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]

自2000年以来，本集团一直向荣盛发展集团提供(其中包括)物业管理服务以及小型工程及相关谘询服 务。与其他中国房地产开发商一样，荣盛发展集团亦受到房地产市场低迷以及信贷及流动性紧缩的影 响，因此无法结清相关应收款项。为收回未收应收款项，于2023年11月16日(交易时段后)，本公司与荣 盛发展订立债务抵偿框架协议。根据债务抵偿框架协议，本公司已有条件同意收购而荣盛发展已有条件 同意出售相关清偿物业，总代价为人民币5.68亿元，将按等额基準抵销相关应收款项，且在抵销应收款 项前，若任何清偿物业发生不利变动，本公司将有酌情权拒绝抵销等额的债务。由于债务抵偿框架协议 生效日期后不久部分清偿物业即被政府或中国法院没收或冻结，且本集团亦已自行拒绝清偿本集团基于 市场调查认为不再具备理想销售条件的部分清偿物业，故本集团根据债务抵偿框架协议仅成功结清应收 款项人民币 2.88亿元。就根据债务抵偿框架协议转让的物业而言，于本公告日期，本集团已成功出售价 值人民币922.05万元的物业。 智通财经APP讯，荣万家(02146)发布公告，内容有关债务抵偿框架协议。诚如本公司日期为2024年1月 12日的通函所披露，本集团将收购相 ...

核 心 观 点 当前，城市更新已成为推动城市可持续发展关键举措，当前城市更新进展 如何？资金从哪里来？后续如何 开展？ 城市更新工作进展如何？ 城市更新行动的范围较广，包括老旧小区、老街区、老厂区和城中村的综合改造 等。 2021 年我国将城市更新写入政府工作报告和"十四五"规划当中，并开启了 21 个城市为期两年的试点工 作。试点工作次年起，住建部开始发布《实施城市更新行动可复制经验做法清单》，其政策机制的变化充分体 现出城市更新行动的阶段性进步，反映出城市更新体制机制愈发成熟。从最新一批可复制经验来看，有两点值 得关注：一是强调对存量资源的盘活和利用，二是强调资金和参与主体的多元性。 2021-2024 年全国累计开 工改造老旧小区 接近 22 万个，已经超过十四五规划中 21.9 万个的目标 。今年全年计划新开工改造城镇老旧 小区 共 2.5 万个，较前 4 年的水平明显减少 。 2022 年以来，每年实施的城市更新项目数均稳定在 6 万个上 下， 但前年和去年的总投资金额却明显较低。 因此，后续 资金保障较为重要 。 资金支持来自 何 处 ？ 总的来说，城市更新的资金来源主要有四类，中央财政、地方财政 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-18 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20250616：经济叙事的三重分化——5 月经济数据点评 5 月经济仍然具有韧性。供给端，5 月工业增加值同比+5.8%，服务业生 产指数同比+6.2%，分别比上月下降 0.3 个点、提高 0.2 个点，供给侧工 业小幅走弱、服务业小幅走强，整体大致跟上月持平。需求端，社零同比 +6.4%，比上月提高 1.3 个点；固定资产投资累计同比 3.7%，比上月下降 0.3 个点（推算当月同比从 3.6%降至 2.9%）；出口同比从 4 月的 8.1%降 至 4.8%。整体来看，内需有所修复，经济韧性较强，其中投资增速下降， 部分原因是价格拖累，实际增速降幅没有这么大，5 月 PPI 同比从-2.7% 降至-3.3%。 最近半年多以来，经济的不同领域呈现出三种不同的逻辑 和状态：（1）政策支持领域，如基建制造业和耐用品消费，前 5 个月基建 和制造业投资分别增长 10.4%和 8.5%，5 月 4 种"以旧换新"补贴商品 平均增长 35.5%。（2）内生动能 ...

（文/孙梅欣 编辑/张广凯） 尽管和大多数行业一样，物业企业近年来的发展难度增加，但正呈现出比房地产企业更具韧性的特征。 中国物业管理协会近期发布的数据显示，2024年物业行业在管面积395.5亿平方米，同比增长3.4%。 与此同时，过去一年物业企业受到地产交付增量面积下降、以及物业主动退出管理面积的影响，头部物 业企业在管面积也在持续下降。 克而瑞物管近期发布的《2025中国物业服务企业综合实力研究成果》显示，截至去年末，500强物企合 计在管面积为192.8亿平方米，同比增长5.1%，增速较2023年下降1.1个百分点，已经连续3年呈现下降 趋势。 百强物企和上市物企在管面积增速也同样出现下滑，管理面积分别为138.2亿平方米和76.6亿平方米，增 速分别为5.9%和6.3%，同比分别下降1.7和5.7个百分点。 在管面积的增长中，收并购以和物管企业关联的地产企业关键交易为主，第三方在管理面积的占比基本 稳定在52.5%，整体变动幅度较小。 同时，物业行业正越发展现出独立性，和地产母公司的关联性正在减弱。与此同时，一些大型企业的物 业公司，正顺应企业跨境的大势，也出现物业"出海"的现象。 优质物企利润表现 ...

