Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [9] Core Insights - The real estate industry continues to show weak fundamentals, with significant year-on-year declines in sales and construction activities. The central economic work conference emphasizes "controlling increments, reducing inventory, and optimizing supply," indicating that policy thresholds are approaching, which may open up policy windows for intervention [2][12] - In November 2025, the sales volume and area of commercial housing decreased by 25.1% and 17.3% year-on-year, respectively, reflecting ongoing pressure from high bases and declining market sentiment. The report anticipates that December will also face significant year-on-year pressure [12][12] - The report highlights the importance of focusing on quality real estate companies with low inventory, strong regional presence, and product strength, as well as stable cash flow from leading brokerage firms, commercial real estate, and state-owned property management companies [2][12] Summary by Sections Sales Performance - In the first eleven months of 2025, the national commercial housing sales amount and area decreased by 11.1% and 7.8% year-on-year, respectively. November saw a more pronounced decline, with sales amount and area down by 25.1% and 17.3% [12][12] - The average sales price of new homes in November was 9,097 yuan per square meter, down 9.5% year-on-year, while the average price of residential properties fell by 11.1% [12][12] Construction Activity - New construction area in the first eleven months of 2025 decreased by 20.5% year-on-year, with November's decline at 27.6%. The report suggests that the construction sector may have entered an oversold state [12][12] - The completed construction area also saw a decline of 18.0% year-on-year, with November's figure down 25.5% [12][12] Investment Trends - The total funds available to real estate companies decreased by 11.9% year-on-year, with November seeing a sharp decline of 32.5%. This includes a 10.4% drop in domestic loans and a 30.7% decrease in self-raised funds [12][12] - Real estate development investment completed in the first eleven months of 2025 fell by 15.9% year-on-year, with November's investment down 30.3% [12][12] Market Outlook - The report forecasts that the real estate industry will remain in an adjustment phase throughout 2025, with an expected annual sales decline of around 10% and construction activity down by approximately 20% [12][12]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002968 证券简称：新大正 公告编号：2025-053 新大正物业集团股份有限公司 2025年中期分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、根据《深圳证券交易所上市公司自律监管指引第9号-回购股份》等相关规定，新大正物业集团股份 有限公司（以下简称"公司"）通过回购专用证券账户持有的公司股份不享有参与本次利润分配的权利。 2、鉴于公司回购专户的股份不参与2025年中期分红派息，本次实际现金分红的总金额=实际参与分配 的总股本*分配比例，即224,230,483股*0.15元/股=33,634,572.45元人民币；本次分红派息实施后除息价 格计算时，每股现金红利应以0.1486428元/股计算(每股现金红利=现金分红总额/总股本，即 33,634,572.45元÷226,277,783股=0.1486428元/股，计算结果不四舍五入，保留小数点后七位)。在保证本 次分红派息实施方案不变的前提下，2025年中期分红派息实施后的除权除息参考价=股权登记日收盘 价 ...

2025 年 12 月 17 日 开源晨会 1217 ——晨会纪要 沪深300 及创业板指数近1年走势 -40% -20% 0% 20% 40% 60% 沪深300 创业板指 晨 会 纪 数据来源：聚源 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 商贸零售 | 1.316 | | 美容护理 | 0.664 | | 社会服务 | 0.126 | | 食品饮料 | -0.018 | | 交通运输 | -0.421 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -2.952 | | 综合 | -2.81 | | 有色金属 | -2.809 | | 电力设备 | -2.658 | | 传媒 | -2.414 | 数据来源：聚源 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】黄金价格再度逼近历史最高点——宏观经济专题-20251216 供需：建筑开工维持弱势，工业开工边际走弱，需求走弱 1.建筑开工：开工率维持历史 ...

Core Viewpoint - The property management industry is undergoing significant transformation in 2025, shifting from traditional service models to asset management and specialized operational strategies to enhance profitability and service differentiation [3][6]. Group 1: Industry Trends - Property management companies are evolving from basic service providers to asset operators, focusing on creating diverse revenue streams through innovative service models [3][6]. - The industry is moving away from homogeneous competition towards differentiated development based on core competencies, emphasizing the need for specialized and vertical service offerings [3][6]. Group 2: Company Strategies - Poly Property has introduced the "All-Domain Scenic City" model, integrating property services with cultural tourism to create new profit models [3][6]. - Wanwu Cloud is transitioning from traditional property management to asset services, utilizing AI and low-carbon solutions to enhance operational efficiency and tenant satisfaction [7][8]. - Country Garden Services is concentrating on basic services, particularly in managing old residential communities, addressing common issues such as outdated facilities and low resident satisfaction [11][12]. Group 3: Case Studies - Poly Property's management of the Xichong scenic area has transformed it from a simple tourist spot into a comprehensive experience destination, increasing secondary consumption by 78% within six months [5][6]. - Wanwu Cloud's "Ling Stone 3.0" solution has improved operational efficiency significantly, achieving a 95% increase in inspection efficiency at certain projects [8][9]. - Country Garden Services has implemented various value-added services in old communities, such as community retail and home maintenance, to create sustainable revenue streams [12][13].

