行业点评 本周 A 股地产、港股地产、港股物业均上涨。本周（6.7-6.13）申万 A 股房地产板块涨跌幅为-1.8%，在各板块 中位列第26；恒生港股房地产板块涨跌幅为+2.6%，在各板块中位列第6。本周恒生物业服务及管理指数涨跌幅为+3.1%， 恒生中国企业指数涨跌幅为+0.3%，沪深 300 指数涨跌幅为-0.3%；物业指数对恒生中国企业指数和沪深 300 的相对收 益分别为+2.8%和+3.4%。 土地市场溢价率低位震荡。本周（6.7-6.13）全国 300 城宅地成交建面 626 万㎡，单周环比 101%，单周同比-21%， 平均溢价率 3%。2025 年初至今，全国 300 城累计宅地成交建面 15209 万㎡，累计同比-3.8%；年初至今，绿城中国、 保利发展、中海地产、滨江集团、建发房产的权益拿地金额位居行业前五。 本周新房销售量同环比均上涨；4 月新房售价环比-0.1%，同比-4.5%；结合量价，景气度略有承压。本周（6.7- 6.13）47 个城市商品房成交合计 331 万平米，周环比+13%，周同比+15%。其中：一线城市周环比+24%，周同比+20%； 二线城市周环比+9%，周同比+1 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 15 日 更大力度促止跌回稳，新发展模式有序搭建， 好房子加大支持力度 看好 ——国常会关于新模式和好房子政策点评 事件 ⚫ 2025 年 6 月 13 日，李强 6 月 13 日主持召开国务院常务会议，听取构建房地产发展新模式和推 进好房子建设有关情况汇报。会议指出，构建房地产发展新模式，对于促进房地产市场平稳、健 康、高质量发展具有重要意义，要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制 度。要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、 金融等方面予以政策支持。要对全国房地产已供土地和在建项目进行摸底，进一步优化现有政 策，提升政策实施的系统性有效性，多 ...

城市更新事关民生福祉、关乎城市未来。近日，省政府办公厅印发《河南省深入实施城市更新重点工程 三年行动计划（2025—2027年）》（以下简称《行动计划》），提出以完整社区建设为牵引，深入实施 城市更新重点工程，着力打造宜居韧性智慧城市。 聚焦人民关切 实施五大重点工程 城市更新是推动城市高质量发展的综合性、系统性战略行动。随着城镇化快速推进，我省城市建设进入 以城市更新为主导的发展阶段，由规模扩张转向存量改造与增量调整并重的内涵式高质量发展。 我省此次出台《行动计划》，通过实施城市更新重点工程，推动城市盘活存量、优化结构、塑造特色、 提升品质、增强韧性，以更好发挥扩投资、促消费、惠民生、保安全等积极作用。 比如，引导居民将老房子改造成"好房子"，支持装配式、集成化厨卫、节能改造、设备更新等项目，提 高住房品质。统筹推进老旧小区和城中村改造，重点改善居民住房条件，补齐养老、托育、文化、体育 等公共服务设施，整治小区及周边环境，支持有条件的楼栋加装电梯。以保留、利用、提升为主，推动 老旧街区、老旧厂区等功能转换、业态升级、活力提升，2025年实施5个遗存工业厂房更新改造，到 2027年更新改造20个以上。 提升城 ...

南都讯记者吕婧通讯员全奕霖咖啡香气从百年骑楼飘出，搭建起消费新场景；楼下门店、楼上电商的饰 品店，一到节假日顾客盈门……中山市孙文西路(中山百货至西山寺段)处于香山古城核心位置，沉寂多 年的老旧物业正悄然蜕变。 南都记者6月13日从中山城市建设集团有限公司(以下简称"城建集团")获悉，经过历时半年的专项盘 活，8处长期空置的老旧物业迎来新面貌，为这条传统的商业历史街区注入活力。 物业优化焕活历史建筑 孙文西路(中山百货至西山寺段)曾面临典型的老城困境。"部分建筑老化且存在安全隐患，独立水电配 套缺失，物业内部空间布局不合理"，中山城建集团城市开发事业部总监苏家远介绍，由于物业利用难 度较大，出租率长期低迷。 2024年底，中山城建集团下属中山市建安物业拓展有限公司(以下简称"建安公司")启动专项盘活计划， 积极盘活该路段该片区空置待出租物业。 "我们很看好孙文西路商业街区的历史底蕴，同时我们也看到了中山市、城建集团改造街区的决心"，林 燕珊表示，为了融入街区文化氛围，商铺在装修时专门选用宋式风格。正式开业后，林燕珊很快感受到 街区魅力，"每到节假日，店里人流如织。"现在，晶婧灵一楼是商铺，二楼是直播间，"通过 ...

