证券代码：002968 证券简称：新大正 公告编号：2026-001 新大正物业集团股份有限公司 第三届董事会第十七次会议决议公告 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。 第一部分 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"）第三届董事会第十七次会 议于2026年1月23日在上海外滩茂悦酒店以现场会议方式召开。会议通知于2026年1 月15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。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。 第二部分 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《关于公司符合发行股份及支付现金购买资产并募集配套资金暨 关联交易有关条件的议案》 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大资 产重组管理办法》《上市公司证券发行注册管理办法》《上市公司监管指引第9号 ——上市公 ...

Core Viewpoint - The real estate service sector experienced a decline of 0.44% on January 23, with TeFa Service leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.79% [1]. Group 1: Market Performance - The closing price of TeFa Service was 39.84, reflecting a decrease of 3.65% with a trading volume of 100,900 shares and a transaction value of 402 million yuan [2]. - The real estate service sector saw a net outflow of 125 million yuan from major funds, while retail investors contributed a net inflow of 165 million yuan [2][3]. Group 2: Individual Stock Performance - The stock performance of various companies in the real estate service sector showed mixed results, with notable declines in TeFa Service, which fell by 3.65%, and Wo Ai Wo Jia, which decreased by 0.63% [2]. - The trading volume and transaction values for key stocks included: - Wo Ai Wo Jia: 3.14, -0.63%, 1.71 million shares, 536 million yuan [2] - New Dazheng: 14.18, +0.50%, 58,000 shares, 80.91 million yuan [2] - ST Mingcheng: 1.71, +1.18%, 137,300 shares, 23.38 million yuan [2]. Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including: - Wo Ai Wo Jia: -37.63 million yuan, -7.02% [3] - Ningbo Fuda: -19.99 million yuan, -12.08% [3] - Shijian Hang: -10.16 million yuan, -6.04% [3]. - Retail investors showed a positive net inflow in several stocks, with New Dazheng receiving a net inflow of 521,000 yuan, representing 6.44% of its trading volume [3].

Market Overview - On January 22, the real estate service sector rose by 0.29% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Huangting International (000056) closed at 2.10, up 1.94%, with a trading volume of 400,500 shares and a transaction value of 83.39 million yuan [1] - Ningbo Fuda (600724) closed at 6.83, up 1.49%, with a trading volume of 270,200 shares and a transaction value of 186 million yuan [1] - ST Mingcheng (600136) closed at 1.69, up 1.20%, with a trading volume of 102,000 shares and a transaction value of 17.16 million yuan [1] - Zhongtian Service (002188) closed at 6.81, up 1.19%, with a trading volume of 169,000 shares and a transaction value of 114 million yuan [1] - Nandu Property (603506) closed at 14.46, up 0.84%, with a trading volume of 36,800 shares and a transaction value of 53.12 million yuan [1] - Other notable performances include: - China Merchants Jiyu (001914) at 11.73, up 0.43% [1] - Wo Ai Wo Jia (000560) at 3.16, unchanged [1] - Shilianhang (002285) at 2.86, unchanged [1] - Tefa Service (300917) at 41.35, down 0.58% [1] - Xinda Zheng (002968) at 14.11, down 1.40% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 88.39 million yuan from institutional investors, while retail investors saw a net inflow of 94.48 million yuan [2] - The detailed capital flow for individual stocks shows: - Tefa Service (300917) had a net inflow of 2.93 million yuan from institutional investors [3] - ST Mingcheng (600136) had a net inflow of 1.67 million yuan from institutional investors [3] - Huangting International (000056) had a net inflow of 1.21 million yuan from institutional investors [3] - Other stocks like Zhujiang Co. (600684) and Xinda Zheng (002968) faced significant net outflows from institutional investors [3]

证券之星消息，1月21日房地产服务板块较上一交易日下跌0.63%，招商积余领跌。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。房地产服务板块个股涨跌见下表： 从资金流向上来看，当日房地产服务板块主力资金净流出2.97亿元，游资资金净流入9643.49万元，散户 资金净流入2.01亿元。房地产服务板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002968 | 新大正 | 14.31 | 1.71% | 12.30万 | | 1.77亿 | | 600684 | 珠江股份 | 4.82 | 1.69% | 49.40万 | | 2.40亿 | | 603506 | 南都物业 | 14.34 | 0.99% | 4.95万 | 7097.83万 | | | 002188 | 中天服务 | 6.73 | 0.15% | 19.04万 | | 1.27亿 | | 600136 | ST明诚 | 1.67 | 0 ...

