Summary of China Property Management Conference Call Industry Overview - The conference call focused on the **China Property Management (PM)** industry, discussing the outlook for 2026 and beyond, emphasizing the stabilization and potential improvement of PM fundamentals despite challenging macroeconomic conditions and a downturn in the housing market [1][2]. Key Points 1. Market Outlook and Growth Drivers - **Stabilization of PM Fundamentals**: The PM industry is expected to stabilize and improve due to: - Reduced reliance on related developers, with their contribution to new business projected to decrease from 40% in 2024 to 15% during 2026E-2028E [1]. - A focus on upgrading the quality of managed portfolios to enhance profitability and cash collection [1]. - Restructuring of value-added service (VAS) businesses to focus on core community needs, stabilizing their contribution to total revenues at around 10% [1]. - Improved cash collection from better portfolio quality, leading to enhanced free cash flow (FCF) generation [1]. 2. Financial Projections - **Earnings Forecasts**: The average EPS growth is projected at +7% year-over-year for 2028E, indicating an 8% compound annual growth rate (CAGR) from 2026E to 2028E, compared to an average of 0% from 2023 to 2025E [2]. - **Free Cash Flow and Dividends**: An average FCF yield of 13% and a dividend yield of 6% are expected, with aggregate FCF for the sector in 2026E projected to exceed historical peaks [2]. - **Target Prices**: Target prices for PM companies have been adjusted to reflect a range of -15% to +40%, with an average target price implying an 11X P/E ratio for 2026E [2]. 3. Market Share and Project Acquisition - **Focus on High-Tier Cities**: The PM industry is narrowing its focus to approximately 50 cities, primarily Tier-1 and Tier-2 cities, where new home sales are stabilizing at sustainable levels [24]. - **New Project Opportunities**: There are significant opportunities in high-tier cities, with an estimated annual contract value of Rmb25 billion from new home sales and high-quality non-residential projects [12][24]. 4. Value-Added Services (VAS) - **Restructuring of VAS**: The 2C VAS segment is stabilizing, with a focus on asset-light services that cater to residents' core needs, expected to contribute around 10% to overall PM revenue [43][48]. - **Decline in 2B VAS**: The 2B VAS segment has seen a decline, particularly among privately-owned enterprises (POEs), but its impact on overall revenue is diminishing as its contribution shrinks [45][48]. 5. Project Termination Rates - **Stabilization of Termination Rates**: The project termination rate is stabilizing at about 3%-4%, which includes both voluntary and involuntary exits [25][40]. This is a positive sign for portfolio optimization efforts among PM companies. 6. Profitability and Fee Structures - **GPM Stabilization**: The gross profit margin (GPM) is expected to stabilize due to better-structured PM fees and portfolio quality, despite previous downward pressures from macroeconomic factors and government regulations [55][56]. - **Long-Term Fee Growth Potential**: There is potential for PM fees to increase as the housing stock ages, with households expected to allocate more budget towards property management services for enhanced living experiences [58][68]. Conclusion - The China PM industry is poised for stabilization and growth, driven by strategic shifts towards high-quality project acquisitions, improved cash flow management, and a focus on core service offerings. The outlook for earnings and cash flow generation appears positive, with significant opportunities in high-tier cities and a stabilizing market environment.

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The Shanghai land market is showing signs of recovery with improved land quality and increased willingness among developers to acquire land [8] - The land supply in Shanghai for 2025 is reported at 1.6524 million square meters, a year-on-year increase of 2.16%, while the planned construction area is 3.2134 million square meters, a decrease of 3.71% [12][19] - The average premium rate for land transactions in Shanghai reached 15.75% in 2025, an increase of 5.47 percentage points year-on-year, with total land transfer fees amounting to 140.022 billion yuan, up 1.46% year-on-year [23] Summary by Sections 1. Shanghai Land Supply and Transaction Situation - The total area of land released for construction in Shanghai in 2025 is 1.6524 million square meters, with a planned construction area of 3.2134 million square meters [12] - The transaction area of construction land in 2025 is 1.6402 million square meters, a decrease of 5.63% year-on-year, while the planned construction area transacted is 3.1610 million square meters, down 14.46% year-on-year [19] - The average transaction floor price is 44,297.15 yuan per square meter, an increase of 8.63% year-on-year, and the average land price is 85,358.89 yuan per square meter, up 7.50% year-on-year [21] 2. Shanghai Land Auction Analysis - The top 10 high-premium land parcels are primarily located in the Pudong New Area and Hongkou District, indicating higher auction activity in these central urban areas compared to suburban regions [38] - The auction market in 2025 saw no failed bids, reflecting a robust demand for land [47] 3. Investment Recommendations - The report suggests focusing on leading real estate companies with stable performance and high safety margins, such as China Merchants Shekou, Binjiang Group, and Huafa Group [47] - Beneficiary stocks recommended include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land [47] - For the property sector, recommended companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and China Merchants Jinling [47]

Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

Core Insights - The event held on December 11, 2025, recognized China Merchants Jin Yu for its strong service capabilities and operational strength, awarding it the title of "Leading Enterprise in the East China Property Service Market" [2][11] - China Merchants Jin Yu Shanghai Company received accolades for being the "Leading Enterprise in the Shanghai Property Service Market" and "Leading Enterprise in Shanghai Property Service Satisfaction" [2][11] - The company has a significant presence in over 160 cities, managing an area of 365 million square meters, covering various property types including residential, commercial, and public services [7][15] Company Overview - China Merchants Jin Yu is a platform enterprise under China Merchants Group, focusing on property asset management and services, and is a leading player in the A-share property management sector [6][14] - The company has established a "12347" development strategy aimed at becoming a leading property asset management operator in China, focusing on property and asset management as core businesses [6][14] Strategic Initiatives - The company is advancing its "Big Property" strategy, emphasizing a diversified service model and leveraging technology to enhance service quality and customer satisfaction [7][15] - China Merchants Jin Yu has developed the "Wotu Yunlin" business model, which integrates basic property services with advanced value-added services through IoT and internet technologies [7][15] Service Excellence - The Shanghai company focuses on high-end residential projects and technology parks, enhancing service quality from basic standards to a more comprehensive value creation approach [8][17] - The company has implemented smart technologies, such as security robots and automated cleaning machines, to improve service efficiency and customer experience [8][17] Community Engagement - China Merchants Jin Yu fosters community engagement by creating interest-based social groups, enhancing customer loyalty and brand recognition through emotional connections [8][18] - The company organizes seasonal events to strengthen community ties and enhance the overall living experience for residents [8][18] Quality and Innovation - The company aims to set benchmarks in service quality and operational standards, developing replicable methodologies for quality enhancement across its projects [9][19] - China Merchants Jin Yu emphasizes a culture of service excellence, focusing on talent development and continuous improvement in service delivery [9][19]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [7]. Core Insights - The central economic work conference emphasizes the need to stabilize the real estate market, indicating that the task of "stabilizing the market" is ongoing and requires sustained efforts [2][3]. - Policies aimed at controlling new supply, reducing inventory, and optimizing supply will be further implemented in 2026, potentially supported by interest rate cuts [1][3]. - The report highlights the importance of product strength as a core competitive advantage for real estate companies to navigate through market cycles [1]. Summary by Sections Market Stability - The conference reiterates the importance of addressing issues in the real estate market as a key focus for risk mitigation in critical areas [2]. - The transition period for the real estate market is acknowledged, suggesting that stabilization will take time and require ongoing policy support [2]. Inventory Reduction - The conference introduces measures such as city-specific policies to control new supply and reduce inventory, encouraging the acquisition of existing properties for affordable housing [3]. - The concept of "inventory reduction" is highlighted as a significant focus, marking its first mention since 2016, and aligns with previous discussions on optimizing housing policies [3]. Housing Fund Reform - The report discusses the deepening of housing provident fund reforms, which aim to enhance the efficiency of fund utilization and lower housing costs [4]. - Over 260 policies related to housing provident funds have been introduced since 2025, focusing on expanding coverage and easing usage conditions [4]. Investment Recommendations - The report recommends real estate stocks with strong credit, location, and product quality, such as China Overseas Development and China Resources Land [5]. - Companies with robust operational capabilities that manage cash flow effectively during market adjustments are also highlighted, including Longfor Group and New Town Holdings [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties, are recommended [5]. - Property management companies with stable cash flow and dividend advantages, like Greentown Service and China Resources Vientiane Life, are also suggested [5]. Key Company Recommendations - The report lists specific companies with target prices and investment ratings, including: - Wanwu Cloud (Buy, target price 32.29 HKD) [9] - Longfor Group (Buy, target price 15.21 HKD) [9] - Greentown China (Buy, target price 13.69 HKD) [9] - China Overseas Development (Buy, target price 19.08 HKD) [9] - Greentown Service (Buy, target price 6.56 HKD) [9] - Link REIT (Buy, target price 50.59 HKD) [9] - China Resources Land (Buy, target price 36.45 HKD) [9] - New Town Holdings (Buy, target price 18.90 HKD) [9] - China Jinmao (Increase, target price 1.81 HKD) [9]

