长江证券承销保荐有限公司 关于新大正物业集团股份有限公司本次交易 相关人员买卖股票情况的自查报告之核查意见 新大正物业集团股份有限公司（以下简称"新大正"、"上市公司"或"公 司"）拟发行股份及支付现金购买嘉信立恒设施管理（上海）有限公司 75.1521% 股权（对应 2,306.9737 万元注册资本）并募集配套资金（以下简称"本次交易"）。 长江证券承销保荐有限公司（以下简称"长江保荐"、"独立财务顾问"）作 为本次交易的独立财务顾问，根据《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《监 管规则适用指引——上市类第 1 号》等有关规定，对上市公司本次交易相关内幕 信息知情人买卖上市公司股票的情况进行了核查，具体情况如下： 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情人自查期间为：上市公司首次披露本次重组事项或 就本次重组申请股票停牌（孰早）前 6 个月至重组报告书披露之前一日止，即 2025 年 3 月 14 日至 2026 年 1 月 23 日。 二、本次交易的内幕信息知情人核查范围 根据中国证券登记结算有限责任公司深 ...

证券代码：002968 证券简称：新大正 公告编号：2026-008 新大正物业集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 相关主体买卖股票情况的自查报告 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。 特别提示：根据中国证券登记结算有限责任公司深圳分公司出具的《信息披 露义务人持股及股份变更查询证明》《股东股份变更明细清单》等文件，公司在 自查期间通过回购专用证券账户买卖公司股票的行为不属于利用本次交易的内 幕信息进行的内幕交易行为，不会对本次交易构成实质性法律障碍；除上述情况 外，纳入本次交易核查范围内的其他主体在自查期间不存在于二级市场买卖公司 股票的情况。 新大正物业集团股份有限公司（以下简称"新大正"、"上市公司"或"公 司"）拟发行股份及支付现金购买嘉信立恒设施管理（上海）有限公司 75.1521% 股权（对应 2,306.9737 万元注册资本）并募集配套资金（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》《监管规则适用指引——上 ...

证券代码：002968 证券简称：新大正 公告编号：2026-009 新大正物业集团股份有限公司 关于召开2026年第一次临时股东会的提示性公告 （一）股东会届次：2026年第一次临时股东会 （二）股东会的召集人：公司董事会于2026年1月23日召开的第三届董事会第 十七次会议决定召开本次股东会。 （三）会议召开的合法、合规性：本次股东会的召开合法、合规，符合《公司法》等有 关法律、行政法规、部门规章、规范性文件、深圳证券交易所（以下简称"深交所"）业 务规则和《公司章程》的规定。 （四）会议召开的日期、时间： 1、现场会议：2026年2月9日15:00开始； 2、网络投票： （1）通过深交所交易系统进行网络投票的具体时间为2026年2月9日 9:15-9:25、9:30-11:30、13:00-15:00； 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2026年1月24日在《证 券时报》《上海证券报》和巨潮资讯网(http://www.cninfo.com.cn/)上披露了 《关于召开2026年第一次临时股 ...

Core Insights - The real estate service sector experienced a significant increase of 3.94% on February 4, with "I Love My Home" leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Group 1: Stock Performance - "I Love My Home" (code: 000560) closed at 3.61, with a rise of 10.06% and a trading volume of 4.1629 million shares [1] - "Te Fa Service" (code: 300917) saw a closing price of 42.50, increasing by 6.52% with a trading volume of 166,900 shares [1] - "World Union" (code: 002285) closed at 2.87, up 5.90%, with a trading volume of 984,700 shares [1] - "Huangting International" (code: 000056) closed at 1.88, increasing by 5.03% with a trading volume of 944,200 shares [1] - "Zhongshan Service" (code: 002188) closed at 7.24, up 1.69%, with a trading volume of 250,600 shares [1] Group 2: Capital Flow - The real estate service sector saw a net inflow of 335 million yuan from institutional investors, while retail investors experienced a net outflow of 155 million yuan [2] - "I Love My Home" had a net inflow of 254 million yuan from institutional investors, but a net outflow of 168 million yuan from retail investors [3] - "Te Fa Service" recorded a net inflow of 46.64 million yuan from institutional investors, with a net outflow of 23.48 million yuan from retail investors [3]

