关于收到国家市场监督管理总局《经营者集中反垄断审查 不实施进一步审查决定书》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新大正物业集团股份有限公司（以下简称"公司"）于近日收到国家市场监 督管理总局出具的《经营者集中反垄断审查不实施进一步审查决定书》（反执二 审查决定〔2026〕177 号），具体内容如下： "根据《中华人民共和国反垄断法》第三十条规定，经初步审查，现决定， 对新大正物业集团股份有限公司收购嘉信立恒设施管理(上海)有限公司股权案 不实施进一步审查。你公司从即日起可以实施集中，该案涉及经营者集中反垄断 审查之外的其他事项，依据相关法律办理。" 本次交易尚需通过深圳证券交易所审核并取得中国证券监督管理委员会同 意注册的批复，能否通过上述审核或取得注册批复以及取得一系列批准的时间仍 存在不确定性。公司将根据本次交易的进展情况，严格按照有关法律法规的规定 和要求及时履行信息披露义务，敬请广大投资者及时关注公司后续公告并注意投 资风险。 特此公告。 证券代码：002968 证券简称：新大正 公告编号：2026-013 新大正物业集团股份有限公 ...

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [39]. Core Insights - The real estate sector has shown signs of stabilization, with expectations for continued release of accommodative policies [39]. - The report highlights a significant rebound in both new and second-hand property transactions, with a notable decrease in year-on-year declines [6][11]. - The report emphasizes the importance of monitoring the performance of specific companies within the sector, recommending several for investment consideration [39]. Summary by Sections Market Review - During the week of March 16-20, the Shenwan real estate sector declined by 4.2%, underperforming the CSI 300 index by 2 percentage points [11]. - The trading volume was 91.41 billion yuan, reflecting a week-on-week decrease of 2.7% [11]. - Notable individual stock performances included significant gains for companies like Jingtou Development and City North High-tech, while companies like Tibet Urban Investment and Zhongtian Service faced substantial declines [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,129.53 billion yuan, with a circulating market value of about 1,096.91 billion yuan [4]. - The industry’s price-to-earnings (P/E) ratio stands at 68.0, compared to the CSI 300's P/E ratio of 14.0 [4]. Industry and Company Dynamics - New housing transaction area in 43 cities decreased by 10.7% year-on-year but increased by 57.5% month-on-month [16]. - The second-hand housing transaction area in 14 cities saw a year-on-year decline of 17.6% but a month-on-month increase of 61% [19]. - Inventory levels in 17 key cities showed a slight decrease of 0.1% week-on-week, with a depletion cycle of 180.5 weeks [22]. - Land supply in 100 major cities decreased by 11% year-on-year, with transaction area down by 26.3% [26]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including: 1. Development: China Resources Land, Longfor Group 2. Commercial: China International Trade, New City Holdings, China Resources Mixc Life 3. Property Management: Poly Property, China Overseas Property, Wanwu Cloud, Xinda Zheng 4. Brokerage: Beike-W [39]. Company Dynamics - Nanjing High-Tech issued a short-term financing bond totaling 200 million yuan at an interest rate of 1.70% [35]. - Electronic City issued medium-term notes totaling 220 million yuan at an interest rate of 2.04% [35]. - Yunnan City Investment reported significant progress in asset restructuring, recovering approximately 5.202 billion yuan from various asset sales [36].

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4]. Core Insights - The overall data for January-February 2026 shows a narrowing year-on-year growth rate, with significant changes in the land market, which is expected to be a key observation indicator for the year [2]. - The report highlights that the improvement in the land market is driven by quality adjustments, indicating a potential easing of financial pressures on real estate companies [54]. - The report emphasizes that low-inventory real estate companies that adapt to new supply standards are the core selection moving forward [53]. Summary by Sections 1. Investment Overview - In January-February 2026, the total real estate development investment was 961.2 billion yuan, a year-on-year decrease of 11.1%, but the decline has narrowed compared to the previous year [12][41]. - The sales area of commercial housing decreased by 13.5% year-on-year, while the sales amount fell by 20.2%, indicating a continuous decline but with signs of stabilization [25][41]. 2. Development Investment and Sales - The report notes that the new construction area saw a year-on-year decline of 23.1%, and the completion area decreased by 27.9%, with both declines expanding compared to the previous year [17][25]. - The funding sources for real estate development decreased by 16.5% year-on-year, with domestic loans down by 13.9% and personal mortgage loans down by 41.9% [41][43]. 3. Market Dynamics - The report indicates that the land market's improvement suggests a potential increase in supply, which may impact the ongoing inventory reduction pressures [54]. - The differentiation in sales performance between first-tier and second-tier cities is noted, with first-tier cities experiencing a more significant decline in sales [31][29]. 4. Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development among others, highlighting their adaptability to new supply standards [53][59].