Group 1 - The real estate service sector increased by 4.46% on January 20, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the real estate service sector showed significant price increases, with Xin Dazheng rising by 7.57% to a closing price of 14.07 [1] Group 2 - The real estate service sector saw a net inflow of 344 million yuan from institutional investors, while retail investors experienced a net outflow of 224 million yuan [2] - Major stocks like "Wo Ai Wo Jia" had a net inflow of 24.5 million yuan from institutional investors, but a net outflow of 138 million yuan from retail investors [3] - "Te Fa Service" recorded a net inflow of 54.04 million yuan from institutional investors, while retail investors had a net outflow of 69.07 million yuan [3]

Investment Rating - The report assigns an "Overweight" rating for the real estate sector [4]. Core Insights - The report highlights that the rental yield in major cities has shifted from a negative outlook to a neutral stance due to the CPI turning positive and the continuous decline in risk-free rates. This indicates potential stabilization in asset prices in key cities [2]. - The rental yield in first-tier cities has increased from 1.6% in 2020 to 1.9% in 2025, although it remains below the mortgage loan rates and slightly above the risk-free rates. The "rental yield + CPI" metric is expected to improve as the CPI in some first-tier cities turns positive [4]. - Second-tier cities are showing signs of price stabilization, with the "rental yield + CPI" metric improving from 2.3% in 2023 to 2.6% in 2024 and maintaining that level in 2025. Cities like Hefei and Xi'an are expected to see further improvements in their rental yields [4]. Summary by Sections Rental Yield Analysis - The historical rental yield was 1.5%, but when adjusted for CPI, it is not considered low. The report emphasizes the need to differentiate between actual and nominal yields [4]. - The nominal rental yield is adjusted to account for potential inflation, making it a more comparable metric. The report suggests that the high inflation period has made the first-tier cities' rental yield of 1.5% equivalent to an international nominal yield of 3.5% [4]. Market Trends - The report notes that the rental yield plus CPI in first-tier cities is around 2.5%, which is now higher than the risk-free rate. This indicates a potential shift in market dynamics [5]. - The report also points out that the proportion of declining listing prices has increased, indicating a weakening in the second-hand housing market, with about 19% of listings showing price declines [4][18]. Future Outlook - The report anticipates that as the CPI continues to rise and the risk-free rate declines, asset prices in key cities may transition from a negative outlook to a neutral one. This is particularly relevant for second-tier cities, which are expected to have a stronger rental yield plus CPI metric [4].

Investment Rating - The report assigns an "Overweight" rating for the real estate industry [4]. Core Insights - The real estate sector is expected to experience a noticeable decline in 2025, aligning with earlier predictions that companies would maintain positive cash flow and that there would be no financial risks throughout the year. The focus will shift from finance to economic aspects in 2026 [2]. - The anticipated theme for 2026 is "high-quality development," with an emphasis on urban renewal. Recommended companies include Vanke A, Poly Developments, China Overseas Development, and Longfor Group among others [59]. - The total investment in real estate development is projected to be 8.3 trillion yuan, with sales amounting to 8.4 trillion yuan, achieving the goal of no financial risks for the year. The industry is expected to continue reducing investment, primarily in construction, which will further alleviate spending pressures [59][60]. Summary by Sections Investment Overview - In 2025, the cumulative real estate development investment is expected to decline by 17.2% compared to 2024, with residential investment decreasing by 16.3% [13][11]. - The total sales amount for commercial housing is projected to drop by 12.6% year-on-year [10][11]. Sales and Construction Data - The total sales area of commercial housing for 2025 is estimated at 881 million square meters, reflecting an 8.7% year-on-year decrease [25][10]. - The new construction area is expected to decline by 20.4% year-on-year, while the completion area is projected to decrease by 18.1% [18][9]. Funding Sources - The total funding for real estate development is anticipated to reach 9.31 trillion yuan, with a year-on-year decline of 13.4% [43][11]. - Domestic loans are expected to account for 15.14% of the funding sources, with a year-on-year decrease of 7.3% [47][49]. Market Dynamics - The unsold housing area at the end of 2025 is projected to be 766 million square meters, with a year-on-year increase of 1.6% [60][37]. - The report emphasizes the importance of understanding the real estate sector's impact on the economy, focusing on physical construction rather than virtual rental income [61].

