Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the new housing market and the revaluation of shopping center values [1]. Core Insights - The real estate sector is expected to continue bottoming out, with core cities stabilizing sooner. Two major opportunities are identified: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [1][2]. Industry Data Summary New Housing Transactions - In the week of November 29 to December 5, 2025, 34 key cities recorded a total new housing transaction volume of 2.762 million square meters, a week-on-week increase of 9%. The transaction volume for first and second-tier cities rose by 9%, while third and fourth-tier cities saw a 9.7% increase [2][3]. - For December (up to December 5), the transaction volume in 34 cities was 1.871 million square meters, representing a year-on-year decrease of 23.6% but a month-on-month increase of 68.5% compared to November [3][5]. Second-hand Housing Transactions - In the same week, 13 cities recorded a total second-hand housing transaction volume of 1.118 million square meters, a week-on-week decrease of 3.6%. Cumulatively for December, the transaction volume was 979,000 square meters, reflecting a year-on-year decline of 36% [9][10]. Inventory and Sales - In the week of November 29 to December 5, 2025, 15 cities launched 980,000 square meters of new housing, with a total transaction volume of 940,000 square meters, resulting in a sales-to-launch ratio of 0.96. The average months of inventory for the last three months was 23 months, a decrease of 0.3 months [17][18]. Policy and News Tracking Real Estate Sector - The China Securities Regulatory Commission (CSRC) emphasized the steady development of real estate investment trusts (REITs) and asset securitization. The National Development and Reform Commission (NDRC) expanded the asset scope for REITs to include urban renewal projects [26][27]. - Local policies include a housing subsidy of up to 200,000 yuan for low-income groups in Changzhou and new housing subsidies in Nanning for multi-child families [26][29]. Company Announcements - Several real estate companies reported their November sales data, with notable declines in transaction volumes and values. For instance, Greentown China reported a 32.6% decrease in sales volume and a 44.8% decrease in sales value year-on-year [31][33]. - Financing activities included a 25 billion yuan credit facility application by a subsidiary of Gemdale Group, secured by equity in a development company [31][33]. Market Performance Review - The SW Real Estate Index fell by 2.15%, underperforming the CSI 300 Index, which rose by 1.28%. The real estate sector ranked 30th out of 31 sectors in terms of performance [37][40].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Views - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [3]. Industry Data - New home sales in 34 key cities totaled 2.762 million square meters for the week of November 29 to December 5, reflecting a 9% increase week-on-week. In December, new home sales are down 23.6% year-on-year [4][5]. - The inventory of unsold residential properties in 15 cities was 89.906 million square meters, with a slight week-on-week increase of 0.04%. The average months of inventory turnover decreased by 0.3 months to 23 months [20][21]. Policy and News Tracking - The China Securities Regulatory Commission (CSRC) emphasized the steady development of real estate investment trusts (REITs) and asset securitization. The National Development and Reform Commission (NDRC) expanded the asset scope for REITs to include urban renewal projects [30][31]. - Local governments are implementing various housing subsidies, such as a maximum subsidy of 200,000 yuan for low-income families in Changzhou and a new housing subsidy policy in Nanning for multi-child families [30][31]. Company Dynamics - Poly Developments completed a change in its controlling shareholder, while Vanke extended the maturity of its medium-term notes. Several real estate companies reported their November sales data, with notable declines in sales volume and value for companies like Greentown China and China Overseas Development [3][36]. - The average price-to-earnings (P/E) ratios for mainstream A-share real estate companies for 2025 and 2026 are 22.1 and 19.3 times, respectively, while property management companies have P/E ratios of 13.7 and 12.3 times [3].

