Group 1 - The core viewpoint indicates that property management stocks in China are experiencing a collective decline, with significant drops in share prices for companies like Country Garden Services, Yashlife Services, Wanwu Cloud, and Sunac Services [1] - UBS forecasts that the financial performance of Chinese property management companies will continue to slow down in the first half of 2025, with an expected average profit growth rate of 13%, lower than the 17% growth in the first half of 2024 and 14% for the entire year of 2024, compared to market expectations of 15% [1] - The slowdown is attributed to a weakening residential market, leading to reduced growth in managed area, declining property fee collection rates, decreased value-added services from developers, and pressure on the gross profit margin of community value-added services [1] Group 2 - Bank of America Securities notes that property management stocks have risen over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - CITIC Securities highlights the presence of irrational price-cutting demands from some property owners, indicating a competitive environment within the industry [1] - Despite the competitive pressures, leading companies have low market share, providing significant room for adjustment in their managed portfolios, and the profitability of these top companies is not expected to decline due to competitive pressures [1] Group 3 - Current policies oppose irrational competition and encourage quality pricing, which is beneficial for companies in terms of collection rates, fee rates, and profitability [1] - Companies that focus on service reputation are viewed positively, with a favorable outlook for those with strong brand competitiveness [1]

智通财经APP获悉，里昂发布研报称，由于经营环境充满挑战，预期中海物业(02669)将维持业务增长， 但增速将会放缓。自2024年以来，该公司已将重点从扩大规模转移到致力于完善、深化和提升其物业管 理服务质量，该行认为这是其长期成功的绝对关键。目前该行偏好物业管理公司而非房地产开发商。维 持对中海物业"跑赢大市"评级，但将目标价由6.2港元轻微调低至6.1港元。 ...

里昂发表报告指，由于经营环境充满挑战，预期中海物业将维持业务增长，但增速将会放缓。自2024年 以来，该公司已将重点从扩大规模转移到致力于完善、深化和提升其物业管理服务质量，该行认为这是 其长期成功的绝对关键。由于房地产市场前景仍不明朗，该行偏好物业管理公司而非房地产开发商，维 持对中海物业"跑赢大市"评级，目标价由6.2港元轻微调低至6.1港元。 ...

Core Insights - The article emphasizes the importance of property services in connecting people's livelihoods and development, addressing the urgent needs of the community in Huai'an City [1] Regulatory Enhancements - The Huai'an Housing and Urban-Rural Development Bureau has introduced over 10 regulatory documents, including the "Huai'an City Preliminary Property Service Bidding Management Measures," to standardize industry management [1] - A leadership accountability mechanism has been established to oversee and address prominent issues in property management [1] Community Service Improvements - The city has adopted a dual approach of "renovation + governance" to enhance urban management, benefiting 13,800 households through the renovation of 68 old residential communities [1] - The implementation of "two new" policies has addressed the challenges of aging elevators, reducing emergency repair approval times to one working day and accelerating elevator replacement projects by 30 days [1] Safety Assurance Initiatives - Huai'an has taken the lead in the province by promoting legislation for electric bicycle charging safety management, implementing the "Huai'an City Residential Community Electric Bicycle Charging Safety Management Regulations" [1] - The city has constructed over 4,300 new parking shelters and added more than 128,000 charging ports, bringing the total number of charging ports in residential communities to over 320,000, with a provision ratio of 1:2.6, ranking among the top in the province [1] - Efforts are underway to rectify high-rise buildings with "no water" safety hazards in 184 communities [1] Long-term Management Strategies - The industry has standardized entry requirements and promoted homeowner autonomy, fully implementing a collaborative mechanism for property management in residential communities [1] - A pilot program for public revenue supervision has been expanded to 95 communities, with audits standardizing revenues of over 4.9 million yuan [1]

