金吾财讯 | 物管股随内房股走强，截至发稿，朗诗绿色生活(01965)涨7.27%，恒大物业(06666)涨7.23%，碧桂园服务(06098)涨6.04%，雅生活服务(03319)涨5.99%，世茂服务(00873)涨5.88%。消息面上，光大证券研报指出，美联储降息周期开启，国内地产政策持续优化，物业管理风险因子逐步出清，板块配置价值凸显。建议关注三条主线：1)“估值修复”：重点关注房地产行业流动性回暖、民营房企信用风险逐步出清带来的风险溢价下降。2)“均衡发展”：长期看好独立发展能力较强，项目质量较高，运营能力及盈利能力较强的物管公司，关注新大正等。3)“稳健国企”：国企物管公司的稳健发展和低风险带来估值溢价。关注保利物业、招商积余等。摩通此前认为，若数据或政策的支持逊预期，内房股或剧烈调整，但建议可于落后的物管股中寻找机遇。星展则表示，随著市场情绪恢复理性，物管股将处于弱势局面，但因行业的基本面稳定，且股息率吸引，2024年平均股息率超过4%，某些陷入财困的公司股息率更高达7%，为政策转向提供更安全的替代方案。
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