Group 1 - The core viewpoint of the news is the implementation of the national standard for residential projects, which emphasizes "safety, comfort, green, and intelligence" as quantifiable and verifiable indicators, shifting the focus on housing quality to design, materials, construction, and service [1] - Leading real estate companies are responding to the new national standard by launching a systematic "good housing" product system, indicating a comprehensive upgrade from concept to system, where future home buying criteria will extend beyond location and price to include a perceptible "human living operation system" [2] - The home appliance and mechanical service industry is undergoing a significant transformation, moving from traditional equipment sales to a comprehensive operation model that includes design, installation, and maintenance services, driven by the national policy direction towards "good housing" and consumer upgrades [3] Group 2 - Home appliance and mechanical service providers are focusing on building core competitiveness through professional consulting, installation, and maintenance services, aiming to escape low-level price competition and enter a new growth phase driven by operational quality [4] - The upcoming conference in December in Shaoxing will address the industry's transition, focusing on key topics such as market dynamics, service innovation, and resource integration, with industry experts sharing insights [5]

Core Insights - Haier Smart Home has made significant progress in building the "Good House" ecosystem amid rapid advancements in AI technology and increasing housing demands [1][2] - The establishment of the "Smart Home Innovation Laboratory" in collaboration with over ten authoritative institutions and leading enterprises marks a key step in innovation [1] - The exhibition showcased 63 implemented "Good House" smart scene solutions, demonstrating the practical outcomes of Haier's strategic initiatives [1] Group 1: Technological Advancements - The smart solutions presented are not merely a collection of devices but are integrated systems that exhibit cognitive and sensory capabilities [1] - Haier's Uhome model enables natural language interaction and proactive service capabilities for home appliances, enhancing user experience [1] - The Haier Smart Home app allows for comprehensive control of the entire home, with innovative 3D family view features for easier device management [1] Group 2: Ecosystem Expansion - Haier Smart Home's platform has integrated over 55 brands and 167 categories of devices, extending its reach across various sectors including home, automotive, and community [2] - The "Human-Car-Home" exhibition area demonstrates seamless integration of smart experiences, such as triggering home modes upon vehicle entry into the community [2] - Future plans include deepening the integration of AI technology with living scenarios to transition the "Good House" concept into more ordinary households [2]

中心城区新出让未开工的优质商品住宅地块，鼓励按照"好房子"标准进行开发建设。严格执行商品住宅 类用地供应与周边基本设施建设挂钩机制，确保规划先行、基础先行、配套先行、生态先行和景观先 行，全面打造宜居环境。通过"教共体""医共体"方式，加大教育、医疗等优质资源配套支持。 人民财讯12月2日电，据重庆发布，12月1日，重庆市住房和城乡建设委员会、重庆市规划和自然资源局 出台《重庆市支持"好房子"加快发展十条措施》，《措施》提出，加大优质地块供应，中心城区新供土 地原则上为"好房子"产品供地。 ...

峰级经典传世作品方向迈进。三是以优质高效的履约为后续高质量项目 合作奠定基础，强化项目过程管控与资金管理，进一步提升经营效率与 盈利能力。四是通过加大研发投入、关键技术攻关、科技成果转化等方 式，加快推动业务转型升级，加大"产学研用"融合力度，在"BIM+装 配式""好房子""建筑机器人""智能家居"等新领域，与外部广泛 开展交流并建立更紧密的合作关系，增强自主创新能力，促进创新成果 有效转化，以科创引领发展。 3.是否有并购重组计划？ 公司始终密切关注行业格局变化，通过技术升级、管理提效及供应 链整合持续强化核心竞争力。在聚焦主责主业的情况下，公司将根据自 身发展战略，在风险可控的前提下，动态评估产业链优质资源整合机会。 本次接待过程中，公司严格依照《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等规定执行，未出现未公开 重大信息泄露等情况。 附件清单 （如有） 无 日期 2025 年 12 月 2 日 编号：2025-002 | | ■特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路 ...

