Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]

（文/孙梅欣 编辑/张广凯） 尽管和大多数行业一样，物业企业近年来的发展难度增加，但正呈现出比房地产企业更具韧性的特征。 中国物业管理协会近期发布的数据显示，2024年物业行业在管面积395.5亿平方米，同比增长3.4%。 与此同时，过去一年物业企业受到地产交付增量面积下降、以及物业主动退出管理面积的影响，头部物 业企业在管面积也在持续下降。 克而瑞物管近期发布的《2025中国物业服务企业综合实力研究成果》显示，截至去年末，500强物企合 计在管面积为192.8亿平方米，同比增长5.1%，增速较2023年下降1.1个百分点，已经连续3年呈现下降 趋势。 百强物企和上市物企在管面积增速也同样出现下滑，管理面积分别为138.2亿平方米和76.6亿平方米，增 速分别为5.9%和6.3%，同比分别下降1.7和5.7个百分点。 在管面积的增长中，收并购以和物管企业关联的地产企业关键交易为主，第三方在管理面积的占比基本 稳定在52.5%，整体变动幅度较小。 同时，物业行业正越发展现出独立性，和地产母公司的关联性正在减弱。与此同时，一些大型企业的物 业公司，正顺应企业跨境的大势，也出现物业"出海"的现象。 优质物企利润表现 ...

山东省住房和城乡建设厅物业管理处处长朱亚东介绍，今年年底山东将全面完成"十四五"改造任务。为确保改造有力有序推进，山东将 重点做好四方面工作。 推进"楼道革命"，着力在加装电梯上实现新突破。山东省住房和城乡建设厅与财政、自然资源、市场监管等部门联合印发了《关于进一 步做好既有住宅加装电梯工作的指导意见》，各地正在按照"高效办成一件事"的要求，推行线上线下办理、优化审批流程，让数据多跑 路、让居民少跑腿，积极搭建沟通议事平台，通过居民自治协商来解决加装电梯中的种种难题。同时，用产业思维来推动电梯加装工 作，发挥好德州宁津这个北方最大的电梯产业集群优势，推进建设方与电梯设计、生产、安装、维保等上下游左右侧的单位企业组建联 合体，优势互补，抱团发展，让加装电梯真正提速提质。截至目前，全省累计完成加装电梯8018部。 推进"环境革命"，着力在完善配套设施上实现新突破。山东坚持一小区一策，聚焦老旧小区居民急难愁盼，注重增设带充电装置的自行 车棚、"一老一少"设施、加装电动汽车充电桩等。山东省住房和城乡建设厅与市场监管部门联合印发《城镇老旧小区改造标准》，指导 各地落实《山东省城镇老旧小区适老化改造指南》，提升改造标准与 ...

Core Viewpoint - The tax authorities have intensified efforts to combat tax evasion through the concealment of unbilled income, highlighting the legal and financial repercussions for companies involved in such practices [1][2][3] Group 1: Tax Evasion Cases - Three companies were recently penalized for concealing unbilled income and engaging in false tax declarations, resulting in a total tax shortfall of approximately 2.25 million USD (12.57 million CNY) [1] - Hainan Oulijia Industrial Co., Ltd. and its subsidiary concealed 1.26 million USD (12.57 million CNY) in taxes [1] - Chongqing Duoliyuan Food Co., Ltd. concealed 699,070 USD (6.99 million CNY) in taxes [1] - Huaihua Taihe Property Service Co., Ltd. concealed 196,580 USD (1.97 million CNY) in taxes [1] Group 2: Tax Compliance and Legal Consequences - Concealing unbilled income is a challenge to tax law authority, and companies found guilty face severe legal consequences, including back taxes and fines [2] - The tax authorities have reported over 150 typical cases of tax violations this year, indicating a significant increase in enforcement actions [2] - Companies mistakenly believe that using personal accounts and maintaining "off-the-books" records can evade tax oversight, but digital tax administration makes such tactics increasingly ineffective [2] Group 3: Recommendations for Businesses and Consumers - Companies are advised to accurately report taxable income and maintain strict internal financial regulations to uphold industry competition [3] - Consumers are encouraged to request invoices to protect their rights and promote compliance among businesses [3]

