Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of HKD 38.986 billion for FY2026H1, a decrease of 1.1% year-on-year, while the net profit attributable to shareholders was HKD 2.534 billion, an increase of 0.2% year-on-year [1] - In FY2026Q2, the sales growth turned positive, with a year-on-year increase of 4.1% [1] - The company plans to distribute an interim cash dividend of HKD 0.22 per share, resulting in a payout ratio of 85.7% [1] Summary by Sections Financial Performance - For FY2026H1, the revenue from priced jewelry increased by 9.3%, while the total revenue from gold jewelry and watches decreased by 3.8% and 10.6%, respectively [2] - The gross profit margin for FY2026H1 was 30.5%, down by 0.9 percentage points year-on-year, primarily due to the timing of gold price increases [4] - The company’s operating income for FY2026 is projected to be HKD 90.859 billion, with a net profit of HKD 8.131 billion, reflecting a growth rate of 37.45% [5] Market Segments - The revenue from the mainland China market accounted for 82.6% of total revenue, with a year-on-year decline of 2.5% [2] - The Hong Kong, Macau, and other markets showed a revenue increase of 6.5% in FY2026H1, with same-store sales growth of 4.4% [3] Sales Channels - The company’s retail revenue grew by 8.1% year-on-year, while franchise revenue declined by 10.2% [2] - Same-store sales in the mainland China market increased by 4.8% for franchises and 2.6% for direct sales [2] Profitability and Valuation - The report projects an increase in net profit for FY2026, FY2027, and FY2028 by 17.4%, 16.1%, and 16.0%, respectively, with corresponding EPS of HKD 0.82, 0.91, and 0.97 [4] - The current stock price corresponds to a price-to-earnings ratio of 17 for FY2026, 15 for FY2027, and 14 for FY2028 [4]

Manufacturing Sector - The manufacturing PMI for November 2025 is 49.2%, a slight increase of 0.2 percentage points from the previous month, but still below the seasonal level[2][5] - New export orders index rose significantly by 1.7 percentage points to 47.6%, driven by the easing of US-China tariffs and improved trade conditions[5][19] - Small enterprise PMI increased by 2.0 percentage points to 49.1%, marking a six-month high, indicating a recovery in the external trade environment[5][12] Non-Manufacturing Sector - The non-manufacturing PMI decreased to 49.5%, down 0.7 percentage points from the previous month, reflecting a decline in service-related activities post-holiday[2][28] - The construction PMI rose by 0.5 percentage points to 49.6%, indicating a low-level recovery in building activities, supported by ongoing infrastructure projects[32][34] Price and Inventory Dynamics - Raw material purchase prices and factory gate prices indices increased to 53.6% and 48.2%, respectively, showing an improvement in the supply-demand relationship[24][25] - The finished goods inventory index fell by 0.8 percentage points to 47.3%, indicating a faster reduction in inventory levels, which may support future price increases[24][27]

2025 年 11 月 30 日 行业研究 地缘缓和预期下油价低位震荡，关注 OPEC+产量政策 ——石油化工行业周报第 430 期（20251124—20251130） 要点 地缘冲突缓和预期走强，本周油价低位震荡。本周俄乌和平谈判重启，地缘 冲突缓和预期驱动油价振荡加剧，但俄乌双方在核心问题的谈判尚未取得进 展，且 OPEC+增产幅度有望放缓，使得本周油价整体呈低位震荡态势。截至 11 月 28 日，布伦特、WTI 原油分别报收 62.32、58.48 美元/桶，较上周收盘 分别-0.3%、+0.9%。 俄乌谈判核心问题仍存分歧，地缘风险有望持续支撑油价。本周美国与乌克 兰代表在日内瓦举行谈判，美国宣布在达成和平协议方面取得巨大进展，使得 市场对俄乌实现和平预期走强，原油的地缘政治溢价下跌。但是，美乌谈判代 表未透露涉及俄乌重大分歧的具体解决方案，包括领土、乌克兰军队规模、乌 克兰加入北约等众多核心问题。截至本周五，谈判尚未取得任何成果。今年以 来美国数次试图调停俄乌冲突，但我们认为目前美、俄、乌、欧四方就俄乌冲 突的核心问题达成一致的可能性较低，俄乌冲突仍存长期化趋势。此外，委内 瑞拉局势紧张程度不断升 ...

