高盛指出，在内地楼市不会在2027年前回稳的预期下，预计今年物管业增长仍会受拖累。与此同时，该行视政府支持消费回稳及流动性改善政策，对物业管理公司的社区增值业务盈利率及收款带来正面影响。纵使周期性挑战，该行认为物业管理行业长期结构性主题仍然存在，并在新的估值框架引入以产生自由现金流为主的展望。
该行维持对华润万象生活(01209.HK) 、绿城服务(02869.HK) 、中海物业(02669.HK) 及保利物业(06049.HK) 的“买入”评级，基于更强劲及可预测的自由现金流产生及估值吸引。下调万物云(02602.HK) 评级，由“买入”降至“中性”，碧桂园服务(06098.HK) 务评级由“中性”降至“沽售”。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-13 16:25。)
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