格隆汇11月28日丨民生国际(00938.HK)公布截至2025年9月30日止六个月之中期业绩。集团于本期间来 自持续经营业务的收入约为4388万港元(截至2024年9月30日止六个月：约4891万港元)，包括来自日本 酒店营运的收入、来自提供物业管理服务的收入以及来自于中国提供装修及装饰服务的收入。与上一期 间相比，收入减少约5,026,000港元，主要由于装修及装饰分部收入减少，部分被物业管理服务分部收入 增加所抵销。 本期间公司权益持有人应占来自持续经营业务的期内亏损约为1429万港元(截至2024年9月30日止六个 月：约2131万港元)及公司权益持有人应占来自持续经营业务的本期间全面开支总额约为9,686,000港元 (截至2024年9月30日止六个月：约20,084,000港元)，主要由于(i)换算海外业务之汇兑差额收益约为 4,588,000港元；及(ii)财务成本约为16,554,000港元。 ...

碧桂园服务(06098)发布公告，于2025年11月28日，该公司斥资639.8万港元回购100万股股份，每股回购 价格为6.39-6.4港元。 ...

淮北绿金股份(02450.HK)发布公告，于2025年11月下旬，本公司已与深圳市凤凰股份合作公司(深圳凤 凰)订立战略合作协议(战略合作协议)。根据战略合作协议，双方同意建立长期、稳定、共赢的战略合作 伙伴关系，发挥各自资源互补优势，提升双方整体竞争力。双方旨在共同探索于物业管理、资产运营、 租赁资源整合、项目开发等领域的合作。战略合作协议的期限为自双方签立之日起三年。 ...

Core Viewpoint - Huabei Green Gold Co., Ltd. (02450) has entered into a strategic cooperation agreement with Shenzhen Phoenix Co., Ltd. (600716) to establish a long-term, stable, and mutually beneficial partnership aimed at enhancing overall competitiveness through resource complementarity [1] Group 1: Strategic Cooperation Agreement - The strategic cooperation agreement is set for a duration of three years from the date of signing [1] - The collaboration will focus on property management, asset operation, resource leasing integration, and project development [1] Group 2: Business Context and Objectives - The company recognizes the importance of seizing opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area for sustainable high-quality development [1] - Shenzhen Phoenix, rooted in the local area, possesses land, property resources, and strong local operational capabilities, aligning with the company's strategy for diversification and integration into the Greater Bay Area [1] Group 3: Long-term Development Goals - The board of directors believes that the proposed strategic cooperation aligns with the group's long-term development goals and overall interests of the group and its shareholders [1]

Core Viewpoint - Huabei Green Gold Co., Ltd. has entered into a strategic cooperation agreement with Shenzhen Phoenix Holdings, aiming to establish a long-term and mutually beneficial partnership to enhance overall competitiveness in various sectors [1] Group 1: Strategic Cooperation - The strategic cooperation agreement is set for a duration of three years from the date of signing [1] - Both parties will leverage their complementary resources to explore collaboration in property management, asset operation, leasing resource integration, and project development [1]

智通财经APP讯，淮北绿金股份(02450)发布公告，于2025年11月下旬，本公司已与深圳市凤凰股份合作 公司(深圳凤凰)订立战略合作协议(战略合作协议)。根据战略合作协议，双方同意建立长期、稳定、共 赢的战略合作伙伴关系，发挥各自资源互补优势，提升双方整体竞争力。双方旨在共同探索于物业管 理、资产运营、租赁资源整合、项目开发等领域的合作。战略合作协议的期限为自双方签立之日起三 年。 深圳凤凰乃由中国深圳市的村集体经济组织改制而成的股份合作公司。其主要业务经营包括但不限于实 业投资、商业经营、物业管理及租赁、文化旅游及酒店管理。 随着区域协调发展战略的深入实施及粤港澳大湾区(大湾区)的发展，本公司深知把握大湾区发展机遇， 融入大湾区重大战略布局，对本公司实现高质量可持续发展至关重要。本公司已制定战略计划，借力融 入大湾区。深圳凤凰不仅深深扎根于深圳本地，还拥有土地、物业资源及强大的本地运营能力。深圳凤 凰的业务经营符合本公司融入大湾区及寻求多元化扩张的战略方向。 董事会认为，战略合作协议项下的拟议战略合作符合本集团的长期发展目标及发展战略，并符合本集团 及其股东的整体利益。 ...

