Core Viewpoint - The property industry has reached a "deep water zone" moment, characterized by unresolved historical issues, current conflicts, and future transformation opportunities [3][6]. Historical Dimension - The deep water zone represents institutional reefs, with historical problems that are difficult to resolve, such as outdated regulations, lack of property fee adjustment mechanisms, and misalignment of interests among owners, property management, and government [3][6]. Current Reality - The deep water zone is marked by acute conflicts, including discrepancies between property fees and services, and supply-demand mismatches between owners and property management. Issues include stagnant service skills, declining service quality, and intense low-price competition leading to a "bad money drives out good" scenario [3][6]. Future Perspective - The deep water zone signifies a direction for transformation, incorporating new technologies and opportunities such as facility management (FM), asset management (IM), artificial intelligence (AI), low-carbon energy solutions, and integration of property services with elder care [3][6]. Conclusion - The essence of the deep water zone is the concentrated explosion of underlying contradictions, indicating that reliance on past practices is no longer viable. The industry must adapt to new challenges and rethink its strategies beyond temporary fixes [3][6].

Core Viewpoint - The revised Property Management Regulations of Shanxi Province emphasize strengthening party leadership in the property industry, enhancing owner autonomy, and establishing a joint meeting system for property management, effective from January 1, 2026 [3][4]. Group 1: Strengthening Governance - The regulations clarify the roles of various departments and organizations in property management, aiming to create a comprehensive regulatory system [4]. - A joint meeting system for property management is mandated, with county-level governments required to incorporate property management into community governance [3][4]. Group 2: Enhancing Owner Autonomy - The regulations provide detailed provisions for the establishment and operation of owners' committees, enhancing the operational feasibility and ensuring owners' primary role in property management [4]. - A property management committee system is introduced for newly delivered residential areas that do not yet meet the conditions for establishing an owners' committee [4]. Group 3: Standardizing Property Services - The regulations specify the content and filing requirements for property service contracts, and standardize service fees, with government-guided pricing for preliminary property services and affordable housing [5]. - Property service providers are required to publicly disclose information about service fees and management practices, ensuring transparency and accountability [5][6]. Group 4: Legal Responsibilities and Penalties - The regulations impose stricter penalties for violations such as failure to fulfill warranty obligations and unauthorized alterations to property facilities, ensuring clear enforcement responsibilities [6]. - Specific penalties are established for various infractions, ensuring that enforcement agencies are clearly defined and that the regulations can be effectively implemented [6].

专题：2025熙说物业年度演讲：深水区 2025熙说物业年度演讲于12月2日在深圳举行，主题为：深水区。中物智库创始人杨熙在演讲中谈到， 物业原本就不是从服务业诞生的，而是从房地产的尾部工序长出来的。 他提到，作为交付闭环的一部分，物业从出生起就不是为服务价值而生的，它是为销售价值而存在的。 在国民经济行业分类中，物业一直从属于房地产的门类，更深的束缚来自于基因与文化。房地产的主线 文化是快、节点、听命令，物业的本质要求是慢、耐心连情绪。一个是硬逻辑，一个是软逻辑；一个是 销售导向，一个是关系治理导向；一个讲绝对服从，一个讲感知与协商。 杨熙表示，在房地产的黄金时代，物业公司得益于地产的助推快速发展，过得也还算不错。但在过去四 年里，一些房地产企业陆续的爆雷，开发商资金紧张，占用透支物业的现金流，项目停摆交付有问题， 迅速传导影响物业。"在项目的现场，所有的不满，所有的委屈，所有的落差，都要找到一个出口。于 是物业在现实中被迫成为了背锅的担当，情绪的吸收层，以及社会压力的缓冲器。" 因此，杨熙强调，脱离地产基因，并非是否定地产，而是要补全服务业的基因。"用服务的逻辑重塑组 织，用长期主义加关系代理，取代短期的 ...

专题：2025熙说物业年度演讲：深水区 2025熙说物业年度演讲于12月2日在深圳举行，主题为：深水区。中物智库创始人杨熙在演讲中谈到， 物业原本就不是从服务业诞生的，而是从房地产的尾部工序长出来的。 因此，杨熙强调，脱离地产基因，并非是否定地产，而是要补全服务业的基因。"用服务的逻辑重塑组 织，用长期主义加关系代理，取代短期的KPI加销售思维，才可能在存量时代建立可持续的经营模 型。" 他提到，作为交付闭环的一部分，物业从出生起就不是为服务价值而生的，它是为销售价值而存在的。 在国民经济行业分类中，物业一直从属于房地产的门类，更深的束缚来自于基因与文化。房地产的主线 文化是快、节点、听命令，物业的本质要求是慢、耐心连情绪。一个是硬逻辑，一个是软逻辑；一个是 销售导向，一个是关系治理导向；一个讲绝对服从，一个讲感知与协商。 杨熙表示，在房地产的黄金时代，物业公司得益于地产的助推快速发展，过得也还算不错。但在过去四 年里，一些房地产企业陆续的爆雷，开发商资金紧张，占用透支物业的现金流，项目停摆交付有问题， 迅速传导影响物业。"在项目的现场，所有的不满，所有的委屈，所有的落差，都要找到一个出口。于 是物业在现实中 ...

