Group 1 - The core viewpoint is that the institutionalization rate of rental housing in China is around 10%, indicating significant growth potential compared to approximately 50% in developed countries [1] - By August 2025, the top 30 centralized long-term rental apartment brands are expected to manage nearly 2 million units [1] - The recent "Housing Rental Regulations" released by the State Council in July 2025 encourages the development of long-term rental enterprises [1] Group 2 - Historical factors affecting the development of long-term rental enterprises have either disappeared or eased, such as the significant gap between rental yield and risk-free rates [1] - The competitive landscape is shifting as the number of new entrants in the long-term rental sector has decreased, leading to more rational pricing of long-term rental contracts [1][3] - Companies with strong supply chain management capabilities are expected to differentiate their service quality, with community connections and scale barriers being crucial for growth [3]

中信证券研报认为，当前我国租赁住房机构化率约为10%，相比海外发达国家50%左右的水平还有数倍 成长空间。影响长租企业发展的一些历史因素要么已经消失（例如租金回报率大幅低于无风险利率）， 要么有所缓解（例如业主对租金上涨预期高于实际上涨可能），要么被阶段性回避（例如行业普遍缺乏 供应链管理能力，于是阶段性选择放弃装修+长租业务模型）。能够买入住宅并用以出租的机构，也可 能成为房价止跌回稳的正能量。我们认为，分散式长租公寓龙头有较大发展机会，重资产企业也有借鉴 GreyStar和EQR等海外公司发展路径的可能。 ...