从今年3月份，"好房子"三个字第一次被写入政府报告开始，大家看今年几乎所有的新房楼盘宣传推广，都开始心照不宣地统一起来。似乎"好房子"正在成 为一个口号、一个标语。 可能也正是因为口号化，让我们不禁怀疑："好房子"跟我们普通人有什么关系？短期内能看到肉眼可见的效果吗？长期又会有怎样的变化？带着这个问题， 我们试图从过去找找答案。 让我们把时间拉到十年前，也就是2015年左右。当时上海楼市正处于不限价的时期，因为不限价而逼出了一批产品力惊人的标杆楼盘。今天，让我们挑出这 些标杆楼盘，带着时间的维度去衡量一下：十年后的"法拉利"，还是不是"法拉利"？ 01 我们整理了今年各个区乃至各个板块，十年左右房龄的二手房成交情况，试着从这些楼盘中找到成交单价最高的是哪些。为了让限制不至于太死板而失去一 些有效数据，我们将"十年房龄"的二手房范围定义为2013-2017年交付的楼盘，发现了一些有意思的数据。 | 区域 | 年份 | 排名 | 小区 | 板块 | 成交单价 | | --- | --- | --- | --- | --- | --- | | | | | | | (元/m2) | | 静安 | 2015年 | 1 ...

住房，是民生之要。"十五五"规划建议提出，因城施策增加改善性住房供给。这一重要部署，是适应房 地产发展新阶段、推动行业迈向高质量发展的重要举措。 当前，我国房地产市场供求关系已发生重大变化。一方面，住房供给从总量短缺转为总量基本平衡、结 构性供给不足；另一方面，住房需求从"有没有"转向"好不好"，人民群众对改善居住条件有了更多新期 待。 2025年1月15日，江西省宜春市铜鼓县永宁镇城南社区文昌苑安置小区居民搬入新居。新华社发（周亮 摄） "十五五"开局在即，进一步实现百姓"安居梦"，精准施策成为关键。 未来的房子，既要建得好，也要改得巧。新房子要建成安全、舒适、绿色、智慧的"好房子"；老房子要 通过改造，变身宜居家园。随着《住宅项目规范》国家标准的全面实施，"好房子"建设将有标可循，多 元化的改善性住房供给将更好满足不同群体的安居梦想。 从需求端，各地推出系列政策"组合拳"。从优化"认房不认贷"政策，到推出多孩家庭、人才购房补贴； 从优化公积金贷款额度与使用范围、推出"以旧换新"模式，到联动房企、中介机构搭建交易平台，解决 部分老旧小区业主"卖旧难、换房贵"的痛点……灵活多样的政策"工具箱"不断释放改善性住 ...

Investment Rating - The report indicates a focus on promoting high-quality development in the real estate sector, suggesting a positive long-term outlook for the industry [2][5]. Core Insights - The "14th Five-Year Plan" emphasizes the need for a new development model in real estate, focusing on optimizing supply structures and enhancing living quality, which is a strategic move to address deep-rooted issues in the sector [2][3]. - The report highlights a shift from short-term regulatory measures to long-term mechanisms, indicating a more sustainable approach to managing the real estate market [5]. - The emphasis on "good housing" reflects a commitment to improving housing quality and meeting diverse housing needs, which is expected to enhance consumer confidence and stabilize the market [3][5]. Market Tracking Summary - In October, new home prices continued to decline, with a year-on-year drop of 19.60% in sales area and 25.06% in sales amount, indicating significant downward pressure [6]. - The report notes that the inventory of unsold properties remains high, despite a continuous decrease in the area of unsold properties for eight months [6][8]. - The financing environment for real estate companies is showing signs of improvement, with a net inflow of funds in the bond market, although market sentiment remains cautious [9]. Supply and Demand Dynamics - The report indicates a significant decline in land transaction volumes and prices, with a 13% decrease in land area and a 20% drop in transaction value in October [7]. - The focus on revitalizing underutilized land and properties is highlighted as a key strategy for addressing supply-side challenges [3][5]. - The report emphasizes the need for a multi-tiered housing supply system to meet the diverse needs of different demographic groups, particularly for affordable and improved housing [5].

Core Concept - The article emphasizes the transition from "housing for all" to "quality housing" in urbanization, highlighting the "Four Good" construction concept proposed by the Ministry of Housing and Urban-Rural Development, which includes good products, good communities, good services, and good urban areas [1] Group 1: Good Housing - China Resources Land has developed a "Good Housing System" centered on "good products, good communities, and good services," utilizing a "Ten Energy System" as a pathway [1] - The "All-Cycle Renewal Technology Residence" is designed to be adaptable, with modular, industrial, and column-free technologies allowing flexible living spaces [1] - A comprehensive home renovation service system has been established, covering the entire lifecycle of housing [1] - The new generation of smart space interconnection platform has been launched, enabling seamless integration between equipment management systems and property management apps [1] Group 2: Good Community - The company aims to create a complete community with a 15-minute living circle, addressing various needs such as elderly care, childcare, medical services, shopping, and fitness [5] - China Resources Land's operational real estate and asset management business achieved a revenue of 12.11 billion yuan in the first half of 2025, a year-on-year increase of 5.5% [5] - Shopping centers under the company generated retail sales of 110.15 billion yuan, marking a 20.2% year-on-year growth, with an overall operating profit margin of 65.9% [5] Group 3: Good Operations - The "Good Operations" concept integrates housing management, community governance, and urban operations into a comprehensive operational logic [7] - The company has developed a smart community operation platform that connects various community elements using AI, IoT, and big data, creating nine smart scenarios for efficient management [8] - The operational model in Nanshan District, Shenzhen, showcases a successful integration of planning, development, and unified operations over a decade [9] Group 4: Future Outlook - The company envisions that "good housing" encompasses not just construction elements but also the entire lifecycle and scenarios of urban living, linking personal life, community warmth, and urban development [11] - Continuous improvement in "good products, good communities, and good services" is expected to lead to more safe, comfortable, green, and smart housing solutions for households [11]

