Core Viewpoint - The property management industry is experiencing a wave of service withdrawals from major companies due to ongoing pressure from rising operational costs and unsuccessful negotiations on property fee reductions, leading to a shift from aggressive expansion to focusing on quality service [1][10][12]. Summary by Sections Property Fee Reductions - Over 100 residential communities across the country have successfully negotiated property fee reductions ranging from 20% to 35% since last year [1]. - In Chongqing, the first city to implement fee reductions, at least ten property management companies have announced their withdrawal from service due to failed negotiations and low collection rates [3][4]. Reasons for Withdrawal - Major property companies cite reasons for withdrawal including broken negotiations on fee reductions and high rates of unpaid property fees, with some companies reporting that over half of the owners have not paid their fees [4][8]. - Companies like Chongqing California Property Service and others have stated that the drastic fee reductions are unsustainable given the rising costs of labor, aging equipment, and maintenance [3][4]. Industry Trends - The property management industry is shifting away from "scale expansion" to "quality deepening," with many companies opting to exit low-efficiency projects rather than engage in intense competition [1][10][12]. - The overall revenue growth for property companies has slowed, prompting a focus on reducing competition and improving service quality [10]. Case Studies - In Chongqing, California Property Service announced a fee reduction from 2.0 yuan to 1.3 yuan per square meter, which they deemed unsustainable [3]. - In Hangzhou, the leading property company, Binjiang Property, withdrew from the Wan Gu Jun Fu community after failing to agree on a fee reduction from 2.8 yuan to 2.2 yuan per square meter [6][8]. Market Dynamics - The average property service fee in major cities is around 2.72 yuan per square meter per month, with Hangzhou's fees at 2.98 yuan, indicating a competitive pricing environment [8]. - Some smaller property companies are lowering fees to attract business, while larger firms are focusing on high-quality service areas such as public buildings and hospitals [12]. Conclusion - The property management sector is undergoing significant changes as companies adapt to new market realities, focusing on quality over quantity in service provision to ensure sustainability in a challenging economic environment [10][12].

2025年，物管行业迎来规范化发展的重要之年。 物业公司不按规定退出、不配合更换电梯、信息公示不及时......近期，多地密集曝光了一批物管行业的 典型案例，以督促物业提升服务质量，维护群众切身利益。 从跑马圈地到野蛮生长，物管行业曾经历了一段扩张期，规模增长被置于发展质量之上，业绩指标被置 于一线服务之前，业主与物业的矛盾也积弊已久。但进入2025年以来，我国物管行业在政策驱动下正迎 来深刻变革，各地相继加大了规范和整治力度。 从当前政策趋势看，各地已将"物业服务履约不到位、侵占业主公共收益等"作为整治重点，同时通过引 入企业评价等级、加强履约公示、赋予业主选择权等方式，从政策端助力物管行业走出野蛮生长期，迈 向更规范、更灵活、更守约的新阶段。 物管专项整治密集展开 信阳市光山县日前也通报称，光山碧桂园小区信息公示不全面，电动车乱停乱放；此外，物业公司未经 业主大会同意，擅自允许广告公司利用小区电梯间进行广告活动。针对检查中发现的问题，县住建局责 令物业方面整改，并将违规所得收益直接转交业委会。 霍尔果斯方面通报的案例则显示，有物业公司违规收取业主物业服务费32634.98元，住建局责令限期整 改，目前已退 ...

