Investment Rating - The report maintains a "Buy" rating for major real estate companies, indicating a positive outlook for the sector [3]. Core Insights - The real estate industry is entering a "quality era," with a recovery in the opening sales rate, which is a key indicator of market sentiment and profitability trends [2][11]. - The opening sales rate in key cities for the first three quarters of 2025 was 56%, an increase of 8 percentage points compared to the entire year of 2024, and a 16 percentage point increase from Q3 2024 [2][26]. - The report highlights that the improvement in sales rates is driven by enhanced product quality and design, with average renovation costs in nine cities rising by 7% in the first three quarters of 2025 compared to 2024 [2][26]. Summary by Sections 1. Finding the Turning Point in the New Housing Market - The opening sales rate is identified as the most effective indicator for gauging market sentiment and predicting profitability trends [2][11]. - Historical data shows that the opening sales rate can effectively signal the start of a market rally [2][15]. 2. "Good Houses" Driving Sales Rate Improvement - The overall sales rate has shown a stable upward trend, with key cities experiencing a recovery from a low of 41% in Q3 2024 to 56% in the first three quarters of 2025 [2][26]. - The report emphasizes that the improvement in sales rates reflects genuine sales recovery rather than structural issues [2][26]. 3. City and Sector Analysis - There are significant differences in sales rates across different cities, with top-tier companies showing clear operational advantages [2][26]. - The report categorizes cities into three tiers based on their sales performance, indicating a narrowing range of high sales rate cities over the past decade [2][26]. 4. Performance and Characteristics of Real Estate Companies - Most major real estate companies have improved their sales rates in 2025, with leading firms like Poly, Jinmao, and China Overseas Development showing notable increases [2][26]. - The report suggests that companies with high land acquisition scores and strong sales performance are likely to perform well in 2026 [2][26]. 5. Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for major companies, including Vanke, China Merchants Shekou, and Poly Developments, all rated as "Buy" with projected reasonable values indicating potential upside [3].

2025 年 12 月 14 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 经济工作会议定调，着力稳定房地产、积极稳妥化解风险 看好 —— 地产及物管行业周报（2025/12/6-2025/12/12） 本期投资提示： 房地产 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房、二手房成交环比均回落，新房成交推盘比下降。上周(12.6-12.12)34 个重点 城市新房合计成交 242.3 万平米，环比-12.3%，其中，一二线环比-12.9%，三四线环比-2.6%。12 月(12.1-12.12)34 城一手房成交同比-32%，较 11 月+ ...

Core Insights - The core viewpoint of the article emphasizes the shift in the real estate market from a seller's market to a buyer's market, highlighting the importance of "customer sovereignty" in housing development [1][4]. Group 1: Market Dynamics - The real estate market has transitioned from primarily addressing "availability" to focusing on "quality," with consumers seeking better living conditions [1]. - Since 2021, the market has shifted to a buyer's market, leading to longer transaction cycles and increased caution among homebuyers [1]. - High-quality projects continue to perform well, indicating a demand for good housing and services despite market challenges [1]. Group 2: C2M Strategy - Beike's subsidiary, Beihome, has launched a C2M (Customer to Manufacturer) full-chain solution, which includes positioning, design, construction management, and marketing [2][3]. - The C2M model aims to leverage big data and AI to accurately predict customer preferences and guide product positioning [1]. Group 3: Project Development - Beihome has decided to limit its self-operated projects to focus on partnerships with developers, allowing for a broader range of projects [4][5]. - The "Financial City·Beichen S1" project in Chengdu serves as a model for validating the C2M approach, achieving significant sales shortly after launch [4]. - The "Beilian C1" project in Shanghai also demonstrates the effectiveness of the C2M model, ranking high in sales shortly after its opening [4]. Group 4: Business Model - The company prefers a light-asset model to enhance its advantages and does not aim to become a traditional developer [5]. - Beihome has established 17 projects across major cities in China, collaborating with various developers to meet customer needs [5].

贝壳-W(02423)发布公告，于2025年12月11日斥资300万美元回购51.3万股。 ...

格隆汇12月12日丨贝壳-W(02423.HK)发布公告，2025年12月11日耗资300万美元回购51.3万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年12月11日斥资300万美元回购51.3万股。 ...

