Summary of Conference Call Notes Company and Industry - The conference call discusses the real estate market performance of "我爱我家" (Woya Home) in January 2026, focusing on the second-hand housing market in five core cities in China [1][2]. Key Points and Arguments - **Beijing Market Performance**: - Transaction volume and viewings increased by approximately 10-15% compared to December 2025 [1][2]. - The top two real estate agencies in Beijing also reported a similar increase in transaction volume [1]. - **Shanghai Market Performance**: - Transaction volume rose by approximately 25-30%, while viewings increased by about 10-15% [1][2]. - **Hangzhou Market Performance**: - Transaction volume increased by approximately 10-15%, with viewings rising by 5-10% [1][2]. - **Nanjing Market Performance**: - Transaction volume grew by approximately 20-25%, and viewings increased by 10-15% [1][2]. - **Suzhou Market Performance**: - Transaction volume rose by approximately 15-20%, with viewings also increasing by 15-20% [1][2]. - **Year-on-Year Comparison**: - Compared to January 2025, Beijing's transaction volume increased by approximately 40-45%, and viewings rose by 30-35% [2]. - Shanghai's transaction volume increased by approximately 35-40%, with viewings rising by 45-50% [2]. - Hangzhou's transaction volume increased by approximately 5-10%, while viewings rose by 45-50% [2]. - Nanjing's transaction volume increased by approximately 30-35%, and viewings rose by 40-45% [2]. - Suzhou's transaction volume saw a significant increase of approximately 35-40%, with viewings skyrocketing by 110-120% [2]. - **Listing Volume**: - Compared to the end of December 2025, listing volumes in Beijing and Shanghai decreased by about 3%, while Hangzhou remained stable [2]. Other Important Information - The data reflects a strong recovery in the second-hand housing market across major cities, indicating potential growth opportunities in the real estate sector [1][2]. - The significant year-on-year increases, especially in Suzhou, suggest a robust demand and possibly a shift in market dynamics [2].

证券之星消息，1月23日房地产服务板块较上一交易日下跌0.44%，特发服务领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。房地产服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002285 | 世联行 | 2.90 | 1.40% | 58.74万 | 1.68 亿 | | 600136 | ST明诚 | 1.71 | 1.18% | 13.73万 | 2338.02万 | | 002968 | 新大正 | 14.18 | 0.50% | 5.80万 | 8090.84万 | | 001914 | 招商积余 | 11.75 | 0.17% | 10.21万 | 1.19亿 | | 000056 | 皇庭国际 | 2.10 | 0.00% | 28.92万 | 6058.22万 | | 600684 | 珠江股份 | 4.74 | -0.21% | 20.70万 | 9759.27万 | | 002188 | 中天 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600684 | 珠江股份 | 4.75 | -1.45% | 28.67万 | 1.35亿 | | 002968 | 新大正 | 14.11 | -1.40% | 5.21万 | 7362.29万 | | 300917 | 特发服务 | 41.35 | -0.58% | 7.10万 | 2.94亿 | | 000560 | 我爱我家 | 3.16 | 0.00% | 200.83万 | 6.37亿 | | 002285 | 世联行 | 2.86 | 0.00% | 66.30万 | 1.88 Z | | 001914 | 招商积余 | 11.73 | 0.43% | 12.64万 | 1.48亿 | | 603506 | 南都物业 | 14.46 | 0.84% | 3.68万 | 5311.85万 | | 002188 | 中天服务 | 6.81 | 1.19% | 16.90万 | 1.14亿 | | 600136 | ST明诚 | 1.69 ...

