Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the valuation reassessment of shopping centers and the new opportunities in the housing market [2]. Core Insights - The Ministry of Housing and Urban-Rural Development emphasizes the transition of the real estate industry from high-speed growth to high-quality development, focusing on product quality and service enhancement while maintaining market balance [2][26]. - Recent data shows a rebound in new and second-hand home transactions, with new home sales in 34 key cities reaching 3.095 million square meters, a week-on-week increase of 26.3% [2][3]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises amid a monetary easing cycle, which could lead to a reassessment of consumer-oriented commercial real estate assets [2]. Industry Data Summary New Home Transactions - In the week of December 13-19, 2025, new home sales in 34 key cities totaled 3.095 million square meters, up 26.3% week-on-week, with first and second-tier cities increasing by 24.6% and third and fourth-tier cities by 50.5% [3][5]. - Year-to-date, new home sales in December show a 30% year-on-year decline, with first and second-tier cities down 29.4% and third and fourth-tier cities down 38.8% [5][6]. Second-Hand Home Transactions - In the same week, second-hand home sales in 13 key cities reached 1.192 million square meters, a week-on-week increase of 6.4%, but a year-on-year decline of 32.9% for December [11][12]. Inventory and Supply - In the week of December 13-19, 2025, 15 key cities launched 1.28 million square meters of new homes, with a sales-to-launch ratio of 0.83, indicating a slight improvement in inventory management [20][21]. Policy and News Tracking - The report highlights the central government's commitment to stabilizing the real estate market through three main measures: controlling supply, promoting enterprise transformation, and reforming foundational systems [26][29]. - Local governments, such as Shenzhen and Shandong, are implementing targeted policies to mitigate financial risks and stimulate housing demand through initiatives like "old-for-new" housing exchanges [26][30]. Company Updates - Poly Developments plans to issue 8.5 billion yuan in convertible bonds, while Vanke's proposals for extending medium-term notes were not approved [36][37]. - Yuexiu Property secured a 50 million HKD loan from a bank, with a maximum term of 18 months [36].

Core Viewpoint - Yunnan Poly Property Management Co., Ltd. was fined 100,000 yuan for failing to implement elevator safety management responsibilities after an incident where three individuals were trapped in an elevator for nearly four hours [1][7]. Incident Summary - On August 14, 2023, a serious incident occurred at the Kunming Poly City Phase 3 Yuyun Garden, where a grandmother and her two grandchildren were trapped in an elevator that malfunctioned and stopped at the 12th floor for approximately 3 hours and 45 minutes [3][5]. - The trapped individuals were unable to receive timely assistance despite pressing the emergency button and calling for help [5][7]. Regulatory Action - The Kunming City Guandu District Market Supervision Administration conducted an investigation and confirmed that the property management company violated the Special Equipment Safety Supervision Regulations by not ensuring the safety of the elevator, which resulted in a general accident classification due to the prolonged entrapment [7][8]. - The company applied for a reduction in the penalty, citing their cooperation in the investigation and efforts to mitigate the consequences of the incident, which led to the final fine of 100,000 yuan [8]. Company Background - Yunnan Poly Property Management Co., Ltd. was established in 2008 and is a member of the Poly Real Estate Group. The company has a history of being penalized by fire rescue departments for various safety violations [9].

转自：北京日报客户端 根据《北京市住宅项目物业服务企业综合评价管理办法（试行）》规定，北京市住建部门将依据考评结 果，把北京市住宅项目物业服务企业从高到低分为四个等级，有侧重地加强对服务质量欠佳企业的整改 监督。同时，通过加强对物业服务的事中事后监管，进一步规范物业服务行为，促进行业健康发展。 《办法》提出的评价体系包括物业企业基础经营情况、"接诉即办"、行政处罚、参与社区治理情况等数 十项内容。如物业企业存在挪用住宅专项维修资金、未对公共收益单独列账等管理问题，或多次被业主 投诉的，将被直接扣分。 北京市住房和城乡建设委员会物业处处长 刘琳：扣分项23项，我们聚焦老百姓的诉求，比如说反映的 物业阻挠成立业委会、物业不配合装充电桩，街道会根据反映情况给物业做扣分处理。 《办法》提出，将通过多维度指标体系对物业企业进行综合评价。根据评价结果，对参与北京市住宅物 业项目管理的物业服务企业实施分类监管，建立激励和惩戒制度。评价每半年开展一次，评价结果将通 过住建部门的官方网站、京通小程序等渠道公布。 北京市住房和城乡建设委员会物业处处长 刘琳：北京市有10000多个小区，7亿多平方米住宅。想通过 综合评价规范物业服 ...

