据不完全统计，11月以来，A股已有5家上市公司宣布拟通过"小比例转让+表决权安排"进行控制权变 更。从杭州更好通过"6.23%股权转让+10.06%表决权委托"入主创业慧康（300451），到栩桐投资 以"5.79%股权转让+13.71%表决权委托"控股华蓝集团（301027），再到魏乃绪主导的思创医惠 （300078）管理层收购，"小比例转让+表决权安排"的低成本控股模式已接连出现5起（11月以来），这 在A股控制权收购市场掀起新的浪潮。 全文请见：小比例转让+表决权安排：A股控制权交易新玩法密集涌现，监管新规是否暗藏变数？ 米度资本并购合伙人赵笛表示，此类控制权变更模式，核心驱动因素是原控股股东持股比例偏低，且受 特定条件限制（如限售等）无法大比例转让股权，所以采用转让部分股权+表决权安排的模式。这在行 业内叫小股操盘，收购方无需持有高比例股份，即可获得上市公司控制权。另外，原实控人为了追求利 润最大化，不想在现有价格把股份全部卖掉，而是卖一部分留一部分，随着新实控人入场，期待其引入 优质产业资源，待后续资本运作推动股价上涨后，再减持剩余股份以获取更高收益。这也是一大驱动因 素。 ...

Core Viewpoint - The shift towards selling completed properties is fundamentally changing the funding model for real estate companies, leading to a significant decline in investment returns and a push towards light-asset development strategies [2][4][5] Group 1: Impact of Current Housing Sales - The current housing sales model necessitates developers to have sufficient self-funding, resulting in longer development cycles and decreased capital turnover [5][6] - This shift is prompting companies to adjust their business portfolios, with a noticeable move towards light-asset operations such as construction management [5][6] - Over 100 real estate companies have engaged in project management, with 49 establishing independent management platforms, indicating a growing trend towards specialized construction management [5][6] Group 2: Land Transaction Trends - The decline in land transactions and the need for local government financing will lead to an increased proportion of residential construction management projects [7][8] - Despite a decrease in land acquisition, the overall scale of the construction management market is expected to remain stable, with a focus on commercial projects [7][8] Group 3: Market Penetration by City Tier - The penetration rate of construction management is expected to rise, particularly in first-tier cities, while second-tier cities will stabilize and third- and fourth-tier cities may decline [9][10] - First-tier cities have historically low penetration rates, but this is expected to increase as companies seek to engage in local government projects to optimize land resources [10] Group 4: Changes in Construction Management Models - The trend towards "small equity operation" in construction management is increasing, necessitating adjustments in payment structures and timelines [12] - Companies are facing challenges related to funding pressures and extended return cycles, requiring a re-evaluation of payment rules linked to project milestones [12] Group 5: Intensifying Competition in Construction Management - The construction management sector is experiencing intensified competition, with a potential for a "second" round of industry reshuffling as new entrants gain market share [13][14] - Companies must enhance their service capabilities and operational efficiency to remain competitive, leveraging digital tools to improve project delivery [14][15] - Establishing long-term partnerships with local government platforms is crucial for aligning interests and ensuring project success [16]