Investment Rating - The report assigns an "Increase" rating for the real estate sector, indicating a potential growth of over 15% relative to the CSI 300 index [4][13]. Core Insights - The 15th Five-Year Plan emphasizes high-quality development in the real estate sector, focusing on optimizing housing supply through improved quality of new homes, accelerated inventory digestion, strict land control, and enhanced security systems [2][4]. - The report suggests that the real estate market is expected to stabilize and develop healthily, with a clear policy direction aimed at risk prevention, quality enhancement, and transformation [4][6]. - The report identifies a significant mismatch between the total market value of the AH real estate sector and its position in the economy, recommending several key companies for investment across various categories [4][7]. Summary by Sections Investment Recommendations - Recommended companies include: 1. Development: Vanke A, Poly Developments, China Merchants Shekou, and JinDi Group in A-shares; China Overseas Development in H-shares 2. Commercial and Residential: Longfor Group 3. Property Management: Wanwu Cloud, China Resources Mixc Life, China Overseas Property, Poly Property, and others 4. Cultural Tourism: Overseas Chinese Town A [4][7]. Key Tasks for High-Quality Development - The report outlines six key tasks for high-quality development in real estate, including optimizing affordable housing supply, promoting sustainable market development, and reforming real estate development, financing, and sales systems [5][6]. Comparison of "14th Five-Year" and "15th Five-Year" Plans - The "15th Five-Year" plan shifts focus to high-quality development, establishing a more robust housing system, and ensuring a higher level of housing security compared to the previous plan [7].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the market in 2026 [5][8]. Core Insights - The release of Shanghai's "New Seven Measures" on February 25, 2026, is expected to effectively release pent-up reasonable demand, leading to a simultaneous recovery in both new and second-hand housing markets [3][5]. - The new policies include adjustments to purchase restrictions, optimization of housing provident fund loans, and improvements to property tax regulations, which are designed to stimulate market activity [5][6]. Summary by Sections Policy Changes - The new measures involve: - Reduction of purchase restrictions for non-local residents and single individuals, allowing them to buy multiple properties under certain conditions [5]. - Increase in the maximum loan amount for first-time homebuyers from 1.6 million CNY to 2.4 million CNY, with potential increases for families with multiple children and those purchasing green buildings [5]. - Property tax exemptions for local families under specific conditions, aimed at facilitating housing upgrades [5]. Market Outlook - The report anticipates a "small spring" in the market characterized by increased transaction volumes and stable prices, driven by targeted policy measures that address qualification, funding, and cost [5][6]. - The combination of these policies is expected to effectively release previously accumulated reasonable demand, boosting both new and second-hand housing markets [5][6]. Recommended Stocks - The report recommends several stocks for investment, including: - Development companies: Poly Developments, China Merchants Shekou, and Jin Di Group [5]. - Commercial and residential: China Resources Land and Longfor Group [5]. - Property management: Wanwu Cloud and China Overseas Property [5]. - Cultural tourism: Overseas Chinese Town A [5].

Group 1 - Hengyu Environmental reported a revenue of 294 million yuan for 2025, an increase of 89.87%, and a net profit of 35.93 million yuan, up 106.25% year-on-year [1] - Yongxi Electronics achieved a revenue of 4.4 billion yuan in 2025, a growth of 21.92%, with a net profit of 82.24 million yuan, reflecting a year-on-year increase of 23.99% [2] - Zhongwei Semiconductor reported a revenue of 1.122 billion yuan for 2025, a 23.09% increase, and a net profit of 285 million yuan, up 108.05% year-on-year [3] - Sry New Materials achieved a revenue of 1.564 billion yuan in 2025, a growth of 17.66%, with a net profit of 154 million yuan, reflecting a year-on-year increase of 35.04% [14] - Jiaokong Technology reported a revenue of 2.537 billion yuan for 2025, a growth of 16.08%, and a net profit of 156 million yuan, up 86.13% year-on-year [15] - SanSheng Guojian reported a revenue of 4.199 billion yuan for 2025, a significant increase of 251.81%, with a net profit of 2.939 billion yuan, up 317.09% year-on-year [30] Group 2 - Aidi Pharmaceutical reported a revenue of 721 million yuan for 2025, a growth of 72.49%, but incurred a net loss of 19.73 million yuan, reducing losses from 142 million yuan in the previous year [5] - Weidao Nano reported a revenue of 2.632 billion yuan for 2025, a decrease of 2.52%, with a net profit of 213 million yuan, down 6.12% year-on-year [9] - Wens Foodstuff Group reported a revenue of 103.884 billion yuan for 2025, a decline of 1.67%, with a net profit of 5.235 billion yuan, down 43.59% year-on-year [29] - Supor reported a revenue of 22.772 billion yuan for 2025, a growth of 1.54%, with a net profit of 2.097 billion yuan, down 6.58% year-on-year [33] Group 3 - ShaoNeng Co. signed a significant operational contract worth 22 million yuan for a biomass power generation project [6] - Shunlian Bio plans to use 237 million yuan to acquire controlling interest in a joint venture, increasing its stake from 16.99% to 51% [7] - Huason Pharmaceutical's subsidiary received clinical trial approval for an innovative drug, indicating progress in its product pipeline [8] - Xinyang Technology's subsidiary received a medical device registration certificate, enhancing its product offerings [10][11] - Yida Co. obtained an investment project filing certificate for a chemical production project with a total investment of 642 million yuan [12]

