■王丽新 今年以来，中央与地方政府密集出台文件，构建起"好房子、好服务"政策框架。当前，"好房子"工程已在全国各地推进。 伴随社会需求从"住有所居"向"住有宜居"跃升，"好服务"已经成为"好房子"的核心及延续。 7月10日，中指研究院发布的《2025中国物业服务满意度研究报告》显示，当前，物业服务满意度行业均值呈现波动下行 态势，反映出物业服务水平亟待提升。在笔者看来，物业服务质量要加紧跟上，服务模式也需从"被动响应"向"主动创变"转 型，推动行业迈入"服务生长"时代。那么，"好服务"要怎样更好地落地生长？ 第一，物业费可由业主"弹性定价"。"好服务"通常与物业费挂钩，企业和业主首先要面对的就是物业费如何定价的问题， 但一味盲目地降低物业费并不一定是个好选项，由业主"弹性定价"或许有利于促成双赢局面。 "弹性定价"是指一种按需收费的定价机制，核心逻辑是将物业服务选择和定价权交予业主。这主要有两种主流操作模式， 一是通过业主大会与物业企业协商确定差异化收费标准，以保障物业服务成本合理分摊，维系社区长效治理的资金基础；二是 物业企业提供翔实的服务清单，业主清晰地了解每一项服务的质量要求、验收标准、服务频次、操作流 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][36]. Core Insights - The report highlights a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 50.1% week-on-week [2][3]. - The report anticipates further policy support to stabilize the real estate market, with potential measures including mortgage rate cuts and increased supply of quality housing [2][36]. Industry Data Summary New Home Transactions - New home sales in 34 key cities totaled 1.983 million square meters, a week-on-week decrease of 50.1% [2][3]. - Year-on-year, new home sales in July decreased by 16.0%, with first and second-tier cities down by 15.4% and third and fourth-tier cities down by 23.4% [4][11]. Second-Hand Home Transactions - Second-hand home sales in 13 key cities reached 1.078 million square meters, a week-on-week decline of 6.6% [11]. - Year-to-date, second-hand home sales have increased by 8.8% compared to the previous year [11]. Inventory and Supply - In 15 cities, 880,000 square meters of new homes were launched, with a sales-to-launch ratio of 0.71, indicating ongoing inventory reduction [20][21]. - The average months of inventory for new homes is 19.6 months, reflecting a slight increase [20]. Policy and News Tracking - The National Development and Reform Commission is increasing investment in key areas of new urbanization, indicating a proactive approach to stimulate the housing market [30][31]. - Local governments are implementing targeted policies, such as restrictions on the registration of small property rights houses in Guangdong and new housing subsidy programs in Wuxi [30][31]. Company Dynamics - Several real estate companies are actively engaging in financing and capital market operations, with notable activities including Shenzhen Tianjian Group's issuance of medium-term notes worth 650 million yuan [36]. - Companies like Beike-W are also engaging in share buybacks, indicating confidence in their market position [36]. Sector Performance - The real estate sector outperformed the market, with the SW Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index [2][36]. - The average price-to-earnings ratios for major A-share real estate companies for 2025 and 2026 are projected at 14.7 and 13.1 times, respectively [2].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Insights - The report highlights a new consumption-boosting plan introduced by Beijing, while both new and second-hand housing transactions have shown a month-on-month decline [1][8] - The real estate sector has outperformed the broader market, with the Shenwan Real Estate Index rising by 6.12% compared to a 0.82% increase in the CSI 300 Index, resulting in a relative return of 5.3% [5][13] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index increased by 6.12%, while the CSI 300 Index rose by 0.82%, indicating strong sector performance [5][13] 2. Industry Fundamentals - For the week of July 4-10, the total number of new homes sold in 38 key cities was 25,620 units, reflecting a year-on-year growth of 6.9% but a month-on-month decline of 36%. The total transaction area was 2.092 million square meters, with a year-on-year decrease of 18% and a month-on-month decrease of 54.2% [6][20] - In the same week, the total number of second-hand homes sold in 16 key cities was 16,990 units, showing a year-on-year decline of 10% and a month-on-month decline of 6.7%. The total transaction area was 1.692 million square meters, with a year-on-year decrease of 8.4% and a month-on-month decrease of 5.4% [6][38] - The inventory of commercial housing in 17 key cities was 187.848 million square meters, with a month-on-month increase of 0.2% and a depletion cycle of 142.6 weeks [6][51] 3. Company News - China Merchants Shekou reported a signed sales area of 695,000 square meters and a sales amount of 21.748 billion yuan in June 2025. For the first half of 2025, the cumulative signed sales area was 3.35 million square meters, with a total sales amount of 88.894 billion yuan [17][19] - Gemdale Group announced a signed area of 262,000 square meters in June 2025, a year-on-year decrease of 41.39%, with a signed amount of 3.1 billion yuan, down 53.24% year-on-year [17][19] - Huaxia Happiness expects a net profit loss of between 5.5 billion and 7.5 billion yuan for the first half of 2025, compared to a loss of 4.849 billion yuan in the same period last year [18][19]

