各位早上好今天是5月14号星期三欢迎来到又一期的摩根士丹利周期论鉴我是中国基础材料行业的分析师David徐卓凡那么在开始之前我要例行先读一个disclaimer请注意本会议仅面向摩根士丹利的机构客户以及财务顾问本会议不对媒体开放如果您来自媒体尽请推出本次会议随后与我们联系了解进一步详情 请注意本次会议的内容和您的问题可能会被录音那在今天的webcast呢我们首先由交易行业的首席骞雷和大家分享一下上周非常火爆的ChinaFest会议的小节包括这个春秋顺丰和G2等公司 接下来我们由地产行业的首席Stefan和我们聊一下房地产取消预售制度可能对地产开发商以及物管的前瞻风险最后保险业的分析师Rick会做一些近况的更新以及对二季度保险的一个展望那么在会议过程中您可以随时在屏幕左方的提问消息框里向我们发送您的问题 不多做赘述现在我们把时间先交给倩蕾谢谢大家好我是倩蕾那我就给大家讲一下就是我们上周开China VICE会议包括之前也是一级报其实是在4月底集中的这个出完了给大家讲一下就是我们从这个 易记报和ChinaBank会议之后所了解到的一些行业的新的变化吧我觉得比较着重可以提醒大家的是航空因为我们觉得航空跟市场聊下来还 ...

Core Insights - Vanke Property is leading the transformation of property services from traditional models to "transparency, precision, and personalization" through technology and innovation [1] Group 1: Digital Service Report - The "Digital Service Report" is an industry-first initiative that visualizes 18 core service data points, including public revenue flow and complaint handling, allowing homeowners to access this information via the "Live Here" app [2] - The introduction of the Digital Service Report has improved transparency in public revenue usage and increased response efficiency for complaints, establishing a trust bridge between property management and homeowners [2] Group 2: Smart Selection Service and Balance Platform - The "Smart Selection Service" model allows homeowners to customize services from 12 modular options, breaking away from traditional package services and ensuring that service offerings meet actual community needs [3] - The "Balance Platform" system enhances community governance by providing transparency, ease of participation, and intelligent decision-making, significantly improving the efficiency of managing public affairs [3] Group 3: Industry Outlook - The essence of smart services is to empower human needs through technology, with Vanke Property creating a governance system that combines digital tools, innovative customization, and transparent collaboration [4] - Vanke Property aims to expand the coverage of the Digital Service Report and Smart Selection Service in Nanjing, continuously optimizing the Balance Platform to facilitate efficient collaboration among property management, homeowners, and homeowners' committees [4]

Group 1 - The report by the China Index Academy indicates that the average total assets of real estate listed companies in 2024 will be 148.92 billion yuan, with an average net asset of 32.86 billion yuan and average operating income of 29.74 billion yuan, suggesting a slow recovery in the new housing market focusing on core cities [1] - The report emphasizes that with the implementation of policies on both supply and demand sides in the real estate sector, along with an increase in the supply of "good housing" projects, the core city market is expected to continue its recovery [1] - Investors are likely to pay more attention to companies' sustainable operational capabilities, favoring those that maintain stable operations, demonstrate land acquisition abilities, and possess strong operational businesses [1] Group 2 - The report highlights that in 2024, despite being in a deep adjustment cycle, the top 10 companies in terms of comprehensive strength will adapt to market changes, grasp market demand rhythms, and leverage their advantages in market layout, land and capital resources, and management models to maintain stable performance [1] - The real estate sector is projected to experience a decline followed by a slight recovery, with the overall market capitalization of real estate listed companies showing a downward trend, although the decline is expected to narrow compared to the previous year [1] - The property management industry is undergoing a deep transformation, with accelerated market competition leading to a reshaping of the industry landscape, where leading companies are expected to dominate due to their scale advantages, brand effects, and diversified service capabilities [2]

