大摩：料内地物管板块持续分化 看好华润万象生活及绿城服务

Group 1 - The core viewpoint of the report indicates that while the profit drag from related parties for mainland property management companies has largely dissipated, challenges remain due to weakened collections and rising vacancy fees, alongside a soft macro environment and suboptimal service quality, which exert pressure on fees [1] - The forecast for industry earnings growth is projected at 3%, 5%, and 7% for the years 2025 to 2027, with revenue growth around 5%, although profit margins are expected to be under pressure due to weakened collections [1] - Property management services are anticipated to be the main growth driver within the industry, while value-added services are expected to remain sluggish [1] Group 2 - The report recommends selecting high-quality companies with robust asset bases, highlighting that China Resources Mixc Lifestyle (01209) is expected to achieve mid-teens growth driven by mall consumption, with a dividend yield of 4% to 5%, and a target price increase from HKD 46.38 to HKD 48.93, maintaining an "Overweight" rating [1] - Greentown Service (02869) is noted for its high earnings visibility and margin expansion, also receiving an "Overweight" rating, with a target price adjustment from HKD 5.78 to HKD 5.54 [1] - Country Garden Services (06098) is viewed as a tactical choice, rated "In Line with Market," with a target price increase from HKD 6.07 to HKD 7.04, supported by stable cash flow, improved shareholder returns, and ongoing share buybacks yielding approximately 8% [1]