Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]

（文/孙梅欣 编辑/张广凯） 尽管和大多数行业一样，物业企业近年来的发展难度增加，但正呈现出比房地产企业更具韧性的特征。 中国物业管理协会近期发布的数据显示，2024年物业行业在管面积395.5亿平方米，同比增长3.4%。 与此同时，过去一年物业企业受到地产交付增量面积下降、以及物业主动退出管理面积的影响，头部物 业企业在管面积也在持续下降。 克而瑞物管近期发布的《2025中国物业服务企业综合实力研究成果》显示，截至去年末，500强物企合 计在管面积为192.8亿平方米，同比增长5.1%，增速较2023年下降1.1个百分点，已经连续3年呈现下降 趋势。 百强物企和上市物企在管面积增速也同样出现下滑，管理面积分别为138.2亿平方米和76.6亿平方米，增 速分别为5.9%和6.3%，同比分别下降1.7和5.7个百分点。 在管面积的增长中，收并购以和物管企业关联的地产企业关键交易为主，第三方在管理面积的占比基本 稳定在52.5%，整体变动幅度较小。 同时，物业行业正越发展现出独立性，和地产母公司的关联性正在减弱。与此同时，一些大型企业的物 业公司，正顺应企业跨境的大势，也出现物业"出海"的现象。 优质物企利润表现 ...

山东省住房和城乡建设厅物业管理处处长朱亚东介绍，今年年底山东将全面完成"十四五"改造任务。为确保改造有力有序推进，山东将 重点做好四方面工作。 推进"楼道革命"，着力在加装电梯上实现新突破。山东省住房和城乡建设厅与财政、自然资源、市场监管等部门联合印发了《关于进一 步做好既有住宅加装电梯工作的指导意见》，各地正在按照"高效办成一件事"的要求，推行线上线下办理、优化审批流程，让数据多跑 路、让居民少跑腿，积极搭建沟通议事平台，通过居民自治协商来解决加装电梯中的种种难题。同时，用产业思维来推动电梯加装工 作，发挥好德州宁津这个北方最大的电梯产业集群优势，推进建设方与电梯设计、生产、安装、维保等上下游左右侧的单位企业组建联 合体，优势互补，抱团发展，让加装电梯真正提速提质。截至目前，全省累计完成加装电梯8018部。 推进"环境革命"，着力在完善配套设施上实现新突破。山东坚持一小区一策，聚焦老旧小区居民急难愁盼，注重增设带充电装置的自行 车棚、"一老一少"设施、加装电动汽车充电桩等。山东省住房和城乡建设厅与市场监管部门联合印发《城镇老旧小区改造标准》，指导 各地落实《山东省城镇老旧小区适老化改造指南》，提升改造标准与 ...

Core Viewpoint - The tax authorities have intensified efforts to combat tax evasion through the concealment of unbilled income, highlighting the legal and financial repercussions for companies involved in such practices [1][2][3] Group 1: Tax Evasion Cases - Three companies were recently penalized for concealing unbilled income and engaging in false tax declarations, resulting in a total tax shortfall of approximately 2.25 million USD (12.57 million CNY) [1] - Hainan Oulijia Industrial Co., Ltd. and its subsidiary concealed 1.26 million USD (12.57 million CNY) in taxes [1] - Chongqing Duoliyuan Food Co., Ltd. concealed 699,070 USD (6.99 million CNY) in taxes [1] - Huaihua Taihe Property Service Co., Ltd. concealed 196,580 USD (1.97 million CNY) in taxes [1] Group 2: Tax Compliance and Legal Consequences - Concealing unbilled income is a challenge to tax law authority, and companies found guilty face severe legal consequences, including back taxes and fines [2] - The tax authorities have reported over 150 typical cases of tax violations this year, indicating a significant increase in enforcement actions [2] - Companies mistakenly believe that using personal accounts and maintaining "off-the-books" records can evade tax oversight, but digital tax administration makes such tactics increasingly ineffective [2] Group 3: Recommendations for Businesses and Consumers - Companies are advised to accurately report taxable income and maintain strict internal financial regulations to uphold industry competition [3] - Consumers are encouraged to request invoices to protect their rights and promote compliance among businesses [3]