下半年，公司继续发力市拓，7 月-10 月合计新增项目近200 个，其中包含产业园、商写、住宅、学 校、医院、政府后勤服务等，不断拓展服务场景与客户价值边界，为未来基础物管稳定增长提供基础。 收缩关联交易规模上限，关联方应收减值风险降低。近期公司公布其持续关联交易的年度上限调整情 况。根据公告，未来多项核心关联业务规模将明显收缩。其中，案场运营服务从2025 年1.15 亿的年度 上限，下调至2026 年-2028 年的0.24/0.11/0.10 亿；车位经纪服务保证金上限从2025 年2.45 亿缩减至 2026-2028 年的0.73 亿；物管服务从2025 年1.69 亿的年度上限，下调至2026-2028 年的0.17/0.25/0.21 亿。 此次公司主动收缩关联交易规模上限，有助于降低关联方应收减值风险，也是对公司"独立性"的 不断强化。 维持增持评级，调整目标价至0.73 港元。根据公司近期经营情况，调整对各项业务收入增速和毛利率的 预测，以及销管费用率的预测，调整后25-26 年EPS 预测值为0.02/0.06 元（原预测0.09/0.10 元），引入 2027 年预测值0.07 元。可比 ...

以下文章来源于雷叔说事 ，作者猫猫 雷叔说事 . 雷斯林的小号，发牢骚居多。 本文来自微信公众号： 雷叔说事 ，作者：猫猫，题图来自：视觉中国 1 年底了，好多小区都在收物业费，于是网上出现了一堆网友抱怨"物业乱收费"的帖子。 IP广西的网友吐槽，他们那儿的物业费太贵了。 新盘2.8元一平米，价格比上海都高了。 辽宁、湖北、吉林的朋友也有类似的不满。 他们想不通： 自己所在的城市，保安保洁的工资明明比不上一线城市，怎么偏偏物业费比一线城市还高呢？ 有人开导他们说，不能这么作比较。 因为上海物业费便宜的楼盘大多是"老破小"，县城物业费贵的大多是新开发的楼盘。 新楼盘搞垃圾清理、绿化养护、楼道安保往往比老破小更细致，人家物业公司多要点物业费也在情理 之中啊。 道理确实是这么个道理。 可大家并不认同这番解释。 有人拿自家小区的物业举例，吐槽他们收着1.78的物业费，却连电动车棚都不给安排。 就这服务，还值一块七毛八？ 有人买了新房，房价才4700一平，物业费却要1.8。 遇上装修的户主，物业公司要管人家收保证金、服务费、管理费和垃圾清运费。 收了钱，还不帮户主把垃圾运下楼。 你说新盘的物业费天然比老房子高，可某些老 ...

Group 1 - Qianwei Central Kitchen announced a shareholder gift plan, offering frozen product gift packages worth 200 yuan to shareholders holding 100 shares or more, clarifying that this is a seasonal reward and not a stock clearance effort [3][4] - Former Wahaha Group executive Pan Jiajie has joined Guming as Senior Vice President of Supply Chain, focusing on new business incubation, which is expected to enhance the company's supply chain and production management [3][4] - Country Garden Services has formed a strategic partnership with Mengniu Group to collaborate on various dairy products, aiming to reduce delivery costs and improve service efficiency in community logistics [6][7] Group 2 - Lu Hua Group signed a strategic cooperation agreement with NetEase Yanxuan to leverage each other's strengths in channel capabilities and product quality to expand online market reach [6][7] - Zilin Vinegar's main products have received EU organic certification, allowing them to use the EU organic logo and access the EU market [6] - COFCO Technology plans to invest 880 million yuan to build a new starch sugar project in Pingliang, with a capacity of 250,000 tons per year, aiming to fill a gap in the northwest region [6][7] Group 3 - Gai Shi Food launched a new black gold gift box featuring rare seafood, inspired by "Seven Swords Descend from the Sky," targeting various gifting scenarios [7] - Jiangzhong Shiliao introduced a new series of vegetarian noodles, emphasizing high protein and low fat, suitable for health-conscious consumers [7] - The market has seen a rise in discussions around "hormone eggs," with misinformation spreading about their characteristics, highlighting the public's concern for food safety [10][11] Group 4 - Chilean cherry exporters have officially launched the 2025/26 cherry season in China, with over 546,000 tons imported in the previous season, amounting to approximately 3.3 billion USD [12] - Beijing's government has proposed to enhance the modern logistics system, focusing on food safety in key sectors and promoting cold chain logistics for fresh food [12]

经发物业(01354.HK)公布，于2025年12月5日，该公司与经发地产订立该等交易文件，据此：该公司有 条件地同意向经发地产收购物业单位;公司有条件地同意向经发地产租赁人防停车位;及经发地产有条件 地同意将机械停车位的使用权转让予该公司，总代价为人民币6300.75万元。 ...

