（文章来源：证券时报网） 碧桂园服务回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.25 | 50.00 | 6.570 | 6.560 | 328.20 | | 2025.11.24 | 47.00 | 6.400 | 6.400 | 300.80 | | 2025.11.21 | 179.20 | 6.250 | 6.230 | 1118.72 | | 2025.11.20 | 110.00 | 6.190 | 6.180 | 680.70 | | 2025.11.19 | 100.00 | 6.200 | 6.150 | 617.40 | | 2025.11.18 | 90.00 | 6.300 | 6.220 | 563.65 | | 2025.11.14 | 30.00 | 6.380 | 6.370 | 191.25 | | 2025.11.05 | 23.90 | 6.200 | 6.150 | 147.95 | | 2025.11.04 | ...

Group 1 - The core viewpoint of the article highlights that Konggang Co., Ltd. (SH 600463) announced a board meeting to discuss the change of accounting firm and provided a breakdown of its revenue composition for 2024 [1] - The revenue composition for Konggang Co., Ltd. in 2024 is as follows: construction industry accounts for 71.5%, leasing for 21.76%, property management and others for 7.76%, and other businesses at -1.02% [1] - As of the report, Konggang Co., Ltd. has a market capitalization of 3.4 billion yuan [1] Group 2 - The article also mentions that another company, which recently went public, is under investigation by the China Securities Regulatory Commission due to a significant loss exceeding 100 million yuan and a major client reducing purchases [1]

以下文章来源于晓芳聊财经 ，作者王晓芳团队 晓芳聊财经 . 说商业奇闻、讲品牌故事、人话解读行业内幕。王晓芳，壹创新商学创始人，20年企业管理咨询经验， 链接赋能16万家企业。聚景资本管理合伙人，投资中信建设、喜马拉雅、金维制药等众多项目。 作者： 王晓芳团队 来源： 晓芳聊财经 俗话说： 买房一阵子，物业一辈子。 -------------------------------- 这说明了，居民想要换物业，并不容易。 但现在，多家物业公司主动集体宣布： 撤场 ！ 比如，华南某小区业主群，突然流出一则"物业公司撤场公告"： "尊敬的业主：因长期亏损，我司将于2025年12月31日零时起，停止对本小区一切物业服务，请 提前做好过渡准备。" 短短两行字，却像一记闷棍，敲在业主群里。 近两年， 住宅物业的"撤场"从零星个案，演变为多地频发的行业现象 。 据中指研究院不完全统计，仅2025年1—9月，全国已公开披露"主动撤场"案例逾120起，比去年 同期翻了一番。 其中，明确把"撤场时间"定在12月31日的项目，就超过60个，占比一半以上。 企业普遍把"最后一天"设在12月31日，可能是为了，既方便做全年财务切割，也避 ...

记者 周楠 其实，曾经它也面临设施老化、内部环境破旧等老旧小区共性问题，转折点出现在2022年。 当时，万里名轩续聘了中环陆家嘴物业。"物业在小区服务超过20年，总体获得了多数居民的认 可。"万里名轩业委会主任夏爱萍说，"不过续聘后，物业基于人力、物资等运营成本上涨，提出了涨物 业费的要求。" 中环陆家嘴物业副总经理陆燕介绍，2021年，公司聘请专业物业费评估第三方对万里名轩进行物业 服务成本评估、精细化测算，并将评估报告向全体业主进行了公示。"评估下来，建议收费标准是3.11 元/平方米。" 然而，当时万里名轩电梯住宅的物业费只有1.89元/平方米。由于价格差距较大，大多数业主代表 都坚决反对。 经过居委会、业委会、物业近10次商讨，提出了阶梯式调价的模式，将物业管理费连续三年逐步调 整。夏爱萍说，就像水电气费用阶梯式上涨一样，居民负担不重，更容易接受。 最近，普陀区真如镇街道恒力锦沧花园的居民发现了小惊喜：20年未曾更换的景观水泵汩汩喷涌， 樱花亭外新铺的塑胶步道在晨光中熠熠生辉。而就在去年，这里还因为设施老化、绿化失管，屡屡登上 12345热线的投诉榜。 恒力锦沧花园的蝶变是普陀区全面铺开物业服务"质价 ...

