Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [8]. Core Insights - The downward slope of various real estate indicators has expanded in October, with significant pressure on sales expected to continue through November and December due to high base effects. The need for further loosening of industrial policies has become increasingly evident as the pressure on both volume and price has intensified throughout the year [2][11]. - The report suggests that the most challenging phase may be nearing its end, with expectations of continued double-digit declines in construction and investment for 2025. However, sales performance will largely depend on the effectiveness of subsequent policy measures [11][12]. Summary by Sections Sales Performance - In the first ten months of 2025, national commodity housing sales value and area decreased by 9.6% and 6.8% year-on-year, respectively. In October alone, sales value and area fell by 24.3% and 18.8% year-on-year, indicating a significant contraction influenced by high base effects [11][12]. - The average selling price of new homes in October was 9,722 yuan per square meter, down 6.9% year-on-year, while the average price for residential properties was 10,286 yuan per square meter, down 6.2% year-on-year [12]. Construction Activity - New construction area in the first ten months of 2025 decreased by 19.8% year-on-year, with a sharper decline of 29.5% in October. The report notes that the decline in construction is primarily due to sales expectations, inventory digestion cycles, and funding pressures [11][12]. - The completed construction area also saw a year-on-year decline of 16.9% in the first ten months, with a 28.2% drop in October, indicating a continued downward trend [11][12]. Financial Conditions - Funding for real estate companies decreased by 9.7% year-on-year in the first ten months, with a notable 21.9% decline in October. This includes a 6.7% drop in domestic loans and a 17.2% decrease in self-raised funds [11][12]. - Real estate development investment fell by 14.7% year-on-year in the first ten months, with a 23.0% decline in October, reflecting ongoing financial pressures on the sector [11][12]. Investment Recommendations - The report recommends focusing on high-quality real estate companies with relatively low inventory pressure and strong product capabilities. It also suggests considering leading firms in commercial real estate, property management, and brokerage sectors for medium to long-term investment opportunities [2][11].

小物业，大民生。一直以来，物业管理领域的"家底"，是群众关注的焦点。由于部分小区共有资产信息 不公开、不透明，业主对小区公共资源的使用、管理情况缺乏了解，进而对物业服务企业的运营产生不 信任感，甚至引发矛盾纠纷。 "这样好，把小区'家底'写清楚，咱也就放心了。"近日，在浙江省宁波市鄞州区钟公庙街道金色水岸社 区，几名业主正仔细观看一块崭新的"共有资产标识牌"。上面标注了小区名称、资产类型、具体坐落位 置及唯一专属编码，共有资产信息一目了然。 问题短板一一解决，基层治理更添温度。宁波市各级纪检监察机关进一步督促住建部门会同组织、社工 等部门，强化党建引领"居业物"协同共治，推动物业服务从被动整治向主动治理转变。其中，镇海区创 新推行骨干社工以公房业主代表身份进入业委会，通过共建共治，提升居民生活品质。 镇海区锦绣曙光小区设施老旧，电瓶车飞线充电问题严重，物业公司有心解决，但做不通居民工作。以 骨干社工身份任小区业委会副主任的沈军广泛听取居民意见，积极推进电瓶车集中充电棚建设。居民对 充电价格有顾虑，他就组织居民代表、物业、充电桩运营公司协商，确定优惠价格。如今，新充电棚已 经投入使用。"以前飞线充电是没办法。现 ...

物业无小事，事事连民心。2025年，青岛市城市管理局围绕"建设群众满意的城市管理"核心目标，针对 物业管理矛盾易发、多发的问题，统筹市区两级综合执法力量，深入开展执法护航专项行动，以严格规 范公正文明的执法稳定性应对物业问题的复杂性和群众诉求的多样性，查办了一批非法催收物业服务费 用、违规选聘物业服务企业、擅自改变物业管理区域内公共建筑用途等典型案件。现选取5起查处物业 违法问题典型案例通报如下。 案例1： 胶州市综合行政执法局接到物业管理部门移交案件线索，发现某建设单位未通过招投标的方式选聘物业 服务企业。经调查，该公司的行为违反了《物业管理条例》第二十四条"国家提倡建设单位按照房地产 开发与物业管理相分离的原则，通过招投标的方式选聘物业服务企业。住宅物业的建设单位，应当通过 招投标的方式选聘物业服务企业；投标人少于3个或者住宅规模较小的，经物业所在地的区、县人民政 府房地产行政主管部门批准，可以采用协议方式选聘物业服务企业"的规定，构成住宅物业的建设单位 未通过招投标的方式选聘物业服务企业的违法行为。依据《物业管理条例》第五十六条"违反本条例的 规定，住宅物业的建设单位未通过招投标的方式选聘物业服务企业或 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The real estate market is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are highlighted: the rise of favorable policies for housing and the potential for commercial real estate assets to be revalued during a monetary easing cycle [2][3]. Industry Data - New home sales in 34 key cities totaled 201 million square meters last week, up 11.9% week-on-week, with first and second-tier cities increasing by 12.6% and third and fourth-tier cities by 3.2% [4][5]. - Year-on-year, new home sales in November are down 39%, with first and second-tier cities down 37.8% and third and fourth-tier cities down 49.2% [5][7]. - The inventory of unsold residential properties in 15 cities was 89.538 million square meters, with a slight increase of 0.03% week-on-week [22][23]. Policy and News Tracking - The State Council supports the issuance of REITs for private investment projects and the central bank aims to improve the foundational financial system for real estate [31][32]. - Local policies include the promotion of purchasing existing homes for affordable housing in Hangzhou and the launch of online applications for housing provident fund loans in Zhengzhou [31][34]. Company Dynamics - Several real estate companies reported their sales data for October 2025. China Jinmao achieved sales of 12 billion yuan, up 3%, while other companies like New Town Holdings and CIFI Holdings saw significant declines [38][39]. - China Resources Land announced a placement of 49.5 million shares, raising approximately 2.06 billion HKD, maintaining a 70.1% stake post-placement [38][39]. Sector Performance Review - The SW Real Estate Index rose by 2.7%, outperforming the CSI 300 Index, which fell by 1.08%, ranking 7th among 31 sectors [43][47]. - Notable stock performances included China Wuyi and Huaxia Happiness, which saw significant gains, while companies like Asia Pacific Real Estate and Shenzhen Real Estate A experienced declines [47].