2025 年 11 月 30 日 总量研究 量能决定短期反弹高度 ——金融工程市场跟踪周报 20251130 本周（2025.11.24-2025.11.28，下同）A 股市场震荡反弹，创业板指领涨主要 宽基指数。量能表现方面，本周主要宽基指数量能逆势收缩，当前量能状态与市 场反弹表现不匹配，后续反弹力度或受量能压制收窄。资金面方面，本周融资增 加额转正，股票型 ETF 资金延续净流出，资金方面仍有分歧。 结合本周市场反弹高度、量能表现以及资金分歧状态，后市反弹力度或减弱，市 场再度进入震荡区间。中长线仍看好"红利+科技"主线，红利或在波动方面占 优。 本周上证综指上涨 1.40%，上证 50 上涨 0.47%，沪深 300 上涨 1.64%，中证 500 上涨 3.14%，中证 1000 上涨 3.77%，创业板指上涨 4.54%，北证 50 指数 上涨 0.75%。 截至 2025 年 11 月 28 日，宽基指数来看，上证指数和上证 50 指数处于估值分 位数"危险"等级，沪深 300、中证 500、中证 1000 和创业板指处于估值分位 数"适中"等级。 中信一级行业分类来看，煤炭、钢铁、建材、轻工制 ...

Group 1: Report Industry Investment Rating - No information provided in the report Group 2: Core Viewpoints of the Report - From November 24 to November 28, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries generally rose [1] - The total trading volume of credit bonds in the secondary market increased month - on - month, with commercial bank bonds, corporate bonds, and medium - term notes ranking in the top three in terms of trading volume [4] Group 3: Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From November 24 to November 28, 2025, a total of 433 credit bonds were issued, with a total issuance scale of 589.011 billion yuan, a month - on - month increase of 1.34%. Among them, industrial bonds accounted for 52.37%, urban investment bonds accounted for 20.08%, and financial bonds accounted for 27.55% [1][11] - The average issuance term of credit bonds was 2.80 years, with industrial bonds at 2.56 years, urban investment bonds at 3.19 years, and financial bonds at 2.41 years [1][13] - The average issuance coupon rate of credit bonds was 2.16%, with industrial bonds at 2.09%, urban investment bonds at 2.29%, and financial bonds at 1.95% [2][18] 1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week, including 25ShaanxiJiaotongMTN012, 25JinnengMeiyeMTN019, etc. [22][23] 2. Secondary Market 2.1 Credit Spread Tracking - The industry credit spreads generally rose this week. For example, among the Shenwan primary industries, the AAA - rated real estate industry's credit spread increased by 8.1BP, and the AA + - rated textile and clothing industry's credit spread increased by 15.4BP [3][24] - The credit spreads of coal showed mixed trends, while those of steel generally rose. The credit spreads of coal at the AAA, AA +, and AA levels increased by 3.3BP, 5.1BP, and decreased by 1.4BP respectively; the credit spreads of steel at the AAA and AA + levels increased by 5.5BP and 2.3BP respectively [24] - The credit spreads of urban investment and non - urban investment bonds at all levels generally rose. The credit spreads of urban investment bonds at three levels increased by 2.4BP, 5.3BP, and 6.8BP respectively; the credit spreads of non - urban investment bonds at three levels increased by 4.4BP, 5.4BP, and 4.9BP respectively [24] - The credit spreads of state - owned enterprises generally rose, while those of private enterprises showed mixed trends. The credit spreads of central state - owned enterprises at three levels increased by 4BP, 5.1BP, and 4.2BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 3.3BP, 4.6BP, and 5.6BP respectively; the credit spreads of private enterprises at the AAA and AA + levels increased by 7BP and decreased by 0.1BP respectively [25] - The regional urban investment credit spreads showed mixed trends. The regions with the highest credit spreads at the AAA, AA +, and AA levels were Shaanxi, Qinghai, and Guangxi respectively. In terms of month - on - month changes, Gansu, Ningxia, and Xinjiang had the largest increases, while Yunnan had the largest decrease [26] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1499.033 billion yuan, a month - on - month increase of 4.12%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][27] 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds this week, including information such as bond codes, names, trading volumes, yields, and issuers [30][31][32]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From November 24 to 28, 2025, the secondary - market prices of listed public REITs in China fluctuated and declined overall. Compared with other major asset classes, the performance of REITs was average [11]. - The price trends of equity - type and franchise - based REITs in the secondary market diverged this week. Equity - type