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 ...

Core Viewpoint - Beijing's Housing Development Annual Plan for 2025 aims to stabilize the real estate market while enhancing housing quality and increasing the supply of affordable housing [1][2][4]. Group 1: Housing Supply and Development - Beijing plans to allocate 240 to 300 hectares for commercial housing land and 475 hectares for affordable housing, prioritizing areas around transit stations and key functional zones [1]. - The supply of housing land will be determined by demand, with an emphasis on synchronizing commercial housing supply with municipal infrastructure [2]. - The plan includes revitalizing existing non-residential properties to support the construction of affordable housing [2]. Group 2: Quality and Safety Measures - The initiative emphasizes the construction of "good houses" and aims to improve community and neighborhood quality through high-standard residential projects [2]. - A "white list" mechanism for real estate development loans will be implemented to enhance risk management and regulatory oversight [2]. - The plan introduces quality control measures for affordable housing, focusing on sustainable construction standards and addressing common construction issues [2]. Group 3: Urban Renewal and Community Management - Beijing will undertake comprehensive renovations of 500 old residential communities and install 600 elevators in older buildings [3]. - The city aims to enhance property management by establishing 100 demonstration projects and recognizing exemplary property management personnel [3]. - A tiered approach to community improvement will be adopted, focusing on accessibility and resident engagement in decision-making [3]. Group 4: Housing Security and Rental Market - The plan includes the construction of 50,000 rental housing units and the completion of 80,000 various types of affordable housing, targeting new citizens and young people [4][5]. - A multi-tiered rental housing system will be developed to meet diverse rental needs, with regulations to curb illegal subletting and false advertising [4]. - By 2025, the goal is to increase the housing security rate for registered families to 85%, ensuring coverage for vulnerable groups [5].

Group 1: Project Highlights - The article highlights several procurement projects including engineering construction, medical equipment, business services, and financial services [1][2] - Key projects to focus on include the sound equipment procurement for the Henan Art Center and the medical equipment purchase for the Dan County Traditional Chinese Medicine Hospital [1] Group 2: Henan Art Center Sound Equipment Procurement - The procurement method for the Henan Art Center sound equipment project is open bidding with a budget of approximately 24.87 million yuan [2] - The project involves upgrading the sound amplification system, tuning system, and microphone system for the main theater, small theater, and concert hall [2] - The deadline for bid submission is June 3, 2025, at 09:00 [2] Group 3: Dan County Traditional Chinese Medicine Hospital Equipment Purchase - The Dan County Traditional Chinese Medicine Hospital plans to purchase 61 sets of medical equipment with a budget of about 111 million yuan [2] - The equipment includes traditional Chinese rehabilitation therapy devices, linear accelerators, CT scanners, color Dopplers, treatment devices, monitors, and ventilators, along with a smart hospital network system [2] - The expected procurement time is June 2025 [2] Group 4: Other Notable Projects - The Zhengzhou Natural Resources and Planning Bureau is conducting a detailed planning framework agreement procurement project with a budget of 25 million yuan [3] - The Henan Children's Hospital is seeking medical liability insurance through an open bidding process [3] - The New Xiang Vocational Technical College is initiating a construction project for a virtual simulation training base [3]

昇柏控股有限公司于2003年在香港交易所上市。至今,公司的团队约300人、在香港及中国内地管理公共 及私人住宅、商用及工厦楼面。私人住宅的业主、业主立案法团、政府机构、教育机构、开发商及物业 投资者,都是公司的客户。 室内装饰及特殊项目部(ISP)于2006年12月在香港成立。随着ISP业务的急速发展,在加改建工程、翻新、 装饰工程和中小型建设项目创建的独立专业知识,ISP在2012年12月1日重组至昇柏控股有限公司 ISPHoldingsLimited(股份代号:02340.HK)。 截至5月9日收盘，昇柏控股股权（02977.HK）报0.060港元，较上个交易日下跌7.69%，当日盘中最高 价触及0.071港元，创近一年新高。 资金流向方面，当日主力流入1.638万港元，流出3.534万港元，净流出1.90万港元。 本文源自：金融界 作者：港股君 公司是注册一般建造承建商为客户提供涵盖策划、顾问,项目管理和建造的完整方案,这包括全包室内设 计及装饰、改建及加建、翻新工程。特殊楼宇建造项目也是公司的关键业务,有关项目一般包括了特定 的室内装饰工程。 公司承诺为客户提供专业和世界级水平的服务。因此,公司引用' ...

