Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12]. Core Insights - The financial attributes of the real estate sector are emphasized, highlighting its importance in the national economy and household wealth, with a focus on expectation management as a key factor in stabilizing the housing market [3][9]. - The report suggests that improving and stabilizing market expectations is strategically significant, with a gradual increase in the probability of relaxed industrial policies [5]. - The current phase of rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [5]. - The report indicates that the current stock position is not significantly premium from the bottom, providing room for a rebound in market valuations [5]. Market Performance - The Yangtze River Real Estate Index decreased by 0.08% this week, with an excess return of +0.50% relative to the CSI 300, ranking 13th out of 32 sectors [6][15]. - The performance of the sector was generally average this week, with only a few development and property management stocks rising, while rental properties showed mixed results [6]. Policy Updates - The personal housing sales value-added tax rate has been reduced from 5% to 3% for properties sold within two years [7]. - The Ministry of Housing and Urban-Rural Development has issued opinions to enhance housing quality, aiming for significant progress by 2030 in standards, design, materials, construction, and operation levels [7]. - Local policies in Shenzhen emphasize promoting high-quality real estate development, focusing on affordable housing and improved commodity housing [7][16]. Sales Data - The rolling year-on-year decline in new and second-hand housing transactions in sample cities has narrowed, with new housing transaction area down by 39.2% year-on-year and second-hand housing down by 26.6% [8]. - Cumulatively, new housing transaction area in 37 cities is down 65.5% year-to-date, while second-hand housing is down 83.6% [8]. Key Issues - The report identifies that the key to improving market expectations lies in continuous industrial upgrades and the enhancement of distribution and security systems, indicating a need for a long-term systemic approach rather than just focusing on total demand [3][9]. - The report highlights that the direct boost to housing price expectations from policy measures is relatively short-term, with structural fiscal or monetary tools being crucial for sustained improvement [3][9].

Core Viewpoint - The property management industry is increasingly adopting robots to reduce costs and improve efficiency, with a focus on both internal use and commercialization of robotic solutions [4][13][62]. Group 1: Adoption of Robots in Property Management - Property companies are replacing human workers with robots for repetitive and labor-intensive tasks, as labor costs typically account for over 70% of their expenses [7][13]. - Companies like Greentown Service and Country Garden are collaborating with leading robotics firms to enhance their operational efficiency through robotic solutions [8][17]. - The introduction of robots is seen as a way to shift from labor-intensive to technology-intensive operations, which is crucial for maintaining competitive advantage in a saturated real estate market [13][14]. Group 2: Commercialization and Development of Robotics - The industry consensus indicates that while property robots are moving towards commercialization, significant challenges remain, including the need for diverse application scenarios and effective human-robot collaboration [9][10]. - As per research, a significant drop in hardware costs is expected as the annual shipment of certain robots increases from 1,000 to 10,000 units, potentially leading to a pivotal moment for property robots by 2025 [10]. - Companies are exploring two main pathways: applying robots in their own operations to enhance efficiency and customer satisfaction, and commercializing their developed robotic solutions to other property firms [15][16]. Group 3: Technological Advancements and Integration - The development of advanced algorithms and AI capabilities is enhancing the functionality of property robots, allowing for better task execution and interaction with users [32][44]. - Companies like Wanwu Cloud are focusing on creating a comprehensive AI system that integrates various robotic functions, aiming to improve operational efficiency and reduce costs [27][66]. - The introduction of the Lingstone 3.0 system by Wanwu Cloud is a significant step towards creating a unified platform for robotic operations, which can adapt to various property management needs [44][66]. Group 4: Challenges and Future Directions - The path to large-scale commercialization of property robots is fraught with challenges, including the need for standardized operating procedures (SOPs) and effective integration with existing systems [50][62]. - Companies are recognizing the importance of training personnel to work alongside robots, which is essential for achieving effective human-robot collaboration [52][53]. - Future business models may shift towards "robot as a service" (RaaS) and data value-added services, emphasizing the need for a robust platform that can manage various robotic systems and their interactions [70][71].