Core Insights - The report highlights the expansion of the top 50 property service companies in China, with a total new contract area of approximately 52.16 million square meters in November 2025, indicating a competitive landscape among leading firms [1] - The overall third-party expansion scale decreased by 24.73% compared to October, with a total of 4,735 million square meters added [1] - The leading sectors for third-party expansion were residential (27.6%), schools (22.9%), and offices (18.5%) [12][15] Group 1: New Contract Areas - The top 50 companies added a total of approximately 52.16 million square meters in new contract areas, with the top 10 companies contributing 30.83 million square meters, accounting for 59.08% of the total [1] - China Resources Vientiane Life had the highest new contract area in November, reaching 4.49 million square meters [1] - The threshold for the top 10 companies' expansion scale slightly decreased from 1.68 million square meters in October to 1.31 million square meters in November [1] Group 2: Project Expansion and Performance - In November, the total new third-party expansion scale was 4,736 million square meters, with 4 companies expanding between 3 million to 5 million square meters, representing 28.3% of the total [12] - The top three companies in terms of new project expansion were China Resources Vientiane Life, Poly Property, and Shimao Services, with expansion areas of 352 million square meters, 340 million square meters, and 336 million square meters, respectively [12][15] - The report indicates a growing trend among property companies to diversify into non-residential sectors, seeking new profit growth points [15] Group 3: City Service Projects - The top city service project in November was the Fuding City Urban Sanitation Integration Project, contracted by Country Garden Services for approximately 139.06 million yuan, with a service period of 3 years [20] - The total contract amount for the top 10 city service projects reached 480 million yuan, accounting for about 93.79% of the overall city service project contracts [20] - The report lists various city service projects across different provinces, highlighting the competitive landscape in urban management services [20] Group 4: Associated Area Analysis - The top five companies in terms of newly contracted associated areas were Poly Property, Wanwu Cloud, China Overseas Property, China Resources Vientiane Life, and China Railway Construction Property, indicating strong area conversion capabilities [23] - The total scale of newly contracted associated areas for the top 50 companies was 19.64 million square meters, showing a significant increase of 70.1% compared to October [23] - Poly Property led with 1.84 million square meters in associated area contracts, demonstrating its strong market position [23]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001914 | 招商积余 | 11.23 | -0.71% | 4.15万 | 4677.73万 | | 002285 | 世联行 | 3.05 | -0.65% | 129.78万 | 3.93亿 | | 000560 | 我爱我家 | 3.08 | -0.65% | 142.66万 | 4.37 乙 | | 600136 | ST明诚 | 1.79 | -0.56% | 7.17万 | 1287.78万 | | 600724 | 宁波富达 | 5.58 | -0.36% | 19.25万 | 1.08亿 | | 300917 | 特发服务 | 42.25 | -0.07% | 4.96万 | 2.09亿 | | 603506 | 南都物业 | 12.42 | 0.00% | 3.46万 | 4284.85万 | | 000056 | 皇庭国际 | 2.29 | 0.44% | 30.39万 | 6973.22万 | | 600684 | 珠江 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-81 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 招商局积余产业运营服务股份有限公司 关于回购股份注销完成暨股份变动的公告 重要内容提示： 1、招商局积余产业运营服务股份有限公司（以下简称"公司"）本次回购 股份已实施完毕。公司本次注销的股份为6,626,202股，占注销前公司总股本 （1,060,346,060股）的0.62%，本次注销的股份数量与公司实际回购的股份数量 一致。 2、公司于2025年12月5日在中国证券登记结算有限责任公司深圳分公司办理 完成上述股份的注销手续。本次股份回购注销完成后，公司总股本由 1,060,346,060股变更为1,053,719,858股。 一、回购股份实施情况 公司于2024年12月10日首次以集中竞价方式实施股份回购，具体内容详见公 司于2024年12月11日披露的《关于首次回购公司股份的公告》（公告编号： 2024-64）。回购期间，公司按规定于每个月的前三个交易日内披露截至上月末 的回购进展情况，具体内容详见公司刊登在巨潮资讯网的相关进展公告。 截至 ...

招商积余公告，公司本次注销的股份为662.62万股，占注销前公司总股本（1,060,346,060股）的 0.62%，本次注销的股份数量与公司实际回购的股份数量一致。公司于2025年12月5日在中国证券登记 结算有限责任公司深圳分公司办理完成上述股份的注销手续。本次股份回购注销完成后，公司总股本由 10.6亿股变更为10.54亿股。 ...