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12月12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 1 頁 共 8 頁 v 1.3.0 第 2 頁 共 8 頁 v 1.3.0 第 3 頁 共 8 頁 v 1.3.0 通股)計算。 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額3,506,225,794股 (包括3,366,778,024股 A 類普通股及139,447,770 股 B 類普 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,418,421 | % | USD | 5.6179 | | --- | --- | --- | --- | --- | --- | --- ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 35.98 亿元 | -6.26 亿元 | | 中芯国际(00981) | 20.71 亿元 | -2.92 亿元 | | 小米集团-W(01810) | 20.57 亿元 | -5.97 亿元 | | 腾讯控股(00700) | 18.82 亿元 | -1.93 亿元 | | 长飞光纤光缆(06869) | 14.09 亿元 | +649.78 万元 | | 美团-W(03690) | 13.70 亿元 | -3.69 亿元 | | 华虹半导体(01347) | 13.06 亿元 | -2.68 亿元 | | 中兴通讯(00763) | 9.58 亿元 | -1.56 亿元 | | 中国海洋石油(00883) | 9.09 亿元 | -4.67 亿元 | | 中国移动(00941) | 8.47 亿元 | -6713.17 万元 | 深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年12月12日当天，阿里巴巴-W(09988)、中芯国际(00981)、小米集团-W(01810 ...

Core Insights - The Hong Kong stock market experienced a net sell-off of 52.87 billion HKD from northbound trading, with a net sell of 65.95 billion HKD from the Shanghai-Hong Kong Stock Connect and a net buy of 13.09 billion HKD from the Shenzhen-Hong Kong Stock Connect [1] Northbound Trading Summary - The most net bought stocks included Meituan-W (03690), Xiaomi Group-W (01810), and Beike-W (02423) [1] - The most net sold stocks included Alibaba-W (09988), Tencent (00700), and Hua Hong Semiconductor (01347) [1] Stock Performance Details - Alibaba-W (09988) had a net buy of 14.86 billion HKD and a sell of 21.12 billion HKD, resulting in a net outflow of 6.26 billion HKD [2] - Xiaomi Group-W (01810) saw a net buy of 7.30 billion HKD against a sell of 13.27 billion HKD, leading to a net outflow of 5.97 billion HKD [2] - Meituan-W (03690) recorded a net buy of 5.00 billion HKD and a sell of 8.69 billion HKD, resulting in a net outflow of 3.69 billion HKD [2] Sector-Specific Insights - Meituan-W (03690) received a net buy of 24.81 billion HKD, while Alibaba (09988) faced a net sell of 33.68 billion HKD, with expectations of increased competition in the food delivery sector [4] - Xiaomi Group-W (01810) attracted a net buy of 23.61 billion HKD, supported by positive growth in its smartphone and IoT businesses, with projected adjusted net profits of 446, 515, and 622 billion CNY for 2025-2027 [4] - Beike-W (02423) had a net buy of 9.96 billion HKD, with analysts optimistic about its AI capabilities and cost control despite challenges in the real estate market [5] Additional Company Updates - Kuaishou-W (01024) received a net buy of 5.98 billion HKD, with expectations of strong revenue contributions from its AI initiatives [5] - ZTE Corporation (00763) faced a net sell of 1.56 billion HKD, with plans to repurchase shares amid compliance investigations [5] - Semiconductor companies like SMIC (00981) and Hua Hong Semiconductor (01347) experienced net sells of 5.78 billion HKD and 7.35 billion HKD, respectively, following news of potential sales of AI chips to China [6]

12月12日下午消息，在贝好家2025年度开放日活动上，贝壳副董事长、贝好家事业线首席执行官徐万刚 发表《以C2M构建房地产开发新模式》主题演讲。谈及贝壳为何进入开发领域，徐万刚表示，从成立 开始，贝好家未曾想过要做开发商，而是想充分发挥数据优势，以C2M（Customerto Manufacturer，从 消费者到制造者）模式推动房屋供给侧的改变。 12月12日下午消息，在贝好家2025年度开放日活动上，贝壳副董事长、贝好家事业线首席执行官徐万刚 发表《以C2M构建房地产开发新模式》主题演讲。谈及贝壳为何进入开发领域，徐万刚表示，从成立 开始，贝好家未曾想过要做开发商，而是想充分发挥数据优势，以C2M（Customerto Manufacturer，从 消费者到制造者）模式推动房屋供给侧的改变。 徐万刚指出，房地产发展30多年来，"客户主权"第一次站在核心位置。他解释称，当下房地产市场的供 求关系已彻底改变，2021年开始，行业由卖方市场转为买方市场，客户购房更加谨慎，成交周期变长。 当市场下行时，获客变难，房企销售费率也在增长。 不过，徐万刚强调，匹配客户需求的好房子仍然热销，好房子、好服务仍大有可为。贝 ...