Core Insights - The property management industry is experiencing a wave of companies withdrawing from service due to failed negotiations on fee reductions and low collection rates [1][3][7] - Major cities like Chongqing and Hangzhou are witnessing significant exits from property management firms, indicating a shift in focus from expansion to quality service [2][4][9] Group 1: Reasons for Withdrawal - Over 100 residential communities nationwide have seen property fees reduced by 20%-35% since last year, leading to unsustainable operational costs for property management companies [1][8] - In Chongqing, at least ten property management companies have announced their exit, citing broken negotiations on fee reductions and ongoing low collection rates [2][3] - Companies like Chongqing California Property Service and Chongqing Kaimai Property Management have specifically mentioned that the drastic fee reductions are not feasible given rising operational costs [2][3] Group 2: Industry Trends - The property management sector is shifting away from aggressive competition and expansion strategies, focusing instead on quality service and sustainable projects [7][9] - Many leading property management firms are opting to exit low-efficiency projects, with companies like Wanwu Cloud and Shimao Service announcing significant project withdrawals [7][8] - The overall trend indicates a move towards servicing higher-quality clients and projects, such as public buildings and high-end residential areas, rather than competing in saturated markets [9]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 二手房成交面积持续回落，更大力度推动房地 产市场止跌回稳 增持（维持） 2025 年 07 月 07 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -7% -1% 5% 11% 17% 23% 29% 35% 41% 47% 53% 2024/7/8 2024/11/6 2025/3/7 2025/7/6 房地产 沪深300 相关研究 《二手房成交面积同环比回落，加快 构建房地产发展新模式》 2025-07-01 《新房成交面积同比下滑，多地放松 政策持续出台》 2025-06-23 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.30-2025.7.4）：上周房地产板块（中信）涨跌幅 0.1%,同期 沪深 300、万得全 A 指数涨跌幅分别为 1.5%、1.2%，超额收益分别为- 1.4%、-1.1%。29 个中信行业板块中房地产位列第 24。 ◼ （1）新房市场：上周（2025 ...

Core Insights - The article highlights the successful management and community integration efforts in the ancient water town of Zhouzhuang, Jiangsu, showcasing the role of Poly Property in enhancing the tourist experience and supporting local residents [1][2][12] Group 1: Community and Service Integration - Poly Property has introduced a "convenience service boat" to assist merchants and residents in transporting goods, which has been well-received following the implementation of a "motor ban" in the scenic area [1][2] - The ancient town houses over 200 original residents and more than 1,000 shops, necessitating a service model that promotes coexistence between the community and the tourism sector [2] Group 2: Management and Operational Efficiency - The scenic area has been divided into five grids for better management, with designated personnel responsible for safety checks and environmental maintenance [5] - A digital comprehensive management platform has been established, allowing for real-time monitoring and rapid response to issues such as lost children and maintenance needs [8] Group 3: Environmental and Community Welfare Initiatives - A thorough cleaning initiative removed over 200 tons of waste and addressed more than 50 sanitation blind spots, significantly improving the town's appearance [6] - A convenience service station has been set up to provide essential services to residents, including repairs and emergency assistance, enhancing community cohesion and resident satisfaction [10][12]

二、弹性定价：下沉市场的"阳光权宜术" "每个月交那么多物业费，究竟用在什么地方了？"业主的质疑与物业"没钱赚"的抱怨，构成了中国物业 行业"质价不符"的死循环。当行业龙头万科物业将508项服务标准向全行业开源，这场"服务透明化"革 命，究竟是破解困局的曙光，还是寒冬中的权宜之计？ 一、困局溯源：原罪缠身与利润荒漠 表象的"质价不符"之下，是更深层的结构性枷锁。 物业行业深陷两难：业主痛斥服务缩水，物业疾呼无利可图。中指研究院数据显示，2024年重庆中端项 目高达44.2%的业主认为物业费不合理。矛盾的核心，远非简单的服务质量问题。 表面是服务创新，实则是市场战略的生死突围。 万物云董事长朱保全坦言："2.5元/平方米/月是万科分水岭。往上空间窄，往下空间大。"中信证券调研 佐证：约1亿户住房中，65%物业费处于0~2元/㎡/月区间。万科目标市场中，超七成小区低于2元。 战略下沉的杠杆： "弹性定价"成为万科撬动低价市场的核心工具。通过拆解158项必选+350项可 选服务，制造"基础包降价"事实（如重庆试点项目降幅24%），意图抢占增量枯竭后必争的二手 盘存量市场——这片红海意味着更薄收费基础、更强业委会议价 ...

Group 1 - The core focus of the news is the accelerated renovation of old urban residential communities in China, with many provinces reporting over 50% construction rates [1][2] - The Ministry of Housing and Urban-Rural Development has indicated that as of June 2025, special long-term bonds have supported the renovation of 41,000 old elevators, benefiting 1.7 million residents [1] - A new statistical reporting system for the renovation of old communities has been implemented, requiring monthly updates on progress, effects, and project details [2] Group 2 - In Beijing, 442 old communities are currently under renovation, benefiting approximately 120,000 households [4] - Liaoning plans to renovate 500 old communities this year, with all projects having commenced by the end of May [4] - Chongqing has initiated renovations for 937 out of 1,227 planned old communities, achieving a construction rate exceeding 75% [4] Group 3 - The "try before you buy" model for property management services is being implemented to address the lack of property management in old communities [2][5] - This model allows residents to experience property management services for free for a few months before deciding to sign a contract [3] - The model has led to nearly 90% of old communities in the area recognizing the importance of property management services [7] Group 4 - A tiered fee structure has been proposed to encourage property management companies to remain in old communities, with a five-year buffer period for fee increases [5] - The local government is facilitating communication between residents and property management to address service expectations and complaints [6][8] - Annual assessments of property management companies are conducted, with financial incentives for those that perform well, promoting better service [8]