Group 1 - The core viewpoint of the news is the ongoing efforts in Qingdao's Chengyang District to enhance property management services and address community issues through targeted actions and training programs [1][3][4] Group 2 - Chengyang District has established a working group to tackle eight prominent issues in property management, resulting in a 19.92% decrease in community property-related complaints from January to June compared to the previous year [1] - The district has organized four training sessions for property management personnel to integrate traditional cultural values into their service approach, with over 80% of property companies participating in community cultural activities [3] - By 2025, the district aims to cultivate 20 exemplary projects that meet service standards and enhance owner satisfaction, with 67.5% of the creation work already completed [4] Group 3 - A property dispute mediation studio has been established, achieving a 42.5% success rate in resolving cases, focusing on communities with concentrated issues [5] - The district has implemented a mechanism for law enforcement collaboration, leading to over 100 problem reports submitted to enforcement agencies, with a 100% compliance rate for property service issue rectifications [5] - Regular training sessions have been conducted for property management staff, enhancing their overall quality and promoting healthy industry development [6] Group 4 - The district has conducted 189 inspections of key problem areas, achieving a 100% issue rectification rate, thereby strengthening safety measures in property management [6] - Monthly "Project Manager Reception Day" events have been held to facilitate communication between residents and property service companies, with 473 sessions conducted to date [6] - A comprehensive management review of community and property service facilities has been undertaken, identifying over 680 community spaces and 1,100 property management spaces [6]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for these industries [3][19]. Core Insights - The report emphasizes the need for sustained macroeconomic policy support, including more proactive fiscal policies and moderately loose monetary policies, to stabilize the economy and support urban renewal initiatives [3][6]. - Urban renewal is highlighted as a key focus, with the central government calling for high-quality implementation of urban renewal projects, particularly in core first- and second-tier cities [3][11]. - The report suggests that the current real estate market is transitioning from a focus on quantity to quality, aligning with the "good housing" development direction, which is expected to create significant opportunities for quality real estate companies [3][11]. Summary by Sections Macroeconomic Policy - The central government aims to enhance fiscal spending and maintain liquidity to lower financing costs for businesses and residents [3][6]. - The emphasis is on accelerating government bond issuance and improving fund utilization efficiency [3][6]. Urban Renewal - The report notes that urban renewal is being positioned as a critical measure to boost demand, particularly through the transformation of urban villages [3][11]. - The central government has set higher standards for urban renewal, indicating a shift towards improving existing urban environments rather than merely expanding [3][11]. Real Estate Market Dynamics - The report identifies a potential bottoming out of broad housing demand, with expectations for policy measures to further stimulate the market, including urban renewal and mortgage rate reductions [3][11]. - Quality real estate companies are expected to lead the recovery, with improvements in return on equity (ROE) driven by better inventory management rather than increased leverage [3][11]. Investment Recommendations - The report recommends focusing on high-quality real estate firms with strong product capabilities and inventory management, such as Jianfa International, Binjiang Group, and China Resources Land [3][11]. - It also highlights undervalued firms like Xincheng Holdings and China Overseas Development as potential investment opportunities [3][11].

Core Viewpoint - The introduction of a trust-based property management model in Xiangyue Garden marks a significant step in addressing the management challenges faced by aging residential communities, enhancing transparency and accountability in property management [2][5]. Group 1: Background and Challenges - Xiangyue Garden, built in 1998, consists of 3 residential buildings with over 300 residents, facing issues such as aging facilities, low property fee standards, and weak resident participation [2]. - The traditional property management model led to a vicious cycle of unsatisfactory services and low resident satisfaction, exacerbated by opaque fee structures and unclear responsibilities [2][4]. Group 2: Implementation of Trust-Based Management - The trust-based property management model was officially launched on July 18, 2023, following a collaborative effort among the street office, community, residents, and property management company [2]. - The model separates the ownership of funds from management authority, with property fees deposited into a shared trust account overseen by the residents' committee, property management, and homeowners [2][3]. Group 3: Transparency and Technology - The "Transparent Community Service" WeChat mini-program allows residents to track property fee expenditures and service activities in real-time, enhancing transparency [3]. - The program includes features for expense tracking, maintenance requests, and service standards, making financial transactions visible to all residents [3][4]. Group 4: Impact and Future Prospects - The trust-based model has significantly reduced conflicts between residents and property management, improving service quality and efficiency [4]. - Residents express optimism about the model, indicating a willingness to pay for better services, which could serve as a solution for other aging communities [5]. - The initiative aligns with a national trend towards promoting trust-based property management, with similar models emerging in other cities like Hainan, Guangzhou, and Beijing [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 众安智慧生活服务有限公司 Zhong An Intelligent Living Service Limited （於開曼群島註冊成立的有限公司） 本公告是由众安智慧生活服务有限公司（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，以讓本公司股東及潛在投資者知悉本集團的最新業務發展。 戰略合作協議 本公司董事會（「董事會」）欣然宣佈，本公司與深圳市賣光貨供應鏈有限公司 （「賣光貨」）於2025年7月28日（交易時段後）訂立戰略合作協議（「戰略合作協 議」），據此，本公司及賣光貨同意在供應鏈管理、供應鏈服務、品牌運營及供 應鏈資本規劃等領域建立戰略合作關係（「戰略合作」），發揮本公司及賣光貨 的互補業務優勢。 1 根據戰略合作協議，本公司及賣光貨同意在以下領域展開合作，包括： 通過戰略合作，雙方將整合資源，發揮協同發展的優勢，提升雙方在中國市場 及其他潛在市場的競爭力。 訂立戰略合作協議的理由及裨 ...

