Group 1 - The core viewpoint of the report is that among the rated Chinese property management stocks, only China Resources Mixc Lifestyle (01209) receives a "Buy" rating, with expectations of maintaining double-digit profit growth and a dividend payout ratio of 100%, leading to an estimated dividend yield of about 5% and a target price of HKD 44 [1] - The report indicates that Chinese property management stocks have seen a cumulative price increase of over 20% year-to-date, suggesting that the valuation recovery phase has ended [1] - Due to a cautious outlook on the industry fundamentals, the company has downgraded profit forecasts for several property management firms, anticipating a slowdown in profit growth to single digits [1] Group 2 - Based on valuation, the rating for Poly Property (06049) has been downgraded from "Buy" to "Neutral," while China Overseas Property (02669) has been downgraded from "Neutral" to "Underperform," with target prices raised to HKD 37 and HKD 5.5 respectively; it is expected that China Overseas Property will have the lowest dividend yield in the industry at only 3.6% this year [1] - The rating for Greentown Service (02869) has been upgraded from "Underperform" to "Neutral," as its high-end brand aligns with the market demand differentiation trend, with the target price increased from HKD 3.8 to HKD 5 [1]