Core Viewpoint - The company has reported its operational and financial performance for the year 2024, highlighting strategic initiatives in its core business segments of film and media, smart space services, and property management, while also addressing challenges in revenue and profitability. Group 1: Operational Performance - The company has adopted a dual-driven strategy focusing on film and media alongside smart space services, enhancing its industry influence [3] - In the film sector, the company co-produced and undertook production for 11 diverse projects, collaborating with over 80 renowned institutions, which has expanded its business scope [3] - The company has received multiple accolades for its television productions, including awards for "Happiness to Ten Thousand Homes" and "Life's Journey" [3] - The cinema business has expanded through acquisitions, increasing the number of cinemas to 13, with a total of 109 screens and 16,115 seats, enhancing market competitiveness [4] - The performing arts segment has signed 111 projects across 15 key cities, launching various high-quality performances and festivals [5] Group 2: Financial Performance - As of December 31, 2024, the company reported total assets of 923.01 million yuan, a year-on-year increase of 31.57% [9] - The net profit attributable to shareholders was -101.02 million yuan, reflecting a decrease of 103.53% compared to the previous year [9] - The company achieved a total operating revenue of 429.06 million yuan, down 18.28% year-on-year [9] Group 3: Strategic Initiatives - The company aims to enhance its governance structure and operational mechanisms to strengthen risk prevention and ensure compliance with regulations [10] - Plans include optimizing business decision-making processes and expanding the scale of existing operations to improve brand influence [10] - Future strategies involve vertical integration through acquisitions and investments to enrich the industry chain layout and create new profit growth points [10] Group 4: Future Outlook - The company projects a revenue target of 450 million yuan for 2025, focusing on quality cultural content and innovative performance formats [16] - Emphasis will be placed on integrating cinema and theater operations to diversify revenue streams beyond ticket sales [16] - The smart space segment will leverage new technologies to enhance service quality and reduce costs, aiming for comprehensive urban governance solutions [16]

Core Viewpoint - China's urban development is shifting from large-scale construction to improving existing structures and adjusting the incremental structure, which is closely related to the transformation of the property industry from "scale expansion" to "value cultivation" [1] Group 1: Policy and Industry Trends - The concept of "good houses" has been included in the government work report for the first time, emphasizing the construction of safe, comfortable, green, and smart housing [1] - The Hubei province is actively responding to the policy direction of "good house" construction, showcasing innovative practices at the 2025 Wuhan International Smart Property Expo [1][2] - The property service industry in Hubei has over 7,000 registered companies, with more than 6,000 actively providing services, employing over 450,000 people [2] Group 2: Local Developments and Achievements - Wuhan has over 2,500 property companies managing 70 million square meters, with total revenue of 17.8 billion yuan [2] - In 2024, Wuhan plans to start construction on 69,000 resettlement houses, with an actual completion rate of over 100% for old community renovations [2] - The city has made significant progress in achieving full coverage of property management in old communities by 2025 [2] Group 3: Technological Advancements - The expo featured various technological products such as humanoid security robots, AI property management systems, and smart utility meters, aimed at enhancing the quality of life in communities [3] - The property management industry is evolving from basic services to urban operations, becoming a key component of grassroots social governance and urban management [3] Group 4: Future Directions - The industry aims to deepen and refine grassroots governance experiences, promoting standardization, intelligence, and humanization in property management [4] - There is a focus on extending service scenarios to areas such as elderly care, low-carbon communities, and emergency management, establishing a new benchmark for livable environments in Hubei [4]

2025年的市场，走得让人感觉陌生，同时又透露着一些熟悉感。 A股里银行成为了上证指数的压舱石，从2022年10月的低点算起，万亿市值的工商银行已经翻了倍。港 股上，曾经的热门赛道医疗和消费，经过几年沉寂之后，在香江卷土重来，一众创新药与新消费涨出了 A股的味道。 唯有地产依旧是那个"地惨"，躺在谷底毫无波澜，鲜有人问津。直到最近，素有"良心基金经理"之称、 一向以左侧的耐心而闻名的杨东，出手抄底了地产股。 在2018年创办宁泉资产之后，他们的身影从未出现在任何过于热闹的地方。 "新三样"颇受瞩目的2020年底，他们明确表示"已不是投资光伏、锂电、电动汽车的股票的好时机"；而 当各路资金痴迷于国债交易的2024年底，他们又明确立场"展望今年（2025），权益类资产对于国内资 金来说是相当好的选择，当然只对一部分的权益资产而言，不包括所有的股票，甚至不包括股票的大多 数。" 可以说，在港股恒生科技指数和恒生国企指数双双进入技术性牛市的热烈氛围中，举牌股价依然在底部 踌躇的碧桂园服务虽然显得格格不入，但出自宁泉之手，似乎也并不令人意外。 与此同时，同样是"抄底地产"这四个字，最具代表性的投资逻辑，也在时代的风云变 ...

