江苏省宜兴新动能母基金招GP 近日，为推动宜兴市产业转型升级，加快构建高质量发展格局，宜兴新动能产业基金合伙企业（有限合伙）（以下简称"新动能母基金"）公开遴选 产业子基金管理机构。 新动能母基金成立于2021年，为私募股权投资类FOF基金，总规模50亿元，合伙期限为40年，由宜兴市级国有企业联合出资组建，管理人为宜兴市 宜财私募基金管理有限公司。新动能母基金围绕宜兴市创新驱动与产业强市战略，通过与国家级母基金、国内外头部投资机构深化合作，投资私募股 权、创业投资子基金，促进宜兴产业的转型升级和高质量发展。 东 莞滨 海湾母基金招GP 近日，东莞滨海湾人工智能 产业创业投资母基金合伙企业（有限合伙）（以下简称"滨海湾母基金"）开展市场化子基金管理机构遴选工作，筛选优 质管理机构共同设立子基金，聚焦人工智能核心赛道，撬动社会资本赋能滨海湾新区人工智能产业高质量发展。 据悉， 滨海湾母基金 首期认缴规模为3亿元，存续期限为10年。基金聚焦"人工智能+"领域，包括人工智能核心技术研发，人工智能在制造业、智 慧城市、智慧交通、智慧医疗、智慧生活服务等领域应用，与人工智能相关硬件制造。 导读 本周， 江苏、广东、杭州 ...

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]

[Table_StockInfo] 2026 年 01 月 26 日 证券研究报告•公司动态跟踪报告 新 大 正（002968）房地产 目标价：17.76 元（6 个月） 买入 （维持） 当前价：13.76 元 经营提效与并购增利并进，迈入发展新阶段 | 指标/年度 [Table_MainProfit] | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3387.20 | 3719.76 | 7470.47 | 8070.84 | | 增长率 | 8.32% | 9.82% | 100.83% | 8.04% | | 归属母公司净利润（百万元） | 113.77 | 119.24 | 251.27 | 298.31 | | 增长率 | -28.95% | 4.80% | 110.72% | 18.72% | | 每股收益 EPS（元） | 0.50 | 0.53 | 1.11 | 1.32 | | 净资产收益率 ROE | 10.12% | 9.84% | 11.97% | 12.85% | | PE ...

南财智讯1月28日电，新大正在投资者关系活动中表示，嘉信立恒是少有的国内规模领先的独立第三方 IFM服务商，若剔除服务自身地产板块的业务部分，可跻身国内FM行业前列；标的公司净利率整体维 持在4%左右水平，其中大陆业务净利率维持在4.5%左右，香港地区因管理人员人工成本偏高导致盈利 能力偏弱。 ...

Q3:标的公司的应收账款情况和商誉情况如何？ A： 报告期各期末，标的公司应收账款账龄构成情况如下 单位：万元 | 账龄 | 2025.8.31 | 2024.12.31 | 2023.12.31 | | --- | --- | --- | --- | | 0-3 月 | 74,778.97 | 71,147.16 | 65,885.34 | | 3-6 月 | 5,716.82 | 4,966.31 | 5,452.21 | | 6-12 月 | 1,808.29 | 1,090.82 | 1,206.16 | | 1-2 年 | 672.59 | 902.03 | 448.57 | | 2-3 年 | 267.63 | 287.02 | 128.97 | | 3-4 年 | 157.10 | 115.89 | 75.23 | | 4-5 年 | 95.89 | 70.21 | 106.80 | | 5 年以上 | 460.51 | 390.30 | 283.50 | | 账面余额合计 | 83,957.79 | 78,969.73 | 73,586.79 | | 减：坏账准备 | 1,948.25 | 1 ...

Market Overview - The real estate service sector increased by 1.03% on January 28, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - TeFa Service (300917) closed at 38.68, up 2.33% with a trading volume of 65,900 shares and a transaction value of 253 million [1] - Wo Ai Wo Jia (000560) closed at 3.03, up 1.68% with a trading volume of 1.5174 million shares and a transaction value of 458 million [1] - Ningbo Fuda (600724) closed at 6.82, up 1.64% with a trading volume of 197,200 shares and a transaction value of 135 million [1] - Other notable performances include: - Zhaoshang Jiyu (001914) at 11.73, up 1.12% [1] - Shilianhang (002285) at 2.73, up 1.11% [1] - ST Mingcheng (600136) at 1.71, up 0.59% [1] - New Dazheng (002968) at 13.34, up 0.53% [1] - Nandu Property (603506) at 14.16, unchanged [1] - Zhujiang Co. (600684) at 4.47, down 0.45% [1] - Huangting International (000056) at 2.02, down 1.46% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 55.558 million from institutional investors, while retail investors experienced a net outflow of 40.3931 million [2] - Notable capital flows for individual stocks include: - Wo Ai Wo Jia (000560) had a net inflow of 55.6157 million from institutional investors [3] - Ningbo Fuda (600724) had a net inflow of 7.4156 million from institutional investors [3] - TeFa Service (300917) had a net inflow of 6.7338 million from institutional investors [3] - Zhaoshang Jiyu (001914) had a net inflow of 4.7044 million from institutional investors [3] - ST Mingcheng (600136) had a net inflow of 3.8735 million from institutional investors [3] - Conversely, stocks like Zhongtian Service (002188) and Huangting International (000056) experienced significant net outflows from institutional investors [3]

（文章来源：每日经济新闻） 每经AI快讯，1月28日，房地产板块盘初冲高，盈新发展涨停，大悦城涨超9%，中洲控股、京能置业、 合肥城建、万科A、新大正跟涨。 ...