克尔瑞物管发布的数据显示，2025年6月，中国物业服务TOP50企业新增合约面积约8447万平方米；TOP10企业新增合约面积5769万平方米，占比68.3%， 6月中海物业新增合约面积最高为1210万平方米。6月头部物企拓展规模竞争热度上升，TOP10门槛较上月提高51.3%，为271万平方米。 01.第三方拓展分析 | 8 | | 252 | 30 | | --- | --- | --- | --- | | 9 | 碧桂园服务 | 229 | 24 | | 10 | 招商积余 | 224 | 28 | | 11 | 雅生活集团 | 209 | 26 | | 12 | 建发物业 | | 21 | | 13 | 明德物业 | 175 | 13 | | 14 | | 153 | 24 | | 15 | 万达商管 | 148 | 18 | | 16 | 爱玛客 | 110 | 7 | | 17 | 新大正 | 104 | | | 18 | 东吴服务 | | 7 | | 19 | 恒大物业 | 93 | 13 | | 20 | 德科技 | 91 | 11 | | 21 | 电城市服务 | 76 | 11 | | 2 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 点击注册小程序 三、当前地产行业贝塔偏弱，聚焦结构性阿尔法机遇 不可否认的是当前地产行业贝塔仍偏弱。2025年1-5月，房地产投资3.62万亿元（同比-10.7%）；房屋新开 工面积2.32亿平（同比-22.8%）、新建商品房销售额3.41万亿元（同比-3.8%）、百城成交住宅类用地建面 为6991万平（同比-3.4%）。但我们认为随着区域分化和城市分化进一步加深，结构性阿尔法亮点值得持 续关注。 例如在全国销售和拿地持续下滑的同时，2025年1-5月，北上广深杭蓉六城商品住宅（不含保障）销售金 额7458亿元（同比+14.4%）；同期光大核心30城成交宅地总建面3440万平（同比+15.6%），成交楼面均 价12548元/平(同比+23.9 ...

2025 年 6 月 29 日 截至 2025 年 6 月 27 日，房地产服务(申万)市净率 PB(LF)为 1.60 倍，历史分位 数 79.83%(2024-至今)。恒生物业服务及管理市盈净率 PB(LF)为 0.46 倍，历史 分位数 91.79%(2024 年 9 月 13 日—至今)。2025 年 6 月 1 日至 6 月 27 日，房 地产服务(申万)上涨 0.5%，跑输沪深 300 指数 1.6 个百分点，跑赢房地产(申万) 指数 0.1 个百分点；恒生物业服务及管理指数上涨 4.9%，跑赢恒生指数 0.6 个 百分点，跑输恒生地产建筑业指数 1.4 个百分点；A 股物业服务重点公司涨跌幅 前三为特发服务（+2.65%）、南都物业（+1.74%）、宁波富达（+1.32%）；H 股物业服务重点公司涨跌幅前三为保利物业（+14.48%）、远洋服务（+13.40%）、 绿城服务（+12.23%）。 三、当前地产行业贝塔偏弱，聚焦结构性阿尔法机遇。 行业研究 地产行业贝塔偏弱，聚焦结构性阿尔法机遇 ——光大地产板块及重点公司跟踪报告 要点 一、地产开发板块估值及重点公司近期市场表现。 截至 2025 ...

机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，地产行业市盈率（TTM）平均值为4.88倍，行业中值-0.15倍。荣万家市盈率4.16倍，行 业排名第14位；其他百仕达控股(旧)（02983.HK）为0.51倍、百仕达控股(新)（01168.HK）为0.52倍、 恒达集团控股（03616.HK）为1.71倍、中国新城市（01321.HK）为2.07倍、瑞森生活服务 （01922.HK）为2.82倍。 6月24日，截至港股收盘，恒生指数上涨2.06%，报24177.07点。荣万家（02146.HK）收报1.6港元/股， 上涨17.65%，成交量8.35万股，成交额12.31万港元，振幅14.71%。 最近一个月来，荣万家累计跌幅9.33%，今年来累计跌幅24.02%，跑输恒生指数18.09%的涨幅。 财务数据显示，截至2024年12月31日，荣万家实现营业总收入19.57亿元，同比增长6.83%；归母净利润 1.14亿元，同比减少9.91%；毛利率21.24%，资产负债率47.1%。 荣万家不断获得市场和行业的认可。2024年获得中国物业服务百强企业TOP14、中国物业服务企业综合 实力20强 ...