Company Overview - The company showcased its third-generation Lingstone product at the second "Rui Jian" conference held on December 12 in Shanghai [1] - The chairman emphasized the themes of "smart driving for vehicles and smart control for buildings" while presenting Lingstone 3.0, which serves as an intelligent control brain for real estate allocation [1] Product Evolution - Lingstone 1.0 started with a camera cluster to utilize algorithms for work order scheduling [1] - Lingstone 2.0 linked energy hardware clusters for smart control of air conditioning, elevators, and lighting, and established a microgrid for energy savings [1] - Lingstone 3.0 has begun deploying distilled large models, integrating into robots like cleaning and patrol vehicles, creating a comprehensive ecosystem that includes software, robotics, low carbon solutions, and value-added services [1] Commercialization and Impact - Lingstone has achieved commercialization in 44 scenarios, with over 800 external projects implemented, including notable projects like Chengdu Tianhui City and Sun Yat-sen University Shenzhen Campus [1] - For instance, in the Tianhui City project, Lingstone products helped reduce inspection labor costs by 20% and energy consumption by 19.6% [1] Pricing and Growth Strategy - The full-featured version of the Lingstone product is priced between 13,000 to 29,000 yuan per month, with contract durations ranging from 3 to 10 years [2] - The company plans to accelerate product promotion to further enhance its growth momentum [2] Profit Forecast and Valuation - The company maintains its profit forecast and continues to rate the stock as outperforming the industry, with a target price of 27.5 HKD per share, corresponding to a 12x core P/E for 2025 and a 41.5% upside potential [2] - The stock is currently trading at 8.2x core P/E for 2025 and offers a dividend yield of 9.8%, assuming an 80% payout of the core net profit for 2025 [2]

但是，物业收费和成本的"天平"并不容易平衡。因收缴率低、效益低下等原因，一些小区出现"物业撤 场"的现象；部分头部物业公司，也在主动退出低回款、低转化项目。而一旦物业退出，业主们的挑战 才刚刚开始。 作者 | 第一财经 孙梦凡 20城物业费"大起底" 收缴率降低、撤场事件频发，围绕物业费的种种争议还在发酵。 近日，关于物业费该怎么收的话题，再度冲上热搜。一派网友主张物业费应大幅降低，甚至有网友称拒 交物业费；另一派网友则表示，小区和物业本是"共同体"，交物业费不是问题，关键是物业各项服务要 透明。 业主要按合同要求缴纳物业费，是我国《民法典》和《物业管理条例》等明文规定的条款。但具体的收 费标准，现实中有一定调整和协商空间，自去年以来，物业费下调的小区越来越多，尤其是在一些刚需 楼盘。 据中指研究院，2025年12月，二十城物业服务均价为2.72元/平方米/月，同比下跌0.23%，环比下跌 0.09%。这20城包括上海、北京、深圳、广州、昆明、合肥、武汉、无锡、南昌、成都、天津、杭州、 长沙、苏州、宁波、济南、重庆、青岛、南京、常州。 其中，一线城市物业服务价格水平居前列，其中深圳均价最高，为3.97元/平方 ...

收缴率降低、撤场事件频发，围绕物业费的种种争议还在发酵。 近日，关于物业费该怎么收的话题，再度冲上热搜。一派网友主张物业费应大幅降低，甚至有网友称拒 交物业费；另一派网友则表示，小区和物业本是"共同体"，交物业费不是问题，关键是物业各项服务要 透明。 因入住率极低引发物业费矛盾，虽不是各地最普遍的情况，但反映出了关于物业费的共性问题：即"降 低物业费"，已成为当下一些二手房业主的共同诉求。 从行业机构发布的数据看，近一年时间以来，重点城市的平均物业费确实在下滑。 据中指研究院，2025年12月，二十城物业服务均价为2.72元/平方米/月，同比下跌0.23%，环比下跌 0.09%。这20城包括上海、北京、深圳、广州、昆明、合肥、武汉、无锡、南昌、成都、天津、杭州、 长沙、苏州、宁波、济南、重庆、青岛、南京、常州。 业主要按合同要求缴纳物业费，是我国《民法典》和《物业管理条例》等明文规定的条款。但具体的收 费标准，现实中有一定调整和协商空间，自去年以来，物业费下调的小区越来越多，尤其是在一些刚需 楼盘。 但是，物业收费和成本的"天平"并不容易平衡。因收缴率低、效益低下等原因，一些小区出现"物业撤 场"的现象；部分 ...