REITs rose, while franchise - based REITs fell. Among different underlying asset types, new infrastructure - type REITs had the largest increase [17]. - This week, there was no new listing of REITs products in the primary market, but the project status of 3 REITs products was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends 1) At the major asset level - The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 809.07 and 1040.34 respectively, with weekly returns of - 0.14% and - 0.08%. The weighted REITs index closed at 182.04, with a weekly return of - 0.07%. The return ranking from high to low was: US stocks > Gold > Convertible bonds > A - shares > Crude oil > REITs > Pure bonds [11]. 2) At the underlying asset level - In terms of project attributes, equity - type REITs rose (with a weighted index of 154.32 and a return of 0.04%), while franchise - based REITs fell (with a weighted index of 129.82 and a return of - 0.18%). - In terms of underlying asset types, the new infrastructure - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were new infrastructure, affordable housing, and municipal facilities, with weighted indexes of 110.05, 138.64, and 129.72 respectively, and returns of 1.65%, 0.87%, and 0.36% respectively [17][19]. 3) At the single - REIT level - This week, public REITs showed mixed performance, with 35 rising, 1 remaining unchanged, and 41 falling. The top three in terms of increase were CICC Xiamen Anju REIT, Huaxia Capital First - Creation Outlets REIT, and Huaxia Beijing Affordable Housing REIT, with increases of 3.65%, 2.67%, and 2.52% respectively. The top three in terms of decline were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with declines of 5.92%, 4.55%, and 2.45% respectively. The top three in terms of annualized volatility were Hua'an Waigaoqiao REIT, CICC Yinli Consumption REIT, and Huaxia JINMAO Commercial REIT, with annualized volatilities of 34.01%, 25.49%, and 23.26% respectively [24]. 3.1.2 Trading Volume and Turnover Rate 1) At the underlying asset level - The trading volume of public REITs this week was 2.81 billion yuan. The affordable rental housing - type REITs led in the average daily turnover rate during the period. The total trading volume of 77 listed REITs this week was 2.81 billion yuan, and the average daily turnover rate during the week was 0.57%. The top three REITs asset types in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure, with trading volumes of 677 million, 555 million, and 419 million yuan respectively. The top three REITs asset types in terms of average daily turnover rate were affordable rental housing, new infrastructure, and ecological environmental protection, with rates of 0.99%, 0.75%, and 0.75% respectively [25]. 2) At the single - REIT level - This week, the trading volume and turnover rate of single - REITs continued to show differentiation. In terms of trading volume, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia Hefei High - tech REIT, and CICC Xiamen Anju REIT, with 0.56, 0.34, and 0.26 billion shares respectively. In terms of trading amount, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 172 million, 138 million, and 133 million yuan respectively. In terms of turnover rate, the top three were Huaxia Fund CR Land Youchao REIT, Huatai Nanjing Jianye REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 17.07%, 10.13%, and 8.61% respectively [28]. 3.1.3 Main - force Net Inflow and Block Trading 1) Main - force net inflow situation - The total main - force net inflow this week was - 25.45 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three REITs in terms of weekly main - force net inflow were consumer infrastructure, water conservancy facilities, and new infrastructure, with net inflows of 23.16 million, 4.83 million, and 4.51 million yuan respectively. At the single - REIT level, the top three REITs in terms of weekly main - force net inflow were Huaxia CR Land Commercial REIT, CICC Yinli Consumption REIT, and Huatai Jiangsu Expressway REIT, with net inflows of 20 million, 8.44 million, and 5.22 million yuan respectively, and continuous inflow days of + 5, + 4, and + 3 days respectively [31]. 