昨天（10月17日）下午，苏州市城市管理局联合苏州市物业协会，组织在苏物业服务企业负责人开 展"用脚步丈量新时尚——垃圾分类观察行"活动。近30家物业企业负责人赴苏州市垃圾分类宣教体验中 心、苏州高新区棠悦湾小区、光大生活垃圾焚烧发电厂沉浸式体验垃圾分类全流程，感受垃圾分类治理 背后的科技力量与生态意义。 "垃圾分类是一项长期的系统工程，需要社会各界的共同努力。希望通过这样的活动，能够让更多 物业企业和居民认识到垃圾分类的重要性，将其内化为日常生活习惯。"苏州市物业协会相关负责人表 示，物业管理作为社区服务的重要一环，在垃圾分类工作中扮演着"大管家"的角色。通过此次活动，物 业企业不仅学习到了垃圾分类的先进经验，也深刻认识到垃圾分类对城市生态文明建设的重要意义。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][68]. Core Insights - The company is focusing on its core property management business, which has shown strong growth momentum, with property management services accounting for 71.4% of revenue and 56.3% of gross profit as of the first half of 2025 [8][17]. - The company has a clear shareholder structure, with the four founding shareholders holding 46.61% of shares, ensuring operational independence [13][15]. - The company emphasizes shareholder returns, maintaining a high dividend payout ratio of over 70% for 2023-2024 and actively repurchasing shares [60][62]. Summary by Sections Company Overview - The company has been providing property management services for nearly 30 years and is recognized as a leading high-end property service provider in the industry [12][17]. Property Management Services - The company has maintained its position in the top tier of the industry, with significant expansion in managed area and high property fees [19][24]. - The average property fee reached 3.71 RMB/sqm/month in the first half of 2025, supported by a strong brand reputation [24][30]. - Key operational metrics such as renewal rates and collection rates are performing well, indicating strong service quality and management capabilities [31][32]. Financial Analysis - The company is expected to achieve a net profit of 935 million RMB in 2025, with a growth rate of 19.12% [7][64]. - The gross profit margin is projected to rise to 19.5% in the first half of 2025, reflecting improved operational efficiency [44][46]. - The company’s sales and management expense ratio is on a downward trend, indicating potential for further cost optimization [47][67]. Shareholder Returns - The company has consistently maintained a dividend payout ratio above 30% since its listing, with a significant increase to over 70% in recent years [58][60]. - The company has repurchased approximately 2.9% of its total shares since 2022, demonstrating a commitment to enhancing shareholder value [62][63]. Earnings Forecast and Valuation - The company is projected to achieve total revenues of 19.44 billion RMB in 2025, with a year-on-year growth rate of 8.6% [64][65]. - The estimated PE ratios for 2025 are 14.0, 12.0, and 10.4 for the years 2025-2027, indicating a favorable valuation compared to peers [68][69].

Core Insights - The Shandong Provincial Department of Housing and Urban-Rural Development has issued a document promoting innovative practices in property service management, including Vanke Property's "flexible pricing" model and Jinan's "good service" standards for residential communities [1][2] - The "flexible pricing" model aims to align service quality with pricing, allowing for a detailed service list of 406 items, which includes 86 baseline services and 320 optional services, ultimately agreeing on 242 service items and their corresponding fees [1] - The model has been implemented in nearly 50 residential projects across 26 cities, contributing to Vanke Property's growth in the existing market, with a reported annualized revenue of 668 million yuan, a 31.5% increase year-on-year [2] Group 1 - The "flexible pricing" model was piloted at Vanke's Jinyu Lanwan community, where extensive negotiations led to a shift in homeowner expectations regarding service fees [1] - The model emphasizes the importance of digital tools to ensure homeowners' rights to information and oversight [1] - The Minister of Housing and Urban-Rural Development highlighted the need for quality improvement in property services, focusing on resident satisfaction and addressing common issues such as sanitation and facility maintenance [2] Group 2 - The management of Vanke Property stated that the "flexible pricing" model does not advocate for lower property fees but seeks to balance the reasonable expectations of homeowners with the service quality and sustainability of property companies [2] - The model has been recognized as a significant factor in Vanke Property's ability to adapt to the increasing demand for cost-effective property management solutions [2]

Core Viewpoint - Country Garden Services (碧桂园服务) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 1 million shares at a cost of HKD 6.186 million [1] - The buyback is scheduled for October 17, 2025, reflecting a strategic move to enhance shareholder value [1]

Group 1 - Evergrande Property's stock price fell over 5% at the end of trading on October 17, closing at 1.06 HKD [1] - The trading volume reached 45.52 million HKD [1]

