Market Performance - On August 5, the real estate service sector rose by 0.95% compared to the previous trading day, with Nandu Property leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Individual Stock Performance - Nandu Property (603506) closed at 13.52, with a gain of 1.73% and a trading volume of 36,000 shares, amounting to 48.36 million yuan [1] - Other notable performers included: - China Merchants Jiyu (001914) at 12.69, up 1.36% [1] - Xinda Zheng (002968) at 11.00, up 1.10% [1] - Te Fa Service (300917) at 44.31, up 1.05% [1] - Huangting International (000056) at 2.95, up 1.03% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 39.37 million yuan from institutional investors, while retail investors saw a net inflow of 20.47 million yuan [1] - Specific stock capital flows included: - Zhujiang Shares (600684) with a net inflow of 3.22 million yuan from institutional investors [2] - Nandu Property (603506) faced a net outflow of 8.99 million yuan from institutional investors [2] - Huangting International (000056) had a net outflow of 10.04 million yuan from institutional investors [2]

Summary of Key Points Core Viewpoint - New Dazheng (002968) has not yet implemented its previously approved share repurchase plan as of July 31, 2025, which aims to use funds between RMB 10 million and RMB 20 million for the buyback [1][3]. Trading Information - On August 4, 2025, New Dazheng's main funds experienced a net outflow of RMB 1.1491 million, while speculative funds saw a net outflow of RMB 6.2891 million. In contrast, retail investors had a net inflow of RMB 7.4382 million [1][3]. Company Announcement - New Dazheng Property Group Co., Ltd. announced its share repurchase plan, which was approved in a board meeting on April 27, 2025. The plan allows for the buyback of A-shares using self-owned funds, with a maximum repurchase price set at RMB 13.96 per share, adjusted to RMB 13.78 per share after the 2024 annual equity distribution [1].

证券日报网讯 8月4日晚间，新大正发布公告称，截至2025年7月31日，公司尚未实施本次回购。 （文章来源：证券日报） ...

每经头条（nbdtoutiao）——"我们也深陷残酷价格战"！德资巨头中国区高管警告：智驾绝不能免费， 否则会给全行业带来灾难 （记者 曾健辉） 每经AI快讯，新大正（SZ 002968，收盘价：10.88元）8月4日晚间发布公告称，截至2025年7月31日， 公司尚未实施本次回购。 2024年1至12月份，新大正的营业收入构成为：物业管理及服务占比99.93%，其他业务收入占比 0.07%。 截至发稿，新大正市值为25亿元。 ...

证券代码：002968 证券简称：新大正 公告编号：2025-026 董 事 会 2025 年 8 月 4 日 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。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（www.cninfo.com.cn） 披露的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司在回购期间应当在每个月的前三个交易日内 公告截至上月末的回购进展情况。截至 2025 年 7 月 31 日，公司尚未实施本次回 购。 ...

