中信证券：分散式长租公寓龙头有较大发展机会

Core Viewpoint - The institutionalization rate of rental housing in China is approximately 10%, which presents significant growth potential compared to around 50% in developed countries [1] Group 1: Market Potential - The historical factors affecting the development of long-term rental enterprises have either disappeared or eased, such as the rental yield being significantly lower than the risk-free rate [1] - Expectations of landlords regarding rental increases have been higher than actual increases, indicating a potential for market adjustment [1] - The general lack of supply chain management capabilities in the industry has led to a temporary abandonment of the renovation and long-term rental business model [1] Group 2: Investment Opportunities - Institutions capable of purchasing residential properties for rental purposes may contribute positively to stabilizing housing prices [1] - Leading companies in the decentralized long-term rental apartment sector have considerable growth opportunities [1] - Heavy asset enterprises may learn from the development paths of overseas companies like GreyStar and EQR [1]