Core Viewpoint - The company anticipates a significant increase in losses for the six months ending September 30, 2025, compared to the same period in 2024, primarily due to reduced revenue and increased one-time employee costs related to the establishment of a new smart monitoring system center [1] Financial Performance - The company expects to report a loss attributable to shareholders of approximately HKD 29.3 million for the six months ending September 30, 2025, compared to a loss of about HKD 4.6 million for the same period in 2024 [1] - Revenue is projected to decrease by approximately HKD 14.3 million, mainly due to a reduction in property management contracts, leading to a corresponding gross profit decrease of about HKD 8.2 million [1] - The establishment of the smart monitoring system center, which began operations in June 2025, is expected to incur additional one-time employee costs of around HKD 16 million [1]

Core Viewpoint - The company anticipates a significant increase in losses for the six months ending September 30, 2025, amounting to approximately HKD 29.3 million, compared to a loss of about HKD 4.6 million for the six months ending September 30, 2024 [1] Financial Performance - The projected loss increase is primarily attributed to a revenue decrease of approximately HKD 14.3 million [1] - The reduction in revenue is mainly due to a decrease in property management contracts, leading to a corresponding gross profit decline of about HKD 8.2 million [1] - Additionally, the establishment of an intelligent monitoring system center, which is set to commence operations in June 2025, will incur extra one-time employee costs of approximately HKD 16 million [1]

Core Viewpoint - The company expects to incur significant losses in the upcoming financial periods, primarily due to reduced revenue and increased operational costs related to new initiatives [1] Financial Performance - The company anticipates a loss attributable to shareholders of approximately HKD 29.3 million for the six months ending September 30, 2025 [1] - For the six months ending September 30, 2024, the expected loss is around HKD 4.6 million [1] Revenue and Cost Analysis - The increase in losses is mainly attributed to a revenue decrease of about HKD 14.3 million [1] - The reduction in revenue is primarily due to a decrease in property management contracts, leading to a corresponding gross profit decline of approximately HKD 8.2 million [1] - Additionally, the establishment of a smart monitoring system center, which is set to begin operations in June 2025, will incur one-time employee costs of around HKD 16 million [1]

和泓服务(06093)公布，于2025年11月14日(联交所交易时段结束后)，公司的间接全资附属和泓福瑞盈 (贵州)信息咨询有限公司拟向中山市福润物业服务有限公司出售中山市中正物业管理有限公司51%股 权，代价为人民币787.74万元。 公告称，出售目标公司51%股权是一项经过策略性考虑的决定，旨在加强集团的营运重点及财务灵活 性。透过出售目标公司的权益，集团得以精简其业务组合，更专注于其余物业管理组合，该等业务的收 入稳步增长，市场占有率不断上升。 ...

公告称，出售目标公司51%股权是一项经过策略性考虑的决定，旨在加强集团的营运重点及财务灵活 性。透过出售目标公司的权益，集团得以精简其业务组合，更专注于其余物业管理组合，该等业务的收 入稳步增长，市场占有率不断上升。 智通财经APP讯，和泓服务(06093)公布，于2025年11月14日(联交所交易时段结束后)，公司的间接全资 附属和泓福瑞盈(贵州)信息咨询有限公司拟向中山市福润物业服务有限公司出售中山市中正物业管理有 限公司51%股权，代价为人民币787.74万元。 ...

Core Viewpoint - Hehong Services (06093.HK) has announced the sale of a 51% stake in Zhongshan Zhongzheng Property Management Co., Ltd. to Zhongshan Furun Property Services Co., Ltd. for RMB 7.877 million, a strategic decision aimed at enhancing operational focus and financial flexibility [1] Group 1 - The sale of the 51% stake is a strategic decision to streamline the business portfolio [1] - The transaction allows the company to concentrate on its remaining property management portfolio, which has shown steady revenue growth and increasing market share [1]