Market Performance - The real estate service sector increased by 1.52% on February 3, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - TeFa Service (300917) closed at 39.90, up 3.07% with a trading volume of 86,200 shares and a transaction value of 3.47 billion [1] - World Union (002285) closed at 2.71, up 3.04% with a trading volume of 491,800 shares and a transaction value of 133 million [1] - ST Mingcheng (600136) closed at 1.75, up 2.34% with a trading volume of 166,100 shares and a transaction value of 28.86 million [1] - I Love My Home (000560) closed at 3.28, up 2.18% with a trading volume of 1,884,200 shares and a transaction value of 616 million [1] - Zhongtian Service (002188) closed at 7.12, up 2.15% with a trading volume of 284,700 shares and a transaction value of 204 million [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 5.73 million from institutional investors and 30.98 million from speculative funds, while retail investors saw a net inflow of 36.70 million [2] - The capital flow for individual stocks shows that I Love My Home had a net outflow of 15.62 million from institutional investors, while retail investors had a net inflow of 10.58 million [3] - World Union had a net inflow of 6.67 million from institutional investors, but a net outflow of 13.87 million from speculative funds [3]

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [46]. Core Insights - The real estate market is showing signs of stabilization, with a potential for continued policy easing to support recovery. The report highlights the importance of focusing on financially sound real estate firms [46]. - Recent data indicates a year-on-year increase in second-hand housing transactions by 11.7% in 14 cities, while new housing transactions have decreased by 18.1% [18][19]. - The report notes a significant decline in new housing transaction volumes, particularly in second-tier cities, which saw a 20% year-on-year drop [18]. Summary by Sections Market Review - The real estate sector experienced a decline of 2.2% in the week of January 26-30, underperforming the CSI 300 index by 2.3 percentage points [12]. - Trading volume for the week was 146.65 billion yuan, reflecting a 13.3% decrease compared to the previous week [12]. Basic Data - The total market capitalization of the real estate industry is 1,253.122 billion yuan, with a circulating market value of 1,218.269 billion yuan. The industry’s price-to-earnings ratio (TTM) stands at 61.8, compared to 14.2 for the CSI 300 [4]. Industry and Company Dynamics - Recent policy changes have relaxed the "three red lines" requirements for many real estate companies, allowing only those in distress to report financial metrics regularly [36]. - The report highlights significant company activities, including new financing and mergers, which may enhance competitive positioning in the market [39][40][41]. Investment Recommendations - The report recommends focusing on several companies across different segments: 1. Development: China Resources Land (1109.HK), Longfor Group (0960.HK) 2. Commercial: China International Trade (600007.SH), New City Holdings (601155.SH) 3. Property Management: Poly Property (6049.HK), China Overseas Property (2669.HK) 4. Brokerage: Beike-W (2423.HK) [46][48].

Investment Rating - The report assigns an "Overweight" rating for the commercial real estate REITs sector [6]. Core Insights - The launch of commercial real estate REITs in China is expected to significantly improve corporate cash flow and performance, optimizing financial statements and guiding the industry towards a new model of development [2][6]. - The first batch of commercial real estate REITs has entered the application stage, accelerating the development process [6]. - The report highlights several recommended companies across different categories, including development, residential-commercial, property management, and cultural tourism [6]. Summary by Relevant Sections Investment Highlights - The first batch of commercial real estate REITs covers diverse asset types such as hotels, offices, and commercial complexes, enhancing the range of underlying assets [2]. - Specific REITs mentioned include: 1. Huazhong Jinjiang Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 1.703 billion yuan and an annualized cash distribution rate forecast of 3.44% for 2025 [6]. 2. Huitianfu Shanghai Real Estate Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 4.002 billion yuan and an annualized cash distribution rate forecast of 4.50% for 2026 [6]. 3. CICC Vipshop Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 7.47 billion yuan and an annualized cash distribution rate forecast of 4.57% for 2026 [6]. Company Profitability Forecast - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with all listed companies receiving an "Overweight" rating [8]. - Notable companies include: - Vanke A, with a projected EPS of -4.17 yuan for 2024 and a market cap of 54.22 [8]. - China Overseas Development, with a projected EPS of 1.43 yuan for 2024 and a market cap of 8.93 [8]. - Longfor Group, with a projected EPS of 1.58 yuan for 2024 and a market cap of 5.93 [8].