Summary of Real Estate Industry Conference Call Industry Overview - The real estate market has shown signs of weakness since May, with new construction, investment, and completion areas experiencing a year-on-year decline. However, key cities have seen a structural recovery in land acquisition amounts due to high premium land transactions in first-tier cities [1][3] - The sales area and amount of commercial housing have decreased year-on-year, but there has been slight improvement month-on-month. The price index for new homes and second-hand homes in 70 major cities has declined both year-on-year and month-on-month [1][4] Key Points and Arguments - **Market Data Trends**: - New construction area decreased by 19% year-on-year in May, while development investment fell by 12%. Cumulatively, from January to May, investment dropped by 11% [3] - The sales area and amount for commercial housing fell by 3% and 6% year-on-year, respectively, but showed slight month-on-month improvement [4] - The price index for new homes decreased by 4.1% year-on-year, and second-hand homes fell by 6.3% [4] - **High-frequency Data Insights**: - In June, the cumulative transaction area for new homes in 44 key cities dropped by 12% year-on-year, while second-hand homes fell by 4% [5] - Forward-looking indicators show market weakness, with a 5% decrease in transaction counts and an 11% drop in viewings for second-hand homes [5] - **Policy Implications**: - The government has emphasized stabilizing the real estate market, with recent meetings indicating potential policy adjustments to support direct payments to real estate companies [6][7] - Future policies may focus on stabilizing market fundamentals while transitioning to new models, with a need for ongoing confidence restoration and supply-demand relationship improvement [8] - **Institutional Development**: - The industry will focus on foundational institutional construction, including land acquisition, sales systems, and housing pension systems. Current attention is on the existing housing sales system [9] - Urban renewal and village reconstruction will be utilized to optimize supply, addressing the issue of insufficient quality housing despite ample supply [9] - **Inventory Management**: - A nationwide investigation into real estate inventory is necessary to support land and housing storage, enhancing policy effectiveness and potentially relaxing administrative restrictions in key cities [10][11] - **Market Expectations**: - Stabilizing expectations is crucial for both the real estate and stock markets, as positive future expectations drive demand for both sectors [12] Investment Opportunities - **Stock Recommendations**: - Focus on high-quality urban companies with good credit and excellent products, particularly in Shanghai. Recommended A-shares include Chengdu Investment Holdings, Chengjian Development, and others [14] - Hong Kong stocks are seen as having investment opportunities due to potential RMB appreciation and favorable market conditions [15] - **Hong Kong Market Outlook**: - The Hong Kong real estate market is expected to benefit from lower mortgage rates, population return, and supportive government policies, creating opportunities for companies with substantial property resources [16] - **Investment Strategy for Developers and Property Companies**: - Both developers and property companies are viewed as having allocation value, especially high-dividend companies like China Resources Mixc Lifestyle, Greentown Service, and others [17]