Core Viewpoint - The real estate market in China is undergoing a significant transformation, shifting from a speculative investment focus to a more stable rental income model, as homeowners increasingly view rental income as a viable strategy for asset preservation and growth [1][2]. Group 1: Market Dynamics - The speculative nature of real estate investments has diminished, with a stronger emphasis on the intrinsic value of properties as sources of stable rental income [2][3]. - The average rental yield in 50 key cities is projected to reach 2.23% by November 2025, reflecting a 0.25 percentage point increase from early 2023, indicating improved rental return levels [2]. - In major cities, older properties purchased at lower prices are yielding significant annual rental returns, often surpassing many low-risk financial products [3]. Group 2: Challenges in the Rental Market - The rental market faces challenges such as rising vacancy risks, complicated rental pricing, and increased management costs, particularly in cities like Beijing where rental prices have been declining [3][4]. - Homeowners are experiencing longer vacancy periods, which directly impact potential earnings, creating uncertainty in the rental market [4]. - The complexity of setting rental prices during market downturns poses a challenge for individual landlords, who often lack access to comprehensive market data [4]. Group 3: Demand for Enhanced Rental Services - Both homeowners and tenants are seeking faster, more cost-effective, and hassle-free rental experiences, highlighting a unified demand for improved rental services [5]. - The introduction of professional management solutions, such as "Xiangyu Preferred," aims to address these market pain points by offering efficient, transparent, and comprehensive asset management services [6][7]. Group 4: Professional Management Solutions - "Xiangyu Preferred" promises a 30-day rental period with a commitment to cover half a month's rent if the property is not leased within that timeframe, addressing homeowner concerns about vacancy risks [6]. - The service emphasizes transparency in pricing, with clear fee structures and timely rental payments, enhancing predictability for homeowners [6][7]. - A dedicated property manager is assigned to each homeowner, providing a full range of services from marketing to maintenance, ensuring a seamless rental experience [7]. Group 5: Industry Evolution - The rental market is moving towards professionalization and standardization, driven by government policies and the need for reliable service providers [9][10]. - Larger, established firms with strong brand credibility and standardized service offerings are expected to gain market share, while smaller, less organized entities may struggle [9][10]. - The rise of professional management services is seen as a necessary evolution for the industry, promoting efficiency and stability in the rental market [10].

机构持仓方面，截止2025年9月30日，我爱我家十大流通股东中，华安媒体互联网混合A（001071）位 居第四大流通股东，持股4809.77万股，为新进股东。香港中央结算有限公司位居第六大流通股东，持 股3663.39万股，相比上期增加1167.72万股。南方中证房地产ETF发起联接A（004642）位居第九大流通 股东，持股2086.00万股，相比上期减少16.72万股。嘉实策略混合（070011）位居第十大流通股东，持 股1700.00万股，相比上期增加200.00万股。国泰金龙行业精选混合（020003）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，我爱我家控股集团股份有限公司位于北京市朝阳区北辰东路8号院7号楼，成立日期1992年11 月30日，上市日期1994年2月2日，公司主营业务涉及商业零售业,房地产业、酒店旅游服务业和物业管 理。主营业务收入构成为：资产管理47.76%，经纪业务35.90%，新房业务8.28%，其他4.97%，商业租 赁及服务3.08%。 我爱我家所属申万行业为：房地产-房地产服务-房产租赁经纪。所属概念板块包括：房屋租赁、低价、 小盘、数字经济、人工智能等。 截至1 ...