智通财经APP获悉，据港交所1月2日披露，河北联集科技产业发展股份有限公司向港交所GEM提交上市申请书，创升融资为独家保荐人。 招股书显示，公司为中国一家专注于工业园区的综合物业管理服务提供商。自2019年成立以来，该公司深耕浙江省(尤其是金华—义乌区域，全球最大的小 商品市场)。透过在工业园区管理方面的战略专精实现差异化，使公司有别于主要专注于住宅物业的其他竞争对手。 公司提供一系列全面的基础物业管理服务，旨在维持在管物业公共区域的安全性、功能性及外观。该等服务涵盖占用的全生命周期，由入住至搬出，包括所 有公共区域的维修及保养、保安及安全管理以及清洁及园艺服务。 公司提供多元化的可选择增值服务，以满足物业开发商、业主、租户及入驻企业的特定需求，并提升公司所管理商业资产组合的价值。公司透过自有员工或 透过经选定服务供应商的网络提供增值服务。公司的增值服务包括(i)运营支持服务；(ii)园区配套服务及(iii)能源相关服务。 于2025年9月30日，公司的物业组合涵盖24个在管项目，其中包括23个工业园区，在管总建筑面积约为430万平方米。这表明，受公司于工业领域的策略性扩 张所推动，在管项目实现稳步增长。 根 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the recovery of core cities and the potential for value reassessment in commercial real estate [2][28]. Core Insights - The report identifies two major opportunities: the rise of favorable policies for housing and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2][28]. - The report emphasizes the importance of effective policy management to stabilize market expectations and suggests that policies should be decisive rather than incremental to avoid market-political conflicts [28][29]. Industry Data Summary New Home Transactions - In the week of December 27 to January 2, new home transactions in 34 key cities totaled 4.067 million square meters, reflecting a week-on-week increase of 10.8%, with first and second-tier cities up by 12.7% and third and fourth-tier cities down by 15.5% [3][6]. - December saw a year-on-year decline of 26% in new home transactions across 34 cities, with first and second-tier cities down by 25.4% and third and fourth-tier cities down by 30.6% [6][7]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 cities totaled 1.1 million square meters, a week-on-week decrease of 10.4%, with December's cumulative transactions down by 26.8% year-on-year [11][12]. Inventory and Market Dynamics - The report notes a decrease in new home inventory, with 15 cities seeing a total of 89.401 million square meters available for sale, down 1.4% week-on-week. The average months of inventory turnover is 21.8 months, a decrease of 0.9 months [22][27]. Policy and News Tracking Macro Policies - The Ministry of Finance and the State Administration of Taxation announced a reduction in the value-added tax rate for personal housing sales, with properties sold within two years subject to a 3% tax and those sold after two years exempt from tax [28][29]. - The report highlights the importance of monitoring key indicators in the real estate market, emphasizing that housing is a critical asset for families and directly impacts public interest [28][29]. Company Developments - China Resources Land has established its first Pre-REITs fund, focusing on quality commercial real estate projects, with a fund size of 300 million yuan [35]. - CIFI Holdings has completed its debt restructuring, marking a significant milestone for the company [35].

观点网讯：近日，康景物业与荆州绿地之窗二期商业综合体完成签约，将于2026年1月1日全面进驻，提 供全业态物业管理服务。 根据公开资料整理，绿地之窗二期公寓面积约3万㎡，入住率已达90%；商铺面积4.6万㎡，目前入驻率 30%；地下机动车库3.7万㎡，共提供约1100个车位。康景物业表示，将依托商业运营及设施管理经 验，助力资产保值增值，打造荆州高铁门户新地标。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 项目位于荆州市火车站庄王大道5号，总建面11.3万㎡，由8栋建筑组成，集公寓、商铺、车库于一体。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the recovery of core cities and the potential for value reassessment in shopping centers [2][30]. Core Insights - The report emphasizes the importance of the real estate sector as a significant contributor to the national economy and household wealth, advocating for robust policy measures to stabilize market expectations [30]. - It identifies two major opportunities: the rise of favorable policies for "good housing" and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a revaluation of consumer-oriented commercial real estate assets [2][30]. Industry Data Summary New Housing Transactions - In the week of December 27 to January 2, new housing transactions in 34 key cities totaled 4.067 million square meters, reflecting a week-on-week increase of 10.8% [2][3]. - Year-on-year, December transactions in these cities decreased by 26%, with first and second-tier cities down 25.4% and third and fourth-tier cities down 30.6% [2][6]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 cities totaled 1.1 million square meters, a decrease of 10.4% from the previous week [11]. - Cumulatively, December transactions were down 26.8% year-on-year, with a notable decline in third and fourth-tier cities [11][7]. Inventory and Market Dynamics - The report notes a decrease in available housing inventory, with a total of 89.401 million square meters available in 15 cities, down 1.4% week-on-week [23]. - The average months of inventory turnover for the last three months is reported at 21.8 months, indicating a slight improvement in market absorption [23]. Policy and News Tracking Macro Policies - Recent policy changes include a reduction in the value-added tax rate for personal housing sales, aimed at stimulating market activity [30][31]. - The report highlights the need for policies that align with market expectations to avoid creating a tug-of-war between market forces and regulatory measures [30]. Company Developments - Notable company activities include the establishment of a Pre-REITs fund by China Resources Land, aimed at investing in quality commercial real estate projects [36][38]. - CIFI Holdings has completed its debt restructuring, marking a significant milestone in its financial recovery efforts [36].

