Group 1 - The core viewpoint of the article is that Morgan Stanley reports initial signs of stability in the performance of mainland property management stocks in the first half of the year, with expectations for rapid growth in the second half [1] - The firm forecasts profit growth for the industry to be 4%, 9%, and 11% year-on-year for the years 2025 to 2027, respectively [1] - It is believed that issues related to property developers will gradually dissipate after this year and will no longer be a major obstacle for the industry [1] Group 2 - Future growth drivers for the industry are expected to come from third-party projects and value-added services unrelated to property developers [1] - With the normalization of growth, shareholder returns will become the basis for valuation [1] - The rating for Wanwu Cloud (02602) has been upgraded from "in line with the market" to "overweight," with a target price increase from HKD 22.51 to HKD 29.21, reflecting the company's turnaround from loss to profit and attractive dividend yield [1] Group 3 - Some individual stocks have moderate profit outlooks and lack catalysts for revaluation, leading to adjustments in ratings for China Overseas Property (02669), Country Garden Services (06098), and China National Trade (600007.SH) to "in line with the market" [1] - The rating for Sunac Services (01516) has been downgraded to "underweight," with a target price reduction from HKD 1.72 to HKD 1.01, due to weak profit and dividend outlook [1]