金吾财讯 | 物业管理股多数向好，佳兆业美好(02168)涨12.26%，新城悦服务(01755)涨5.15%，华润万象生活(01209)涨4.07%，碧桂园服务(06098)涨3.28%，万物云(02602)涨3.09%，雅生活服务(03319)涨3.02%。招银国际近日研报指，回顾24年，该行看到跑赢行业的地产股主要为“困境反转”标的及“业绩见底回升”标的，物业股主要为“拓展能力突出”及“母公司困境反转”标的。虽然销售端展现初步恢复，但行业库存仍在历史高位，且部分关键政策落地仍需时日，故该行认为行业基本面见底信号并未显现。该行指，经济企稳回暖时零售业务较开发业务率先受益。从服务角度，物业管理是存量市场的长期受益者。光大证券此前表示，展望2025年，物管板块具备“进可攻，退可守”的均衡配置价值，美联储降息带来更充裕的市场流动性，政策组合利好齐发，地产止跌回稳可期，利于物管股提升估值；中长期看，物业公司逐渐褪去“地产属性”，增厚“服务消费”属性，是“现金奶牛”行业，具有轻资产、低杠杆、低资本开支、高分红的特征，在增长中枢下移的时代，能提供相对稳定的分红派息，配置价值凸显。
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