Investment Rating - The report maintains a "Buy" recommendation for Greentown Management Holdings (9979.HK) with a current stock price of HKD 3.12 [1]. Core Views - The competitive landscape in the construction management industry is stabilizing, with a return to rational growth, presenting incremental opportunities. Despite increased competition and a decline in new contract signings for 2024, the market share of leading firms continues to expand, and the focus is shifting towards risk management and profitability [6][10]. - The company is experiencing positive operational signals, with a high dividend yield providing valuation support. The company has maintained a high payout ratio and is expected to implement interim dividends for the first time in 2025, with a dividend yield significantly higher than mainstream property management companies [20][51]. Summary by Sections Industry Overview - The construction management industry is witnessing a return to rational competition, with the market stabilizing as new entrants have diminished. The focus is now on the leading firms, which are prioritizing risk control and profitability [6][10]. - Urban renewal and supportive policies for quality housing are expected to create structural growth opportunities within the industry, despite a current decline in single-unit construction fees [10][18]. Operational Performance - Greentown Management Holdings has a robust order book, with a total construction area of 12.65 million square meters as of the first half of 2025. The company has seen a year-on-year increase in new contract values and construction areas [20][23]. - The company’s cash flow is improving, with a significant increase in operating cash flow and a high cash reserve, allowing for a strong dividend policy [51][55]. Financial Projections - Revenue projections for 2025 show a decline to HKD 29.94 billion, with a subsequent recovery expected in 2026 and 2027. The gross margin is anticipated to remain around 40% in 2025, with a potential increase in the following years [5][58]. - The earnings per share (EPS) forecast for 2025 has been slightly reduced to HKD 0.28, but the company is expected to recover to HKD 0.31 in 2026 and HKD 0.34 in 2027, reflecting its competitive advantages in the construction management sector [60].

Core Insights - The "Good House Technology Exhibition" in Beijing focuses on the theme of "Technology Empowering Good House Construction and Industrial Upgrading" and showcases innovations in the construction industry [2][4] - The exhibition features ten major exhibition areas, including model houses, standards, designs, materials, construction, maintenance, and future technologies, presenting a comprehensive blueprint for "Good Houses" [2][4] Group 1: Exhibition Highlights - The "Good House" concept is emphasized as a key driver for high-quality development and meeting the needs of the public for better living conditions [4] - The exhibition includes 18 model houses that illustrate the transition from concept to practical implementation of the "Good House" idea [2][4] - The "Good House" standards and technological achievements have reached a systematic level, marking a new phase in the industry’s transformation and upgrade [4] Group 2: Company Initiatives - China Resources Land showcased its "Good House" standards through its "You Nest" affordable rental housing and full-cycle renovation technology homes, providing a vivid answer to "What is a Good House?" [3][5] - The "You Nest" model integrates five living scenarios within a compact 36 square meters, demonstrating efficient space utilization and high-quality living conditions [5][6] - The company has developed a comprehensive urban investment and development operation methodology that extends from individual housing to community and city planning [3][11] Group 3: Technological Innovations - The "Good House" construction involves five key aspects: good standards, good design, good materials, good construction, and good maintenance [8] - The "Good Maintenance" exhibition area showcases full-cycle home services and smart city operations, highlighting the importance of community and urban living experiences [8][10] - Innovations such as modular design and smart home systems are being implemented to enhance living quality and operational efficiency [9][10] Group 4: Urban Development Strategy - China Resources Land's "Good Maintenance" philosophy extends beyond residential buildings to encompass community and city-level operations, enhancing urban governance and living standards [11][12] - The transformation of Shenzhen's Houhai area exemplifies the successful implementation of this urban operation model, contributing to the region's rapid development [12] - The company aims to integrate the "Good House" ecosystem into urban development, aligning with government goals for high-quality living and new urbanization [13]