摘要 5 月以来房地产市场数据持续走弱，新开工、投资、竣工面积同比降幅 扩大，但重点城市拿地金额因一线城市高溢价地块成交而结构性回暖。 商品房销售面积和金额同比下降，但环比略有改善，70 大中城市房价指 数同比环比均下降。 6 月高频数据显示市场仍疲软，重点城市新房、二手房成交面积同比下 降，前瞻指标如门店成交套数和带看人数环比减少，表明市场信心仍待 修复，供求关系有待改善。 政策层面强调稳楼市，国常会加大力度推进房地产商直接回款，预示后 续政策可能发生增量变化，稳定市场基本面与向新模式转型并举，需关 注政策稳固和模式转型。 房地产行业基础性制度建设将涉及拿地、销售和房屋养老金制度，现房 销售制度受关注，优质住宅建设纳入城市更新机制，通过城市更新和城 中村改造优化供给。 全国性房地产库存问题需摸底调查，为收储土地和房屋提供数据支持， 提升政策系统性和有效性，放松重点城市限购限贷等行政性限制，稳定 市场预期。 Q&A 最近房地产行业的关注度为何有所提升？ 最近房地产行业的关注度有所提升，主要原因是上周五国常会专门提到了地产 问题，这是过去两年中较为少见的情况。每次国常会单独提及地产后，通常都 会迎来一波政策上的 ...

行业点评 本周 A 股地产、港股地产、港股物业均上涨。本周（6.7-6.13）申万 A 股房地产板块涨跌幅为-1.8%，在各板块 中位列第26；恒生港股房地产板块涨跌幅为+2.6%，在各板块中位列第6。本周恒生物业服务及管理指数涨跌幅为+3.1%， 恒生中国企业指数涨跌幅为+0.3%，沪深 300 指数涨跌幅为-0.3%；物业指数对恒生中国企业指数和沪深 300 的相对收 益分别为+2.8%和+3.4%。 土地市场溢价率低位震荡。本周（6.7-6.13）全国 300 城宅地成交建面 626 万㎡，单周环比 101%，单周同比-21%， 平均溢价率 3%。2025 年初至今，全国 300 城累计宅地成交建面 15209 万㎡，累计同比-3.8%；年初至今，绿城中国、 保利发展、中海地产、滨江集团、建发房产的权益拿地金额位居行业前五。 本周新房销售量同环比均上涨；4 月新房售价环比-0.1%，同比-4.5%；结合量价，景气度略有承压。本周（6.7- 6.13）47 个城市商品房成交合计 331 万平米，周环比+13%，周同比+15%。其中：一线城市周环比+24%，周同比+20%； 二线城市周环比+9%，周同比+1 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 15 日 更大力度促止跌回稳，新发展模式有序搭建， 好房子加大支持力度 看好 ——国常会关于新模式和好房子政策点评 事件 ⚫ 2025 年 6 月 13 日，李强 6 月 13 日主持召开国务院常务会议，听取构建房地产发展新模式和推 进好房子建设有关情况汇报。会议指出，构建房地产发展新模式，对于促进房地产市场平稳、健 康、高质量发展具有重要意义，要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制 度。要扎实有力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、 金融等方面予以政策支持。要对全国房地产已供土地和在建项目进行摸底，进一步优化现有政 策，提升政策实施的系统性有效性，多 ...