Market Performance - The real estate service sector increased by 1.12% on January 19, with Zhongtian Service leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 6.58, up 4.11% with a trading volume of 200,600 shares and a turnover of 130 million yuan [1] - Nandu Property (603506) closed at 14.37, up 3.08% with a trading volume of 61,200 shares and a turnover of 86.45 million yuan [1] - Wo Ai Wo Jia (000560) closed at 3.00, up 1.69% with a trading volume of 1,337,100 shares and a turnover of 398 million yuan [1] - Other notable stocks include Ningbo Fuda (600724) at 6.39, up 1.59%, and Huangting International (000056) at 2.04, up 1.49% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 65.85 million yuan from institutional investors, while retail investors experienced a net outflow of 6.77 million yuan [2] - The overall capital flow indicates that institutional investors are more optimistic about the sector compared to retail investors [2] Detailed Capital Flow for Individual Stocks - Wo Ai Wo Jia (000560) had a net outflow of 53.83 million yuan from institutional investors, indicating a bearish sentiment [3] - Zhongtian Service (002188) experienced a net inflow of 10.08 million yuan from institutional investors, showing positive investor sentiment [3] - Other stocks like Nandu Property (603506) and Ningbo Fuda (600724) also had minor net inflows from institutional investors [3]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report indicates that the real estate sector continues to adjust, with expectations for marginal stabilization in sales [4] - In 2025, national real estate development investment reached 82,788 billion yuan, a year-on-year decrease of 17.2%, while new housing starts fell by 20.4% to 58,770 million square meters [4] - New residential sales area in 2025 was 88,101 million square meters, down 8.7% year-on-year [4] - In December 2025, the sales prices of residential properties in 70 large and medium-sized cities showed a month-on-month decline, with year-on-year declines widening compared to the previous month [4] Industry Fundamentals Tracking New Housing Transactions and Inventory - Last week, the new housing transaction area in 30 major cities was 126.6 million square meters, with a cumulative year-to-date transaction area of 472.22 million square meters, down 27.1% year-on-year [5] - The average transaction area over the past four weeks in these cities was 193.53 million square meters, down 29.5% year-on-year and 14.4% month-on-month [5] - First-tier cities saw a year-on-year decline of 36.1% in average transaction area over the past four weeks [5] Second-Hand Housing Transactions and Listings - In the last week, the second-hand housing transaction area in 20 cities was 234.39 million square meters, with a cumulative year-to-date area of 630.72 million square meters, down 12.3% year-on-year [6] - The average transaction area over the past four weeks in these cities was 214.47 million square meters, down 15.5% year-on-year [6] Land Market Transactions - Last week, 100 major cities saw 31 new residential land supplies and 17 transactions, with an average transaction price of 4,346.25 yuan per square meter and a premium rate of 1.18% [28] - The average transaction price for commercial land was 2,175.75 yuan per square meter, with a premium rate of 0.73% [28] Market Review - Last week, the A-share real estate index fell by 3.52%, underperforming the CSI 300 index, which fell by 0.57% [31] - The real estate index lagged behind the CSI 300 index by 2.95 percentage points [31] - In the Hong Kong market, the Hang Seng Property Services and Management Index fell by 0.74%, while the Hang Seng Composite Index rose by 2.56% [31]

Investment Rating - The report suggests a cautious outlook on the real estate industry, indicating a phase of stabilization with potential for continued policy support. It recommends focusing on financially sound real estate companies [45]. Core Insights - The real estate sector has shown weakness, with a 3.5% decline in the Shenwan real estate index, underperforming the CSI 300 index by 2.9 percentage points [11]. - New home transaction volume in 43 cities decreased by 33.3% year-on-year and 31.1% month-on-month, with first-tier cities experiencing a 38.9% year-on-year decline [17][21]. - The inventory of commercial housing in 17 cities remained stable, with a depletion cycle of 151.7 weeks [23]. - Land supply in 100 major cities decreased by 2.6% year-on-year, while land transaction volume fell by 41.4% [28]. Summary by Sections Market Review - The Shenwan real estate sector fell by 3.5% during the week of January 12-16, with a trading volume of 51,869.8 billion yuan, reflecting a 7.1% decrease compared to the previous week [11]. - Significant individual stock movements included notable gains for *ST Sunshine, Daming City, and Tibet City Investment, while Huaxia Happiness, ST Zhongdi, and China Wuyi saw significant declines [11]. Basic Data - The total market capitalization of the real estate industry is 1,207.435 billion yuan, with a circulating market value of 1,173.183 billion yuan. The industry’s TTM price-to-earnings ratio stands at 60.1, compared to 14.2 for the CSI 300 [4]. Industry and Company Dynamics - Recent policies include tax incentives for homeowners selling and repurchasing properties within a year, effective from January 1, 2026, to December 31, 2027 [37]. - Companies like China Resources Land and Longfor Group are highlighted as key players to watch in the development sector, while China International Trade and New City Holdings are noted in the commercial sector [45]. Investment Recommendations - The report emphasizes a focus on high-quality real estate companies with stable operations, recommending stocks such as China Resources Land (1109.HK), Longfor Group (0960.HK), and Poly Property (6049.HK) for potential investment [45][46].