Core Viewpoint - The company has entered into a conditional agreement to acquire property units and lease parking spaces from a related entity, which is expected to diversify its income and enhance operational control over the property [1] Group 1: Transaction Details - The company has agreed to acquire property units and lease parking spaces from Jingfa Real Estate for a total consideration of RMB 63.075 million [1] - The property, located at 132 Weiyang Road, Weiyang District, Xi'an, is designated for office and commercial development [1] Group 2: Strategic Implications - The company has been providing property management services for the asset and possesses a thorough understanding of its current condition and potential investment value [1] - The strategic location of the property in Xi'an is expected to generate stable rental income, which will benefit the company's revenue diversification [1] - The transaction will provide the company with greater control over the operation and improvement of the property it currently manages [1]

公告称，集团一直为该物业提供物业管理服务，并对目标资产的现况及潜在投资价值拥有充分理解。经 计及该物业位于西安的战略位置及目标资产能够产生稳定租金收入，公司认为该等交易将有利于集团， 原因为其将使集团的收入组合多元化，并使其对目前管理的该物业的营运及改进拥有更大控制权。 智通财经APP讯，经发物业(01354)公布，于2025年12月5日，该公司与经发地产订立该等交易文件，据 此：该公司有条件地同意向经发地产收购物业单位;公司有条件地同意向经发地产租赁人防停车位;及经 发地产有条件地同意将机械停车位的使用权转让予该公司，总代价为人民币6300.75万元。 物业单位、人防停车位及机械停车位均位于该物业，地址为中国西安市未央区未央路132号，属于西安 经济技术开发区之内。该物业指定用途为办公室及商业发展综合体。 ...

集团主要从事提供城市服务及物业管理服务。为实现收入组合多元化，集团一直在识别投资物业组合的 机会，以期获得稳定的租金收入及其他物业相关收益。 格隆汇12月5日丨经发物业(01354.HK)公告，于2025年12月5日，公司与经发地产订立该等交易文件，据 此：(i)公司有条件地同意向经发地产收购物业单位；(ii)公司有条件地同意向经发地产租赁人防停车 位；及(iii)经发地产有条件地同意将机械停车位的使用权转让予公司，总代价为人民币6300.75万元。 物业单位、人防停车位及机械停车位均位于该物业，地址为中国西安市未央区未央路132号，属于西安 经济技术开发区内。该物业指定用途为办公室及商业发展综合体。 集团一直为该物业提供物业管理服务，并对目标资产的现况及潜在投资价值拥有充分理解。经计及(i)该 物业位于西安的战略位置及(ii)目标资产能够产生稳定租金收入，公司认为该等交易将有利于集团，原 因为其将使集团的收入组合多元化，并使其对目前管理的该物业的营运及改进拥有更大控制权。 ...

前言 近年来，中国物业管理行业正经历一场深刻变革。随着房地产市场的调整和宏观经济环境的变化，行业从过去依赖增量扩张 的"规模红利期"，逐步转向以存量资产为主导的高质量发展阶段。2024年百强企业管理面积均值为6946.30万平方米，同比增长 仅2.18%，增速持续放缓。这一数据清晰地表明，物业管理行业已经全面进入存量时代。在这个转折点上，企业如何调整战略、 提升服务质量、挖掘新的增长点，成为行业关注的焦点。 行业变革：从规模扩张到质量提升 物业管理行业的转型并非偶然，而是市场发展的必然结果。2024年，全国新建商品房销售面积约9.74亿平方米，同比减少 12.86%，房地产开发企业新开工房屋面积同比下降22.99%。这些数据充分说明，房地产增量市场持续收缩，物业管理行业难以 再依靠新增项目实现规模的高速增长。 在这一背景下，物业服务企业的经营策略发生了根本性转变。过去追求"规模至上"的发展模式正在被"效益优先"所取代。2024 年，百强企业营业成本率为80.13%，较2023年提升0.98个百分点，虽然成本管控压力加大，但企业正通过优化组织架构、落实 扁平化管理、科技赋能等方式，努力提升运营效率。 更为重要的 ...