Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5]. Core Viewpoints - The real estate market in China is expected to continue bottoming out, with core cities likely to stabilize sooner. Two major opportunities are highlighted: the elevation of housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which may lead to a revaluation of consumer-oriented commercial real estate assets [5]. Industry Data Summary - **New Housing Transactions**: In the week of November 22-28, 2025, 34 key cities saw a total new housing transaction of 2.52 million square meters, a decrease of 1.7% week-on-week. Year-on-year, new housing transactions in November dropped by 35% [6][9]. - **Second-Hand Housing Transactions**: In the same week, 13 cities recorded a total of 1.16 million square meters in second-hand housing transactions, an increase of 4.2% week-on-week. Year-to-date, second-hand housing transactions have increased by 0.7% [14]. - **Inventory Levels**: As of November 28, 2025, the total available residential area in 15 cities was 89.846 million square meters, with a week-on-week increase of 0.4%. The average months of inventory depletion was 23.3 months, a slight decrease [25]. Policy and News Tracking - **REITs Development**: The National Development and Reform Commission is promoting the expansion of public REITs to include hotels and commercial offices. The China Securities Regulatory Commission has initiated a pilot for commercial real estate REITs [34][36]. - **Local Housing Policies**: Qingdao has introduced housing subsidies for talent, offering up to 300,000 yuan for doctoral graduates. Fuzhou plans to provide subsidies for families with multiple children, while Beijing's "14th Five-Year Plan" emphasizes improving the housing supply system [34][35]. - **Land Market Activity**: In Shanghai, nine land parcels were sold for a total of 17.33 billion yuan, while Wuhan's land sales totaled approximately 3.97 billion yuan [34][39]. Company Dynamics - **New City Holdings**: Successfully issued private REITs with a scale of 616 million yuan, backed by the Wuyue Plaza asset [5]. - **Vanke**: Engaged in discussions regarding the extension of a bond due on December 15, 2025, with a remaining balance of 2 billion yuan [5][41]. - **China Jinmao**: Announced plans to sell 100% equity in Jinmao (Sanya) Tourism Co., Ltd. for 2.27 billion yuan [5][43].

Core Viewpoint - The "Housing Fund Direct Rent Payment" model launched by Beike Shengxin Rent in certain cities has achieved significant results, particularly in Jinan, where it addresses the housing needs of the youth population [1] Group 1: Service Implementation - In November 2023, Beike Huiju Jinan Station, in collaboration with the Jinan Housing Provident Fund Center, became the first in the country to introduce the "Housing Fund Direct Rent Payment" service [1] - The cumulative amount of rent paid directly through the housing fund has exceeded 11 million yuan, benefiting nearly 2,000 tenants and reducing deposits by 4 million yuan [1] Group 2: User Experience - The "Housing Fund Direct Rent Payment" is a core benefit of Beike Shengxin's rental offerings, allowing eligible tenants with a qualifying Alipay Sesame Credit score to enjoy "zero deposit monthly payment" convenience, significantly alleviating financial pressure [1] - Previously, tenants had to pay rent upfront and then withdraw from their housing fund, which was cumbersome and financially burdensome. Now, eligible users can complete the authorization application online through the Beike platform, with the system automatically transferring rent monthly after approval from the housing fund center [1] Group 3: Company Vision - Beike Huiju Jinan Station's General Manager, Li Yantao, stated that the company is actively responding to Jinan's initiative to build a youth-friendly city, aiming to lower the rental threshold for new citizens and young people through innovative payment methods associated with "Shengxin Rent" [1]

智通财经APP讯，贝壳-W(02423)发布公告，于2025年11月26日该公司斥资300万美元回购52.07万股，回 购价格为每股5.71-5.84美元。 ...

贝壳-W(02423)发布公告，于2025年11月26日该公司斥资300万美元回购52.07万股，回购价格为每股 5.71-5.84美元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 第 2 頁 共 8 頁 v 1.3.0 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年11月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | ...

贝壳-W(02423)发布公告，于2025年11月25日该公司斥资约300万美元回购51.55万股，回购价格为每股 5.75-5.85美元。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年11月25日该公司斥资约300万美元回购51.55万股， 回购价格为每股5.75-5.85美元。 ...

格隆汇11月26日丨 贝壳-W(02423.HK)公告，11月25日耗资300万美元回购51.5万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年11月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | ...

Core Insights - The real estate service industry is entering a new stage of quality development, driven by evolving market demands and consumer needs [1][4] - The 26th "Bo Xue Da Kao" exam, with over 400,000 agents participating, emphasizes the importance of continuous professional development in enhancing service quality [1][7] Group 1: Professional Development - The "Bo Xue Da Kao" exam is not merely a knowledge test but a practical implementation of the concept "learning through examination" [1][7] - The exam has been conducted for 14 years since its inception in 2011, aiming to strengthen the professional capabilities of agents [7] - Continuous professional development is seen as essential for achieving service excellence in the real estate sector [7] Group 2: Service Commitment Enhancements - The "Anxin Service Commitment" has been upgraded to include a comprehensive service guarantee system, addressing key pain points in real estate transactions [4][8] - The "True Guarantee" system includes commitments such as "real listings, secure payments, refundable commissions, privacy protection, and quality compensation," with specific promises like "fake listings will incur a penalty of 100 yuan" [8][10] - The launch of the leak service commitment aims to address common issues faced by homeowners, providing compensation for verified damages within one year of transaction [10] Group 3: One-Stop Service Innovations - The "Meihao Jia" one-stop accelerated selling service has been introduced to enhance the selling experience, resulting in a 50% increase in viewing rates and a reduction in average transaction time from 225 days to 32.6 days [11] - This service aligns with the company's strategy to innovate and empower the real estate market, ensuring a seamless experience from property selection to occupancy [11][12]