| 代码 名称 | | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600724 | 宁波富达 | -2729.00 | -0.01% | 345.17万 | 11.45% | -344.90万 | -11.44% | | 002285 | 世联行 | -24.30万 | -0.42% | 92.87万 | 1.61% | -68.57万 | -1.19% | | 002968 | 新大正 | -114.91万 | -1.92% | -628.91万 | -10.50% | 743.82万 | 12.41% | | 600684 珠江股份 | | -193.64万 | -0.44% | 1311.64万 | 2.98% | -1118.00万 | -2.54% | | 001914 招商积余 | | -233.32万 | -2.68% | 624.56万 | 7.18% | -391.24万 | -4.50% | | 002188 | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6]. Core Insights - The focus of urban renewal should be on the transformation of urban villages and the renovation of dilapidated housing. It is anticipated that urban village renovation projects will continue to increase in volume by 2025, with attention on the pace of PSL (Policy-based Financial Instruments) issuance in the second half of the year [2][3]. - The report suggests that the fourth quarter of this year will face a high base period, but there is an expectation of policy strengthening in the third quarter to alleviate fundamental pressures and aim for stabilization. If sales do not stabilize in the fourth quarter, there may be sales pressure on blue-chip developers in the first half of 2025 [5][6]. - The report highlights the importance of high-quality urban renewal as a key theme in this year's important meetings, emphasizing the need for effective implementation of urban renewal policies [5][10]. Summary by Sections Investment Recommendations - The report recommends maintaining an "Overweight" rating, with specific stock picks including: 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: China Resources Land, Longfor Group, and New Town Holdings 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, China Overseas Property, Poly Property, and New Dazheng 4. Cultural Tourism: Overseas Chinese Town A [5][6]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with all listed companies receiving an "Overweight" rating. For example: - Vanke A: EPS forecast for 2024A is -4.17 CNY - Poly Developments: EPS forecast for 2024A is 0.42 CNY - China Overseas Development: EPS forecast for 2024A is 1.43 CNY [6].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600684 | 珠江股份 | 4.93 | 10.04% | 80.93万 | | 3.82亿 | | 002968 | 新大正 | 11.27 | 2.92% | 14.68万 | | 1.65亿 | | 603506 | 南都物业 | 13.72 | 2.16% | 8.04万 | | 1.10亿 | | 001914 | 招商积余 | 13.02 | 1.80% | - 13.57万 | | 1.77亿 | | 600724 | 宁波富达 | 4.69 | -0.42% | 9.86万 | 4630.13万 | | | 002188 | 中天服务 | 5.83 | -1.02% | 6.59万 | 3837.18万 | | | 000056 | 皇庭国际 | 3.05 | -1.93% | 31.55万 | 9692.40万 | | | 002285 | 世联行 | 2.49 | -2.73% | 55.20万 | | 1. ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600684 | 珠江股份 | 4.48 | 4.19% | 52.48万 | 2.32亿 | | 300917 | 特发服务 | 49.11 | 3.83% | 16.76万 | 8.17亿 | | 002285 | 世联行 | 2.56 | 2.81% | 57.04万 | 1.44亿 | | 001914 | 招商积余 | 12.79 | 2.73% | - 13.48万 | 1.72亿 | | 000560 | 我筹找家 | 3.21 | 2.56% | 248.28万 | 7.91亿 | | 002968 | 新大正 | 10.95 | 1.11% | 3.70万 | 4006.64万 | | 002188 | 中天服务 | 5.89 | 0.68% | 10.62万 | 6243.35万 | | 000056 | 皇庭国际 | 3.11 | 0.65% | 29.93万 | 9271.37万 | | 600724 | 宁波富达 | 4. ...

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [5]. Core Insights - The overall market in Q2 2025 shows weak transaction volumes, stable prices lacking trends, and increasing inventory with heightened de-stocking pressure [3]. - Only 19% of the 27 cities analyzed exhibit signs of market bottoming, indicating a general trend of "volume contraction, price stagnation, and inventory pressure" [12]. - The new housing market is experiencing a downturn, with first-tier cities showing a significant slowdown in sales growth, while the second-hand housing market demonstrates relative resilience but with increasing regional disparities [12][13]. Summary by Sections 1. Transaction Decline and Lengthening De-stocking - The report highlights that the real estate cycle varies significantly across cities due to localized policies and differing reliance on land finance [8]. - A comprehensive scoring model based on seven core indicators is used to assess the real estate cycle of each city, categorizing them into four stages: bottoming, rising, topping, and declining [8][9]. 2. Price Trends: Q2 New and Second-hand Housing Prices Decline - In Q2 2025, new housing prices experienced a slight decline after a period of stabilization, with 85% of cities unable to sustain price increases for more than two months [17]. - Second-hand housing prices also fell, with 78% of cities still in a downward trend by June [17][19]. 3. Transaction Volume: Weak Recovery and Increased Volatility - First-tier cities maintained an upward trend in new housing transactions until June, where a decline of 12% was noted [22]. - Second-tier cities saw a 15% year-on-year drop in new housing transactions in Q2, reflecting greater inventory pressure and declining buyer confidence [22][27]. 4. Demand Entering a Tug-of-War Phase Leading to Rising Inventory Cycles - The de-stocking cycle for first-tier cities increased to 20 months by June 2025, indicating intensified market supply-demand conflicts [29]. - Second-tier cities faced even longer de-stocking cycles, reaching 23 months, highlighting structural issues such as declining population attraction and excess land supply [29]. 5. Company Profit Forecasts - The report includes profit forecasts for key companies, with several companies rated as "Accumulate" based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [32].