Core Viewpoint - Evergrande Property's stock fell over 5% amid ongoing discussions regarding potential transactions and the status of its liquidation process [1] Group 1: Stock Performance - Evergrande Property's shares dropped by 5.36%, trading at 1.06 HKD, with a transaction volume of 45.52 million HKD [1] Group 2: Liquidation and Potential Transactions - The company has been informed by the liquidators that potential transactions are still in the preliminary stages, with no decisions made regarding the next steps [1] - Liquidators are currently considering non-binding indicative offers received from interested parties [1] - On September 10, the company received a communication from its controlling shareholder, China Evergrande, and CEG Holdings' liquidators regarding potential share sales and confidentiality agreements with interested parties [1]

Core Viewpoint - Evergrande Property's stock fell over 5% in late trading, indicating market concerns regarding its ongoing liquidation process and potential transactions [1] Group 1: Stock Performance - Evergrande Property's shares dropped by 5.36%, trading at 1.06 HKD, with a transaction volume of 45.52 million HKD [1] Group 2: Liquidation Process - The company has been informed by the liquidators that potential transactions are still in the preliminary stages [1] - Liquidators are considering non-binding indicative offers received from interested parties, but no decisions have been made regarding the next steps in the process [1] - The timeline for submitting final proposals is still being determined [1] Group 3: Communication with Stakeholders - On September 10, the company received a communication from its controlling shareholder, China Evergrande, and CEG Holdings' liquidators regarding potential share sales [1] - Confidentiality agreements have been established with interested parties, and some non-binding indicative offers have been received [1]

Group 1: Agricultural Bank of China - Agricultural Bank of China saw a notable increase of 1.34%, reaching a historical high with a market capitalization of 2.66 trillion yuan [1][2] Group 2: Coal Sector - The coal sector has been on an upward trend, with companies like Antai Group and Dayou Energy hitting the daily limit up [5][6] - Analysts attribute the coal sector's strength to three main factors: high dividend characteristics attracting market attention, expectations of earnings recovery in Q3, and seasonal demand increases due to the upcoming heating season [7][8] - The coal industry is expected to see a significant improvement in Q3 earnings, with a projected 18% quarter-on-quarter increase in net profits for tracked companies [8] Group 3: Real Estate Sector - The real estate sector experienced a surge, with stocks like Shen Zhen Ye A and Shang Shi Development reaching their daily limit up [9][11] - Recent policy changes in Chengdu and Nanjing aimed at increasing housing loan limits are expected to support the real estate market [12][13] - Current low valuations in the real estate sector suggest potential investment opportunities, particularly in companies focused on core first and second-tier cities [13]

据介绍，《办法》出台后，相关工作已取得一定进展。截至目前，郑州市已有3400余个小区的公共收益 在郑州市智慧物业管理平台公示，规范资金规模达7400余万元。 郑州市住房保障和房地产管理局物业管理处处长刘雪峰表示，下一步将加大最新政策的宣传培训，督导 物业服务企业落实《办法》新规，真正让公共收益在阳光下运行，维护业主的合法权益。 (责任编辑：朱赫) 约谈会现场，郑州市物业管理事务中心相关负责人详细介绍了新出台的《郑州市住宅小区公共收益管理 办法(试行)》(以下简称《办法》)，并针对谁是住宅小区公共收益管理方、公共收益包含哪些内容、公 共收益公示内容及渠道等市民广泛关注的共性问题进行解读。 公开信息显示，为规范郑州全市住宅小区公共收益的收入、使用、公示以及监督管理，维护业主合法权 益，今年9月，郑州市住房保障和房地产管理局印发出台上述《办法》。《办法》称，公共收益是指利 用住宅小区共有部分产生的收入扣除合理成本之后的收益。公共收益的收入来源一般包括但不限于依法 利用业主共有的停车场、公共场地、绿地、道路等共有部分经营所得的收益；利用业主共有的停车场出 入设施、电梯间、楼道及户外区域设置广告获得的收益；利用业主共有 ...

会议强调，开展物业领域问题集中整治，就是要直面问题，通过解决一件件具体民生实事，让人民 群众真切感受到党和政府的关怀与温暖。要压实属地和"一把手"责任，发挥住建部门牵头抓总作用，落 实各部门监管责任，纪委监委紧盯责任落实。坚持问题导向，紧盯物业服务履约不到位、公共收益管理 不规范以及电梯老化、消防设施缺失损坏等隐患问题，精准施策，靶向发力。开展系统施治，务求实 效，推动全省物业领域治理效能整体提升。 会议肯定了全省物业整治工作取得的阶段性进展，沈阳市人民政府、沈阳市纪委监委作交流发言。 与会人员还现场观摩了沈阳市大东区有关社区。 会议指出，物业管理关乎民生幸福。省委、省政府和省纪委监委部署开展物业领域突出问题整 治"突击战"。集中整治开展以来，各级党委政府高度重视，多方协同联动高效，试点工作取得实效，群 众感受更为直接。 10月16日，全省物业领域问题集中整治推进工作现场会在沈阳市召开，总结推广沈阳市大东区召开 业主大会、选举业主委员会试点经验，推动全省群众身边不正之风和腐败问题集中整治工作再上新台 阶。省委常委、省纪委书记、省监委主任李猛，副省长李强出席会议并讲话。 ...