本文源自：智通财经网 智通财经获悉，据港交所1月2日披露，河北联集科技产业发展股份有限公司向港交所GEM提交上市申 请书，创升融资为独家保荐人。河北联集科技产业发展股份有限公司为中国一家专注于工业园区的综合 物业管理服务提供商。自2019年成立以来，该公司深耕浙江省(尤其是金华—义乌区域，全球最大的小 商品市场)。 ...

据港交所1月2日披露，河北联集科技产业发展股份有限公司向港交所GEM提交上市申请书，创升融资为独家保荐人。河北联集科技产业发展股份有限公司 为中国一家专注于工业园区的综合物业管理服务提供商。自2019年成立以来，该公司深耕浙江省(尤其是金华—义乌区域，全球最大的小商品市场) HEBEI LIANJI TECHNOLOGY INDUSTRIAL DEVELOPMENT CO., I 創陞融資 [編纂]及[編纂] 「編纂]股H股(視乎「 「編纂」數目 ： [編纂]數目 型 2017 [編纂]股H股(可予[ 與否而定) 「編纂]數目 「編纂】股H股(可予「 每股[編纂][編纂]港 最高[編纂] 0.0027 % 證 監 會 交 易 交易費及0.00015% 時晴時繳足,多繳款 面值 : 每股H股人民幣1.00 [編纂] : [●] 河 北 聯 集 科 技 產 業 發 展 股 份 有 限 (於中華人民共和國註冊成立的股份有限公司 [編纂] 獨家保薦人 ...

智通财经APP获悉，据港交所1月2日披露，河北联集科技产业发展股份有限公司向港交所GEM提交上市申请书，创升融资为独家保荐人。河北联集科技产 业发展股份有限公司为中国一家专注于工业园区的综合物业管理服务提供商。自2019年成立以来，该公司深耕浙江省(尤其是金华—义乌区域，全球最大的 小商品市场)。 | 編 纂] 數 目 ： ［ 編 纂 ] 股 H 股 ( 視 乎 [ | | --- | | 編纂]數目 : [編纂]股H股(可予[ 與否而定) | | 編纂]數目 ： [ 編 纂 ] 股 H 股 ( 可 予 [ | | 長高[編纂] : 每 股[編纂][編纂]港 | | 0.0027 % 證 監 會 交 易 | | 交易費及0.00015 % | | 申請時繳足,多繳 款 | | 面值 : 每股H股人民幣1.00 | | [編纂] : [●] | ...

羊城晚报记者 罗清峣 刘名再 清晨8时，广州西塱地铁站外，广中立交桥下的电动自行车收费停车场已开始忙碌。一辆辆"电鸡"整齐 停放，2元/天，保安不时引导停放。然而，仅50米外的盲道却被乱停的电动自行车占满，一块"禁止停 放"的警示牌下放着十几台车。这背后，是广州正在面对的"电鸡之困"：全市电动自行车上牌量达576万 辆，却仅有约70万个非机动车停放位，而地铁口成为乱停重灾区。 2024年12月30日起施行的《广州市电动自行车管理规定》明确提出要实现"有路走、有地停、有电充"。 在此背景下，一批收费停车场陆续试点。羊城晚报记者近日走访西塱、菊树、万胜围、同和等多个地铁 站，发现收费停车场的存续与其是否匹配真实需求、提供对应服务密切相关。 去年年底，记者实地回访发现，该停车场已拆除，原址成了一家羽毛球馆。记者查阅历史图片发现，入 口处告示牌曾明确表示"收费仅指车辆场地占用使用费，不承担车辆管理责任"，遭到车主质疑。不少市 民也在社交平台呼吁推出月保方案，截至去年4月，该停车场并未调整收费方式。 无需求、有收费区：早早关张 据媒体报道，菊树地铁站C口旁曾设有一处电动自行车收费停车场。场地由大棚改造，配备道闸，实行 ...