撰文| 吴先之 编辑| 王 潘 用户很容易发现，不少商家已经养成了"听劝体质"。 抖音商家东黎羊绒的主理人刘丽娜，看到用户反馈上架的产品又老又土时，进行了大刀阔斧的产品设计改良。"我们发现年轻人喜欢饱和度比较低的色 彩，比如樱花粉色、浅蓝色。这两年大家比较流行穿阔腿裤，所以我们把衣长从58厘米改成53厘米，他们都照单全收。" 最近畅销的羊绒空调衫的设计概念，则来自于一位用户在抖音上@了东黎羊绒。 更彻底的是抖音商家@飞恋伞厂 ，无声的视频打开了用户的话匣，在多个视频评论下，不时会有用户提出自己所希望的雨伞设计，且都会得到商家的回 复。 不少商家借助好内容在抖音上获取用户关注，同时用户需求直接反馈给商家，商家按用户需求设计、生产，不仅是形成了定制化的生产，而且符合需求的 商品自然而然地具备成为好商品的可能。随着商家增强与用户的互动， 积极平台机制优化，好服务不再是一句轻描淡写的词组。 8月22日，抖音电商服务体验开放日在北京举行，一个月前，抖音电商还发起了"心意发现计划"，并启动2025年用户体验月活动。商家、平台的诸多动 向，都表明了整个直播电商，都将服务体验视为重要突破口。 好内容是反馈信息的"高速路" 传 ...

Core Viewpoint - The article emphasizes the importance of enhancing property service quality and transitioning from a "passive response" model to an "active innovation" model in the context of the "Good House, Good Service" policy framework being implemented across China [1]. Group 1: Property Service Pricing - The concept of "elastic pricing" allows homeowners to have a say in property service fees, which can lead to a win-win situation for both homeowners and property management companies [2]. - Two main operational models for elastic pricing include negotiating differentiated fee standards through homeowners' meetings and providing detailed service lists for homeowners to choose from [2]. Group 2: Service Quality Improvement - Property service satisfaction is currently declining due to various factors, including cost control and market adaptability, necessitating companies to broaden service boundaries and enhance service quality [2]. - Basic services must be solidified, and innovative service scenarios should be developed to integrate services into homeowners' daily lives [3]. Group 3: Policy and Industry Collaboration - The improvement of property services requires collaboration among government, industry associations, homeowners, and service providers, along with policy guidance and supervision [3]. - Establishing industry entry mechanisms and complaint handling platforms is essential to protect residents' rights and promote transparency in the industry [3]. Group 4: Industry Transformation - The property management industry is transitioning from a phase of rapid expansion to one focused on high-quality development, with "Good Service" needing to take root in communities to enhance residents' satisfaction [4].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The property management industry is experiencing a slowdown in growth, with a focus on improving project quality as companies exit low-margin projects and enhance service quality [5][8] - The REITs market is expected to continue expanding, driven by policy support and the attractiveness of high-dividend assets in a declining interest rate environment [7][8] Summary by Sections Property Management Industry Overview - As of the end of 2024, the property management industry in China managed a total area of 314.1 billion square meters, reflecting a year-on-year growth of 4% [5][16] - The average growth rate of managed area for the top 100 property management companies has decreased to 2%, indicating a trend of slowing expansion [16][21] Performance and Financials - Revenue growth for the top property management companies remains steady but has declined to single digits, with profitability under pressure due to increased competition and declining real estate sales [44][46] - The average cash on hand for sample companies remains robust, with a stable dividend payout ratio, indicating financial resilience [58][60] Development Opportunities in 2025 - The industry is expected to benefit from three main directions: enhancing service quality under the "Good House, Good Service" concept, leveraging AI for operational efficiency, and capitalizing on urban renewal opportunities driven by housing pension policies [6][8][89] REITs Market Trends - The REITs market has shown significant structural differentiation, with anti-cyclical sectors performing well while cyclical sectors face challenges. Future growth is anticipated in areas supported by policy, such as elderly care and new infrastructure [7][8][20]