Group 1 - ZhongAn Smart Life (02271) and ZhongAn Group (00672) announced a proposed placement of up to 51.74 million shares, representing approximately 10% of the existing issued shares of ZhongAn Smart as of the announcement date [1] - The placement price is set at HKD 1.52 per share, with total gross proceeds estimated at approximately HKD 78.65 million and net proceeds around HKD 77.69 million [1] - The net proceeds from the placement will be used for general working capital of ZhongAn Smart [1] Group 2 - Following the completion of the placement, ZhongAn Smart will remain an indirect non-wholly owned subsidiary of ZhongAn, and its financial performance will continue to be consolidated into ZhongAn Group's financial statements [2] - Assuming no changes in the issued share capital of ZhongAn Smart from the announcement date until the completion of the placement, ZhongAn's ownership percentage in ZhongAn Smart will be diluted from approximately 71.28% to about 64.80%, a reduction of approximately 6.48% [1]

假设配售股份获悉数配售，预期配售事项所得款项总额约为7865万港元，估计所得款项净额预计约为 7769万港元。众安智慧拟将配售事项所得款项净额用作众安智慧集团的一般营运资金。 配售价每股配售股份1.52港元较于最后交易日期在联交所所报收市价每股众安智慧股份1.81港元折让约 16.02%。最高数目的5174.14万股配售股份占于本联合公告日期现有已发行众安智慧股份总数约10%。 配售股份将根据一般授权配发及发行。 格隆汇2月10日丨众安智慧生活(02271.HK)发布公告，2026年2月9日，众安智慧与智易东方证券有限公 司(作为配售代理)订立配售协议，据此，众安智慧委任配售代理，并同意透过配售代理按配售价每股配 售股份1.52港元向配售代理或其代表按尽力基准物色的不少于六名承配人配售最多5174.14万股配售股 份，惟须待配售协议的先决条件获达成后，方可作实。 ...

Group 1 - The core announcement involves ZhongAn Smart Life (02271) and ZhongAn Group (00672) planning to place up to 51.74 million shares, representing approximately 10% of the existing issued shares of ZhongAn Smart as of the announcement date [1] - The placement price is set at HKD 1.52 per share, with total gross proceeds estimated at approximately HKD 78.65 million and net proceeds around HKD 77.69 million, intended for general working capital [1] - Following the placement, ZhongAn's ownership in ZhongAn Smart will be diluted from approximately 71.28% to about 64.80%, a reduction of approximately 6.48% [1] Group 2 - After the completion of the placement, ZhongAn Smart will remain an indirect non-wholly owned subsidiary of ZhongAn, and its financial performance will continue to be consolidated into ZhongAn Group's financial statements [2]

同时，将通过打好物业管理效能提升、安居工程保障提优、垃圾污水系统治理、消防审验风险化解等四 大攻坚战，进一步补齐民生短板。其中，以改善城乡人居环境为目标，系统推进综合治理，开展建制镇 生活污水和"清水进清水出"整治试点，推进生活垃圾填埋场隐患排查整治；发挥城市运管服平台作用， 实现生活垃圾污水全流程信息化监管，推行电子联单管理制度，实现建筑垃圾、污泥全链条监管。 值得一提的是，今年我省将进一步聚力数字化建设，打造全省统一住建数据资源池，实现全生命周期治 理与动态更新。并融合CIM与BIM技术，升级省级城市运行管理服务平台，建立省、市、县三维底图， 接入多领域场景，形成闭环管理，支撑智慧城市建设。 本报讯 （记者 王臻） 2月9日，全省住房城乡建设工作会议在西宁召开。记者从会上获悉，2026年青海 计划实施城市地下管网管廊建设改造"两重"项目，实施300部以上住宅老旧电梯更新、2.7万套城镇老旧 小区改造、1200套以上城市危旧房改造和150个和美乡村建设项目，更好统筹惠民生和稳增长。 ...

