Policy Basis - The notification from the Ministry of Finance and the State Administration of Taxation outlines the timing for VAT tax obligations, which occur when the taxpayer engages in taxable activities and receives payment or obtains a receipt for the payment on the same day; if an invoice is issued first, the obligation arises on the day the invoice is issued [4]. Property Management Financial Practices - Property management companies typically expect to receive property fees from owners by the 10th of each month, which is when they are required to pay VAT [5]. - If property fees are not received by the 10th, the company still has the right to collect payment on the contractually agreed date, which triggers the VAT tax obligation [7]. - The term "receipt" refers to the written contract stipulating the payment date, and it also includes the settlement time agreed upon after the taxable service is completed [10]. Tax Reporting and Compliance - It is essential for property management companies to report accurately during tax declarations, even if all property fees have not been collected; they must declare any unbilled income and maintain proper documentation such as contracts and collection records for verification [12].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][38]. Core Views - The report highlights two major opportunities: the rise of favorable policies for quality housing and the potential revaluation of consumer-oriented commercial real estate assets due to the current monetary easing cycle [4][38]. - It suggests that while the real estate market continues to stabilize, core cities are expected to recover sooner [4][38]. Industry Data Summary New Housing Transaction Volume - In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction volume of 2.52 million square meters, a decrease of 1.7% week-on-week [6][9]. - Year-on-year, November transactions in these cities dropped by 35%, with first and second-tier cities down by 33.4% and third and fourth-tier cities down by 51.4% [9][10]. Second-hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction volume of 1.16 million square meters, an increase of 4.2% week-on-week [14][15]. - Year-to-date, the total transaction volume for second-hand housing is 5.37 million square meters, reflecting a year-on-year increase of 0.7% [14][15]. Inventory and Supply - In the week of November 22-28, 2025, 15 cities had a total of 1.37 million square meters of new housing launched, with a transaction volume of 1.03 million square meters, resulting in a transaction-to-launch ratio of 0.75 [24][30]. - The total available residential area in these cities was 89.846 million square meters, a 0.4% increase week-on-week [24][30]. Policy and News Tracking Real Estate Industry - The National Development and Reform Commission is promoting the expansion of REITs to include hotels and commercial offices [33][34]. - The China Securities Regulatory Commission has initiated a pilot program for commercial real estate REITs [33][35]. Company Announcements - New City Holdings successfully issued a private REIT with a scale of 616 million yuan [38][41]. - China Jinmao announced plans to sell 100% equity of its Sanya tourism business for 2.27 billion yuan [38][41].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5]. Core Viewpoints - 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 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 [5]. Industry Data Summary - **New Housing Transactions**: In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction of 2.52 million square meters, a decrease of 1.7% week-on-week. Year-on-year, new housing transactions in November dropped by 35% [6][9]. - **Second-Hand Housing Transactions**: In the same week, 13 cities recorded a total of 1.16 million square meters in second-hand housing transactions, an increase of 4.2% week-on-week. Year-to-date, second-hand housing transactions have increased by 0.7% [14]. - **Inventory Levels**: As of November 28, 2025, the total available residential area in 15 cities was 89.846 million square meters, with a week-on-week increase of 0.4%. The average months of inventory depletion was 23.3 months, a slight decrease [25]. Policy and News Tracking - **REITs Development**: The National Development and Reform Commission is promoting the expansion of public REITs to include hotels and commercial offices. The China Securities Regulatory Commission has initiated a pilot for commercial real estate REITs [34][36]. - **Local Housing Policies**: Qingdao has introduced housing subsidies for talent, offering up to 300,000 yuan for doctoral graduates. Fuzhou plans to provide subsidies for families with multiple children, while Beijing's "14th Five-Year Plan" emphasizes improving the housing supply system [34][35]. - **Land Market Activity**: In Shanghai, nine land parcels were sold for a total of 17.33 billion yuan, while Wuhan's land sales totaled approximately 3.97 billion yuan [34][39]. Company Dynamics - **New City Holdings**: Successfully issued private REITs with a scale of 616 million yuan, backed by the Wuyue Plaza asset [5]. - **Vanke**: Engaged in discussions regarding the extension of a bond due on December 15, 2025, with a remaining balance of 2 billion yuan [5][41]. - **China Jinmao**: Announced plans to sell 100% equity in Jinmao (Sanya) Tourism Co., Ltd. for 2.27 billion yuan [5][43].