Group 1 - Jiangsu Province aims to reduce engineering quality complaints by over 30% by the end of 2027 through a new action plan focused on improving residential construction quality and governance [1] - Xi'an has introduced measures to allow housing provident fund withdrawals for down payments on new homes, enhancing support for homebuyers in the region [2] - China Merchants Shekou announced the interest payment arrangement for its corporate bond "22 Shekou 04," with a total issuance of 1 billion yuan and a coupon rate of 3.4% [3] Group 2 - Shimao Services plans to invest 238 million yuan to establish a partnership for developing a cold chain logistics project in Huludao, Liaoning Province [4] - A report indicates that first-tier cities like Shanghai, Beijing, Shenzhen, and Guangzhou continue to attract significant real estate investment, maintaining their top positions in the investment attractiveness ranking for 2025 [5]

Core Points - The auction of a swimming lesson with Chinese swimmer Fu Yuanhui raised a total of 100,001 yuan, with proceeds donated to the Zhejiang Charity Foundation for public welfare [1][2] - The auction attracted significant attention, with over 6,000 views on the first day and participation from seven bidders [2] - The winning bidder was an entrepreneur from Zhejiang Ruoqie Technology Group Co., Ltd., which operates in real estate development and property services [2] Group 1 - The auction featured a one-hour private swimming lesson with Fu Yuanhui, including a signed souvenir and a photo opportunity [1] - The event was part of Alibaba's new initiative "Celebrity Charity Auction," aimed at engaging more celebrities in public welfare activities [2] - The auction concluded with a delivery ceremony where Fu Yuanhui will teach the winning bidder's children, and she will be awarded the title of "Charity Ambassador" for her contributions [2][3] Group 2 - The auction not only provided children with a unique opportunity to learn from a world champion but also invigorated the development of regional cultural and sports initiatives [3]

Group 1 - The core event was the "2025 China Property Service Enterprise Comprehensive Strength Research Results Release Conference" held in Wuhan, where the comprehensive strength rankings of property service companies were announced [1] - Guotai Service, a subsidiary of Guotai Real Estate, was recognized as one of the "Top 30 Comprehensive Strength Property Service Enterprises in 2025," marking its fourth consecutive year of improvement [1][5] - The company also received multiple awards, including "Top 100 State-owned Property Service Enterprises in China" (17th place), "Leading Enterprise in Quality Property Service," and "Leading Enterprise in Value-added Property Service Operations" [1][5] Group 2 - Guotai Service has expanded its operations from Xiamen to nearly 30 key cities across China, managing an area of nearly 40 million square meters and servicing around 300 projects [5] - The company offers a wide range of services, including property management, municipal integration, industrial park operations, and community space management, catering to various types of projects [5][7] - In 2024, Guotai Service reported continuous double-digit growth in key financial metrics, demonstrating its resilience amid economic challenges and structural adjustments in the real estate market [7] Group 3 - The "Beautiful Co-creation Plan" launched by Guotai Service in 2025 aims to enhance service quality through innovative practices and technology integration [8] - The company has implemented a dual concierge service model and utilized data management platforms and remote control systems to improve service efficiency [8][10] - Guotai Service is also applying its "new quality service" concept across various sectors, including industrial parks and office buildings, enhancing property management with advanced technologies like drone inspections [8] Group 4 - Guotai Service focuses on creating a community service ecosystem that combines lifestyle, community, and spatial services to meet diverse needs [10] - The company engages in community co-creation through various activities, enhancing neighborly relationships and providing educational resources for families [10] - Initiatives for the elderly include health services and community events, promoting active and fulfilling lives for senior residents [10] Group 5 - Guotai Service emphasizes the integration of party building with property management to enhance community governance and service quality [12] - The company has established a tripartite mechanism involving the community, property management, and homeowners' committees to revitalize old neighborhoods [12] - Guotai Service's projects have received multiple honors for their community service quality, reflecting the effectiveness of its "red property" model [12] Group 6 - Guotai Service is committed to its mission of co-creating a better urban environment, focusing on core business areas such as basic property services, urban space, and value-added services [14] - The company aims to adopt a more open, professional, and innovative approach to enhance urban living experiences [14]

