中信证券：物业行业回归基础服务

Core Viewpoint - The property industry is returning to basic services, focusing on management operations, with key companies expected to maintain stable profitability and achieve steady growth in the medium to long term [1] Summary by Category - Profitability and Growth - Key companies are projected to sustain stable profitability and achieve continuous robust growth in performance [1] - Dividend Payouts - Current estimates indicate a dividend yield of 5.3% for key companies, with some companies exceeding 8% [1] - Investment Strategy - In the short term, an aggressive portfolio offers greater flexibility, while in the medium to long term, a stable portfolio will rely on brand advantages for continued growth [1]