Core Viewpoint - The housing rental concept is experiencing a significant rebound, with notable stock price increases for several companies in the sector, including I Love My Home, which reached its daily limit, along with others like Binjiang Group, China Merchants Shekou, Jindi Group, Vanke A, 365 Network, and Weiye Shares [1] Group 1 - The stock price of I Love My Home has hit the daily limit, indicating strong market interest and confidence in the company [1] - Other companies in the housing rental sector, such as Binjiang Group, China Merchants Shekou, Jindi Group, Vanke A, 365 Network, and Weiye Shares, have also seen their stock prices rise in response to the market trend [1]

Market Overview - The real estate service sector increased by 1.03% on January 28, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - TeFa Service (300917) closed at 38.68, up 2.33% with a trading volume of 65,900 shares and a transaction value of 253 million [1] - Wo Ai Wo Jia (000560) closed at 3.03, up 1.68% with a trading volume of 1.5174 million shares and a transaction value of 458 million [1] - Ningbo Fuda (600724) closed at 6.82, up 1.64% with a trading volume of 197,200 shares and a transaction value of 135 million [1] - Other notable performances include: - Zhaoshang Jiyu (001914) at 11.73, up 1.12% [1] - Shilianhang (002285) at 2.73, up 1.11% [1] - ST Mingcheng (600136) at 1.71, up 0.59% [1] - New Dazheng (002968) at 13.34, up 0.53% [1] - Nandu Property (603506) at 14.16, unchanged [1] - Zhujiang Co. (600684) at 4.47, down 0.45% [1] - Huangting International (000056) at 2.02, down 1.46% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 55.558 million from institutional investors, while retail investors experienced a net outflow of 40.3931 million [2] - Notable capital flows for individual stocks include: - Wo Ai Wo Jia (000560) had a net inflow of 55.6157 million from institutional investors [3] - Ningbo Fuda (600724) had a net inflow of 7.4156 million from institutional investors [3] - TeFa Service (300917) had a net inflow of 6.7338 million from institutional investors [3] - Zhaoshang Jiyu (001914) had a net inflow of 4.7044 million from institutional investors [3] - ST Mingcheng (600136) had a net inflow of 3.8735 million from institutional investors [3] - Conversely, stocks like Zhongtian Service (002188) and Huangting International (000056) experienced significant net outflows from institutional investors [3]

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].

Core Viewpoint - The real estate service sector experienced a decline of 0.44% on January 23, with TeFa Service leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.79% [1]. Group 1: Market Performance - The closing price of TeFa Service was 39.84, reflecting a decrease of 3.65% with a trading volume of 100,900 shares and a transaction value of 402 million yuan [2]. - The real estate service sector saw a net outflow of 125 million yuan from major funds, while retail investors contributed a net inflow of 165 million yuan [2][3]. Group 2: Individual Stock Performance - The stock performance of various companies in the real estate service sector showed mixed results, with notable declines in TeFa Service, which fell by 3.65%, and Wo Ai Wo Jia, which decreased by 0.63% [2]. - The trading volume and transaction values for key stocks included: - Wo Ai Wo Jia: 3.14, -0.63%, 1.71 million shares, 536 million yuan [2] - New Dazheng: 14.18, +0.50%, 58,000 shares, 80.91 million yuan [2] - ST Mingcheng: 1.71, +1.18%, 137,300 shares, 23.38 million yuan [2]. Group 3: Fund Flow Analysis - Major funds showed significant outflows in several stocks, including: - Wo Ai Wo Jia: -37.63 million yuan, -7.02% [3] - Ningbo Fuda: -19.99 million yuan, -12.08% [3] - Shijian Hang: -10.16 million yuan, -6.04% [3]. - Retail investors showed a positive net inflow in several stocks, with New Dazheng receiving a net inflow of 521,000 yuan, representing 6.44% of its trading volume [3].

Market Overview - On January 22, the real estate service sector rose by 0.29% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Huangting International (000056) closed at 2.10, up 1.94%, with a trading volume of 400,500 shares and a transaction value of 83.39 million yuan [1] - Ningbo Fuda (600724) closed at 6.83, up 1.49%, with a trading volume of 270,200 shares and a transaction value of 186 million yuan [1] - ST Mingcheng (600136) closed at 1.69, up 1.20%, with a trading volume of 102,000 shares and a transaction value of 17.16 million yuan [1] - Zhongtian Service (002188) closed at 6.81, up 1.19%, with a trading volume of 169,000 shares and a transaction value of 114 million yuan [1] - Nandu Property (603506) closed at 14.46, up 0.84%, with a trading volume of 36,800 shares and a transaction value of 53.12 million yuan [1] - Other notable performances include: - China Merchants Jiyu (001914) at 11.73, up 0.43% [1] - Wo Ai Wo Jia (000560) at 3.16, unchanged [1] - Shilianhang (002285) at 2.86, unchanged [1] - Tefa Service (300917) at 41.35, down 0.58% [1] - Xinda Zheng (002968) at 14.11, down 1.40% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 88.39 million yuan from institutional investors, while retail investors saw a net inflow of 94.48 million yuan [2] - The detailed capital flow for individual stocks shows: - Tefa Service (300917) had a net inflow of 2.93 million yuan from institutional investors [3] - ST Mingcheng (600136) had a net inflow of 1.67 million yuan from institutional investors [3] - Huangting International (000056) had a net inflow of 1.21 million yuan from institutional investors [3] - Other stocks like Zhujiang Co. (600684) and Xinda Zheng (002968) faced significant net outflows from institutional investors [3]

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].