Group 1 - The core viewpoint of the article highlights a significant trend of decreasing property management fees across various cities in China, with reductions ranging from 20% to 35% in many residential communities [2][4] - In Chongqing, the property management fee dropped from 1.8 yuan to 1.3 yuan per square meter, marking a decrease of 27.8% [1] - The overall average property management fee in China has seen an annual increase of 8.2% from 2015 to 2023, indicating a historical trend of rising costs prior to the recent declines [11][12] Group 2 - The article discusses the perception of property management fees as "high charges with low service," leading to dissatisfaction among homeowners [5][21] - A significant portion of homeowners, particularly in mid-range residential areas, express dissatisfaction with the services provided by property management companies, contributing to a 3.3% turnover rate in property management companies from 2021 to 2024 [17][22] - The average satisfaction score for property management services in 2023 was only 73.1, indicating that many homeowners feel the services do not justify the fees they pay [20][26] Group 3 - The decline in property management fees is attributed to both market dynamics and government regulations, with increased competition among property management companies leading to price reductions [34][46] - The number of property management companies in China has surged from 58,000 in 2008 to nearly 370,000 in 2024, intensifying competition in the sector [38] - Government initiatives, such as new regulations in various cities, have also played a role in facilitating lower property management fees [41][45] Group 4 - The relationship between homeowners and property management companies is evolving, with an emphasis on service quality and value for money becoming increasingly important [48][58] - Homeowners are now more empowered to choose and manage their property services, reflecting a shift towards a more equitable relationship between the two parties [44][53] - The article suggests that the recent trend of lowering fees should not compromise service quality, as homeowners expect a balance between cost and service [47][59]

[Table_Tag] 宏观策略 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-09 宏观点评 20250508：关税迷雾深，联储降息更难择机——2025 年 5 月 FOMC 会议点评 核心观点：5 月 FOMC 上美联储如期维持利率水平不变。发布会中 Powell 表达了对经济前景更大不确定性与滞胀风险的担忧，同时 Powell 也表示 关税带来的滞胀风险让美联储在就业与通胀目标中的抉择将更具挑战 性，这意味着美联储择机降息难度将更大，对待货币政策也将采取更加谨 慎的的态度，因此当前市场计价的全年 3 次降息预期面临进一步向下修 正的风险。 风险提示：特朗普政策落地节奏与预期相差较大；美联储维 持高利率水平时间过长，引发金融系统流动性危机；通胀下行速率不及预 期。 [宏观深度报告 Table_MacroStrategy] 20250508：基于 38 个国家的比较：为何我国消费率偏低 我国居民可支配收入比重高于国际平均、消费倾向低于国际平均，是否说 明我国居民部门"有钱不愿花"？并非如此，由于个税和财产税主要影响 少数中高收入者，因此剔除中高收入者后，对大多数居民而言，我国跟其 他国家 ...

