华创证券：贝壳具备强大护城河与稳定现金流 Alpha属性正日益凸显

Core Viewpoint - The report from Huachuang Securities emphasizes the need for investment focus on assets and business models that can generate excess returns (Alpha) amid ongoing cyclical pressures on volume and prices in the real estate market [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, such as Beike, which possess strong competitive advantages and stable cash flows [1] - Leading intermediaries maintain 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 implementing strong control over agents to establish a high-quality internal centralized transaction system known as ACN (Agent Cooperation Network), significantly enhancing transaction efficiency [1] - The report recommends focusing on the leading intermediary Beike-W, noting the company's stable cash flow following cost reduction and efficiency improvements [1]