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]

Core Insights - The company reported a revenue of 769 million yuan for Q3, a year-on-year decrease of 9.66% [1] - The net profit attributable to shareholders reached 32.67 million yuan, showing a year-on-year increase of 29.38% [1] - The company is focusing on transforming its marketing system and accelerating digital transformation to build sustainable competitive advantages [1] Financial Performance - Q3 revenue: 769 million yuan, down 9.66% year-on-year [1] - Net profit attributable to shareholders: 32.67 million yuan, up 29.38% year-on-year [1] - Deducted non-recurring gains, net profit: 30.48 million yuan, with a growth of 36.36% [1] Strategic Initiatives - The company is implementing a marketing technology platform and a nationwide systematic market development model, achieving significant improvements in market expansion [1] - The introduction of emerging technologies such as robots and drones in property services has been accelerated, with nearly 100 cleaning robots and inspection drones deployed in various scenarios [1] Shareholder Returns - The company announced a mid-term dividend plan for 2025, proposing a cash dividend of 1.50 yuan per 10 shares (tax included), with an expected total cash distribution of approximately 33.65 million yuan (tax included) [1]

证券代码：002968 证券简称：新大正 公告编号：2025-048 新大正物业集团股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 一、召开会议的基本情况 （一）股东大会届次：2025年第一次临时股东大会 （二）股东大会的召集人：公司董事会于2025年10月28日召开的第三届董事会 第十六次会议决定召开本次股东大会。 （三）会议召开的合法、合规性：本次股东大会的召开合法、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：2025年11月14日15:30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2025年11月14日 9:15-9:25、9:30-11:30、13:00-15:00； （2）通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体 时间为2025年11月14日9:15-15:00。 2、网络投票：公司将通过 ...

证券代码：002968 证券简称：新大正 公告编号：2025-047 新大正物业集团股份有限公司 审议结果：同意 3 票、反对 0 票、弃权 0 票，获通过。 第三届监事会第十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 新大正物业集团股份有限公司（以下简称"公司"）第三届监事会第十四次 会议于 2025 年 10 月 28 日在重庆以现场与通讯会议相结合的方式召开，会议通 知于 2025 年 10 月 23 日以书面及通讯方式发出。会议应出席的监事 3 人，实际 出席会议监事 3 人，其中以通讯方式出席监事 1 名（许翔监事）。本次会议由公 司监事会主席彭波先生主持。本次监事会会议的召开程序符合《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》《监事 会议事规则》的相关规定。 二、监事会会议审议情况 出席会议的监事审议并以记名方式投票表决通过以下议案： （一）审议通过了《2025 年第三季度报告》 监事会对本公司《2025 年第三季度报告》进行了审议，监事会认为：董事 会编制和审议公 ...

新大正物业集团股份有限公司 第三届董事会第十六次会议决议公告 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。 一、董事会会议召开情况 新大正物业集团股份有限公司（以下简称"公司"）第三届董事会第十六次 会议于 2025 年 10 月 28 日在重庆市渝中区总部城 A 区 10 号楼一楼会议室以现场 会议与通讯会议结合的方式召开。会议通知于 2025 年 10 月 23 日以书面及通讯 方式发出。会议应出席董事 8 名，实际出席董事 8 名，其中以通讯方式出席的董 事 5 名（刘星董事、王荣董事、张璐独立董事、蒋弘独立董事、梁舒楠独立董事）。 本次会议由公司董事长李茂顺先生召集并主持，公司全体监事及高级管理人员列 席了会议。本次会议的召集和召开符合《公司法》等法律法规及《公司章程》《董 事会议事规则》的有关规定，本次会议的召集和召开程序合法有效。 二、董事会会议审议情况 经与会董事认真审议，以记名投票方式通过以下决议： （一）审议通过《2025 年第三季度报告》 根据《上市公司信息披露管理办法》等相关法律法规、规范性文件及《公司 章程》的有关规定，公司根据202 ...