Investment Rating - The report indicates a cautious investment outlook for the real estate sector, particularly highlighting the potential for policy-driven recovery in major cities [6][4]. Core Insights - The real estate market is experiencing fluctuations, with A-share real estate down by 1.8% and Hong Kong real estate up by 2.6% during the week of June 7-13 [2][17]. - Guangzhou's proposed policy changes, including the removal of purchase restrictions, are expected to stimulate market activity and may lead to similar actions in other first-tier cities [4][6]. - New home sales have shown a week-on-week increase of 13% and a year-on-year increase of 15% across 47 cities, indicating a slight recovery in market sentiment [3][32]. - The second-hand housing market also saw a significant increase, with a 30% week-on-week rise in transaction volume across 22 cities [40][3]. Summary by Sections Market Performance - The A-share real estate sector ranked 26th among all sectors with a decline of 1.8%, while the Hong Kong real estate sector ranked 6th with an increase of 2.6% [2][17]. - The property service index in Hong Kong rose by 3.1%, outperforming the Hang Seng China Enterprises Index and the CSI 300 Index by 2.8% and 3.4%, respectively [23][2]. Land Market - The average land premium rate remains low at 3%, with a total of 626,000 square meters of residential land sold across 300 cities during the week, marking a 101% increase week-on-week but a 21% decrease year-on-year [26][30]. - Year-to-date, the total residential land area sold is 15,209,000 square meters, reflecting a 3.8% year-on-year decline [26][30]. Policy Developments - Guangzhou's proposed policy changes aim to eliminate purchase, sale, and price restrictions, which could lead to a broader easing of real estate policies in other major cities [4][6]. - The central government has indicated a commitment to stabilizing the real estate market, suggesting further policy support may be forthcoming [4][6]. Financing Trends - In May, the social financing scale increased by 2.29 trillion yuan, with new long-term loans for residents rebounding to 746 billion yuan, indicating a recovery in financing conditions [5][18]. - The year-to-date decline in new long-term loans has narrowed to 2.9%, suggesting improved market resilience [5][18]. Sales Data - New home sales in 47 cities totaled 3.31 million square meters, with significant increases in first-tier cities [32][3]. - Second-hand home sales reached 2.51 million square meters, with notable growth in transaction volumes across all city tiers [40][3].

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [6]. Core Insights - The recent State Council meeting emphasized the importance of constructing a new development model for real estate to promote stable, healthy, and high-quality market growth. The focus is on long-term strategies, maintaining stability while progressing, and establishing foundational systems in an orderly manner [4][8]. - The term "stop the decline and stabilize" has been reiterated, suggesting that further supportive policies may be introduced to enhance market stability. This reflects the central government's ongoing commitment to stabilizing housing prices and addressing the current market challenges [6]. - The "Good Housing" initiative is gaining traction, with increased support from various provinces and a shift in policy focus from mere housing availability to creating livable environments. This initiative is expected to accelerate development and improve the quality of housing [6][8]. Summary by Sections Policy Insights - The report highlights the need for a comprehensive approach to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market. This includes a thorough assessment of existing land and ongoing projects to refine current policies [4][6]. - The new development model aims to be a long-term mechanism rather than a short-term fix, with an emphasis on gradual implementation and avoiding abrupt changes in policy [6][8]. Market Analysis - The report notes that while transaction volumes in the primary and secondary housing markets have stabilized over the past three years, price and volume have not entered a positive cycle as expected. Therefore, it is deemed necessary to enhance policy support [6]. - The anticipated new round of supportive policies may include measures such as mortgage rate reductions, increased "Good Housing" initiatives, and optimized land storage policies, which are expected to benefit quality real estate companies [6][8]. Investment Recommendations - The report recommends focusing on quality real estate companies that are likely to lead the market recovery, including firms like China Resources Land, China Overseas Land & Investment, and Poly Developments. It also suggests monitoring second-hand housing intermediaries and property management companies for potential investment opportunities [6][11][12].

Core Viewpoint - The article discusses the implementation of the "Henan Province Three-Year Action Plan for Urban Renewal Key Projects (2025-2027)", focusing on building complete communities and enhancing urban resilience and quality of life for residents [1][2]. Group 1: Key Projects and Goals - The action plan outlines five key projects aimed at urban renewal: complete community construction, infrastructure improvement, historical resource protection, refined urban governance, and new urban infrastructure development [2][3]. - Specific targets include the construction of approximately 20 complete communities in major cities by 2025, renovation of 1,459 old urban communities, and the addition of 1,200 kilometers of rainwater drainage systems, along with a 30,000 tons/day increase in wastewater treatment capacity [3]. Group 2: Community and Infrastructure Development - The concept of a complete community is defined as having essential public services, commercial facilities, and public activity spaces within a walkable distance for residents [4]. - The plan emphasizes the renovation of old neighborhoods and urban villages, improving living conditions, and enhancing public service facilities such as elder care and childcare [5]. Group 3: Urban Governance and Resilience - The action plan aims to enhance urban safety and resilience through systematic improvements in infrastructure, including the construction of sponge cities and upgrades to gas pipelines [6]. - It also focuses on refined urban governance, including better management of urban sanitation and public spaces, and the promotion of smart city applications to improve living quality [6]. Group 4: Implementation Mechanism - The plan highlights the need for a robust implementation mechanism, emphasizing the importance of preliminary assessments, comprehensive planning, and project support to ensure effective execution [7].