Core Insights - The recent Central Urban Work Conference has integrated "urban renewal" into the overall requirements for urban work, emphasizing "high-quality urban renewal" and incorporating concepts such as quality enhancement, green transformation, and cultural continuity into urban space governance [1][8] - As the economy develops, there is a growing demand for improved living standards, prompting traditional enterprises to shift from "scale expansion" to "intrinsic development," focusing on the integration of livelihood needs, ecological protection, and cultural heritage within existing urban spaces [1][8] Group 1: Company Initiatives - Huayuan Group has proactively responded to policy signals by exploring new models, integrating resources, and innovating development, launching four new business brands: construction agency, apartments, elderly dining, and cultural services [1][8] - Huayuan Construction Agency serves as the core business segment for urban renewal and integrated construction management, transitioning from traditional development to light-asset services, providing customized solutions to enhance the value of inefficient assets [2][8] - The "Huayuan Platinum Garden" brand targets young professionals and industry support groups, creating high-quality living spaces with a focus on community and health, while integrating smart management technologies to enhance living experiences [4][8] Group 2: Community and Cultural Services - "Xilin Xiaoguan" focuses on community dining and light elderly care services, addressing the needs of the aging population by providing nutritious meals and community support, with significant service volumes reported in various districts [6][8] - "Far Away Has Gifts" is a new cultural brand that combines intangible cultural heritage with commercial activities, aiming to enhance urban cultural soft power and promote the integration of culture and commerce through immersive experiences [7][8] Group 3: Strategic Vision - Huayuan Group's launch of four new business brands reflects a deep understanding of transformation and strategic implementation, contributing to a comprehensive urban renewal and operational service capability that can serve as a model for high-quality development in the industry [8]

Core Viewpoint - Zhongao Daijia (01538.HK) has shown a significant increase in stock price, reaching a new high, indicating positive market sentiment and potential growth in the property management sector [1] Company Overview - Zhongao Daijia Group Limited is a leading independent property management company in China, recognized for its comprehensive strength and brand value in the industry [1] - The company was ranked among the top ten property management enterprises in China by the China Real Estate Association, Shanghai Yiju Real Estate Research Institute, and the China Real Estate Evaluation Center in 2016 [1] - In 2018, it was awarded the Most Promising Listed Company at the China Financing Listed Companies Awards [1] Business Operations - As of June 30, 2019, the total contracted building area managed by the company was approximately 70.6 million square meters, covering 578 properties across 42 cities in China [1] - The main business line of the company includes property management services, sales assistance, cleaning and greening services, real estate agency services, and other services and product sales [1] Market Performance - As of July 30, the stock price closed at 0.420 HKD, marking a 2.44% increase from the previous trading day, with an intraday high also reaching 0.420 HKD, which is the highest in nearly a year [1] - The capital flow on that day showed a net inflow of 0.08 million HKD, with no significant outflow or inflow from major investors [1]