在港股物业板块估值仍处历史低位的背景下，部分物业公司年内加大了回购力度。数据显示，截至2026 年2月9日，合计6家港股上市物业公司年内进行了回购，回购金额合计达到2.17亿港元，较去年同期增 长40.34%，并且已经达到去年全年港股物业公司回购金额（7.42亿港元）的约三成。 从公司层面来看，回购行为主要由具备一定规模和现金流基础的物业公司实施。今年以来，碧桂园服务 回购2241.50万股，回购金额达到1.40亿港元；万物云、金科服务、绿城服务回购金额分别达到2402.92 万港元、2309.34万港元、1444.74万港元。融创服务和永升服务也进行了不同程度的回购。 "在经历2021年至2024年行业深度调整后，投资者对物业股关联地产风险仍存担忧。此时龙头企业主动 回购，不仅彰显管理层对未来经营的信心，也有助于打破'流动性折价'的恶性循环，修复板块估值中 枢。"盘古智库（北京）信息咨询有限公司高级研究员江瀚在接受《证券日报》记者采访时表示，在风 险逐步出清、独立运营能力获得市场重新认可的背景下，物业公司通过真金白银回购，既是对自身内在 价值被低估的明确表态，也向投资者传递现金流稳健、财务健康的积极信号。 ...

Core Viewpoint - The "group purchase property" model introduced by Poly Property aims to enhance property management quality in old and small residential communities in Shanghai, addressing long-standing governance challenges while promoting innovation in property services [1][2]. Group 1: Background and Challenges - Old and small residential communities in Shanghai face governance difficulties due to their outdated infrastructure, small scale, and scattered distribution [1]. - As of May 2025, there are 27,500 existing residential communities in Shanghai, with 82% of buildings over 20 years old [1]. - Property fees for old communities typically range from 0.4 yuan to 0.8 yuan per square meter per month, leading to insufficient funding for professional management and poor service quality [1]. - Structural issues include low property fees that only cover emergency repairs, while daily maintenance and service quality are lacking [1]. Group 2: Implementation of the Model - Twelve typical communities were selected as pilot projects to implement the "group purchase property" model, with Poly Property winning the bid to provide comprehensive property services [2]. - The model emphasizes a collaborative governance framework, leveraging advantages such as "multi-quick-good-economical" service delivery and a "grid + professional" management approach [2]. - The service fee for properties has been adjusted from 0.18 yuan per square meter to 0.6 or 0.8 yuan, reflecting a more sustainable pricing structure [3]. Group 3: Benefits of the Model - The "group purchase property" model breaks the cycle of low-quality services by enhancing management efficiency and rationalizing service prices, supported by government subsidies [5]. - It promotes resource optimization by allowing personnel to serve multiple communities, thus reducing waste from fixed staffing [5]. - The model establishes a six-part governance mechanism involving the street, community committees, property management, and residents, enhancing overall governance effectiveness [5].