城市更新事关民生福祉、关乎城市未来。近日，省政府办公厅印发《河南省深入实施城市更新重点工程 三年行动计划（2025—2027年）》（以下简称《行动计划》），提出以完整社区建设为牵引，深入实施 城市更新重点工程，着力打造宜居韧性智慧城市。 聚焦人民关切 实施五大重点工程 城市更新是推动城市高质量发展的综合性、系统性战略行动。随着城镇化快速推进，我省城市建设进入 以城市更新为主导的发展阶段，由规模扩张转向存量改造与增量调整并重的内涵式高质量发展。 我省此次出台《行动计划》，通过实施城市更新重点工程，推动城市盘活存量、优化结构、塑造特色、 提升品质、增强韧性，以更好发挥扩投资、促消费、惠民生、保安全等积极作用。 比如，引导居民将老房子改造成"好房子"，支持装配式、集成化厨卫、节能改造、设备更新等项目，提 高住房品质。统筹推进老旧小区和城中村改造，重点改善居民住房条件，补齐养老、托育、文化、体育 等公共服务设施，整治小区及周边环境，支持有条件的楼栋加装电梯。以保留、利用、提升为主，推动 老旧街区、老旧厂区等功能转换、业态升级、活力提升，2025年实施5个遗存工业厂房更新改造，到 2027年更新改造20个以上。 提升城 ...

南都讯记者吕婧通讯员全奕霖咖啡香气从百年骑楼飘出，搭建起消费新场景；楼下门店、楼上电商的饰 品店，一到节假日顾客盈门……中山市孙文西路(中山百货至西山寺段)处于香山古城核心位置，沉寂多 年的老旧物业正悄然蜕变。 南都记者6月13日从中山城市建设集团有限公司(以下简称"城建集团")获悉，经过历时半年的专项盘 活，8处长期空置的老旧物业迎来新面貌，为这条传统的商业历史街区注入活力。 物业优化焕活历史建筑 孙文西路(中山百货至西山寺段)曾面临典型的老城困境。"部分建筑老化且存在安全隐患，独立水电配 套缺失，物业内部空间布局不合理"，中山城建集团城市开发事业部总监苏家远介绍，由于物业利用难 度较大，出租率长期低迷。 2024年底，中山城建集团下属中山市建安物业拓展有限公司(以下简称"建安公司")启动专项盘活计划， 积极盘活该路段该片区空置待出租物业。 "我们很看好孙文西路商业街区的历史底蕴，同时我们也看到了中山市、城建集团改造街区的决心"，林 燕珊表示，为了融入街区文化氛围，商铺在装修时专门选用宋式风格。正式开业后，林燕珊很快感受到 街区魅力，"每到节假日，店里人流如织。"现在，晶婧灵一楼是商铺，二楼是直播间，"通过 ...

Core Viewpoint - The company has reported its operational and financial performance for the year 2024, highlighting strategic initiatives in its core business segments of film and media, smart space services, and property management, while also addressing challenges in revenue and profitability. Group 1: Operational Performance - The company has adopted a dual-driven strategy focusing on film and media alongside smart space services, enhancing its industry influence [3] - In the film sector, the company co-produced and undertook production for 11 diverse projects, collaborating with over 80 renowned institutions, which has expanded its business scope [3] - The company has received multiple accolades for its television productions, including awards for "Happiness to Ten Thousand Homes" and "Life's Journey" [3] - The cinema business has expanded through acquisitions, increasing the number of cinemas to 13, with a total of 109 screens and 16,115 seats, enhancing market competitiveness [4] - The performing arts segment has signed 111 projects across 15 key cities, launching various high-quality performances and festivals [5] Group 2: Financial Performance - As of December 31, 2024, the company reported total assets of 923.01 million yuan, a year-on-year increase of 31.57% [9] - The net profit attributable to shareholders was -101.02 million yuan, reflecting a decrease of 103.53% compared to the previous year [9] - The company achieved a total operating revenue of 429.06 million yuan, down 18.28% year-on-year [9] Group 3: Strategic Initiatives - The company aims to enhance its governance structure and operational mechanisms to strengthen risk prevention and ensure compliance with regulations [10] - Plans include optimizing business decision-making processes and expanding the scale of existing operations to improve brand influence [10] - Future strategies involve vertical integration through acquisitions and investments to enrich the industry chain layout and create new profit growth points [10] Group 4: Future Outlook - The company projects a revenue target of 450 million yuan for 2025, focusing on quality cultural content and innovative performance formats [16] - Emphasis will be placed on integrating cinema and theater operations to diversify revenue streams beyond ticket sales [16] - The smart space segment will leverage new technologies to enhance service quality and reduce costs, aiming for comprehensive urban governance solutions [16]