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 ...

房地产：2026 行业展望及投资策略更新 20251124 摘要 中国房地产市场自二季度降温，房价回落至 2024 年 9 月前水平，新房 交易量同比跌幅扩大，二手房交易量环比走弱，土地市场溢价率低于 5%。市场复苏需修复房价收入比偏高和库存过大问题，并结合宽松货币 政策。 在中性情景下，预计总住房交易量将进一步收窄至-5%左右，新开工面 积同比下降 16%，房地产投资同比跌幅约 15%。若政策定向解决周期 堵点，如存量住房收储、降息等，市场或迎来更积极发展。 当前房地产市场处于筑底阶段，人均一二手房交易套数已进入底部区间， 预计未来 1-2 年内仍有小幅下跌。城市改造在激发需求方面更具潜力， 但受土地市场流动性限制，效果存在不确定性。 头部主流房企股价相对于净清算价值折让幅度超过 40%，处于中偏深水 平。对 2026、2027 年房价假设为两位数幅度下滑，预期较为保守。预 计 2027 年开始利润反弹，具体斜率取决于 2026 年房价变化。 短期内对地产股走势保持审慎，明年二季度后宏观经济或有积极进展， 有望看到拐点并进行贝塔投资。2025 年商业地产表现良好，受益于同 店零售额增长和长期资本寻求高股息回 ...

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]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Insights - The real estate market 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 [2][31]. Industry Data Summary New Housing Transaction Volume - In the week of November 15-21, 2025, 34 key cities recorded a total new housing transaction volume of 2.54 million square meters, a week-on-week increase of 26.3%. The transaction volume for first and second-tier cities rose by 28.6%, while third and fourth-tier cities saw a decline of 5% [3][4]. - For November 2025, the total new housing transaction volume in 34 cities was 6.348 million square meters, a year-on-year decrease of 32.7% [4][6]. Second-hand Housing Transaction Volume - In the week of November 15-21, 2025, 13 key cities recorded a total second-hand housing transaction volume of 1.073 million square meters, a week-on-week decrease of 12.8%. The cumulative transaction volume for November was 3.412 million square meters, a year-on-year decrease of 13.8% [10][11]. Inventory and Market Dynamics - In the week of November 15-21, 2025, 15 key cities had a total of 890,000 square meters of new housing launched, with a corresponding transaction volume of 920,000 square meters, resulting in a transaction-to-launch ratio of 1.04. The average monthly inventory turnover period was 23.3 months, a decrease of 0.17 months from the previous period [20][22]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development held a national urban renewal work promotion meeting on November 21, 2025, emphasizing the need for innovative approaches in planning, funding, operation, and governance [31][32]. - Guangzhou is actively promoting the acquisition of existing commercial housing for use as affordable housing, with specific policies being implemented in various cities to support housing supply [31][32]. Company Dynamics - Major real estate companies are actively engaged in financing, with several issuing bonds and short-term financing instruments. For instance, China Merchants Shekou issued bonds totaling 5.04 billion yuan [36][38]. - The real estate sector underperformed the broader market, with the SW Real Estate Index declining by 5.83% compared to a 3.77% drop in the CSI 300 Index [42][45].

房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

珠江帝景健康驿 站升级启用，携 手共建全龄友好 健康社区_南方 +_南方plus 11月18日，"银 发护爱·陪您到 老——温情相 伴，健康同 行"健康驿站开 业庆典在广州珠 江帝景社区举 行，标志着该适 老化改造示范项 目正式启用。本 次活动由海珠区 赤岗街道办事处 指导，广东康景 物业服务有限公 司联合多家企业 及社区组织共同 推动。 堂、志愿服务等 举措，助力老年 居民实现"老有 所养、老有所 乐、老有所 为" 。 升级后的健康驿 站从"创新、公 益、持续"三大 方向着手，实现 了全面优化。驿 站内新配备智能 健康一体机，居 民可自助测量血 压、血氧、体温 等基础指标，系 统自动生成健康 趋势报告。配合 上线的个人健康 档案小程序，方 便居民随时查看 和管理健康数 据。作为改造重 点，"常青藤茶 室"通过专业适 老化设计，为社 区长者打造安 全、舒适、温暖 的社交与活动空 间，逐步成为社 区健康生活枢 "银发护爱·陪您到老——温情相伴，健康同行"健康驿站开业庆典现场。 在积极应对人口 老龄化的背景 下，赤岗街道以 珠江帝景社区为 示范点，围 绕"打造全龄友 好型社区"目 标，推出"常青 藤茶室"适老化 ...