Core Insights - The overall rental market in Beijing is characterized by "stable volume and declining prices" in 2025, with a decrease in transaction volume compared to 2024, while the number of new listings increased by 4.3% [1] - The average rent declined year-on-year due to changes in supply and demand dynamics, with monthly rent fluctuations kept within 4% [1] Demand Trends - The age structure of renters is shifting, with the proportion of renters aged 35 and above increasing, while the proportion of renters aged 20-35 has decreased by 3.3% [3] - The percentage of renters from the 80s generation has been rising for six consecutive years, indicating a stable work and living environment, with many opting to rent rather than buy [3] Housing Type Preferences - Demand for larger housing types (three bedrooms and above) has been increasing for three consecutive years, while demand for one-bedroom units has been declining [6] - The rise in demand for larger units is attributed to family structure changes due to the two-child and three-child policies, as well as the relatively small rent difference between two-bedroom and one-bedroom units [6] Rental Methodology - The proportion of whole rental units has been increasing over the past five years, driven by the demand for higher-quality rental options as rents decline [8] - The 80s generation, which tends to rent as families, has contributed to the rising demand for whole rentals [8] Product Innovations - The rental service provider "Xiangyu" has launched a new product called "Xiangyu Preferred," which promises quick leasing and stable returns, addressing the challenges posed by declining rents and changing demand structures [9] - This product offers transparent transactions, no price differences in rent, and a commitment to rent out properties within 30 days, enhancing the rental experience for both landlords and tenants [9] Regulatory Environment - The release of the national "Housing Rental Regulations" and the detailed measures of the "Beijing Housing Rental Regulations" are expected to lead the rental market towards professionalization, standardization, and quality improvement [10] - Companies like "Xiangyu," with extensive experience and digital advantages, are well-positioned to meet customer needs and facilitate efficient asset management for landlords [10]

Group 1 - The real estate service sector increased by 4.46% on January 20, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the real estate service sector showed significant price increases, with Xin Dazheng rising by 7.57% to a closing price of 14.07 [1] Group 2 - The real estate service sector saw a net inflow of 344 million yuan from institutional investors, while retail investors experienced a net outflow of 224 million yuan [2] - Major stocks like "Wo Ai Wo Jia" had a net inflow of 24.5 million yuan from institutional investors, but a net outflow of 138 million yuan from retail investors [3] - "Te Fa Service" recorded a net inflow of 54.04 million yuan from institutional investors, while retail investors had a net outflow of 69.07 million yuan [3]

Core Viewpoint - The rental and sales rights concept has seen a rise of 1.75%, ranking sixth among concept sectors, with significant gains from stocks like Chengdu Investment Holdings and Hefei Urban Construction, which hit the daily limit [1][2]. Group 1: Market Performance - The rental and sales rights concept had 18 stocks rising, with notable increases from Chengdu Investment Holdings (10.11%), Hefei Urban Construction (10.03%), and *ST Nan Zhi (5.14%) [1][3]. - The top gainers in the sector included China Merchants Shekou (7.35%), I Love My Home (7.33%), and Huitong Energy (4.99%) [1][2]. - Conversely, the biggest decliners were *ST Yang Guang (-4.91%), Shoukai Co. (-4.72%), and Yueshin Health (-2.68%) [1][2]. Group 2: Capital Flow - The rental and sales rights concept attracted a net inflow of 694 million yuan, with 15 stocks receiving net inflows, and five stocks exceeding 100 million yuan [2][3]. - Hefei Urban Construction led the net inflow with 277 million yuan, followed by I Love My Home (233 million yuan) and Poly Development (165 million yuan) [2][3]. - The net inflow ratios for leading stocks were Chengdu Investment Holdings (28.37%), Hefei Urban Construction (24.03%), and *ST Nan Zhi (20.17%) [3][4].