Group 1: Industry Trends - The property management industry is undergoing a transformation from basic services to specialized and differentiated offerings, creating competitive advantages through professionalization [1] - Companies are shifting from a focus on traditional property management to asset management, with an emphasis on enhancing service value and establishing business moats [1][5] - The industry is moving away from homogeneous competition towards differentiated development based on core competencies, with opportunities in vertical market exploration [1] Group 2: Company Strategies - Poly Property has introduced the "All-Domain Scenic City" model, integrating property services with cultural tourism to create new profit models [1][4] - Poly Property is enhancing its service offerings in scenic areas like Xichong by transitioning from basic services to operational management, including ticketing and event planning [2][3] - Wanwu Cloud is transitioning from traditional property management to asset services and AI solutions, aiming to address pain points in asset management through its "Lingstone 3.0" system [5][6] - Country Garden Services is focusing on basic services and old community management, establishing a separate brand "Yuebaijia" to provide modern property services in aging neighborhoods [7][9] Group 3: Operational Improvements - Poly Property's operational improvements in Xichong have led to a 78% increase in secondary consumption and enhanced visitor experience within six months [3] - Wanwu Cloud's "Lingstone" system has improved inspection efficiency by 95% and reduced traffic congestion by 70% in various projects [6] - Country Garden Services is implementing diverse value-added services in old communities, such as community retail and home services, to achieve sustainable profitability [9][10]

2025.12. 16 本文字数：2996，阅读时长大约5分钟 作者 | 第一财经 孙梦凡 收缴率降低、撤场事件频发，围绕物业费的种种争议还在发酵。 近日，关于物业费该怎么收的话题，再度冲上热搜。一派网友主张物业费应大幅降低，甚至有网友称 拒交物业费；另一派网友则表示，小区和物业本是"共同体"，交物业费不是问题，关键是物业各项服 务要透明。 据中指研究院，2025年12月，二十城物业服务均价为2.72元/平方米/月，同比下跌0.23%，环比下 跌0.09%。这20城包括上海、北京、深圳、广州、昆明、合肥、武汉、无锡、南昌、成都、天津、 杭州、长沙、苏州、宁波、济南、重庆、青岛、南京、常州。 其中，一线城市物业服务价格水平居前列，其中深圳均价最高，为3.97元/平方米/月；北京、上海紧 随其后，分别为3.93元/平方米/月和3.51元/平方米/月；杭州、广州、天津均价分别为3.00元/平方 米/月、2.87元/平方米/月、2.78元/平方米/月。 业主要按合同要求缴纳物业费，是我国《民法典》和《物业管理条例》等明文规定的条款。但具体的 收费标准，现实中有一定调整和协商空间，自去年以来，物业费下调的小区越来越多， ...

围绕物业费的种种争议还在发酵。 收缴率降低、撤场事件频发，围绕物业费的种种争议还在发酵。 近日，关于物业费该怎么收的话题，再度冲上热搜。一派网友主张物业费应大幅降低，甚至有网友称拒 交物业费；另一派网友则表示，小区和物业本是"共同体"，交物业费不是问题，关键是物业各项服务要 透明。 业主要按合同要求缴纳物业费，是我国《民法典》和《物业管理条例》等明文规定的条款。但具体的收 费标准，现实中有一定调整和协商空间，自去年以来，物业费下调的小区越来越多，尤其是在一些刚需 楼盘。 但是，物业收费和成本的"天平"并不容易平衡。因收缴率低、效益低下等原因，一些小区出现"物业撤 场"的现象；部分头部物业公司，也在主动退出低回款、低转化项目。而一旦物业退出，业主们的挑战 才刚刚开始。 可以看到，近一年时间，部分城市的物业费均价确实出现微幅下调，包括合肥、武汉、南昌、宁波、重 庆、青岛、南京。但将时间轴拉长，如果从2021年12月至今，上述20城的物业费均价整体还是呈上涨状 态，年均复合增长率为2.96%。 从具体城市的年均复合增速看，上海、北京涨幅最高，年均复合增速分别为7.38%和4.80%；昆明、合 肥、武汉等城市的物业费 ...