格隆汇1月21日丨贝壳-W(02423.HK)发布公告，2026年1月20日耗资350万美元回购58.91万股。 ...

贝壳-W(02423)发布公告，于2026年1月20日，该公司斥资约350万美元回购58.91万股股份，每股回购价 格为5.86-6.07美元。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2026年1月20日，该公司斥资约350万美元回购58.91万股 股份，每股回购价格为5.86-6.07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) 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： 2026年1月21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 | ...

Market Performance - The real estate sector (CITIC) experienced a decline of -3.3% last week, while the CSI 300 and Wind All A indices changed by -0.6% and +0.5% respectively, resulting in excess returns of -2.7% and -3.8%[46] - Among 29 CITIC industry sectors, real estate ranked 26th in performance[46] New Housing Market - New home sales increased by 0.6% week-on-week but decreased by 36.8% year-on-year during the period from January 10 to January 16, 2026[8] - In major cities, new home transaction areas changed as follows: Beijing +16.3%, Shanghai +1.9%, Guangzhou +18.8%, and Shenzhen -0.6%[8] Second-Hand Housing Market - The transaction area for second-hand homes in 15 cities was 162.3 million square meters, down 1.8% week-on-week and down 8.4% year-on-year[14] - Cumulative transactions from January 1 to January 16, 2026, totaled 331.5 million square meters, reflecting a year-on-year decrease of 14.4%[14] Inventory and Absorption - Cumulative new home inventory in 13 cities reached 77.9 million square meters, with a week-on-week change of -0.1% and a year-on-year change of -4.7%[21] - The absorption cycle for new homes in 13 cities is 23.0 months, with a year-on-year increase of 6.6 months[21] Land Market - Land transaction area from January 12 to January 18, 2026, was 11.746 million square meters, down 21.9% week-on-week and down 49.7% year-on-year[38] - The average land price was 700 RMB/square meter, reflecting a week-on-week decrease of 44.4% and a year-on-year decrease of 51.1%[38] Investment Recommendations - Recommended mainland developers include: A-shares: Binjiang Group, China Merchants Shekou; Hong Kong stocks: China Overseas Development, Greentown China, China Resources Land, Jianfa International Group[7] - Suggested light-asset operation companies include: Property management: Greentown Service; Commercial management: China Resources Mixc Life; Leading intermediary platform: Beike-W[7] Risk Factors - Risks include potential underperformance of real estate regulatory policy relaxation, continued industry downturn, and persistent credit risks leading to liquidity deterioration[7]

Core Viewpoint - Beike-W (02423) has launched a self-regulatory initiative called "Three Musts and Six Prohibitions" to reinforce a neutral market perspective, emphasizing professionalism and integrity in real estate services [1] Group 1: Initiative Details - The initiative officially started on January 2026, with over 80,000 agents, store owners, and platform employees voluntarily signing a commitment letter [1] - Some agents have actively shared their commitment letters on social media, showcasing their adherence to the neutral market perspective [1] - This commitment letter activity is an upgrade from the public behavior norms released by Beike last year, following internal inspections and strict penalties in cities like Hangzhou [1] Group 2: Market Perspective - The platform reiterates the importance of the "neutral market perspective" as a key component of its series of promotional actions [1]

Group 1 - Beike (BEKE.US) stock rose by 3.38% to $18.02 in pre-market trading [1] - Beike announced a share repurchase plan to buy back 603,500 shares for $3.5 million on January 16, 2026 [1] - Recent financial measures in mainland China, such as a 25 basis point cut in the relending rate and a reduction of the minimum down payment for commercial real estate from 50% to 30%, are seen as direct benefits for Beike [1] Group 2 - The closing price of Beike on January 16 was $17.43, with a decrease of 0.68% [2] - The stock's highest price was $17.51, and the lowest was $17.13, with a trading volume of 3.2262 million shares [2] - Beike's total market capitalization is approximately $20.371 billion, with a price-to-earnings ratio of 40.82 [2]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, focusing on high-quality real estate companies and commercial real estate [3][4][21]. Core Insights - The investment side of the real estate sector remains weak, with a year-on-year decline of 17.2% in total real estate development investment for 2025, and a significant drop of 35.8% in December alone [4][21]. - The sales side shows a narrowing decline in sales area, with a year-on-year decrease of 8.7% for 2025, and a 15.6% drop in December [22][32]. - The funding side indicates a continued decline in funding sources, with a 13.4% year-on-year decrease in total funding for real estate development in 2025, and a sharp 26.7% drop in December [37]. Summary by Sections Investment Side - Total real estate development investment for 2025 reached 828.8 billion yuan, down 17.2% year-on-year, with December's investment declining by 35.8% [4][21]. - New construction area decreased by 20.4% year-on-year, with December showing a 19.4% decline [20][21]. - The report adjusts 2026 forecasts, predicting a 7.7% decline in new construction and a 9.1% drop in investment [21]. Sales Side - The total sales area for 2025 was 880 million square meters, down 8.7% year-on-year, with December's sales area declining by 15.6% [22][32]. - The total sales revenue for 2025 was 8.4 trillion yuan, reflecting a 12.6% year-on-year decrease, with December's sales revenue down 23.6% [24][32]. - The average selling price of commercial housing for 2025 was 9,527 yuan per square meter, down 4.3% year-on-year [31][32]. Funding Side - Total funding sources for real estate development in 2025 amounted to 9.3 trillion yuan, a decrease of 13.4% year-on-year, with December's funding sources down 26.7% [37]. - Domestic loans saw a year-on-year decline of 7.3%, with a significant drop of 45% in December [37]. - The report anticipates that funding sources will gradually improve due to ongoing policy relaxations [37].

Core Viewpoint - Beike's initiative to launch the "Three Musts and Six Prohibitions" self-discipline action aims to reinforce a neutral market perspective and promote professionalism and integrity in real estate services [1][3]. Group 1: Initiative Details - The "Three Musts" include: 1) providing honest and professional services to stabilize the real estate market; 2) ensuring the authenticity of property information and fulfilling service commitments; 3) offering comprehensive and objective information to assist users in making rational pricing decisions [3]. - The "Six Prohibitions" include: prohibiting subjective speculation that undermines the market, distorting national policy interpretations, publishing false information, manipulating or coercing price negotiations, engaging in fraudulent practices like jumping orders or kickbacks, and exaggerating service effectiveness to mislead clients [3]. Group 2: Industry Context - The initiative is a response to the rise of false listings, aggressive price cutting, and misleading promises by some media influencers, which harm consumer trust and the healthy development of the industry [3]. - As a leading company in the industry, Beike's self-regulatory measures set a benchmark for others, emphasizing the need for the real estate brokerage sector to shift from "traffic competition" to "service competition" [4].

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]