房地产行业：市场认可派息丰厚的公司

Investment Rating - The report recommends high-quality real estate property management companies, highlighting their stable performance and generous dividends [2][29]. Core Insights - The real estate sector is experiencing a divergence in stock price performance, with top gainers being Jianfa International, Agile Group, and Jindi Commercial Properties, with respective increases of +22.8%, +4.3%, and +0.0% [4][6]. - The report emphasizes the positive impact of recent policy adjustments aimed at supporting the healthy development of the real estate industry, including the establishment of a real estate financing coordination mechanism and adjustments to purchase restrictions in major cities [4][28]. - State-owned real estate companies are noted for their financial stability, smooth financing, and ability to secure land in core cities, ensuring sales and performance [2][29]. Summary by Sections Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Real Estate Index declining by 5.31% this week, while the US markets saw gains in major indices [6][7]. - Year-to-date stock performance for major property management companies varies, with Jinmao Service, Yuexiu Service, and Xing Sheng Commercial showing increases of 12.2%, 8.5%, and 6.5% respectively [11]. Policy Developments - Recent policies include the establishment of a real estate financing coordination mechanism and adjustments in purchase policies in cities like Guangzhou, Shanghai, and Shenzhen to support demand [4][28]. - The report anticipates further supportive policies to be implemented to enhance both supply and demand in the real estate market [4][28]. Company Recommendations - Recommended real estate companies include China Resources Land, Greentown China, Yuexiu Property, and China Overseas Development, while property management companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and Yuexiu Services [2][29]. - The report also highlights the leading construction management company Greentown Management Holdings and the real estate transaction service platform Beike as additional recommendations [2][29]. Financial Performance - The report notes that many real estate companies are facing significant losses due to declining gross margins and other financial challenges, while state-owned enterprises maintain robust financial health and dividend payouts [28][31].