2025年的市场，走得让人感觉陌生，同时又透露着一些熟悉感。 A股里银行成为了上证指数的压舱石，从2022年10月的低点算起，万亿市值的工商银行已经翻了倍。港 股上，曾经的热门赛道医疗和消费，经过几年沉寂之后，在香江卷土重来，一众创新药与新消费涨出了 A股的味道。 唯有地产依旧是那个"地惨"，躺在谷底毫无波澜，鲜有人问津。直到最近，素有"良心基金经理"之称、 一向以左侧的耐心而闻名的杨东，出手抄底了地产股。 在2018年创办宁泉资产之后，他们的身影从未出现在任何过于热闹的地方。 但面对牵扯甚大的国民经济支柱型产业，仍然有很多专业投资人孜孜不倦的在其中"翻石头"，试图在这 条大鱼身上找到结构性的机会。 典型的还是以董承非为代表， 买入地产龙头，押注在行业贝塔边际减弱的过程中， 市场集中度 逐渐提 升，行业龙头依靠更强的抗风险能力，将蚕食其他玩家的市场份额，最终剩者为王。 "新三样"颇受瞩目的2020年底，他们明确表示"已不是投资光伏、锂电、电动汽车的股票的好时机"；而 当各路资金痴迷于国债交易的2024年底，他们又明确立场"展望今年（2025），权益类资产对于国内资 金来说是相当好的选择，当然只对一部分的权益资 ...

Group 1: Zhejiang Special Bonds for Real Estate - Zhejiang and Sichuan issued special bonds totaling 19.2 billion yuan for the acquisition of existing residential properties, with Zhejiang's issuance at 17.5 billion yuan, accounting for 3.2% of its new special bonds [1] - The acquisition projects involve 11 projects, with 7 owned by local state-owned enterprises, 2 by mixed-ownership enterprises, and 2 by private enterprises [1] - This initiative aims to alleviate real estate inventory pressure and stabilize market expectations, providing a new approach for high-inventory third and fourth-tier cities [1] Group 2: Vanke's Stock Sale - Vanke announced the sale of 22 million A-shares, representing 0.18% of its total share capital, raising approximately 1.458 billion yuan [2] - The shares were sold at an average price of 6.63 yuan per share, lower than the repurchase cost, indicating a book loss but significant for Vanke's liquidity [2] - This move is part of a 2022 repurchase plan and aims to alleviate cash flow pressures faced by real estate companies [2] Group 3: Independent Director of Nandu Property - Nandu Property announced the removal of independent director Gao Qiang due to his detention by supervisory authorities, proposing Zhao Rongxiang as the new independent director [3] - This incident may raise market concerns regarding corporate governance and prompt other companies in the property sector to review their governance structures [3] Group 4: Gujia Home's Share Freeze - Gujia Home reported that all shares held by Gujia Group (12.55% of total shares) and TB Home (5.01% of total shares) have been frozen and marked judicially [4] - The company clarified that this situation will not change its control or affect daily operations, but may raise concerns about potential debt risks and the stability of its equity structure [4] - Other companies in the home furnishing sector may adopt more cautious approaches to capital and equity management due to this event [4] Group 5: Jianfa's Loan to Jianfa Real Estate - Jianfa announced a loan of 2 billion yuan to its subsidiary Jianfa Real Estate, with a term from June 10, 2025, to July 9, 2025, at an interest rate of 4.5% [5] - This loan aims to support the development of Jianfa Real Estate's business and is considered manageable in terms of operational risk [5] - The funding will help alleviate liquidity pressures in the real estate sector and support project advancement and operations [5]

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 Resident Income and Employment - Shenzhen will implement actions to increase residents' income, including job recruitment initiatives that offer subsidies up to 100,000 yuan for eligible job seekers with different educational backgrounds [2] - The city plans to provide vocational skills training for over 60,000 individuals by 2025 and expand the evaluation scope for skilled talent in specialized enterprises [2] Group 3: Improving Consumer Services and Reducing Barriers - The plan emphasizes enhancing childcare and education services, with goals to open over 50 new schools and create 100,000 new student placements by 2025 [3] - Shenzhen aims to reduce restrictions on car purchases and usage, streamline approvals for entertainment events, and support outdoor promotional activities for businesses [3] Group 4: Diversifying Consumer Offerings - Shenzhen will promote a cluster of industrial consumer goods, particularly in artificial intelligence products, by encouraging flagship stores and rental points for smart devices in key locations [4] - The city seeks to elevate the quality of dining services and support the establishment of well-known food brands, while also fostering the development of property and home services [4] Group 5: Expanding Tourism and Duty-Free Shopping - The plan includes the establishment of city-operated duty-free shops and additional tax refund stores to enhance inbound consumer spending [5] - Shenzhen will promote multilingual AI translation products in various tourist and commercial areas to facilitate international visitors [5]