今日（12月2日）早间，A股小幅调整，上证指数围绕3900点展开激烈争夺，北证50坚守1400点，深证成指、创业板指、科创50等微幅飘绿。全市场超 4000只个股下跌，成交呈萎缩趋势。 | 代码 | 名称 | | 最新 | 涨幅 | | --- | --- | --- | --- | --- | | 399001 | 深证成指 | | 13045.95 | -0.77% | | 000001 | 上证指数 | 9 | 3892.55 | -0.55% | | 399006 | 创业板指 | | 3065.15 | -0.88% | | 000016 | 上证50 | | 2975.03 | -0.62% | | 000300 | 沪深300 | | 4548.78 | -0.61% | | 000688 | 科创50 | | 1320.97 | -1.18% | | 899050 | 北证50 | . . | 1404.73 | -0.29% | 盘面上，林业、消费电子、房地产服务、石油化工等板块涨幅居前，教育培训、电机制造、能源金属、BC电池等板块跌幅居前。 消费电子新品密集发布 消费电子股早间继续走强，板 ...

Core Viewpoint - The company has provided a guarantee for its subsidiary, Shenzhen Jindi Property Management Co., Ltd., to secure a financing amounting to up to RMB 2.5 billion, with a maximum term of three years [2][3]. Group 1: Guarantee Overview - The company signed an irrevocable guarantee agreement with China Merchants Bank for a total credit limit of RMB 250 million for its subsidiary [2]. - The company and its wholly-owned subsidiary Dongguan Jindi Real Estate Investment Co., Ltd. pledged their respective shares of 99.75% and 0.25% in Jindi Property as collateral for the financing [2][3]. - Following a share transfer, the company now holds 100% of Jindi Property's shares and has pledged these shares to the bank, maintaining a 100% collateral ratio [3][6]. Group 2: Internal Decision-Making Process - The company held board meetings and a shareholder meeting in 2025 to authorize the provision of external guarantees, allowing the chairman to approve certain guarantee matters [4]. - The total new guarantee limit authorized is up to RMB 25 billion, effective from the 2024 annual shareholder meeting until the 2025 meeting [4]. Group 3: Guarantee Statistics - As of the announcement date, the company's total external guarantee balance is RMB 18.589 billion, representing 31.49% of the company's audited net assets attributable to shareholders for 2024 [6]. - The company and its subsidiaries have provided guarantees totaling RMB 13.167 billion to other subsidiaries and RMB 5.422 billion to joint ventures and associates, with no overdue guarantees reported [6].

Core Insights - The chairman and CEO of Wanwu Cloud, Zhu Baoquan, indicated that 2025 has been a year with the highest number of supplier-related meetings since the company's inception, highlighting ongoing issues with accounts receivable that began worsening in 2022 [1] - Zhu emphasized the company's commitment to not simply passing pressure down to frontline employees, which could result in suppliers' staff not receiving their wages [1] - The company has made significant progress in addressing historical overdue payments, having paid approximately 1.1 billion in overdue amounts in the second half of the year, with a few remaining issues expected to be resolved soon [1] - Data shows that since the second half of 2025, the actual payment days for Wanwu Cloud have accelerated by 57 days compared to the first half of the year [1]

智通财经APP讯，碧桂园服务(06098)发布公告，于2025年12月1日该公司斥资442.54万港元回购68.7万 股，回购价格为每股6.43-6.46港元。 ...

碧桂园服务(06098)发布公告，于2025年12月1日该公司斥资442.54万港元回购68.7万股，回购价格为每 股6.43-6.46港元。 ...

碧桂园服务(06098.HK)12月1日耗资442.5万港元回购68.7万股 碧桂园服务(06098.HK)11月28日耗资640万 港元回购100万股 相关事件 格隆汇12月1日丨碧桂园服务(06098.HK)发布公告，2025年12月1日耗资442.5万港元回购68.7万股，回购 价格每股6.43-6.46港元。 ...