Core Insights - The article highlights the successful delivery of the Ti Bei Jin Mao Fu project in Tianjin, marking it as a significant milestone for China Jin Mao's high-quality residential offerings and service standards [1][3][19] Project Overview - Ti Bei Jin Mao Fu is recognized as the first 3.0 version of Jin Mao's Fu series and Tianjin's first fourth-generation residential product, attracting considerable attention since its inception [1] - The project aims to provide a high-quality community experience, emphasizing the importance of service delivery as a critical aspect of its value proposition [3][18] Service Delivery - The delivery process is designed as a comprehensive service experience rather than just a property handover, with 464 units being delivered in the first batch [3][10] - A unique "one-stop service" model was implemented to streamline the delivery process, ensuring efficiency and respect for homeowners [3][10] Pre-Delivery Engagement - The service team engaged with homeowners well before the delivery date, establishing customer profiles and providing continuous service updates to create a sense of readiness [5][12] - This proactive approach aims to foster long-term community relationships and emotional connections with residents [5][14] Service Team Composition - The service team consists of experienced professionals with over ten years in the industry, ensuring a blend of expertise and innovation [7][9] - A strong emphasis is placed on employee development, team cohesion, and a supportive work environment to enhance service quality [7][9] Brand and Image Revitalization - The service team's image has been systematically revamped, incorporating a brand theme centered around "orchids" to enhance visual identity and professionalism [9][10] - This branding effort aims to meet the aesthetic and identity needs of high-end clientele, contributing to a cohesive community atmosphere [9][10] Community Engagement and Activities - A year-round community program has been established, offering various activities that cater to all age groups, fostering a vibrant and culturally rich community [14][19] - The initiative aims to build neighborly relationships based on shared interests, enhancing the overall living experience [14][19] Integrated Service Model - The collaboration between Jin Mao service and China Jin Mao during the development phase ensures a seamless integration of property services and community design [18] - This approach positions property services as not just maintenance providers but as creators of lifestyle and value for residents [18][19]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：文轩指数 我们静待包括恒大物业在内的中国恒大系能有一个最终结果，给万千翘首以盼、艰难维权的债权人一个 实实在在的交代，也为这段中国商业史最为惨烈畸形的事件画上一个句号。 观察员|夏期见 图源|文轩图库 恒大物业的命运似乎一开始就已经注定。 2月6日，恒大物业（06666.HK）在港交所发布公告称，公司清盘人已接获若干选定的投标人提交的经 更新要约方案。恒大物业股权出售进入新一轮竞价阶段。 这家曾经市值超过2000亿港元的物业巨头而言，其命运即将揭晓。 明星股 1996年，许家印在广州创立恒大。 一年后，首个项目"金碧花园"一炮而红，回款8000万元，奠定了中国恒大的基石。作为其配套，恒大物 业的雏形：广州市金碧物业管理有限公司应运而生。 在金碧花园打响服务声誉之后，2003年，金碧物业接管广州金碧华府项目，正式进军高端物业服务领 域。 2007年，金碧物业开始向全国扩张，并入驻湖北、四川、重庆等省市，将金碧花园的服务模式复制至全 国恒大项目。到2018年，金碧物业的在管项目突破1000个，覆盖全国31个省级行政区域。 2020年3 ...

2026年02月08日 《房地产行业 2026 年投资策略： 潮平待 风起，扬帆更远航》 2025/11/17 《好房子的另类破局之道，引领核心城市 五重共振——好房子专题报告系列之三》 2025/09/10 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 顾铮 A0230525120002 guzheng@swsresearch.com 研究支持 顾铮 A0230525120002 guzheng@swsresearch.com 联系人 顾铮 A0230525120002 guzheng@swsresearch.com 申万宏源研究微信服务号 1. 行业数据 1.1 新房成交量 1.1.1 成交周环比：上周 34 城周成交环比下降 6.9%，一二线环比下降 商业不动产 REITs 密集申报， 二手住房用于保租房 — 地产及物管行业周报（2026/1/31-2026/2/6） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 地产行业数据：新房、二手房成交环比均回落，新房成交推盘比回升。上周(1.31- 0 2.6)34 个重点城市新房合计成 ...

Group 1 - The company is focusing on transforming its development direction, emphasizing the effective revitalization of existing assets, reform-driven vitality release, and ensuring functionality to support people's livelihoods, aiming for high-quality development [1] - By 2025, the company plans to initiate construction on 2 key projects and ensure the high-quality completion of 5 projects, while also enhancing residential quality through steady progress in real estate development and marketing [1] - The company aims to convert "existing resources" into "new vitality" by optimizing asset utilization, providing "one-stop" services for market-oriented leasing needs, and achieving an asset decommissioning area of 52,400 square meters [1] Group 2 - The company is transforming "work difficulties" into "service highlights" by providing proactive services, conducting over 200 professional training sessions, and optimizing agricultural services, including free grain testing for farmers [2] - The company is implementing targeted investment attraction strategies to enhance regional development, actively engaging with leading institutions and focusing on sectors like smart agricultural equipment and green food processing [3] - The company is expanding its food supply chain segment and has successfully secured a project for centralized food ingredient delivery to campus canteens, thereby extending its core capabilities in food security [3]