Citic Sec stated that in the 2024 interim report, property service enterprises' core business maintained growth, with improved external expansion quality and stable efficiency, reflecting characteristics of public utilities. The most core factor affecting the company's valuation is still corporate governance issues. Companies with lower independence risks and higher dividends can obtain higher valuation premiums. We believe that with companies actively controlling incremental related party transactions, gradually digesting outstanding related party loans, and increasing dividend levels, concerns about the independence of property service enterprises can be alleviated to some extent. We are bullish on property service enterprises with stable development in core business and relatively high dividend payout ratios.