高盛发布研报，将雅生活服务(3319.HK)投资评级由“沽售”上调至“中性”。报告指出，雅生活服务经过近年的业务组合优化及重组，退出表现较差的物管项目及城市服务合同，并减少对高负债关联开发商雅居乐、绿地与收款可见度较低政府客户的风险敞口，预期2026年起经常性收入及盈利能力将改善，为稳定自由现金流生成及股东回报前景带来支持。雅生活服务上半年扭亏为盈，录净利润3.5亿元人民币，对比2024年上半年净亏损16亿元人民币，主要受惠于应收款减值损失收窄。高盛预期该公司盈利可见底回升，物管及城市服务业务利润率下行压力可控，管理层更表明未来或考虑派发特别股息。
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