Summary of Real Estate Industry and Company Insights Industry Overview - The Chinese real estate market has cooled since Q2 2023, with housing prices reverting to levels seen before September 2024. New home transaction volumes have seen a year-on-year decline, while second-hand home transactions have weakened on a month-on-month basis. The land market's premium rate is below 5% [1][2]. - A recovery in the market requires addressing high housing price-to-income ratios and excessive inventory, alongside a supportive monetary policy [1]. Key Insights and Arguments - In a neutral scenario, total housing transaction volumes are expected to contract further by approximately 5%, with new construction area declining by 16% year-on-year and real estate investment dropping by about 15% [1][6]. - The current real estate market is in a bottoming phase, with per capita transaction volumes for both new and second-hand homes reaching a low point. A slight decline is anticipated over the next 1-2 years [1][7]. - Urban renovation has potential to stimulate demand, but its effectiveness is uncertain due to land market liquidity constraints [1][8]. - Major real estate companies are trading at over a 40% discount to their net liquidation value, indicating a deep discount level. Price assumptions for 2026 and 2027 suggest a conservative expectation of a double-digit decline [1][9]. Market Conditions and Future Outlook - The real estate cycle's upward shift depends on systemic repairs to existing issues, including a healthy housing price-to-income ratio and stable leverage conditions [3][4]. - The market faces two main challenges: high housing price-to-income ratios in major cities and excessive inventory, which can be addressed through fiscal expansion policies [5][6]. - If policies can effectively address these issues, a more positive market development scenario may emerge, with total housing transaction volumes and new home transaction volumes expected to decline only slightly in 2026 [8][10]. Short-term and Long-term Projections - Short-term caution is advised for real estate stocks, with a potential turning point expected in Q2 2024 as macroeconomic conditions improve [11]. - The commercial real estate sector is projected to perform well in 2025, benefiting from strong same-store sales growth and long-term capital seeking high dividend returns [12]. Commercial Real Estate Insights - The commercial real estate sector is expected to see good performance in 2025, driven by strong same-store sales growth and favorable financing conditions [12][13]. - The market share is increasingly concentrated among leading companies, with significant growth in same-store sales for top operators [13]. - The luxury goods market is expected to recover gradually, with a moderate growth outlook for 2026 [14][15]. Investment Recommendations - For real estate stocks, a cautious approach is recommended, focusing on companies with sustainable rental income and dividend yields, such as Swire Properties and China Resources Land, which are expected to achieve 5-10% rental profit growth alongside a 5-6% dividend yield [19][20]. - The property management sector is projected to grow at a rate similar to 2025, with specific companies like Greentown Service and Poly Property recommended for their strong performance and stable cash flow [20]. Hong Kong Real Estate Market - The Hong Kong real estate market is currently stabilizing, with transaction volumes around 5,000 units. A significant increase in transactions could signal a recovery phase [21][22]. - The market requires strong macroeconomic trends to catalyze further growth, particularly in light of potential interest rate cuts by the Federal Reserve [22].

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]

Core Points - Country Garden Services has been actively repurchasing its shares, with a total of 526,200 shares bought back over five consecutive days starting from November 18, 2025, at a total cost of 3,281,270 HKD [2] - The stock price of Country Garden Services increased by 3.21% on November 24, 2025, closing at 6.430 HKD, while the cumulative increase since November 18, 2025, was 0.94% [2] - Year-to-date, the company has conducted 46 share repurchase transactions, totaling 22,328,000 shares and an aggregate repurchase amount of 142 million HKD [2] Repurchase Details - On November 24, 2025, the company repurchased 470,000 shares at a price of 6.40 HKD per share, amounting to 300,800 HKD [2] - The highest repurchase price during the recent five-day period was 6.40 HKD, while the lowest was 6.18 HKD [2] - The repurchase activity included various transactions with the highest single-day repurchase being 179,200 shares on November 21, 2025, at a price of 6.25 HKD [2]

绿城服务(02869)发布公告，于2025年11月24日，该公司斥资94.21万港元回购20.2万股股份，回购价格 为每股4.6-4.68港元。 ...

Core Viewpoint - The company expects to achieve a profit attributable to owners of approximately RMB 50 million to RMB 60 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 15.4 million for the six months ending June 30, 2024 [1] Financial Performance - The turnaround from loss to profit is primarily attributed to the absence of impairment losses on financial assets, which amounted to approximately RMB 60 million for the six months ending June 30, 2024 [1] - Additionally, there was a parking deposit impairment loss of approximately RMB 24 million during the same period, which will not be present in the upcoming reporting period [1]

Core Viewpoint - 瑞森生活服务 reported a revenue of 1.956 billion, a year-on-year decrease of 0.89%, and a loss attributable to shareholders of 26.664 million, compared to a profit of 90.275 million in the same period last year, indicating challenges in project management and service offerings [1] Revenue Breakdown - The decrease in revenue is attributed to a reduction in the number of projects managed by the group, leading to a decline in income from value-added services [1] - Revenue from property management services increased by approximately 3.2%, primarily due to the addition of large-scale projects and the reduction of projects with unsatisfactory revenue or profitability [1] - Revenue from value-added services decreased by approximately 15.7%, mainly due to (i) a reduction in the number of projects under management; (ii) a contraction in the scope of urban-level value-added services, resulting in decreased income from the battery swapping business [1]