站在业主角度，小区公共区域卫生打扫不及时、设施维修缓慢、小区安保形同虚设等情况让人苦恼，而 物管一方，又常为收费难、管理权限有限而抱怨。探究双方矛盾，其根源在于信息不透明、监管不到位 以及缺乏有效的沟通反馈机制。 近日，上海市房屋管理局印发《上海市住宅小区物业服务质量提升行动方案》(下称《方案》)，进一步 规范住宅小区物业服务行为，推动物业服务行业高质量发展。《方案》聚焦人民群众最关心的物业服务 领域突出问题，从信息公开、服务提升、行业监管等3个方面提出了14项主要任务。 "买房一阵子，物管一辈子"，这句俗语道出了无数购房者的心声。在房地产行业从增量时代转向存量时 代的当下，消费者对居住品质的追求早已突破建筑本身的物理空间，他们渴望好房子，也在呼唤好服 务。 然而尴尬的一面是，长期以来，物业服务质量欠佳的问题一直是舆论的焦点，业主与物管之间的矛盾更 是屡见不鲜。 物业服务质量提升牵涉人群众多、工作千头万绪，不可能一蹴而就。现在有了一个良好方案对此进行探 索是一个不错的开始。接下来，应考虑在监管层面建立一套考核评价体系，将物业服务质量提升成效纳 入街镇、房管部门的绩效考核之中。 现在上海出台方案，意在围绕上述难 ...

Group 1 - The company, China Communications Real Estate Co., Ltd., plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd., as part of a major asset sale and related party transaction [1] - After the completion of this restructuring, the company will no longer engage in real estate development and sales, shifting its focus to property services and asset management, thereby transitioning to a light asset operation model [2][3] - The controlling shareholder has issued a commitment to avoid any competition with the company's future business operations, ensuring that its subsidiaries will not engage in activities that could adversely affect the company's main business [2][3] Group 2 - The commitments from both the controlling shareholder and the indirect controlling shareholder are effective from the completion of the transaction and will hold during their respective periods of control over the company [3][4] - If there is a violation of these commitments, the controlling shareholders will be liable for any economic losses incurred by the company [3][4]

Core Viewpoint - The article discusses three cases of tax evasion involving companies that concealed unbilled income and engaged in false tax declarations, highlighting the implications for tax revenue and market competition [2][3][6]. Group 1: Tax Evasion Cases - Hainan Oulijia Industrial Co., Ltd. and its subsidiary were found to have concealed unbilled income, resulting in tax evasion totaling 12.57 million yuan, with penalties amounting to approximately 29 million yuan [5]. - Chongqing Duoliyuan Food Co., Ltd. was discovered to have concealed sales income and engaged in false tax declarations, leading to a total tax evasion of 6.99 million yuan and penalties totaling around 14 million yuan [3][4]. - Huaihua Taihe Property Service Co., Ltd. was involved in concealing unbilled income, resulting in tax evasion of 196,580 yuan, with penalties totaling approximately 393,040 yuan [6]. Group 2: Methods of Concealment - Common methods of tax evasion included using cash transactions without invoices and receiving sales payments into personal accounts, which do not enter the formal financial system [2][5]. - Chongqing Duoliyuan Food Co., Ltd. utilized dual accounting systems, maintaining separate internal and external books to misrepresent their financial status [3][4]. - The internal accounts of Chongqing Duoliyuan Food Co., Ltd. showed sales data that was 40 times higher than the declared income, indicating significant discrepancies [4]. Group 3: Regulatory Response - The tax authorities are empowered to recover unpaid taxes and impose fines ranging from 50% to five times the amount of unpaid taxes for tax evasion [2]. - Tax authorities acted on reports of suspicious tax behavior, leading to investigations that uncovered significant discrepancies between reported and actual financial data [3][5]. - The investigations revealed a complete evidence chain linking concealed income to actual sales, demonstrating the effectiveness of regulatory oversight [5].