Core Insights - The article highlights the ongoing challenges and initiatives in managing electric bicycle charging facilities in Dongguan, particularly in residential areas, following a recent fire incident that destroyed over a hundred electric bicycles [1][2]. Group 1: Current Situation and Challenges - A recent fire in a residential area has brought attention to the safety issues surrounding electric bicycle charging stations, with many located near gas pipelines and other hazardous areas [1][3]. - Dongguan's fire department has identified several challenges in standardizing the management of charging facilities, including limited space, lack of maintenance, and unclear responsibilities for equipment upkeep [1][4]. - As of now, 1,288 out of 1,423 residential complexes with professional property management have established charging facilities, totaling 59,932 charging ports, achieving a nearly 72% ratio of 5:1 for bicycles to charging ports [2]. Group 2: Regulatory Framework and Initiatives - According to the Civil Code, the addition of charging facilities in existing residential complexes requires the consent of the homeowners, with the housing and urban-rural development bureau overseeing the process [2][6]. - The Dongguan government is working on a three-year action plan to build centralized charging points in public spaces around residential areas to address the shortage of charging facilities [6]. - A fire safety standard for electric bicycle charging areas was implemented in July 2022, which serves as a reference for property management companies to enhance safety measures [3][4].

截至7月10日收盘，物业管理概念上涨1.70%，位居概念板块涨幅第9，板块内，141股上涨，深深房A、 光大嘉宝、渝开发等涨停，德必集团、特发服务、金融街等涨幅居前，分别上涨11.11%、10.06%、 8.25%。跌幅居前的有安妮股份、玉禾田、恒银科技等，分别下跌5.36%、3.97%、2.89%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 硅能源 | 3.39 | 兵装重组概念 | -3.20 | | 房屋检测 | 2.89 | 电子身份证 | -1.63 | | 有机硅概念 | 2.51 | 无人零售 | -1.34 | | 租售同权 | 2.45 | PET铜箔 | -1.29 | | 信托概念 | 2.07 | 数字货币 | -1.11 | | 稀土永磁 | 1.95 | PCB概念 | -0.97 | | 毛发医疗 | 1.77 | 移动支付 | -0.94 | | 水泥概念 | 1.75 | AI PC | -0.91 | | 物业管理 | 1.70 | AI手机 | -0.83 | | ...

Core Viewpoint - The property management industry is transitioning towards high-quality development, focusing on service value rather than merely increasing management area, as companies actively withdraw from low-quality projects to ensure survival and growth in a challenging market environment [1][3]. Market Overview - As of June 24, the total market capitalization of 67 listed property management companies is approximately 259.82 billion yuan, with an average PE ratio of 21.18, showing recovery compared to the previous year [1][7]. - By the end of 2024, the total managed area in the property management industry is expected to reach 31.41 billion square meters, growing to 37.54 billion square meters by 2029 [1]. Industry Trends - The industry is experiencing a significant decline in project retention rates, with the top 100 property companies' project retention rate at 96.81% in 2024, down 1.36 percentage points from the previous year [4]. - Companies are shifting their strategies from pursuing scale to focusing on quality and profitability, leading to a trend of withdrawing from underperforming projects [3][5]. Company Actions - Several property management companies, including China Overseas Property and Longfor Intelligent Life, have announced or planned to exit certain projects due to low occupancy rates and difficulties in collecting property fees, resulting in operational losses [3][5]. - The withdrawal of projects is seen as a necessary measure for quality control rather than a goal, emphasizing the importance of both maintaining and expanding quality projects [5]. Service Innovations - Companies are innovating service offerings, such as the introduction of flexible pricing models that allow homeowners to choose services and set property fees based on their needs [6]. - Property management firms are focusing on high-value projects in core cities and targeting high-net-worth individuals, while also enhancing service transparency and standardization [6]. Investment Climate - The property management sector is witnessing a recovery in stock valuations, although significant disparities exist among individual companies [7][10]. - The industry is characterized by stable cash flows and strong anti-cyclical properties, providing potential for recovery despite challenges in the real estate market [10]. Market Exit Trends - Some listed property management companies are choosing to exit the capital market, with examples including the privatization of Ronshine Services [11].