公司于 2026 年 2 月 13 日收到深圳证券交易所(以下简称"深交所")出具的 《关于受理新大正物业集团股份有限公司发行股份购买资产并募集配套资金申 请文件的通知》(深证上审[2026]32 号)。深交所根据《上市公司重大资产重组 管理办法》《深圳证券交易所上市公司重大资产重组审核规则》等相关规定，对 公司报送的发行股份购买资产并募集配套资金申请文件进行了核对，认为申请文 件齐备，决定予以受理。 证券代码：002968 证券简称：新大正 公告编号：2026-012 新大正物业集团股份有限公司 关于发行股份购买资产并募集配套资金申请文件获得 深圳证券交易所受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新大正物业集团股份有限公司（以下简称"公司"）拟通过发行股份及支付 现金的方式购买嘉信立恒 75.1521%股权（对应 2,306.9737 万元注册资本），并 拟向不超过 35 名符合条件的特定对象发行股份募集配套资金（以下简称"本次 交易"）。 本次交易尚需通过深交所审核并取得中国证券监督管理委员会（以下简称 "中国证监会"）同意注册的批复、 ...

Core Viewpoint - The company has received notification from the Shenzhen Stock Exchange regarding the acceptance of its application for issuing shares to purchase assets and raise supporting funds [1] Group 1: Transaction Details - The company plans to acquire a 75.1521% stake in Jiaxin Liheng through a combination of issuing shares and cash payment [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and requires registration approval from the China Securities Regulatory Commission [1] - The company intends to issue shares to no more than 35 qualified specific investors to raise supporting funds for the acquisition [1] Group 2: Regulatory Process - The transaction must undergo review by the State Administration for Market Regulation concerning the concentration of operators involved [1]

Core Viewpoint - The acquisition of 75.15% stake in Jiaxin Liheng by New Dazheng for 917 million yuan is a strategic move to enter the high-growth integrated facilities management (IFM) sector amid declining performance [1][2] Financial Performance - New Dazheng's revenue growth rate has dropped from 24.41% in 2022 to 8.32% in 2024, with net profit declining for two consecutive years, showing a significant drop of 28.95% in 2024 [1] - In the first three quarters of 2025, New Dazheng's revenue experienced a year-on-year decline of 11.82% [1] - Jiaxin Liheng's projected revenues for 2023 and 2024 are 2.841 billion yuan and 2.975 billion yuan, respectively, with net profits of 31 million yuan and 86 million yuan [1] Transaction Details - The transaction is structured as 50% equity and 50% cash, with a total cash consideration of 459 million yuan, which New Dazheng plans to raise through matching funds [1][2] - The valuation of Jiaxin Liheng shows a 29.43% increase, with a book value of 958 million yuan and an assessed value of 1.24 billion yuan as of August 31, 2025 [1] Risks and Concerns - The lack of specific performance commitments from the seller raises concerns about potential goodwill impairment for New Dazheng if Jiaxin Liheng's performance deteriorates [2] - New Dazheng's cash flow situation is precarious, with only 383 million yuan in cash and a negative net cash flow from operating activities of 107 million yuan as of the end of Q3 2025, indicating potential difficulties in meeting cash payment obligations [2] Corporate Governance - The board of directors showed dissent regarding the acquisition, with one vote against and one abstention, highlighting the need for more detailed due diligence and integration plans [2] - Jiaxin Liheng is a product of capital integration, formed by the acquisition of seven facilities management companies, indicating that New Dazheng is acquiring a company still in the process of integration [3] Market Reaction - Prior to the announcement of the major asset restructuring, New Dazheng's stock price experienced consecutive trading limit increases, raising suspicions of insider information leakage [3]

证券代码：002968 证券简称：新大正 公告编号：2026-010 新大正物业集团股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新大正物业集团股份有限公司 董 事 会 新大正物业集团股份有限公司（以下简称"公司"）第三届董事会第十四次 会议，审议通过了《关于聘任董事会秘书的议案》，聘任杨谭先生为公司董事会 秘书。以及第三届董事会第十六次会议和 2025 年第一次临时股东大会，审议通 过了《关于修订<公司章程>的议案》，同意根据修订后的《公司法》《上市公司章 程指引》等相关法律法规规定，结合公司实际情况不再设置监事会，同时对《公 司章程》的相关条款进行了修订。具体内容详见公司于 2025 年 8 月 26 日披露的 《关于董事会秘书辞职暨聘任董事会秘书的公告》（公告编号：2025-029）和 2025 年10月30日披露的《关于修订<公司章程>等制度的公告》（公告编号：2025-044）。 近日，公司已完成了相应事项的工商变更登记及公司章程备案工作，本次核 准变更（备案）的事项主要为《公司章程》、取消公司监事会和董事 ...