Core Viewpoint - New Dazheng (002968.SZ) has implemented a share buyback program, repurchasing a total of 597,300 shares, which represents 0.26% of the company's total share capital [1] Summary by Category Share Buyback Details - The company has repurchased 597,300 shares as of October 31, 2025 [1] - The highest transaction price during the buyback was 13.08 CNY per share, while the lowest was 11.90 CNY per share [1] - The total transaction amount for the buyback reached 7.2815 million CNY, excluding transaction fees [1]

Company Summary - New Dazheng (SZ 002968) announced a share buyback of approximately 600,000 shares, accounting for 0.26% of the total share capital, with a total transaction value of about 7.28 million yuan [1] - The highest transaction price during the buyback was 13.08 yuan per share, while the lowest was 11.9 yuan per share [1] - As of the report, New Dazheng's market capitalization stands at 2.8 billion yuan [1] Industry Summary - A significant increase in overseas orders has been reported, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about potential vicious competition, as some companies are selling at a loss [1]

新大正物业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第三届董事会第十三次会议和第三届监事会第十一次会议，审议通过了《关于公 司回购股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购部分公 司已在境内发行的人民币普通股（A 股）股票，用于后续实施员工持股计划或股 权激励。拟用于回购资金总额不低于人民币 1,000 万元、不超过人民币 2,000 万元， 回购价格不超过人民币 13.96 元/股，2024 年度权益分派实施后相应调整为不超过 13.78 元/股。 证券代码：002968 证券简称：新大正 公告编号：2025-049 新大正物业集团股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 9 月 26 日，公司召开第三届董事会第十五次会议，审议通过了《关于 股份回购价格调整的议案》，将回购价格上限由 13.78 元/股调整为 16.79 元/股。具 体回购股份数量以回购期限届满时实际回购股份数量为准。具体内容详见公司在 《证券时报》《上海证券报》和巨潮资讯网（w ...

Core Insights - The real estate service sector experienced a slight decline of 0.09% on November 4, with Nandu Property leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers included Ningbo Fuda, which rose by 2.43% to a closing price of 5.49, and Zhongtian Service, which increased by 1.61% to 6.32 [1] - Conversely, Nandu Property fell by 1.55% to 12.67, and ST Mingcheng decreased by 1.05% to 1.89 [2] Trading Volume and Value - The trading volume for Ningbo Fuda was 167,600 shares, with a transaction value of approximately 91.36 million yuan [1] - The total trading volume for the real estate service sector showed varied performance, with some stocks like Zhujiang Co. achieving a transaction value of 242 million yuan [1] Capital Flow Analysis - The real estate service sector saw a net outflow of 2.733 million yuan from institutional investors, while retail investors experienced a net outflow of 2.788 million yuan [2] - In contrast, speculative funds recorded a net inflow of 5.522 million yuan [2] Individual Stock Capital Flow - Zhujiang Co. had a net inflow of 18.9512 million yuan from institutional investors, while Nandu Property faced a significant net outflow of 10.8806 million yuan [3] - ST Mingcheng experienced a notable net outflow of 7.5417 million yuan from institutional investors, indicating a challenging trading environment [3]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating an expectation of relative performance exceeding the market benchmark over the next 12-18 months [4][16][30]. Core Insights - The 15th Five-Year Plan presents clearer demand-side expressions for real estate compared to the 14th Five-Year Plan, emphasizing the removal of unreasonable restrictions and linking real estate risk resolution with national security [4][16][17]. - The industry is anticipated to stabilize, with an ongoing improvement in the blue-chip competitive landscape [4][16]. - Key recommendations include major developers such as China Vanke, Poly Developments, and China Merchants Shekou, among others, across various segments including residential, commercial, property management, and cultural tourism [4][16]. Summary by Sections Demand-Side Policies - The 15th Five-Year Plan proposes the removal of unreasonable restrictions on consumption, including housing, and aims for balanced development between finance, real estate, and the real economy [4][17]. - It emphasizes the need for improved policies on mergers, bankruptcies, and the activation of inefficient land and idle properties [4][17]. Urban Development - Urban village renovation is expected to accelerate, with a focus on the economical use of rural collective land and the activation of idle properties [4][18]. - The plan highlights the importance of urbanization for the agricultural transfer population, suggesting continued urbanization dividends over the next five years [4][18]. High-Quality Development - The report outlines five feasible paths for promoting high-quality real estate development, including improved fund supervision and enterprise financing [4][19][20]. - It indicates a shift from incremental to stock mode in the industry, aligning affordable housing construction with urban renewal and urbanization needs [4][19][20]. - The focus will also be on enhancing the quality of new housing products and maintaining existing housing [4][19][20].

