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

证券日报网2025-12-04

本报讯（记者陈潇）华创证券近期发布的研报认为，在房地产市场量价仍面临周期压力的预期下，投资需聚焦于能创造超额收益（Alpha）的资产与商业模式。文章特别强调，在行业价值链重塑过程中，以贝壳为代表的具备强大护城河与稳定现金流的头部房地产交易与服务平台，Alpha属性正日益凸显。　　研报显示，头部中介强管控带来高壁垒，重视其现金流和确定性。中央交易是二手房中介最高效的模式，头部中介通过实现对经纪人的...

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