Core Viewpoint - The revitalization of the historical commercial street on Sun Wen West Road in Zhongshan is underway, with eight long-vacant properties being transformed to enhance consumer engagement and attract new businesses [1][2][6]. Group 1: Property Optimization - The Sun Wen West Road area faced challenges such as aging buildings, safety hazards, and inadequate utility setups, leading to low occupancy rates [2]. - Zhongshan Urban Construction Group initiated a special revitalization plan in late 2024 to address these issues, focusing on exterior renovations and internal structural improvements to enhance safety and functionality [2][6]. - The company successfully coordinated the installation of independent utility meters for each unit, alleviating concerns for potential tenants [2]. Group 2: Business Revitalization - New businesses, such as Jingjingling Department Store, have reported significant initial sales, indicating a positive reception from consumers [3]. - The area is seeing a diverse range of new tenants, including trendy cafes and specialty shops, which are designed to blend traditional aesthetics with modern consumer preferences [3][4]. - The revitalization efforts have led to increased foot traffic, especially during holidays, contributing to a vibrant shopping atmosphere [3][4]. Group 3: Future Development Plans - The company plans to introduce a wider variety of commercial types, including unique dining options, cultural experiences, and creative studios, to create a rich commercial ecosystem [6]. - There is a focus on attracting innovative and sustainable businesses that can contribute to the area's long-term growth [6]. - The overarching goal is to transform Sun Wen West Road into a dynamic urban commercial hub while preserving its cultural heritage [6].

Core Viewpoint - The company has reported its operational and financial performance for the year 2024, highlighting strategic initiatives in its core business segments of film and media, smart space services, and property management, while also addressing challenges in revenue and profitability. Group 1: Operational Performance - The company has adopted a dual-driven strategy focusing on film and media alongside smart space services, enhancing its industry influence [3] - In the film sector, the company co-produced and undertook production for 11 diverse projects, collaborating with over 80 renowned institutions, which has expanded its business scope [3] - The company has received multiple accolades for its television productions, including awards for "Happiness to Ten Thousand Homes" and "Life's Journey" [3] - The cinema business has expanded through acquisitions, increasing the number of cinemas to 13, with a total of 109 screens and 16,115 seats, enhancing market competitiveness [4] - The performing arts segment has signed 111 projects across 15 key cities, launching various high-quality performances and festivals [5] Group 2: Financial Performance - As of December 31, 2024, the company reported total assets of 923.01 million yuan, a year-on-year increase of 31.57% [9] - The net profit attributable to shareholders was -101.02 million yuan, reflecting a decrease of 103.53% compared to the previous year [9] - The company achieved a total operating revenue of 429.06 million yuan, down 18.28% year-on-year [9] Group 3: Strategic Initiatives - The company aims to enhance its governance structure and operational mechanisms to strengthen risk prevention and ensure compliance with regulations [10] - Plans include optimizing business decision-making processes and expanding the scale of existing operations to improve brand influence [10] - Future strategies involve vertical integration through acquisitions and investments to enrich the industry chain layout and create new profit growth points [10] Group 4: Future Outlook - The company projects a revenue target of 450 million yuan for 2025, focusing on quality cultural content and innovative performance formats [16] - Emphasis will be placed on integrating cinema and theater operations to diversify revenue streams beyond ticket sales [16] - The smart space segment will leverage new technologies to enhance service quality and reduce costs, aiming for comprehensive urban governance solutions [16]