资金往来未经董事会批准，核数师已要求公司进一步解释进行资金往来的理据。因此，董事会已启动对 资金往来展开调查程序，就公司所知及根据公司的初步内部审阅，发现公司曾进行若干属于向关联人士 提供财务资助性质的资金往来，录得最高未偿还余额为8亿元。 截至去年12月31日，上述财务资助已全数偿还，目前无未偿还余额。 已延迟一个多月披露年报，新城悦服务(HK01755，股价2.8港元，市值24.4亿港元)传来新动态。 5月13日晚间，新城悦服务发布公告表示，公司宣布延迟刊发2024年全年业绩和2024年年报之后，在审 核2024年全年业绩之过程中，核数师发现与关联人士之间的若干资金往来并无记入公司编制的记账记录 及财务报表，同时，发现公司提供的银行对账单存在若干不一致之处。 成立独立调查委员会及委任独立调查律师鉴于上文所述，独立调查委员会成立并由公司三位独立非执行 董事组成，即张燕、朱伟及姜旭之，就资金往来进行调查。同时，公司委任独立调查顾问进行调查及就 相关事宜向独立调查委员会提供意见。调查将动用一切合理所需之取证手段及IT工具，以查明所有未披 露的关联方资金往来及其发生的根本原因，识别导致银行对账单不一致的情况，确认 ...

"这里工作既有稳定收入，又能兼顾家庭，而且公司还为我们购买了意外险，让我倍感安心。"南通春雨 物业管理有限公司58岁的保洁员曹永美说。从5月起，在春雨公司工作的保安、保洁等灵活就业人员均 有了劳动权益保障。此前通过集体协商，春雨公司签订了南通市首份针对保安、保洁等灵活就业人员的 专项集体合同，在最低工资标准、保险保障、职业培训等方面达成多项保障条款，诠释了"零工不零 保"的用工理念。这是海安经济技术开发区探索灵活就业人员权益保障实践的生动缩影。 □ 本报记者丁亚鹏通讯员邰生华冯婧 海安开发区辖区企业密集、用工需求大，灵活就业群体规模可观，仅纳入海安市物业协会管理的企业就 有22家，从事保洁的大多是五六十岁的人员。春雨物业是辖区内一家物业服务企业，90%以上员工从事 保安和保洁工作。他们当中有的需要照顾家庭，有的超过退休年龄，灵活就业成为他们的最优选择。 为保障灵活就业人员切身利益，春雨物业公司探索出一个精准对接不同群体保障需求的方案：对已参加 城乡居民基本养老保险(农保/居保)的从业人员，按月发放养老保险专项补贴；对已享受养老保险待遇的 超龄从业人员，统一投保意外伤害险和雇主责任险等商业保险；对符合条件且有意 ...

证券代码：000056、200056 证券简称：皇庭国际、皇庭 B 深圳市皇庭国际企业股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 公众投资者 时间 2025 年 5 月 12 日 (周一) 下午 15:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开"2024 年度暨 2025 年第一季度业绩说明会" 上市公司接待人 员姓名 1、董事长、总经理邱善勤 2、董事、财务总监李亚莉 3、董事、副总经理、董事会秘书吴凯 4、独立董事陈建华 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、请公司讲清 4 个问题：1、意发功率销售收入去年极度萎缩， 今年会继续减少吗？公司怎么应对。1、债务重组的成功率是多 少？3、净资产下行速度加快，债务风险怎么应对？ 您好，感谢您对公司的持 ...

2025年，灌南县住建局紧扣"城市更新"主线，以"惠民生、补短板、提品质"为目标，统筹推进二中家属 区等老旧小区改造工程。通过实施基础设施升级、智慧化改造、适老化配套等工程，让"老社区"焕 发"新生机"，为灌南城市高质量发展注入民生动能。 精准施策破难题，全力拉长民生短板。灌南县住建局将老旧小区改造与民生实事深度融合，以实际行动 增强群众获得感、幸福感、安全感，全力推进电动自行车安全隐患全链条整治工作，截至目前，已完成 碧桂园、华夏豪门等41个小区电动自行车充电桩安装工作，共计105套车棚和2520个电动自行车充电端 口；2025年计划对中科府苑、上城福园等共计31个无充电桩小区进行新建电动自行车充电桩安装工作， 共计150套车棚、4100个充电端口；进一步保障居民生命财产安全，推动电动自行车安全充电全覆盖。 未来展望，城市更新再"提档升级"。灌南县住建局聚焦实现"十分钟服务圈全覆盖"目标，打造公园游园 和道路风光带，截至目前，灌南县城区绿地率达41.13%，绿化覆盖率达44.84%，人均公园绿地面积达 16.38平方米，充分满足市民休闲、娱乐、健身等多样化需求；同时，加快推进老旧管道更新改造，筑 牢城市安全 ...

