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 ...

以下文章来源于正解局 ，作者正解局 正解局 . 解读产业，发现价值。产业/城市/企业。 本文来自微信公众号： 正解局 （ID：zhengjieclub） ，作者：正解局，题图来自：视觉中国 你家小区物业费降了吗？ 反正，在今年开春，重庆风花树小区的物业费每月每平1块8降到1块3，降幅高达27.8%！ 不少网友看后，很震惊：这物业费还能降？ 实际上，这两年，物业费下调的消息，已经不算稀奇了。 根据《2024年中国物业行业年度盘点报告》，重庆、银川、青岛和武汉上百个小区的物业费下调，降幅在20%～35%之间。 克而瑞物管 换句话来说，全国东西南北中的各大城市，物业费都有下降。 这又是为什么？ 一、物业费合不合理？ 说到物业费，"高收费、低服务"是人们的普遍印象。 业主和物业之间的矛盾，也是由来已久的难题。如今正值降价潮，那我们首先得问，物业费真的合理吗？ 这个问题，不同的地方和不同时代的人，可能有不同的答案。至少，80后和90后对此可能感触更深，"交物业费"这一行为概念，产生于大家从农村到 城市的变迁中，过去几十年物业费的定价机制也长期遵循"进城买房主导"模式。 也就是说，买新房与交物业两者关系捆在了一起。 毫不 ...

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 ...