Market Overview - The Shanghai Composite Index fell by 0.01% on January 20, with 20 industries experiencing gains, led by the oil and petrochemical sector and building materials, which rose by 1.74% and 1.71% respectively. The real estate sector ranked third in terms of gains [2] - The telecommunications and defense industries saw the largest declines, with drops of 3.23% and 2.87% respectively [2] Capital Flow Analysis - The net outflow of capital from the two markets reached 95.72 billion yuan, with 11 industries experiencing net inflows. The banking sector led with a net inflow of 1.47 billion yuan and a daily increase of 0.80%. The real estate sector followed with a daily increase of 1.55% and a net inflow of 627 million yuan [2] - The industries with the largest net outflows included the power equipment sector, which saw a net outflow of 19.05 billion yuan, and the electronics sector, with a net outflow of 18.39 billion yuan. Other sectors with significant outflows included telecommunications, defense, and computers [2] Real Estate Sector Performance - The real estate sector increased by 1.55%, with a total net inflow of 627 million yuan. Out of 100 stocks in this sector, 76 rose, including 5 that hit the daily limit, while 21 fell, with 3 hitting the lower limit. A total of 55 stocks experienced net inflows, with 6 stocks seeing inflows exceeding 100 million yuan [3] - The top stocks by net inflow included Hefei Urban Construction with 277 million yuan, followed by Wo Ai Wo Jia and Poly Development with inflows of 233 million yuan and 165 million yuan respectively [3] Top Gainers in Real Estate Sector | Code | Name | Daily Change (%) | Turnover Rate (%) | Main Capital Flow (10,000 yuan) | | --- | --- | --- | --- | --- | | 002208 | Hefei Urban Construction | 10.03 | 9.23 | 27662.79 | | 000560 | Wo Ai Wo Jia | 7.33 | 27.70 | 23316.23 | | 600048 | Poly Development | 4.31 | 3.51 | 16473.16 | | 600649 | Urban Investment Holdings | 10.11 | 3.58 | 12810.67 | | 600675 | China Enterprises | 10.14 | 3.22 | 12651.12 | | 000002 | Vanke A | 1.27 | 2.16 | 10971.52 | | 600266 | Urban Construction Development | 2.32 | 14.86 | 7311.35 | | 000031 | Dayue City | 10.17 | 1.54 | 6907.80 | | 000514 | Chongqing Development | 5.72 | 8.90 | 5353.57 | | 600383 | Jindi Group | 2.93 | 2.92 | 5332.09 [4] Top Losers in Real Estate Sector | Code | Name | Daily Change (%) | Turnover Rate (%) | Main Capital Flow (10,000 yuan) | | --- | --- | --- | --- | --- | | 000036 | Hualian Holdings | -9.95 | 7.38 | -21128.16 | | 600376 | Shoukai Shares | -4.72 | 5.10 | -12971.76 | | 600340 | Huaxia Happiness | -9.88 | 9.08 | -11362.09 | | 600641 | Xian Dao Ji Dian | -4.20 | 6.73 | -10618.38 | | 600895 | Zhangjiang High-Tech | -0.87 | 2.68 | -10515.38 | | 000620 | Yingxin Development | 0.56 | 15.70 | -9666.43 | | 600246 | Wantong Development | -2.20 | 5.83 | -7825.24 | | 600515 | Hainan Airport | -1.88 | 1.83 | -7275.72 | | 600658 | Electronic City | -3.90 | 3.94 | -2817.30 | | 600173 | Wolong New Energy | -5.05 | 3.51 | -2327.00 [6]

Group 1 - The main market experienced a net outflow of 87.896 billion yuan in principal funds as of January 20 [1] - The top ten sectors with inflows of principal funds included: Banking (1.463 billion yuan), Engineering Construction (0.882 billion yuan), Insurance (0.628 billion yuan), Securities (0.571 billion yuan), Real Estate Development (0.462 billion yuan), Logistics (0.366 billion yuan), Fertilizer Industry (0.349 billion yuan), Cement and Building Materials (0.321 billion yuan), Real Estate Services (0.289 billion yuan), and Alcohol Industry (0.272 billion yuan) [1] Group 2 - The Insurance sector saw an inflow of 0.628 billion yuan, with China Ping An being a notable company [2] - The Securities sector had an inflow of 0.571 billion yuan, with Guotai Junan being a notable company [2] - The Real Estate Development sector recorded an inflow of 0.462 billion yuan, with Hefei Urban Construction being a notable company [2] - The Fertilizer Industry had an inflow of 0.349 billion yuan, with Salt Lake Co. being a notable company [3] - The Cement and Building Materials sector saw an inflow of 0.321 billion yuan, with Conch Cement being a notable company [3] - The Real Estate Services sector recorded an inflow of 0.289 billion yuan, with Wo Ai Wo Jia being a notable company [3] - The Alcohol Industry had an inflow of 0.272 billion yuan, with Luzhou Laojiao being a notable company [3]