, and qualification management [1][14]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06049 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 347,000,090 | | 0 | | 347,000,090 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 347,000,090 | | 0 | | 347,000,090 | I. 法定/註冊股本變動 | 1. 股份分 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Views - The real estate market in 2025 is expected to remain sluggish, with new home transactions down by 15.8% year-on-year, while second-hand home transactions show a slight increase of 3.9% [11][22] - The report emphasizes that the policy environment is expected to become more stringent, similar to the conditions seen in 2008 and 2014, indicating that the current policy adjustments are still in progress [4] - The report suggests that the real estate sector serves as an early economic indicator, making it a valuable asset class for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to perform better in land acquisition and sales [4] - The report highlights a focus on first-tier and select second-tier cities for investment, as these areas are likely to see better performance during market rebounds [4] Summary by Sections New Home Transactions - In 2025, the cumulative new home transaction volume in 30 sample cities reached 98.217 million square meters, a decrease of 15.8% year-on-year [11] - First-tier cities accounted for 26.191 million square meters, down 12.0%, while second-tier cities saw a decline of 15.6% to 49.040 million square meters [11] - December 2025 saw a significant drop in new home transactions, with a total of 9.679 million square meters, reflecting a year-on-year decrease of 40.0% [2][11] Second-Hand Home Transactions - The total area of second-hand home transactions in 2025 was 103.989 million square meters, marking a year-on-year increase of 3.9% [22] - First-tier cities recorded a total of 43.287 million square meters in second-hand home transactions, up 4.4% year-on-year [22] Market Performance - The report notes that the real estate index decreased by 0.7% this week, lagging behind the CSI 300 index by 0.10 percentage points, ranking 19th among 31 sectors [34] - The report identifies a total of 28 stocks that increased in value this week, while 82 stocks experienced declines [34] Credit Bond Issuance - In the week of December 29 to January 4, only one credit bond was issued by real estate companies, totaling 250 million yuan, a decrease of 44.82 million yuan from the previous week [45]

Core Insights - The report emphasizes the importance of stabilizing expectations in the real estate market, highlighting the need for proactive measures to shorten adjustment periods and smooth market fluctuations [5][14][17] - The article from "Qiushi" magazine outlines the critical role of real estate in the national economy and stresses the necessity of maintaining policy strength to align with market expectations [5][14][16] Section Summaries 1. Policy Environment During New Year - The article in "Qiushi" magazine discusses the current phase of the real estate market, indicating a shift from housing shortages to a balance in supply, with a focus on quality over quantity in housing demand [13][15] - It highlights the financial asset nature of real estate, emphasizing its significance in stabilizing the economy and the need for effective expectation management [14][15] 2. Transaction Performance: New and Second-Hand Housing - New housing transactions during the New Year period saw a significant decline, with a daily average of 15.66 million square meters sold across 32 cities, down 44.8% year-on-year [19][21] - In contrast, second-hand housing transactions showed relative stability, with an average of 2,676 units sold daily across 80 cities, a slight decrease of 1.1% year-on-year [26][28] 3. Market Trends and Insights - The real estate sector's performance was weak, with the SW real estate index down 0.7%, underperforming the CSI 300 index by 0.1 percentage points [5][19] - The report notes that the PB valuation for major developers is at 0.45x, indicating low market expectations for price recovery [5][19] 4. Company Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the real estate sector, indicating a "Buy" rating for several firms based on their projected earnings and valuation metrics [6][19] - Companies like Vanke A and China Overseas Development are highlighted for their potential upside based on current market conditions and valuations [6][19] 5. Future Outlook - The report suggests that despite current challenges, there remains significant potential for growth in housing services, second-hand transactions, and real estate asset management, with estimates indicating a need for 10 to 14.9 million new homes annually [16][18] - It emphasizes the importance of maintaining policy strength and aligning it with market expectations to foster recovery in the real estate sector [16][18]

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 ...

Core Viewpoint - The "Spark Class" project initiated by Poly Group since 2018 serves as an effective path for state-owned enterprises to fulfill social responsibilities through employment assistance, significantly contributing to poverty alleviation efforts [1][3]. Group 1: Project Overview - The "Spark Class" targets children from impoverished families in poverty-stricken areas of Shanxi, Inner Mongolia, Guizhou, and Yunnan, offering a "zero tuition, guaranteed employment" policy [1]. - As of October 2025, the program has conducted 10 sessions, helping 661 youths achieve quality employment and directly benefiting over 600 families [1]. Group 2: Training and Employment Connection - The program has identified a synergy between corporate strengths and poverty alleviation needs, addressing a labor shortage in the property management sector, which requires over 3,000 new employees this year [2]. - The training model includes 3 months of classroom instruction followed by 2 months of on-the-job training, tailored to meet specific job requirements [2]. Group 3: Evolution of the Program - The evolution of the "Spark Class" from skill training to comprehensive services covering living security, educational advancement, and career development illustrates a shift from "blood transfusion" to "blood production" and then to "blood circulation" in corporate assistance [3].