Core Viewpoint - The company demonstrates steady growth in managed area and property fees, with a strong performance in property management services contributing significantly to revenue growth [1][2] Group 1: Area and Revenue Growth - As of the first half of 2025, the company managed an area of 834 million square meters, representing a 10.1% increase from the beginning of the period [1] - The contracted area reached 996 million square meters, up 4.8% from the start of the period [1] - The average property fee increased from 2.23 RMB/sqm/month in 2020 to 2.47 RMB/sqm/month by the first half of 2025 [1] - Property management service revenue amounted to 6.32 billion RMB, reflecting a year-on-year increase of 13.1% [1] - Total revenue for the first half of 2025 was 8.39 billion RMB, a 6.6% increase year-on-year [2] Group 2: Revenue Structure and Profitability - The proportion of property management revenue increased to 75.4%, up 3.9 percentage points from the beginning of the period and 4.3 percentage points year-on-year [1] - The company's gross margin was 19.4%, while the net margin rose to 10.8%, indicating strong profitability compared to peers [2] - The selling and administrative expense ratio was 5.3%, and accounts receivable turnover days were 72, showing stable performance in these areas [2] Group 3: Investment Outlook - The company is positioned as a state-owned enterprise in property management, with strong internal and external growth prospects [2] - Projected net profit for 2025-2027 is estimated at 1.55 billion, 1.64 billion, and 1.72 billion RMB, corresponding to price-to-earnings ratios of 11.4, 10.8, and 10.3 times [2]

Investment Rating - The report maintains an "Overweight" rating for the real estate and property management sectors, indicating a positive outlook for the industry [2]. Core Insights - The initiation of commercial real estate REITs (Real Estate Investment Trusts) by the China Securities Regulatory Commission (CSRC) is expected to significantly enhance the development potential of commercial real estate in China, with a market space exceeding 10 trillion yuan [2]. - The planned commercial real estate REITs will complement existing infrastructure REITs, creating a comprehensive public REITs market in China, where the market capitalization of holding-type real estate and infrastructure assets accounts for approximately 60% and 40% globally [2]. - The pilot program for commercial real estate REITs aims to broaden the underlying asset base to include office buildings and hotels, thereby expanding the scope of asset revitalization [2]. - The establishment of a multi-tiered market for commercial real estate asset securitization will facilitate direct financing for enterprises, optimize capital structures, and provide new options for strategic transformation from developers to asset managers [2]. - The commercial real estate REITs are seen as a crucial vehicle for constructing a new development model in the real estate sector, emphasizing the operational and sustainable development of existing assets [2]. Summary by Sections Investment Opportunities - The report highlights two major opportunities: the elevation of housing policies and the favorable performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [2]. - Recommended companies include: 1. Commercial Real Estate: China Resources Land, New Town Holdings, Kerry Properties, Longfor Group, with a focus on Swire Properties and New Town Development 2. Quality Housing Enterprises: Jianfa International, Binjiang Group, China Jinmao, Greentown China 3. Undervalued Recovery Enterprises: Jianfa Shares, China Merchants Shekou, Yuexiu Property, China Overseas Development, Poly Developments 4. Property Management: China Resources Vientiane, Greentown Services, China Merchants Jinling, Poly Property, China Overseas Property 5. Second-hand Housing Agencies: Beike-W, with a focus on I Love My Home [2]. Market Context - The report notes that while the real estate sector in China is expected to continue facing challenges, core cities are likely to stabilize sooner, indicating a potential turning point for the market [2].

新京报讯(记者张静姝)近日，北京市门头沟区消防救援局监督执法人员走进一装修施工现场，内部建材 堆积，电线交错，电焊、切割等动火作业痕迹明显，空气中弥漫着粉尘与油漆的气味——这是一个典型 的火灾高风险环境。然而，消防监督执法人员却在整个施工区域找不到一具按规定必须配置的灭火器。 施工单位该行为明确违反了《中华人民共和国消防法》，被依法行政处罚。 《建设工程施工现场消防安全技术规范》第5.1.1规定"施工现场应设置灭火器、临时消防给水系统和应 急照明等临时消防设施"。对于施工现场这一重点防火区域来说，灭火器的缺失，意味着现场人员丧失 了最快速的自救能力，小火极易酿成大灾，威胁施工人员及周边居民的生命财产安全。 消防监督执法人员介绍，在施工现场，一旦正在高速运转的电锯迸出火花，飞溅到旁边堆积的木材及其 他可燃材料上，火苗瞬间蹿起。工人惊慌失措，要往返接水灭火却需要花费时间，现场很容易乱作一 团。如果，在火灾初起时，有一具伸手可及的灭火器，一名受过基本训练的工人就能立马拔下保险销， 对准火焰根部喷射，那团火或许在几十秒内就会被熄灭。 因施工单位上述行为明确违反了《中华人民共和国消防法》第十六条第一款第二项之规定，即单 ...