人民财讯12月21日电，2026年1月1日，《北京市住宅项目物业服务企业综合评价管理办法（试行）》将 开始试行，明年上半年评价周期结束后，将发布第一次试评价结果。 （文章来源：央视新闻） 《办法》提出，将通过多维度指标体系对物业企业进行综合评价。根据评价结果，对参与北京市住宅物 业项目管理的物业服务企业实施分类监管，建立激励和惩戒制度。评价每半年开展一次，评价结果将通 过住建部门的官方网站、京通小程序等渠道公布。 ...

本报讯 人民日报《民生周刊》杂志社、中国社区发展协会近日联合发布2025年城乡社区高质量发展典 型案例名单，湖州城市集团的《"红色管家"解锁基层治理"幸福密码"》从全国近800个申报案例中脱颖 而出，成功入选。 社区治理的"最后一公里"如何打通？作为城市治理的"神经末梢"，社区承载着居民的幸福期待。面对治 理资源分散、服务精细度不足等问题，市城市集团下属湖州中房置业有限公司通过"红色管家"模式，以 党建为引领，从一桩桩"微实事"入手，在服务居民的最前沿深耕发力，构建起"人人有责、人人尽责、 人人享有"的基层治理新格局，让物业服务更有温度，社区生活更具质感。 这一创新实践为全国基层治理提供了国企参与的湖州范例。据市城市集团介绍，接下来，将持续优化物 业板块，聚焦社区服务提升关键领域进一步深化"红色管家"内涵，通过"微改造、精提升"，对老旧小区 进行智慧化、适老化改造，布局多元化便民业态，努力构建集生活服务、社交互动、文化体验于一体的 新型社区生态。 （来源：湖州日报） 转自：湖州日报 记者 忻 媛 ...

本报讯（记者袁璐）住宅物业服务将迎来一把统一的"标尺"。昨天，市住建委联合市委组织部、市委社 工部、市经信局印发《北京市住宅项目物业服务企业综合评价管理办法（试行）》。《办法》将于2026 年1月1日起试行，首次评价计划于明年上半年开展。评价结果不仅向社会公开，更将成为业主选聘物 业、部门实施监管的重要依据。 市住建委相关负责人表示，此举旨在规范市场秩序，加强行业监管，全面提升物业服务水平。评价范围 拟覆盖全市近3000家住宅物业服务企业。 根据《办法》，评价将依托全市统一的物业服务系统平台进行，每半年为一个完整的评价周期，周期结 束后分数重置。企业成绩按记分排名，并依固定比例划为A、B、C、D四级：排名前10%（含）为A 级，10%至50%（含）为B级，50%至90%（含）为C级，后10%为D级。这种"比例划线"的方式，有利 于建立持续的动态竞争机制。 《办法》采用综合加权计分。一个企业若管理多个住宅项目，其最终得分将是所有项目综合得分的加权 平均。考评指标涵盖企业的公共信用信息评分、接管项目、获得荣誉、物业收费、党建融合、"接诉即 办"、行政处罚、参与社区治理情况等多个维度。评价结果将向社会公开，为业主大 ...

证券时报·数据宝统计，碧桂园服务在港交所公告显示，12月19日以每股6.250港元至6.290港元的价格回 购100.00万股，回购金额达625.95万港元。该股当日收盘价6.230港元，下跌1.89%，全天成交额4660.68 万港元。 自12月15日以来公司已连续5日进行回购，合计回购1539.70万股，累计回购金额9680.57万港元。 其间 该股累计下跌2.20%。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.19 | 100.00 | 6.290 | 6.250 | 625.95 | | 2025.12.18 | 270.00 | 6.350 | 6.330 | 1713.60 | | 2025.12.17 | 369.70 | 6.330 | 6.220 | 2317.48 | | 2025.12.16 | 500.00 | 6.290 | 6.210 | 3127.38 | | 2025.12.15 | 300.00 | 6.340 | 6.290 ...