Investment Rating - The report assigns a "Buy" rating for the company, Poly Property Services [2][59] Core Views - The company has shown steady growth in managed area and property fees, with a balanced structure in its operations. As of the first half of 2025, the managed area reached 834 million square meters, a year-on-year increase of 10.1%, and the average property fee rose from 2.23 RMB/sqm/month to 2.47 RMB/sqm/month [8][25][28] - The property management service remains the cornerstone of the company's performance, contributing 75.4% to total revenue in the first half of 2025, with a revenue of 6.32 billion RMB, up 13.1% year-on-year [8][18] - The company is well-positioned for stable growth due to its strong backing from a leading developer and its focus on both internal and external expansion strategies [12][15][59] Summary by Sections Company Overview - Poly Property Services, established in 1996, has developed into a leading comprehensive property management operator in China, covering 191 cities with a managed area of 834 million square meters [12][15] Property Management Services - The company has a strong performance in property management, with a total revenue of 8.39 billion RMB in the first half of 2025, reflecting a 6.6% year-on-year growth [8][40] - The revenue from property management services is expected to continue growing, with projections of 13% growth in 2025 [55] Financial Analysis - The company maintains a high profit margin, with a gross margin of 19.4% and a net margin of 10.8% in the first half of 2025, indicating strong operational efficiency [42][43] - The company’s revenue and net profit are expected to grow steadily, with projected net profits of 1.55 billion RMB, 1.64 billion RMB, and 1.72 billion RMB for 2025, 2026, and 2027 respectively [55][59] Earnings Forecast and Valuation - The company is projected to achieve total revenues of 17.4 billion RMB in 2025, with a year-on-year growth rate of 6.5% [55][56] - The average PE ratio for comparable companies is 12.7x, while Poly Property is expected to have a PE of 11.4x in 2025, indicating a favorable valuation [59][60]

盘面上，大型科技股走势分化，其中，美团跌1.44%，快手、小米小幅走低，百度、阿里巴巴、京东飘 红；四川民企造出高超音速导弹，航天航空逾国防板块拉升，风电股多数强势，东方电气涨近7%领 衔；濠赌股继续活跃，新濠国际发展、金沙中国实现5连涨；美联储12月降息预期升温，黄金股、铜业 股等有色金属集体上涨，中国黄金国际、中国有色矿业涨幅靠前；半导体芯片股、锂电池股、建材水泥 股多数维持上涨行情。 另一方面，保险股、石油股、银行股等权重多数表现弱势拖累大市走低，其中，中国人保、中国太平跌 3%，中国石油化工跌1.34%，内房股多数继续跌势，物管股多数跟跌。上市即破发！海伟股份首日挂牌 大跌近23%。(格隆汇) 港股三大指数收盘涨跌不一，恒生指数、国企指数分别下跌0.34%及0.38%，恒指盘中曾短暂回到26000 上方，恒生科技指数微涨0.02%表现相对平稳。 ...

港股连续反弹后市场情绪趋于谨慎，三大指数盘初曾快速回落转跌。截止午盘，恒生指数跌0.24%，国 企指数跌0.22%，恒生科技指数涨0.11%。大型科技股涨跌各异且基本波幅在1%以内，美联储12月降息 预期升温，黄金股、铜业股等有色金属持续活跃；濠赌股继续上涨，新濠国际发展、金沙中国实现5连 涨。另外，内房股与物管股持续下跌，保险股多数弱势，煤炭、石油等能源板块普跌。(格隆汇) ...

Core Viewpoint - The successful harvest in Shengdong Village reflects the effective management of collective assets, contributing to increased income for villagers and enhancing their trust in local governance [1][2][3]. Group 1: Economic Development - Shengdong Village's harvest is part of a broader rural revitalization effort in Xinjie Street, where villages are exploring new paths to strengthen collective economies [2]. - Jiangnan Village has expanded its income through the construction of the Jiangnan Development Building, while Shengle Village has created a distinctive street area to boost local economic activity [2]. Group 2: Asset Management - The management of "three assets" (collective assets, financial resources, and management rights) is crucial for rural economic development and achieving common prosperity [2]. - Past issues included unclear financial management and risks of asset misappropriation, prompting the need for improved oversight [2][3]. Group 3: Legal and Regulatory Actions - The "New Fence" legal service initiative was launched to address issues such as low-price contracts and asset loss, involving collaboration with various departments [3]. - As of now, 56 cases of unpaid debts have been resolved, recovering a total of 3.4891 million yuan for collective economic development [3]. Group 4: Community Trust and Satisfaction - The tightening of asset management has led to increased trust and satisfaction among villagers regarding village governance [3]. - Clear accounting, standardized processes, and transparent supervision have reduced conflicts and promoted harmony in rural areas [3][4]. Group 5: Legal Services and Support - The "New Fence" initiative also serves as a legal support system, providing residents with accessible legal services and consultations [4]. - The initiative aims to enhance the long-term regulatory framework and ensure the transparent operation of collective asset management [4].