2025 上半年中国物业管理市场总结&下半年趋势展望 中指研究院 2025-07-07 （一）市场环境：政策规范物业服务市场，平衡各方利益 1. 《人民日报》发文整顿物业乱象，规范服务行为 2025 年 4 月，《人民日报》党建版刊发《整治物业管理乱象，靶向发力》， 报道成都市在物业管理领域开展专项整治行动的情况。报道从查到底、专项治和 建机制三个角度，聚焦物业管理领域乱象，靶向发力，查处腐败案件，健全制度 机制，推动解决一系列群众急难愁盼问题。 物业管理乱象是长期困扰基层治理的主要问题之一，其出现原因主要包括以 下几个方面：其一，部分物业项目存在先天性的结构失衡，其中"建管不分"的 遗留问题尤为突出，由于前期物业管理通常由开发商指定关联物企负责，物业公 司缺乏独立性和中立性，容易偏向开发商利益，在房屋质量、规划变更、设施移 交等问题上难以维护业主权益。其二，当下行业市场透明度仍处在较低水平，物 业企业与业主的信息严重不对称，业主难以清晰了解物业服务成本构成、标准执 行细节、公共收益明细，物业公司则掌握全部信息和资源。其三，监督执行与法 制建设仍然存在不足，监管力量薄弱、执法难，街道、社区一级缺乏专业人员和 ...

周期论剑： 中报预判及大宗品下半年的推荐 20250706 摘要 市场预计九十月份将冲击 3,700 点，七八月份成为基金经理和投资者年 内最后一次加仓机会。地缘政治缓和预期收窄，政策预期上调空间受限， 中报季需关注上市公司盈利与增长情况。 中央财经委员会提出反内卷议题，经济政策治理思路转变，财政政策向 民生领域倾斜，改善家庭与企业部门。增收不增利问题亟待解决，低价 无序竞争不利于行业发展，政策调控思路转变。 当前市场偏强震荡，建议高低切换，关注中报业绩确定性的电子、有色、 农林牧渔等板块。下半年仍看好科技成长板块，如互联网传媒、创新药、 军工机器人等。 有色板块中，工信部约束铜和氧化铝产能扩张，反内卷政策落地将有助 于矿端及产业链利润转移，关注江铜、云铜、铜陵及中铝、红桥等公司。 近期市场对中报业绩确定性给予较高溢价，关注黄金、铜、铝及稀土资 源。 OPEC+决定大幅增产，符合预期但超出市场预期，OPEC 的减产故事已 到尾声。美国达尔美法案可能降低油气公司成本，短期内油价可能阶段 性反弹，但远期供应上升和需求下降将导致供应基本面弱化。 Q&A 对于下半年股票市场的整体趋势和指数变化有何预判？ 下半年股票市 ...

证券研究报告 | 行业策略报告 2025 年 07 月 06 日 房地产基本面展望下的大类资产配置变化 ——房地产行业 2025 年度中期投资策略 总量研究/房地产 标的层面，房地产板块关注【招商蛇口】【华润置地】【保利发展】【中国 海外发展】【滨江集团】【绿城中国】【金地集团】【龙湖集团】等，物业 关注【华润万象生活】【保利物业】【绿城服务】【招商积余】等，交易关 注【贝壳】等，另关注产业链及生态链。 q 风险提示：贷款利率下降不及预期，新模式相关政策落地情况与市场预期有 偏差，挂牌量下降进度不及预期，新房去化周期下降不及预期，房地产行业变 化向上下游传导不及预期等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 256 | 5.0 | | 总市值（十亿元） | 2712.5 | 3.0 | | 流通市值（十亿元） | 2565.9 | 3.1 | 行业指数 1、《供求关系发生重大变化，"去库 存"政策或构筑局部"信用底"—— 房地产行业 2024 年中期投资策略》 2024-06-27 2、《行业均衡与主体平衡——房地产 行业 2024 年 ...