近日，都市左岸小区业主李女士向大庆晚报反映，小区物业自2022年起，联合多家银行推出"办理信用卡抵扣物业费"活动，引发业主对金融安全和个人征 信的担忧，记者就此展开调查采访。 据李女士介绍，该小区每年与八九家银行合作，通过在业主群宣传、小区悬挂条幅、朋友圈推广等方式，鼓励业主"薅银行羊毛"，业主每办理一张指定信 用卡，即可抵扣100元物业费，由于每人可办理多家银行的信用卡，部分家庭夫妻二人合计办理了十几张。 对于信用卡注销、年费等关键问题，办卡员解释，有的卡半年、有的一年后可注销。关于年费，其声称办卡当时就消费了，并保证"如果第二年因忘记消 费产生年费，拨打客服电话即可退还，百分之百能退。银行只是为了使用卡，不是真的扣钱。" 对此，物业经理称合作方均为银行开展的业务，活动属自愿性质，不存在强制办卡。她还表示，银行将相应款项交至物业财务，物业自身并无经济利益， 且抵扣的物业费均正常开具发票。 对于用卡要求，该经理称"消费1块钱也算一次"，并提示银行会进行相关告知。 李女士表示，很多业主觉得划算，都办了，但部分业主开始担心个人信息安全、信用卡管理不当可能引发的逾期、征信受损等风险。 因担忧风险，有业主向市市场监督 ...

Industry Overview - The real estate market is entering a phase of stabilization after significant adjustments, with signs of recovery becoming evident as new home sales decline at a slower rate compared to previous periods. In the first eleven months of 2025, the cumulative sales area of commercial housing reached 78,702 million square meters, a year-on-year decrease of 7.8%, compared to a 12.9% decline in 2024 [10][4][16] - The new home price decline has narrowed, with the average price drop in 70 large and medium-sized cities decreasing to 2.6% year-on-year by November 2025. First-tier cities performed better than second and third-tier cities in both year-on-year and month-on-month price changes [13][20] - The inventory of residential properties is being effectively reduced, with the narrow inventory (completed but unsold area) decreasing for nine consecutive months, leading to a narrowing of the inventory cycle to 20.5 months [16][17] Policy Environment - The central government continues to emphasize the goal of stabilizing the real estate market, implementing policies to support recovery through measures such as reducing interest rates and optimizing credit conditions. Local governments are also taking targeted actions to stimulate market demand [4][52] - The policy framework is evolving from "stabilizing the decline" to "high-quality development," focusing on both revitalizing existing stock and optimizing new supply. The construction of high-quality housing has been elevated to a strategic priority [51][52] 2026 Outlook - Key indicators for the real estate sector are expected to gradually stabilize and improve marginally in 2026. Under a neutral assumption, new construction area is projected to be 508 million square meters, a year-on-year decrease of 14.2%, while sales area is expected to be 835 million square meters, down 6.4% [4][10] - The overall development investment is anticipated to be 7.64 trillion yuan, reflecting an 8.5% year-on-year decline, but with a narrowing of the decline compared to 2025 [4][10] Investment Recommendations - The report suggests focusing on financially stable developers with a strong presence in core cities, such as China Resources Land, China Merchants Shekou, and New City Holdings. In the property management sector, companies like China Resources Mixc Life and Greentown Service are recommended [4][10]

截至12月19日收盘，物业管理概念上涨2.88%，位居概念板块涨幅第9，板块内，168股上涨，德必集团 20%涨停，广宇集团、三湘印象、三木集团等涨停，中央商场、百花医药、汇通能源等涨幅居前，分别 上涨8.97%、7.80%、7.49%。跌幅居前的有安居宝、品茗科技、东百集团等，分别下跌4.84%、3.96%、 0.99%。 | 601155 | 新城控 | 2.09 | 1.08 | 2288.79 | 6.59 | | --- | --- | --- | --- | --- | --- | | | 股 | | | | | | 000797 | 中国武 | 5.58 | 12.94 | 2028.10 | 2.43 | | | 夷 | | | | | | 600981 | 苏豪汇 | 3.72 | 3.20 | 1717.35 | 7.23 | | | 鸿 | | | | | | 000560 | 我爱我 家 | 1.37 | 4.97 | 1707.64 | 5.15 | | 002474 | 榕基软 | 0.95 | 13.53 | 1604.65 | 2.32 | | | 件 | | | | | | ...