Core Viewpoint - Zhujiang Co., Ltd. (600684.SH) announced a plan to enhance capital efficiency by utilizing idle funds to purchase financial products, aiming to increase company returns and shareholder value [1] Group 1 - The company will allocate up to RMB 5.5 billion (including principal) for this investment strategy [1] - The approval for this plan is valid for 12 months from the date of the shareholders' meeting [1] - Within the approved limit, the company can use the funds in a rolling manner [1]

（文章来源：证券日报） 证券日报网讯 12月5日，珠江股份在互动平台回答投资者提问时表示，公司充分发挥社区场馆的布局优 势，在广州持续开展全民健身活动与青少年体育培训项目。无论是依托冰壶馆推动冰雪运动"北冰南 展"、利用派潭体育小镇打造高品质户外运动目的地，还是在社区场馆开展常态化健身活动，公司始终 坚持让体育活动走进市民日常生活，让更多人参与到体育强市建设中来，为广州体育产业发展筑牢群众 基础。 ...

Group 1 - The core viewpoint of the article is that Zhujiang Co. has clarified its current business focus, which is primarily on property services and cultural sports operations, and it has not substantially engaged in environmental business operations [2] Group 2 - Zhujiang Co. responded to investor inquiries on an interactive platform regarding its business activities [2] - The company and its subsidiaries are mainly involved in property service and cultural sports operation businesses [2] - There is no significant development in the environmental business sector by the company at this time [2]

Group 1 - The core business of the company is urban services and cultural sports operations, and it has not yet entered the elderly care industry [1]

Group 1 - The company, Zhujiang Co., primarily engages in property services and cultural sports operations, and has not substantially developed environmental business operations [2]

据悉，该地块处于白鹅潭经济区板块，交通便利，邻近地铁11号线、广佛线，且距离大冲口地铁站仅 0.3km，教育、商业、医疗配套完善。周边在售项目有保利瑧誉（2025年销售均价50000元/平方米）， 万科理想花地臻园（2025年销售均价48000元/平方米）等住宅小区。 编辑 杨娟娟 新京报贝壳财经讯 12月3日，广州迎来一宗荔湾区宅地出让。据中指研究院统计，该地块为荔湾区坑口 AF0211011地块，用地性质为住宅用地，用地出让面积17575.04平方米，规划建筑面积52745平方米，容 积率3.0，最终由珠江实业旗下的广州聚广投资发展有限公司以底价13.31亿元摘得，成交楼面价25231 元/平方米。 ...

证券日报网讯12月1日，珠江股份（600684）在互动平台回答投资者提问时表示，截至2025年9月30日公 司普通股股东总数为35，902户。 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Insights - The real estate service sector experienced a 0.52% increase on December 1, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Zhujiang Co. (600684) closed at 4.77, up 3.25% with a trading volume of 364,300 shares and a turnover of 173 million yuan [1] - China Merchants Jin Yu (001914) closed at 11.17, up 1.73% with a trading volume of 115,300 shares and a turnover of 130 million yuan [1] - ST Ming Cheng (600136) closed at 1.82, up 0.55% with a trading volume of 89,000 shares and a turnover of 16.21 million yuan [1] - Other notable performances include: - Wangting International (000056) at 2.40, up 0.42% [1] - Ningbo Fuda (600724) at 5.32, up 0.38% [1] - Shilian Hang (002285) at 3.04, up 0.33% [1] - Te Fa Service (300917) at 42.12, down 0.02% [1] - Zhong Tian Service (002188) at 6.26, down 0.16% [1] - Xin Da Zheng (002968) at 12.04, down 0.66% [1] - Wo Ai Wo Jia (000560) at 3.10, down 0.96% [1] Capital Flow - The real estate service sector saw a net outflow of 130 million yuan from institutional investors, while retail investors contributed a net inflow of 121 million yuan [2] - The capital flow for individual stocks shows: - Zhujiang Co. had a net outflow of 31.08 million yuan from institutional investors [3] - Ningbo Fuda experienced a net inflow of 961,300 yuan from institutional investors [3] - ST Ming Cheng had a net inflow of 341,900 yuan from retail investors [3] - Shilian Hang saw a net outflow of 52.50 million yuan from institutional investors [3]

Core Insights - The real estate service sector increased by 1.91% on November 28, with Shijie Holdings leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - Shijie Holdings (002285) closed at 3.03, up 10.18% with a trading volume of 2.6988 million shares and a transaction value of 783 million yuan [1] - Nandu Property (603506) closed at 12.44, up 2.47% with a trading volume of 25,100 shares and a transaction value of 30.7785 million yuan [1] - Zhongtian Service (002188) closed at 6.27, up 2.12% with a trading volume of 71,300 shares and a transaction value of 44.0854 million yuan [1] - Ningbo Fuda (600724) closed at 5.30, up 1.73% with a trading volume of 67,100 shares and a transaction value of 35.1699 million yuan [1] - Xinda Zheng (002968) closed at 12.12, up 1.59% with a trading volume of 24,100 shares and a transaction value of 28.9438 million yuan [1] - Tefa Service (300917) closed at 42.13, up 1.54% with a trading volume of 88,100 shares and a transaction value of 370 million yuan [1] - Zhujiang Co. (600684) closed at 4.62, up 1.54% with a trading volume of 163,400 shares and a transaction value of 74.6985 million yuan [1] - Wo Chou Zhao Jia (000560) closed at 3.13, up 1.29% with a trading volume of 2.2253 million shares and a transaction value of 690 million yuan [1] - Huangting International (000056) closed at 2.39, up 1.27% with a trading volume of 301,600 shares and a transaction value of 71.2366 million yuan [1] - ST Mingcheng (600136) closed at 1.81, up 1.12% with a trading volume of 91,800 shares and a transaction value of 16.5327 million yuan [1] Capital Flow - The real estate service sector saw a net inflow of 208 million yuan from main funds, while retail funds experienced a net outflow of 128.9 million yuan and 78.5123 million yuan respectively [2]