房地产行业（物业服务）2025年度投资策略：“攻守兼备”，关注物管板块的均衡配置价值

Investment Rating - The report suggests a balanced investment strategy in the property management sector, highlighting its dual potential for growth and stability [4]. Core Insights - The property management industry is recognized as a pillar of grassroots social governance and a key driver of community consumption, enhancing the value of residents' assets and contributing to social stability [2][9]. - There is strong policy support for the development of service consumption and the silver economy, with initiatives encouraging property service companies to expand into elderly care and community services [2][16]. - International benchmarks from leading property management firms like Aramark and Sodexo provide valuable insights into sustainable growth models and valuation standards for domestic companies [3][52]. - The property management sector is currently experiencing a rebound from a low point, with key companies showing resilience and revenue growth despite ongoing real estate credit risks [4][5]. Summary by Sections 1. Industry Attributes - Property management has evolved from a subordinate role in real estate development to a recognized service sector, providing essential community services and creating numerous job opportunities [9][11]. - The sector plays a crucial role in maintaining community stability and enhancing the social status of property managers [2][9]. 2. Policy Tracking - The central government has issued multiple policies to promote service consumption and the silver economy, emphasizing the need for property service companies to engage in elderly care and community services [16][17]. - Local governments are also implementing supportive measures to enhance the quality and health of the property management industry [21][22]. 3. Overseas Comparison - International property management giants like Aramark and Sodexo have established sustainable growth models that can serve as benchmarks for domestic firms [3][52]. - The average PE-ttm valuation for Aramark and Sodexo is 18.8 and 15.3 respectively, indicating a strong market recognition of their growth potential [52]. 4. Sector Performance - The property management sector is in a phase of recovery, with key companies showing an average increase of 6.9% in stock performance from early 2024 to November 12, 2024 [4][5]. - The overall revenue growth rate for key companies in the first half of 2024 was 7%, with state-owned enterprises growing at 12% and private enterprises at 4% [4]. 5. Investment Recommendations - The report identifies three main investment themes: "valuation recovery," focusing on companies benefiting from improved liquidity; "balanced development," highlighting firms with strong independent growth capabilities; and "stable state-owned enterprises," which are expected to provide lower risk and valuation premiums [5].