Core Viewpoint - New Dazheng is a leading third-party non-residential property management company in A-shares, focusing on public service and demonstrating strong market competitiveness [1] Group 1: Business Performance - In Q3 2025, New Dazheng achieved an operating revenue of 2.272 billion yuan, ranking 3rd in the industry, with the top competitor, China Merchants Jinling, at 13.942 billion yuan [2] - The main business composition includes basic services at 1.319 billion yuan (87.79%), urban services at 124 million yuan (8.22%), and innovative services at 58.029 million yuan (3.86%) [2] - Net profit for the same period was 116 million yuan, also ranking 3rd in the industry, with the industry average at -194 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, New Dazheng's debt-to-asset ratio was 35.05%, down from 38.15% year-on-year, significantly lower than the industry average of 68.54% [3] - The gross profit margin for the period was 14.29%, an increase from 12.29% year-on-year, but still below the industry average of 16.32% [3] Group 3: Management and Shareholder Information - The chairman, Li Maoshun, received a salary of 1.3713 million yuan in 2024, a decrease of 26,600 yuan from 2023 [4] - The number of A-share shareholders increased by 6.68% to 15,200 as of September 30, 2025, while the average number of shares held per shareholder decreased by 6.26% [5] Group 4: Market Outlook and Analyst Ratings - Analysts expect a compound annual growth rate (CAGR) of 13.2% for net profit from 2025 to 2027, with projected profits of 120 million, 140 million, and 160 million yuan respectively [5] - The company is focusing on high-quality development, which may temporarily pressure revenue but is expected to improve profitability through effective cost control [5] - The main business is expected to grow steadily, with innovative services and urban services identified as key profit growth points [5]

Market Overview - The real estate service sector declined by 0.95% on October 30, with New Dazheng leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - ST Mingcheng (600136) saw a significant increase of 4.89%, closing at 1.93, with a trading volume of 326,900 shares and a turnover of 62.11 million yuan [1] - New Dazheng (002968) experienced a decline of 3.28%, closing at 12.09, with a trading volume of 79,100 shares and a turnover of 96.78 million yuan [2] - Other notable declines included Special Service (300917) down 2.71% to 40.20 and World Union (002285) down 2.97% to 2.29 [2] Capital Flow - The real estate service sector experienced a net outflow of 80.48 million yuan from institutional investors, while retail investors saw a net inflow of 41.73 million yuan [2] - The capital flow data indicates that ST Mingcheng had a net inflow of 3.45 million yuan from institutional investors, while New Dazheng faced a net outflow of 14.76 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4][13]. Core Insights - The "14th Five-Year Plan" has been more explicit in addressing the demand side of real estate, emphasizing the removal of unreasonable restrictive measures and linking high-quality development and risk mitigation in real estate to national security capabilities [2][4]. - The report is optimistic about the industry entering a stable phase, with a continuous optimization of the blue-chip competitive landscape [4]. Summary by Sections Investment Recommendations - The report recommends maintaining an "Overweight" rating, highlighting the clearer expression of demand-side content in the "15th Five-Year Plan" compared to the "14th Five-Year Plan" [4]. - Key recommended stocks include: 1. Development: A-shares - Vanke A, Poly Developments, China Merchants Shekou, JinDi Group; H-shares - China Overseas Development 2. Commercial and Residential: China Resources Land, Longfor Group 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, China Overseas Property, Poly Property, China Merchants Jiyu, New Dazheng 4. Cultural Tourism: Overseas Chinese Town A [4]. Policy Insights - The "15th Five-Year Plan" proposes the removal of unreasonable restrictions on consumption, including housing, and emphasizes the need for efficient land planning [4]. - It aims to enhance the management of land supply throughout the entire cycle and accelerate urban village renovations and urban renewal [4]. High-Quality Development - The report identifies five actionable paths for promoting high-quality development in real estate, including: 1. Strengthening fund supervision and enterprise financing to protect buyers' rights 2. Transitioning from an incremental to a stock model in housing supply 3. Focusing on improving housing supply to meet demand changes in key cities 4. Enhancing the quality of new housing products 5. Emphasizing maintenance of existing housing and advancing a housing pension system [4][6]. Risk Management - The report notes a shift in the central government's stance on real estate, focusing on preventing systemic risks while not reiterating the previous emphasis on housing as a place to live rather than a speculative asset [4][11].

