新大正公告回购股份进展，珠江股份完成定向增发，卓越商企服务人事变动

Corporate Actions - New Dazheng Property Group completed its share repurchase plan, acquiring 1.05 million shares, approximately 0.46% of its total share capital, with a total transaction amount of about 12.98 million yuan [1] - Zhujiang Development Group issued 253 million A-shares at a price of 2.92 yuan per share, raising a total of 738 million yuan, which will be used to supplement working capital and repay debts [1] Personnel Changes - Jiajie, the CFO of Excellence Commercial Services, resigned effective December 29, 2025, to focus on personal matters. Xiashigang has been appointed to oversee financial management [2] Land Projects - On December 29, 177 new land projects were added in key cities, with a total planned construction area of 10.59 million square meters. Notably, Changchun had the highest number of new projects at 26 [3][18] - The largest project is the Hangzhou Airport Economic Demonstration Zone construction project, with a planned area of 376,213 square meters and a floor price of 480 yuan per square meter [18] Tender Projects - A total of 2,148 property-related tender notices were released in key regions, with non-residential properties accounting for a significant portion, including 926 office property tenders [4][19] - The budget for the cleaning and garbage collection project in Yangjiang's Hailing Island is 96 million yuan [19] Market Performance - On December 30, the Hang Seng Index rose by 219.37 points, approximately 0.86%, closing at 25,854.60 points. Among 61 listed property service companies, 20 saw an increase in stock price [8][23] - The average market capitalization of the 61 listed property companies is 4.245 billion HKD, with seven companies exceeding 10 billion HKD in market value [23] - China Resources Mixc Life is the largest property service company by market capitalization at 99.061 billion HKD, followed by Wanwu Cloud at 21.796 billion HKD and Country Garden Services at 20.361 billion HKD [23] Company Valuation - The average price-to-earnings (P/E) ratio for the 61 listed property companies is 9.73 times, with Deshan Investment Services having the highest P/E ratio at 69.69 times [23]