2) Block trading situation - The total block trading amount this week reached 538.75 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 538.75 million yuan. The block trading amount on Thursday (November 27, 2025) was the highest within the period, reaching 178.68 million yuan. At the single - REIT level, the top three REITs in terms of weekly block trading amount were CITIC Construction MingYang Smart Energy REIT, China Merchants Expressway REIT, and Hua'an Bailian Consumption REIT, with trading amounts of 152.69 million, 133.04 million, and 97.82 million yuan respectively, and corresponding average discount/premium rates of - 0.59%, - 2.88%, and - 0.43% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of November 28, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [37][39]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the to - be - listed state, including 13 initial offering REITs and 7 to - be - expanded - offering REITs. This week, the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted", and the project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) and Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "reported" [42].

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 Combination - **Model Construction Idea**: The PB-ROE-50 combination is designed to capture excess returns by selecting stocks with favorable Price-to-Book (PB) and Return on Equity (ROE) characteristics[25] - **Model Construction Process**: The model selects stocks based on PB and ROE metrics, with adjustments for market capitalization and rebalancing on a periodic basis. The detailed construction process is referenced in a prior report[25][26] - **Model Evaluation**: The model demonstrated significant excess returns across different stock pools during the analyzed period, indicating its effectiveness in identifying profitable investment opportunities[25][26] 2. Model Name: Institutional Research Combination - **Model Construction Idea**: This model leverages the insights from public and private institutional research to identify stocks with potential for excess returns[28] - **Model Construction Process**: The model uses a strategy that tracks stocks selected by public and private institutional research, with adjustments made relative to the CSI 800 index. The methodology is detailed in prior reports[28] - **Model Evaluation**: The model showed strong performance, achieving positive excess returns, which highlights the value of institutional research in stock selection[28][29] 3. Model Name: Block Trade Combination - **Model Construction Idea**: This model identifies stocks with high block trade activity and low volatility, which are likely to outperform[32] - **Model Construction Process**: The model is constructed based on the "high transaction, low volatility" principle, using monthly rebalancing. The detailed methodology is outlined in a prior report[32] - **Model Evaluation**: The model effectively captures excess returns, demonstrating the informational value of block trade activity[32][33] 4. Model Name: Private Placement Combination - **Model Construction Idea**: This model focuses on stocks involved in private placement events, aiming to capture event-driven excess returns[38] - **Model Construction Process**: The model is constructed by considering factors such as market capitalization, rebalancing cycles, and position control, with the private placement announcement date as the key event. The detailed methodology is provided in a prior report[38] - **Model Evaluation**: The model showed a slight negative excess return during the analyzed period, suggesting limited effectiveness in the current market environment[38][39] --- Model Backtesting Results 1. PB-ROE-50 Combination - Weekly excess return: CSI 500: 0.47%, CSI 800: 1.54%, All-market: 1.59%[25][26] - Year-to-date excess return: CSI 500: 2.06%, CSI 800: 15.14%, All-market: 18.32%[26] 2. Institutional Research Combination - Weekly excess return: Public research: 3.63%, Private research: 3.32%[28][29] - Year-to-date excess return: Public research: 16.50%, Private research: 15.79%[29] 3. Block Trade Combination - Weekly excess return: 2.93%[32][33] - Year-to-date excess return: 39.24%[33] 4. Private Placement Combination - Weekly excess return: -0.01%[38][39] - Year-to-date excess return: -3.70%[39] --- Quantitative Factors and Construction Methods 1. Factor Name: Momentum Spring Factor - **Factor Construction Idea**: Captures momentum effects by identifying stocks with strong recent performance trends[12][13] - **Factor Construction Process**: The factor is calculated based on recent price movements, adjusted for market and sector effects. The exact formula is not provided in the report[12][13] - **Factor Evaluation**: Demonstrated strong positive returns across multiple stock pools, indicating its effectiveness in capturing momentum effects[12][13] 2. Factor Name: Early Morning Return Factor - **Factor Construction Idea**: Measures the return performance of stocks during the early trading hours[12][13] - **Factor Construction Process**: The factor is calculated by isolating returns during the early trading hours and adjusting for market and sector influences[12][13] - **Factor Evaluation**: Showed consistent positive returns, highlighting its potential as a predictive factor[12][13] 3. Factor Name: Single Quarter ROA - **Factor Construction Idea**: Focuses on the return on assets (ROA) for a single quarter to identify efficient companies[12][13] - **Factor Construction Process**: The factor is derived from quarterly financial reports, specifically the ratio of net income to total assets, adjusted for market and sector effects[12][13] - **Factor Evaluation**: Demonstrated positive returns, indicating its utility in identifying fundamentally strong companies[12][13] --- Factor Backtesting Results 1. Momentum Spring Factor - Weekly return: CSI 300: 2.26%, CSI 500: 2.56%, Liquidity 1500: 3.25%[12][13][19] - Monthly return: CSI 300: 3.00%, CSI 500: 0.55%, Liquidity 1500: -0.79%[13][15][19] - Year-to-date return: CSI 300: 8.96%, CSI 500: 5.35%, Liquidity 1500: 9.79%[13][15][19] 2. Early Morning Return Factor - Weekly return: CSI 300: 1.88%, CSI 500: 2.66%, Liquidity 1500: 3.21%[12][13][19] - Monthly return: CSI 300: 1.48%, CSI 500: 1.81%, Liquidity 1500: 0.66%[13][15][19] - Year-to-date return: CSI 300: 4.90%, CSI 500: 4.18%, Liquidity 1500: 11.40%[13][15][19] 3. Single Quarter ROA - Weekly return: CSI 300: 1.90%, CSI 500: -0.90%, Liquidity 1500: 0.68%[12][13][19] - Monthly return: CSI 300: 1.19%, CSI 500: 0.47%, Liquidity 1500: -1.20%[13][15][19] - Year-to-date return: CSI 300: 20.46%, CSI 500: -3.19%, Liquidity 1500: 10.47%[13][15][19]

Investment Rating - The report maintains a "Buy" rating for the company, specifically an "Increase" rating, indicating a projected investment return exceeding the market benchmark by 5% to 15% over the next 6-12 months [4]. Core Views - The company's performance in Q3 2025 was under pressure, with total revenue declining by 36.2% year-on-year and 9.5% quarter-on-quarter to 27.36 billion yuan. The gross margin also decreased by 5.2 percentage points year-on-year to 16.3%. The Non-GAAP net loss attributable to shareholders was 360 million yuan, marking the first quarterly Non-GAAP loss in 2023 [1][2]. - The automotive business revenue fell by 37.4% year-on-year, with sales volume down by 39.0% year-on-year to 93,000 units. The average selling price (ASP) increased by 2.6% year-on-year to 278,000 yuan. The gross margin for the automotive business was 15.5% [2]. - Management indicated that the i6 battery supply will adopt a dual-supplier model starting in November, with production capacity expected to reach 20,000 units by early 2026. The company is also focusing on improving product capabilities and operational efficiency through internal adjustments [3]. Summary by Sections Q3 2025 Performance - Total revenue for Q3 2025 was 27.36 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter. Gross margin decreased to 16.3%, with a Non-GAAP net loss of 360 million yuan [1]. Automotive Business - Revenue from the automotive segment was 25.87 billion yuan, a decline of 37.4% year-on-year. Sales volume dropped to 93,000 units, with an ASP of 278,000 yuan. The gross margin for this segment was 15.5% [2]. Future Outlook - The company expects continued pressure on fundamentals in Q4 2025 and Q1 2026 due to policy fluctuations and intensified competition. However, management's shift back to a startup management model and advancements in self-developed technologies are anticipated to enhance product capabilities and operational efficiency [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding market benchmarks by over 15% in the next 6-12 months [4][13]. Core Insights - The company reported a total revenue of $25.44 million in Q3 2025, reflecting a year-on-year increase of 72% and a quarter-on-quarter increase of 19%. The gross margin improved by 9 percentage points year-on-year and 2 percentage points quarter-on-quarter to 18% [1]. - The Robotaxi service revenue saw significant growth, with a year-on-year increase of 89% and a quarter-on-quarter increase of 339%, reaching $6.69 million. The passenger fare revenue grew by over 200% year-on-year [2]. - The company has established a strong operational presence in major cities and is expected to expand its Robotaxi fleet to over 3,000 vehicles by 2026, with a focus on cost reduction through new vehicle models [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a Non-GAAP net loss of $54.72 million, which is an increase of 33% year-on-year and 19% quarter-on-quarter [1]. - The total revenue forecast for 2025 is approximately $87 million, with a projected growth rate of 16.6% [5]. Business Segments - The Robotruck service revenue increased by 9% year-on-year and 7% quarter-on-quarter to $10.18 million, while the technology licensing and service application revenue surged by 355% year-on-year but decreased by 18% quarter-on-quarter to $8.57 million [2]. - The company has a cash balance of approximately $4.184 billion, bolstered by an additional $6 billion from its IPO [2]. Market Position and Strategy - The company has achieved profitability on a per-vehicle basis for its seventh-generation Robotaxi in Guangzhou and aims to complete its target fleet size of 1,000 vehicles ahead of schedule [3]. - The management emphasizes the importance of technological advancements and strategic partnerships to maintain a competitive edge in the autonomous driving market [3].

Core Insights - The property service industry has received strong policy support since 2025, with initiatives aimed at enhancing housing quality and community services, indicating a favorable policy environment for growth [3][11][12]. - The industry is entering a new development phase characterized by five key trends: increasing differentiation in real estate sales, enhanced independent development capabilities, accelerated aging population leading to growth in "property + elderly care," opportunities from urban village renovations, and rising demand for quality property services [3][15][36]. - Internationally, property service giants like Aramark and Sodexo have established strong market positions, with high valuations reflecting the recognition of their business models by capital markets [4][71]. Industry Dynamics - The property service sector is experiencing a shift towards service consumption, with a focus on community value-added services and a reduction in reliance on real estate developers [21][38]. - The average revenue growth for key property companies reached 943 billion yuan in the first half of 2025, marking a year-on-year increase of 6.7%, with a significant portion of income derived from basic property management [5][21]. - The market for property services is expected to expand as urban renewal and old community renovations create new opportunities for property management companies [36][38]. Overseas Benchmarking - The average PE-TTM for Aramark and Sodexo was 30x and 43x respectively, indicating strong market confidence in their business models, while Chinese property stocks are still undervalued compared to these international leaders [4][71]. Sector Performance - As of November 24, 2025, the average stock price increase for sample companies in the property management sector was 19.4%, reflecting market recognition of their performance [4][5]. - The property management index has shown resilience, with performance closely tracking the Hang Seng real estate and construction sector, indicating a degree of investor confidence [4][5]. Investment Recommendations - The report suggests focusing on leading companies with strong operational capabilities and generous long-term dividends, such as Greentown Service and China Resources Mixc Life, while also considering state-owned enterprises with stable financials like China Merchants Jinling and Poly Property [6].