Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

贝壳作为国内领先的一站式新居住服务平台，基于楼盘字典、经纪人合作网络（ACN）等行业基础设施和底层操作系统，已从房产交易横向拓展到家装、 家居等多个服务领域，为数亿用户提供一站式居住服务。近年来，贝壳融合AI大模型技术，面向盘源端和客源端打造了一系列AI工具，持续为居住服务行 业创造更大的价值。 此次战略合作是双方多年合作基础上的进一步升级，腾讯云将继续为贝壳提供灵活、安全的混合云架构，在保障数据安全和合规要求的前提下，提供弹性计 算与高性能网络支持，支撑贝壳多业务场景的高速发展和智能化升级。同时，双方将围绕贝壳智能化需求持续发力，基于腾讯云实时音视频TRTC延续并拓 展实时音视频、大数据、智能客服等服务能力，优化线上看房、签约、远程协作等用户与经纪人的互动体验。这些能力将持续帮助贝壳优化客户体验、提升 运营效率，推动其在居住服务领域打造更高品质的数字化生态。 在房地产政策深化与存量房时代加速到来的背景下，中国家装行业正经历从传统施工向数字化服务的深刻转型。贝壳自主打造的"AI设牛"平台已搭载AI大模 型，实现拍照生图、户型生图等功能，将设计周期从周级压缩至小时级，显著提升设计与服务效率。腾讯云为该平台提供高 ...

贝壳-W(02423)发布公告，于2025年9月15日斥资450万美元回购68.52万股股份。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月15日斥资450万美元回购68.52万股股份。 ...

Group 1 - The company, Beike-W (02423.HK), announced a share buyback on September 15, spending $4.5 million to repurchase 685,000 shares [1]

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9月16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 | 佔有關事件前的現有已發 行股份（ ...

Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]

Investment Rating - The report maintains a "Positive" rating for the real estate sector [2][3][34] Core Viewpoints - The investment side remains weak, with a year-on-year decline of 12.9% in investment from January to August 2025, and a more significant drop of 19.5% in August alone [1][20] - The sales side is also experiencing a downturn, with a cumulative sales area decrease of 4.7% year-on-year from January to August 2025, and a sharper decline of 10.6% in August [21][34] - Funding sources are showing a narrowing decline, with total funding sources down 8.0% year-on-year from January to August 2025, but domestic loans have turned positive [35] Investment Analysis Summary Investment Side - From January to August 2025, total real estate development investment reached 603.09 billion yuan, down 12.9% year-on-year, with August alone seeing a 19.5% decline [3][20] - New construction area decreased by 19.5% year-on-year, while the completion area fell by 17.0% [20][21] - The report predicts a continued weak investment environment, with forecasts of a 11.0% decline in investment, 15.1% in new construction, and 20.0% in completions for 2025 [20] Sales Side - Cumulative sales area from January to August 2025 was 570 million square meters, down 4.7% year-on-year, with a 10.6% drop in August [21][34] - The total sales amount for the same period was 5.5 trillion yuan, reflecting a 7.3% decrease year-on-year, with August sales amounting to 544.9 billion yuan, down 14.0% [21][34] - The average selling price of commercial housing decreased by 2.6% year-on-year, with a slight increase in August compared to July [33][34] Funding Side - Total funding sources for real estate development enterprises amounted to 6.4 trillion yuan from January to August 2025, down 8.0% year-on-year [35] - Domestic loans showed a year-on-year increase of 0.2%, with August seeing a 1.1% rise [35] - The report indicates that while funding remains slightly tight, it is expected to improve gradually due to recent policy relaxations [35]

Core Insights - The "2025 China Top 500 Enterprises" list was released, showing a total revenue of 110.15 trillion yuan, an increase from the previous year [1] - Total assets reached 460.85 trillion yuan, growing by 7.46% [1] - Net profit attributable to shareholders amounted to 4.71 trillion yuan, with a growth of 4.39% [1] - The net profit margin was reported at 4.27%, an increase of 0.17 percentage points [1] Challenges and Opportunities - The changing business environment presents significant challenges, including geopolitical tensions and the restructuring of global supply chains, leading to increased uncertainty and instability for enterprises [2] - Domestic pressures such as demand contraction, supply shocks, and weakened expectations continue to pose difficulties for many companies [2] - Companies face internal challenges, including insufficient independent innovation capabilities, profitability issues, and a need to enhance brand influence and global positioning [2] Unique Advantages - Despite challenges, there are unique opportunities, including a large market size, a complete industrial system, stable macro policies, and an improving business environment [3] - The maturity of digital technologies like artificial intelligence, big data, and the Internet of Things supports enterprises in transforming production methods and achieving high-quality development [3] - The long-term positive fundamentals of the Chinese economy remain unchanged [3]

格隆汇9月15日丨贝壳-W(02423.HK)发布公告，2025年9月12日耗资272.83万美元回购40.89万股。 ...