Investment Rating - The investment rating for the real estate industry is "Outperform" based on the analysis of major companies [35]. Core Insights - As of Q3 2025, only 19% of the 27 major cities show signs of stabilization in the real estate market, with transaction volumes indicating a split where second-hand homes outperform new homes [38][39]. - New and second-hand home prices continue to decline on a quarter-on-quarter basis, with new home prices seeing expanded declines in Q3 2025 after a period of narrowing declines since October 2024 [39][41]. - Inventory pressure remains significant, with over 80% of cities having new home clearance cycles exceeding 18 months, indicating a persistent supply-demand imbalance [38][41]. Summary by Sections 1. Transaction Decline and Lengthening Clearance - The real estate market is characterized by a decline in transaction volumes and an increase in clearance cycles, reflecting local policy differences and reliance on land finance [5][9]. 2. Price Trends in Q3 - New home prices experienced an expanded decline in Q3 2025, while second-hand home prices followed a similar trend, indicating a lack of sustained recovery [11][16]. - Despite some cities showing signs of price stabilization, the overall trend remains uncertain, with significant variations across different cities [12][20]. 3. Transaction Numbers and Recovery - The overall market shows weak recovery, with first-tier cities slightly outperforming second-tier cities, which continue to face negative growth in new home transactions [40][29]. - First-tier cities saw a 5% year-on-year increase in new home transactions by September, while second-tier cities maintained a -16% year-on-year decline [40][29]. 4. Weakened Demand and Rising Inventory Cycles - Demand has weakened, leading to rising inventory cycles, particularly in first-tier cities where clearance cycles have increased to 19.9-21.1 months [41][31]. - Second-tier cities face even higher inventory pressures, with clearance cycles reaching a three-year high of 24.8 months due to weak new home transactions and structural issues [41][31].

Core Points - The stock price of New Dazheng has decreased by 2.00% to 12.25 CNY per share as of October 30, with a market capitalization of 2.772 billion CNY [1] - Year-to-date, New Dazheng's stock price has increased by 37.22%, but it has seen a decline of 4.30% in the last five trading days [2] - The company reported a revenue of 2.272 billion CNY for the first nine months of 2025, a year-on-year decrease of 11.82%, and a net profit of 104 million CNY, down 2.97% year-on-year [2] Financial Performance - New Dazheng's main business revenue composition includes: basic services 87.79%, urban services 8.22%, innovative services 3.86%, and others 0.13% [2] - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 197 million CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for New Dazheng increased by 6.68% to 15,200, while the average circulating shares per person decreased by 6.26% to 14,059 shares [2] - The seventh largest circulating shareholder is Dongfanghong Yuanjian Value Mixed A, holding 2.8237 million shares, an increase of 90,100 shares from the previous period [3]