CITIC Construction Investment: Property management industry ushering in high-quality development, intermediaries and agency construction leading positions stable.

CITIC Construction Investment Research Report states that, looking at the performance of the property management and operational services industry in the first half of 2025, the overall revenue of the property management and commercial management industry has maintained steady growth, and the performance growth rate has turned positive. With the slowdown in industry scale growth, companies are turning to pursuing high-quality development, and some property management companies have shown positive changes in operational efficiency, service quality, and performance growth. Leading brokerage firms continue to expand their scale while actively developing second growth curve businesses. The leading provider of agency construction services consistently ranks first in the industry in terms of newly developed areas, and its cash flow and profit quality have improved. Against the background of expanding domestic demand, the real estate industry's overall development continues to be supported by policies. We continue to be optimistic about the property management and operational services track, and recommend leading brokerage firms and property companies with high service quality and operational efficiency.