明喆正青春，合力赢未来 10月31日，明喆集团创业25周年欢庆会暨新伙伴欢迎会在深圳举行。 集团党委书记、董事长高海清携在深高层领导，与集团总部及南部区域职能部门全体同仁欢聚一堂，重温初心、共话成长、致敬奋斗，缅怀光辉历程、传承 明喆精神、展望美好未来。 "真正凝聚人心的是文化，真正穿越周期的是信仰，真正成就伟业的是合力。"高海清董事长深情回顾25年艰苦卓绝的奋斗征程，动情重温明喆初心，生动阐 释"成功公式"，系统总结高质量发展的宝贵经验，清晰擘画差异化战略与品牌致胜的前行路径。 风雨兼程未曾闲，创业追梦永少年 风雨兼程未曾闲，创业追梦永少年。今天，明喆25岁了。25岁，是弱冠向而立进发的年华，是热血奔涌、志在千里的青春，是蓄势跃升、破茧成蝶的关键时 刻，更是再次出发、再攀高峰的崭新起点。 25载春秋流转，9132个昼夜更替。日升月落间，日光朗照守望相助，月华润泽深耕细作。从2000年10月31日那一点星火初燃，到如今在全国公建物业领域熠 熠生辉，明喆走过的每一步，都镌刻着奋斗的足迹；跨越的每一程，都闪耀着信仰的光芒。 回望来路，万众一心追光而行，踏平坎坷成大道。酸甜苦辣，百感交集，皆化作心底奔涌的岩浆——炽 ...

Core Insights - BlackRock increased its stake in Poly Property (06049) by acquiring 1.468 million shares at a price of HKD 36.672 per share, totaling approximately HKD 53.8345 million [1] - Following this acquisition, BlackRock's total shareholding in Poly Property reached approximately 17.7899 million shares, representing a stake of 5.13% [1]

Core Viewpoint - The training organized by Beijing Datang Xingyuan Property Management Co., Ltd. aims to standardize financial accounting processes and enhance the precision of internal financial management [1] Group 1: Training Overview - The training session on travel expense reimbursement and fixed asset accounting was held on November 25, with over 20 participants from various departments and the Tangyun branch [1] - The finance department provided insights based on the "Enterprise Accounting Standards" and internal travel expense management policies, focusing on reimbursement standards, documentation norms, and timeliness [1] Group 2: Key Content of the Training - Case studies were used to explain common issues and rectification requirements related to travel expense reimbursement [1] - The training covered critical aspects of fixed asset classification, accounting standards, and depreciation calculation, with practical advice on accounting processing [1] Group 3: Impact and Feedback - The training effectively strengthened the financial compliance awareness of personnel across departments and branches, standardizing business operation processes [1] - Participants expressed that the training content was highly relevant to their actual work, providing strong guidance and practicality, which will enhance the standardization of business handling [1]

Core Points - The competition organized by Beijing Datang Xingyuan Property Management Co., Ltd. aimed to enhance service skills among customer service professionals, focusing on "skill competition, quality improvement, and service excellence" [1][3] - The project team selected six outstanding customer service personnel for the competition, emphasizing teamwork and mutual learning during the preparation phase [1][3] Group 1 - The customer service team demonstrated strong service skills during the competition, showcasing professionalism through smooth interactions and precise gestures [2] - The team received positive feedback from judges for their performance, highlighting their adherence to service protocols and attention to detail [2][3] - The competition served as a comprehensive assessment of the team's service skills and a demonstration of their cohesion and combat effectiveness [3] Group 2 - The project department plans to integrate the meticulous attitude displayed during the competition into daily service operations to continuously improve service quality [3] - The competition aligns with the company's goal of promoting management, efficiency, and development through competitive events [3]