Core Insights - The article discusses the transformation of Lin Muxiong from a real estate executive to the CEO of a robotics company, emphasizing the integration of AI and robotics into the real estate sector [3][6][13] - It highlights the challenges faced by the real estate industry and the need for innovation and adaptation to new technologies [5][12] Group 1: Company Background - Lin Muxiong has over 30 years of experience in the real estate industry, having successfully expanded operations in Southern China [4][12] - The company, 壹智控机器人, focuses on providing AI-driven solutions for property management, including cleaning, delivery, and inspection robots [16][18] Group 2: Market Context - The real estate market in China has experienced a significant shift, moving from a growth phase to a more challenging environment due to demographic changes and economic adjustments [5][6] - The demand for innovative solutions in property management is increasing as traditional methods become less effective [10][12] Group 3: Business Model - The company operates on a B2B model, providing robotic solutions to property management companies, government institutions, and corporate clients [17][18] - Revenue streams include sales of robots (50%), rentals (30%), and operational services (20%), such as maintenance and consulting [18] Group 4: Vision and Goals - The vision of 壹智控机器人 is to become a leading provider of smart city infrastructure by integrating AI and robotics into property management [10][18] - The company aims to cover over 500 communities/projects in the Greater Bay Area within three years, focusing on cost reduction and efficiency improvement [10][18]

港股内房股早盘走高，远洋集团(03377.HK)涨超13%，碧桂园(02007.HK)、新城发展(01030.HK)均涨超 5%，融创中国(01918.HK)、富力地产(02777.HK)、世茂集团(00813.HK)等个股跟涨。克尔瑞物管统计， 6月中国物业服务TOP50企业新增合约面积约8447万平方米。 ...

证券代码：002968 证券简称：新大正 Q4、公司应收账款情况及相应管控措施？ 截至上年末公司应收账款 7.66 亿元，其中一年期以内账龄占比 93%，年度整体收费率较好。公司亦通过加强项目品质管理，对应收 账款余额进行监控、及时结算，完善应收账款分层分级管控机制及全 生命周期管理动作，搭建催费数字化工具，强化应收账款管理和预收 管理，以确保公司不会面临重大坏账风险。 新大正物业集团股份有限公司投资者关系活动记录表 编号：2025-001 | | √分析师会议 | √特定对象调研 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □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） | | | | 中信证券、申万宏源证券、东吴证券、兴业证券、东方财富证券、西南 | | | 参与单位名称及 | 证券、招商基金、广发基金、工银瑞信基金、富国基金、中金资管、平 | | | 人员姓名 | 安基金、东方红资管等 | | | 时间 | 2025 年 1-6 月 | | | 地点 | 电话会议、现场交流 | | | 上市 ...

Core Insights - The property management industry is experiencing a significant trend of companies voluntarily exiting projects due to various operational challenges and financial pressures [1][3][5] - The turnover rate of residential property management has increased from 1.7% in 2021 to 3.3% in 2024, indicating a growing willingness among homeowners to change property management companies [7][10] Group 1: Company Exits - China Overseas Property announced its exit from the Ezhou Shuangchuang Star community by August 31, 2025, due to low occupancy rates and high unpaid fees, with a total outstanding amount of 595,900 yuan as of January 2025 [1][4] - Jin Ke Service will withdraw from Chongqing Hengchun Phoenix City by August 31, 2025, citing reduced property fees and legacy issues from developers leading to losses [1][4] - Longfor Property is set to exit Shanghai Su Di Chun Xiao community by August 2025 due to unresolved historical issues causing operational risks [1][4] Group 2: Industry Trends - A report by CRIC shows that from 2021 to 2024, the residential property turnover rate has increased, suggesting a trend where approximately 20,000 residential communities change property management annually [2][7] - Many property management companies, including Wanwu Cloud, Shimao Service, and others, have publicly announced their termination and exit from various projects in their 2024 annual reports [2][3] - The ongoing dissatisfaction among homeowners regarding property services has led to a rise in the number of homeowners seeking to change property management companies [10][11] Group 3: Financial Pressures - The primary reasons for property management companies exiting projects include rising costs, declining collection rates, and insufficient growth in value-added services [5][6] - In 2024, Wanwu Cloud exited 53 residential projects, impacting a saturated income of 286 million yuan, while Shimao Service and others also reported significant areas of project exits [6][5] - Companies are increasingly focusing on high-quality growth, prioritizing high-capacity cities and quality clients, as evidenced by China Overseas Property's increase in new contract amounts in core urban areas [5][6]