Core Viewpoint - The report from Huachuang Securities suggests that in the context of ongoing cyclical pressures on volume and price in the real estate market, investment should focus on assets and business models that can generate excess returns (Alpha) [1] Group 1: Industry Insights - The restructuring of the industry value chain highlights the increasing Alpha attributes of leading real estate transaction and service platforms, exemplified by Beike, which possess strong moats and stable cash flows [1] - Leading intermediaries have established high barriers to entry through stringent control, emphasizing the importance of cash flow and certainty [1] Group 2: Company Focus - Centralized transactions are identified as the most efficient model for second-hand housing intermediaries, with leading firms enhancing transaction efficiency through a robust internal centralized transaction system (ACN) that tightly manages agents [1] - The report recommends focusing on the leading intermediary Beike-W, particularly noting its stable cash flow following cost reduction and efficiency improvements [1]
华创证券：贝壳精细化管理与稳健现金流构筑高Alpha