• 招商积余持续推进资产优化策略，逐步出售部分投资性房地产。公司希望 随着债务结构优化、负债持续压缩以及业绩逐渐攀升，逐步提高股东回报。 Q&A 今年以来，稳定现金流的公司备受关注。在地产行业中，物业管理是否是一个 较好的赛道？招商积余在这方面的表现如何？ 物业管理确实是地产行业中相对稳定且具有潜力的赛道。招商积余是一家以物 业管理和资产管理为主营业务的公司。去年（2024 年），公司的营业收入为 171.72 亿元，同比增长 9.89%，归母净利润为 8.4 亿元，同比增长 14.24%。其中，物业管理业务占整体营收的 97%，资管业务占 3%。基础物 管占整体物管业务营收的 81%，增值服务占 19%。非住宅物业在市场拓展方 面具有优势，占比更高，其中办公业态占 40%左右，公共物业占 15%左右， 园区 16%左右，政府和学校约 10%，城市空间服务约 5%。今年（2025 年） 一季度，公司营收为 40.64 亿元，同比增长 19.87%；净利润为 2.19 亿元， 同比增长 15.06%；扣非归母净利润为 2.14 亿元，同比增长 18%。 招商积余的大股东对公司的管控、考核要求及支持情况如何？ 招 ...

碧桂园服务 20250508 摘要 • 大股东质押股票市值约 30 亿元，抵押率低于 30%，若无法偿还，碧桂园 服务可按每股 3 元回购，增加投资者回报。每股净资产远高于交易价格， 确保交易安全性。 • 借款用于支持大股东保交楼项目，质押股份避免了大股东出售股票导致控 制权变化和治理混乱的担忧。质押期内股份不会被处置，基金会持有的 20%股份十年内不能处置，确保中期管理层和经营稳定。 • 公司管理层考虑提高分红比例以加快还本付息，目前分红政策是在 2023、2024 年 19.9 亿人民币基础上逐步提升，具体幅度和时间表尚未 确定。若分红不变，五年内难以覆盖本金及利息，预计每年分红需增长约 20%才能覆盖。 • 截至 2024 年底，碧桂园服务关联方应收款余额约 25 亿元，2023 年已计 提 80%，净值很低。2024 年应收款余额下降，公司积极追款，已追回 4.5 亿元。坏账计提风险较小。 • 2025 年第一季度业绩与去年同期基本持平或略有下降，全年目标是实现 30 亿元以上净现金流。上半年可能比下半年略弱，这是行业普遍策略。 Q&A 碧桂园服务近期公告的大股东财务资助的具体情况是什么？ 碧桂园服务 ...

BGSF (BGSF) Q1 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants Sandy Martin - Managing DirectorBeth Garvey - Chair, President & CEOKeith Schroeder - CFOMichael Taglich - Chairman & PresidentBill Dezellem - Founder, President & Chief Investment Officer Conference Call Participants Jeff Martin - Director of Research & Senior Research Analyst Operator Day, everyone. Welcome to the BGSF Inc. Fiscal twenty twenty five First Quarter Financial Results Conference Call. At this time, all participant ...

呼伦贝尔： "菜篮子"市场安全管理体系性缺失 在呼伦贝尔海拉尔区万家惠农贸批发市场，这座占地16万平方米、承载198家商户的"民生菜篮子"暴露出系统性消 防安全问题。考核巡查组现场检查发现，该市场消防设施维护管理存在严重漏洞：随机抽查的12家商户及管理区域 中，7家使用过期报废灭火器，8家消防器材配备不足；3处消火栓缺失消防水带，7处消防设施被货物或杂物完全遮 挡；3个火灾探测器保护盖未拆除，处于"无效工作"状态。 此外，中央安全生产考核巡查组第十组检查发现该市场运营方呼伦贝尔市勃兴物业服务有限公司竟从未建立安全管 理制度，未组织商户开展消防培训和应急演练。商户普遍缺乏基本消防安全意识，部分经营者甚至不知晓灭火器使 用方法。 转自：中国应急管理 2025年3月27日，中央安全生产考核巡查组第十组在内蒙古呼伦贝尔市、鄂尔多斯市多家企业及公共服务场所进行 明查暗访时发现，两地民生领域场所存在共性安全隐患问题。 养老院消防设施失效 逃生通道被封锁 在鄂尔多斯市鑫海颐和院，考核巡查组发现该养老机构中庭区域防火卷帘年久失修，丧失联动控制功能；逃生通道 门被锁堵，且门外堆放杂物阻挡疏散路径。对此，养老院工作人员解释称打开 ...