Investment Rating - The report rates the real estate sector as "Overweight" [4] Core Insights - The industry is expected to stabilize as supply decreases and quality improves, with new and old drivers working together to push the market towards a bottoming out [2] - Key cities are anticipated to find a balance in sales by 2026, although long-tail cities will continue to drag down overall performance, albeit at a reduced rate [2] Summary by Sections 2025 Industry Review - The industry faced a significant downturn in sales and investment, with actual sales area data falling below previous lower predictions due to overly optimistic expectations for third and fourth-tier cities [8] - The decline in new construction and investment was more pronounced than expected, with new construction area growth at -20.4% and completion area growth at -18.1% [10][24] 2026 Industry Outlook - The focus will be on high-quality development, with key cities expected to stabilize sales. The central economic work conference emphasized stabilizing the real estate market and encouraging the acquisition of existing properties for affordable housing [7][9] - Investment growth is projected to be slow, with construction area growth expected between -5.8% and -10.2%, and corresponding investment growth between -4.0% and -12.5% [10][11] - The report predicts that the sales amount for 2026 could vary under optimistic, neutral, and pessimistic scenarios, with forecasts of 2.6%, -4.9%, and -11.4% respectively [10] Policy Focus - The main pressures on the industry will stem from investment growth challenges, with expectations for interest rate cuts and asset recovery policies to support the sector [10][11] - The report highlights the importance of monitoring the implementation of policies related to interest rate reductions, asset recovery, and urban renewal [10][11] Sales and Investment Predictions - The report provides a detailed forecast for 2026, indicating that the total sales area is expected to stabilize between 7-8 billion square meters, driven by improving demand and urban renewal initiatives [44][50] - The sales amount and land acquisition trends are expected to reflect a continued focus on quality and strategic development in key urban areas [50][55]

来源：信宸资本 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 2026年1月23日，信宸资本（中信资本控股有限公司旗下的私募股权投资业务）与国内领先的物 业管理企业新大正物业集团股份有限公司（股票代码：002968.SZ，以下简称"新大正"）联合宣 布，新大正收购信宸资本成员企业嘉信立恒设施管理（上海）有限公司（以下简称"嘉信立恒"） 部分股权的交易已签署补充协议。此次交易是信宸资本成员企业与A股上市公司开展重大资产重组 的重要实践，亦是物业管理和设施管理行业龙头企业整合的典型案例。此次交易尚待相关监管部门 的最终审批。 新大正物业集团股份有限公司成立于1998年，专注于智慧城市公共空间与建筑设施的运营和管 理，作为第三方专业物业服务企业，公司以差异化战略构建以基础物业为主体，城市空间运营和创 新服务两翼协同发展的三大版图，聚焦校园服务、医疗后勤、航空服务、公共物业、城市服务、 FM管理等六大业务赛道。新大正拥有员工38,000多人，已服务全国超过26个省（直辖市）、 10 ...

Market Overview - On January 29, the real estate service sector rose by 4.56% compared to the previous trading day, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - TeFa Service (300917) closed at 42.60, up 10.13% with a trading volume of 220,900 shares [1] - Zhujiang Shares (600684) closed at 4.92, up 10.07% with a trading volume of 824,500 shares [1] - Wo Ai Wo Jia (000560) closed at 3.33, up 9.90% with a trading volume of 3,395,100 shares [1] - Other notable performers include Shilianhang (002285) up 5.13% and Zhaoshang Jiyu (001914) up 3.50% [1] Capital Flow - The real estate service sector saw a net inflow of 461 million yuan from institutional investors, while retail investors experienced a net outflow of 179 million yuan [2] - The main capital flow data indicates that Wo Ai Wo Jia had a net inflow of 257 million yuan from institutional investors, but a net outflow of 121 million yuan from retail investors [3] - Zhujiang Shares also had a significant net inflow of 121 million yuan from institutional investors, with a net outflow of 70 million yuan from retail investors [3]