Core Insights - The report highlights the competitive advantage of Tabo (滔搏) in the retail sector, emphasizing its strong retail capabilities and high dividend payouts to investors [4][5] - The report projects Tabo's revenue and net profit for FY2025 to FY2027, indicating a slight decline in revenue but a recovery in net profit growth by FY2027 [4][5] Company Overview - Tabo is identified as the largest sports retail and service platform in China, collaborating with major brands such as Nike and Adidas [4] - The company experienced a revenue decline of 7% in FY2025 and a projected decline of 6% in FY2026H1, with net profit dropping by 42% and 10% respectively [4][5] Financial Projections - Revenue forecasts for Tabo are set at 946 billion, 953 billion, and 1,005 billion RMB for FY2025, FY2026, and FY2027 respectively, with year-on-year growth rates of 1.2%, 0.8%, and 5.5% [4] - The net profit estimates are 37.1 billion, 52.8 billion, and 61 billion RMB for the same years, with growth rates of -8.7%, 42.4%, and 15.5% [4] Investment Recommendations - The report maintains a "buy" rating for Tabo, citing its robust dividend payout history of 107.3% since its IPO in 2019 and a current cash position of 2.54 billion RMB [5] - The expected price-to-earnings ratio for FY2026 is 14.6, with a dividend yield of 7% [5] Industry Context - The report discusses the broader retail environment, noting challenges such as fluctuating consumer demand and the need for effective e-commerce strategies [5] - It emphasizes the importance of Tabo's strong brand partnerships and retail efficiency in maintaining its competitive edge in the market [4][5]

智通财经APP获悉，国盛证券发布研报称，首予贝壳-W(02423)买入评级，贝壳作为中国领先的居住服 务平台，凭借独特的ACN合作网络和庞大的"楼盘字典"数据库构筑了坚固的竞争壁垒。公司核心的存量 房和新房业务市占率持续提升，在行业下行期中展现出超额增长。依托强大的平台生态和效率优势，贝 壳在房地产交易服务领域的龙头地位稳固。 国盛证券主要观点如下： 叠加平台覆盖网络扩大，公司GTV实现较行业的超额表现，市占率持续提升。(1)存量房交易服务： 2023/2024/2025H1公司存量房总GTV分别为2/2.2/1.2万亿元，同比分别为28.6%/10.8%/13.7%，2024年市 占率达31.1%，同比提升2.5pct。存量房业务的增长，一方面源于当前房地产行业已步入存量时代，二 手房成交中枢持续上移，奠定公司GTV增长的市场基础;另一方面，公司凭借庞大的人店网络、海量的 房源客源优势，不断吸引新的经纪品牌加入，非链家门店拓展提速，推动市占率稳步提升。(2)新房交 易服务：2023/2024/2025H1公司新房GTV分别为1/0.97/0.49万亿元，同比分别为6.6%/-3.3%/26%，分别 优于全国 ...

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]

Core Viewpoint - The company Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase approximately 536,000 shares at a total cost of about 3 million USD [1] - The repurchase price per share is set between 5.53 and 5.65 USD [1] - The share repurchase is scheduled for November 19, 2025 [1]

Core Points - Beike-W (02423) announced a share buyback plan, committing approximately $3 million to repurchase 536,000 shares at a price range of $5.53 to $5.65 per share [1]

格隆汇11月20日丨贝壳-W(02423.HK)发布公告，2025年11月19日耗资300万美元回购53.60万股，每股回 购价5.53-5.65美元。 ...

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20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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總 ...

Core Viewpoint - Beike's stock price increased over 5% in Hong Kong, leading to a pre-market rise of over 3% in its US shares, following the release of its Q3 2025 financial report, which garnered positive ratings from multiple major financial institutions [1] Group 1: Financial Performance - Beike's Q3 2025 financial report has led to a collective "buy" or "overweight" rating from several international banks, including Goldman Sachs, Morgan Stanley, and Bank of America, as well as local firms like CICC and Guotai Junan [1] - The company is recognized for its competitive edge and growth prospects in the one-stop residential service platform sector, with expectations of long-term profitability from both its core and new business segments [1] Group 2: Market Conditions - Goldman Sachs noted that the sluggish real estate market may exert pressure on transaction volume forecasts, with no anticipated policy support before the end of the year; however, these impacts are somewhat mitigated by the company's efficiency improvements [1]

Group 1 - The Hang Seng Index rose by 0.14%, gaining 36 points to close at 25,867 points, while the Hang Seng Tech Index fell by 1.01% with a trading volume of HKD 143.6 billion in the morning session [1] - Real estate stocks surged amid market expectations for new supportive policies, with Sunac China rising over 10%, Country Garden up over 5%, and Vanke Enterprises increasing by 5.67% [2] - Beike-W saw a rise of 5.15%, driven by substantial profits from its home decoration rental business, with the buyback amount reaching a near two-year high in a single quarter [3] Group 2 - China’s banking sector showed signs of recovery in the morning, with major banks advancing in their mid-term dividend distributions, including Minsheng Bank up by 3.56%, Postal Savings Bank up by 2.7%, and Bank of China up by 1.93% [3] - Kingsoft Cloud rose over 4% post-earnings, with Q3 industry cloud revenue showing both year-on-year and quarter-on-quarter growth, and a solid foundation in government cloud services [4] - Maoyan Entertainment fell over 2% due to reports of a significant increase in the ticket refund rate for the movie "Demon Slayer" [5] Group 3 - Trip.com Group fell over 3% despite exceeding expectations in its Q3 financial report, with institutions predicting resilience in domestic business revenue for Q4 [6] - XPeng Motors declined over 4%, denying rumors regarding the production of thousands of autonomous driving taxis [7] - Contemporary Amperex Technology Co., Ltd. (CATL) dropped over 8% as cornerstone investors' lock-up period expired today [8]

Core Viewpoint - Beike-W (02423) experienced a significant increase of over 6%, with a current price of HKD 46.24 and a trading volume of HKD 447 million, following the release of its third-quarter performance report [1] Financial Performance - In the third quarter, Beike reported a total transaction volume (GTV) of RMB 736.7 billion, with net revenue increasing by 2.1% to RMB 23.1 billion [1] - The net profit for the quarter was RMB 747 million, while the adjusted net profit reached RMB 1.286 billion, indicating a positive performance [1] - According to Bank of America Securities, Beike's third-quarter revenue of RMB 23.1 billion grew by 2% year-on-year, aligning with market consensus, while the adjusted net profit of RMB 1.3 billion exceeded expectations [1] Share Buyback Activity - In the third quarter of 2025, Beike's share buyback amount reached USD 281 million, marking the highest quarterly buyback in nearly two years [1] - As of the end of the third quarter of 2025, the total buyback amount for the fiscal year reached USD 675 million, reflecting a year-on-year increase of 15.7% [1] - Since initiating the buyback program in September 2022, Beike has repurchased approximately USD 2.3 billion worth of shares, representing 11.5% of the total shares outstanding prior to the buyback [1]