山东省住房和城乡建设厅物业管理处处长朱亚东介绍，今年年底山东将全面完成"十四五"改造任务。为确保改造有力有序推进，山东将 重点做好四方面工作。 推进"楼道革命"，着力在加装电梯上实现新突破。山东省住房和城乡建设厅与财政、自然资源、市场监管等部门联合印发了《关于进一 步做好既有住宅加装电梯工作的指导意见》，各地正在按照"高效办成一件事"的要求，推行线上线下办理、优化审批流程，让数据多跑 路、让居民少跑腿，积极搭建沟通议事平台，通过居民自治协商来解决加装电梯中的种种难题。同时，用产业思维来推动电梯加装工 作，发挥好德州宁津这个北方最大的电梯产业集群优势，推进建设方与电梯设计、生产、安装、维保等上下游左右侧的单位企业组建联 合体，优势互补，抱团发展，让加装电梯真正提速提质。截至目前，全省累计完成加装电梯8018部。 推进"环境革命"，着力在完善配套设施上实现新突破。山东坚持一小区一策，聚焦老旧小区居民急难愁盼，注重增设带充电装置的自行 车棚、"一老一少"设施、加装电动汽车充电桩等。山东省住房和城乡建设厅与市场监管部门联合印发《城镇老旧小区改造标准》，指导 各地落实《山东省城镇老旧小区适老化改造指南》，提升改造标准与 ...

Group 1: Core Initiatives - Shenzhen has launched a comprehensive plan to boost consumer spending, focusing on enhancing residents' consumption capacity and willingness, increasing the supply of quality and diverse consumer goods, and strengthening policy support and guarantees [1][2][3] - The plan includes 39 specific measures aimed at expanding consumption demand and promoting a vibrant consumer market, with the goal of establishing Shenzhen as a globally influential consumption center [1] Group 2: Enhancing Consumer Capacity - The plan proposes actions to increase residents' income, including job recruitment initiatives that offer subsidies up to 100,000 yuan for eligible job seekers [2] - It aims to provide vocational skills training for over 60,000 individuals by 2025 and expand the evaluation scope for skilled talent in specialized enterprises [2] - Additional measures include improving maternity and child care services, with plans to establish over two pediatric specialty clinics and ten reproductive health institutions by 2025 [3] Group 3: Optimizing Consumption Environment - Shenzhen will reduce restrictions on car purchases and usage, streamline approvals for cultural and sporting events, and enhance management of outdoor promotions and nighttime consumption venues [3] - The city will support large commercial enterprises in utilizing their own spaces for promotional activities, fostering a more dynamic retail environment [3] Group 4: Diversifying Consumer Supply - The plan emphasizes the development of a unique industrial consumer goods cluster, promoting artificial intelligence terminals and encouraging flagship stores for smart devices in key locations [4] - It aims to enhance the quality of dining services by supporting well-known food brands to establish their presence in Shenzhen and nurturing affordable chain restaurants [4] - The initiative also includes promoting the integration of cultural, sports, and tourism consumption, with plans to develop low-altitude and cruise consumption experiences [4] Group 5: Expanding Duty-Free Opportunities - Shenzhen plans to establish and operate city-based duty-free shops, add port duty-free stores, and set up 40 tax refund shops to enhance inbound consumer spending [5]

Core Viewpoint - The tax authorities have intensified efforts to combat tax evasion through the concealment of unbilled income, highlighting the legal and financial repercussions for companies involved in such practices [1][2][3] Group 1: Tax Evasion Cases - Three companies were recently penalized for concealing unbilled income and engaging in false tax declarations, resulting in a total tax shortfall of approximately 2.25 million USD (12.57 million CNY) [1] - Hainan Oulijia Industrial Co., Ltd. and its subsidiary concealed 1.26 million USD (12.57 million CNY) in taxes [1] - Chongqing Duoliyuan Food Co., Ltd. concealed 699,070 USD (6.99 million CNY) in taxes [1] - Huaihua Taihe Property Service Co., Ltd. concealed 196,580 USD (1.97 million CNY) in taxes [1] Group 2: Tax Compliance and Legal Consequences - Concealing unbilled income is a challenge to tax law authority, and companies found guilty face severe legal consequences, including back taxes and fines [2] - The tax authorities have reported over 150 typical cases of tax violations this year, indicating a significant increase in enforcement actions [2] - Companies mistakenly believe that using personal accounts and maintaining "off-the-books" records can evade tax oversight, but digital tax administration makes such tactics increasingly ineffective [2] Group 3: Recommendations for Businesses and Consumers - Companies are advised to accurately report taxable income and maintain strict internal financial regulations to uphold industry competition [3] - Consumers are encouraged to request invoices to protect their rights and promote compliance among businesses [3]

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 ...

摘要 5 月以来房地产市场数据持续走弱，新开工、投资、竣工面积同比降幅 扩大，但重点城市拿地金额因一线城市高溢价地块成交而结构性回暖。 商品房销售面积和金额同比下降，但环比略有改善，70 大中城市房价指 数同比环比均下降。 6 月高频数据显示市场仍疲软，重点城市新房、二手房成交面积同比下 降，前瞻指标如门店成交套数和带看人数环比减少，表明市场信心仍待 修复，供求关系有待改善。 政策层面强调稳楼市，国常会加大力度推进房地产商直接回款，预示后 续政策可能发生增量变化，稳定市场基本面与向新模式转型并举，需关 注政策稳固和模式转型。 房地产行业基础性制度建设将涉及拿地、销售和房屋养老金制度，现房 销售制度受关注，优质住宅建设纳入城市更新机制，通过城市更新和城 中村改造优化供给。 全国性房地产库存问题需摸底调查，为收储土地和房屋提供数据支持， 提升政策系统性和有效性，放松重点城市限购限贷等行政性限制，稳定 市场预期。 Q&A 最近房地产行业的关注度为何有所提升？ 最近房地产行业的关注度有所提升，主要原因是上周五国常会专门提到了地产 问题，这是过去两年中较为少见的情况。每次国常会单独提及地产后，通常都 会迎来一波政策上的 ...