Core Viewpoint - New Dazheng, known as the "first public construction property stock," is experiencing significant financial declines amid industry-wide transformation pains, with a notable drop in net profit for the second consecutive year [1][2]. Financial Performance - In 2024, New Dazheng reported a revenue of approximately 3.39 billion yuan, a year-on-year increase of 8.32%, while the net profit attributable to shareholders was about 114 million yuan, down 28.95% from the previous year [1][2]. - The net profit excluding non-recurring gains and losses was approximately 107 million yuan, reflecting a 22.79% decrease compared to the prior year [2]. - The fourth quarter of 2024 saw a dramatic decline in profit, with net profit dropping 80.11% year-on-year to 6.74 million yuan [3]. Market Conditions - The property industry is shifting from an incremental market to a stock market, leading to intensified competition and profit pressure for the company [1]. - The average gross profit margin for New Dazheng fell to 11.63% in 2024, down 1.15 percentage points from the previous year, while the average gross profit margin for 59 listed property companies was 18.97% [3][4]. Business Segments - Over 85% of New Dazheng's revenue comes from basic property services, which include various public construction property types [3]. - The company’s core clients are predominantly from public construction and government sectors, accounting for 60% of its revenue, although the renewal prices for government projects decreased by 5% to 10% in 2024 [4]. Strategic Initiatives - New Dazheng is focusing on enhancing value-added services and leveraging technology to improve profitability and service scale [4][8]. - The company has implemented a city partner system to facilitate national expansion, which has led to a significant increase in management costs due to various underlying expenses [7]. Accounts Receivable - As of the end of 2024, New Dazheng's accounts receivable reached 766 million yuan, showing a continuous increase over the past three years [5]. - The ratio of accounts receivable to revenue has also been rising, indicating a trend of low-price bidding in new market expansions [5]. Regional Performance - The primary revenue source remains Chongqing, contributing approximately 1.16 billion yuan, which is 34.36% of total revenue, with a year-on-year growth of 6.41% [6].

招商积余 20250509 摘要 • 招商积余一季度营收同比增长 17.95%，利润率与去年同期基本持平，新 签物业管理合同额达 8.45 亿元，同比增加 6.83%，市场化业务合同额占 比提升 18 个百分点，显示出良好的增长势头。 • 公司聚焦广东和华东区域，尤其重视以深圳为核心的广东区域，因其项目 质量和现金流回收较好。通过城市公司分级管理（A、B、C 三级），优化 资源配置，提升整体运营效率。 • 招商积余的业务结构中，办公业态占比 40%，园区、公共、政府和学校业 态各占 15%、15%、10%和 10%。其中，超甲写字楼和综合总部中心等 高质量办公项目是业务重点。 • 公司通过总部集采降低采购成本，并实施项目拉齐和精细化管理，对齐甲 方服务标准，调整外包商标准，以稳定和优化毛利率。同时，进行机构整 合和人员优化，控制行政支出。 • 公司持续推进回购计划，已回购 142 万股，占总比例 0.134%。2024 年 分红率提升至 30.25%，并计划在逐步降低负债后，稳步提升分红水平， 以满足股东期望。 Q&A 招商积余在 2025 年第一季度的经营情况如何？ 2025 年第一季度，招商积余实现营业收 ...

联系人 曹曼 (8621)23297818× caoman@swsresearch.com 业 及 产 业 房地产 2025 年 05 月 11 日 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 国新办会议推金融组合拳，下调 LPR 及公积金利率 看好 ——地产及物管行业周报（2025/05/03-2025/05/09） 本期投资提示： 地产行业数据：一二手房成交环比下降，新房成交推盘比上升。上周（25/5/3-25/5/9） 34 个重点城市新房合计成交 182 万平，环比-29%；其中，一二线环比-31%、三四线环 比+6%；5 月一手房月成交同比+9%，较 4 月+26pct；其中，一二线同比+11%、三四线 同比-6%，分别较 4 月+23pct 和+45pct。上周 13 个重点城市二手房成交 93 万平，环比- 9%；5 月截至上周二手房成交同比+12%，较 4 月+12pct。库存方面，上周 15 城推盘 49 万平米，对应成交推 ...