Core Viewpoint - Beike-W (02423) has seen a significant increase in stock price, rising over 8% to HKD 52.4, with a trading volume of HKD 803 million, indicating positive market sentiment towards the company [1] Group 1: Market Performance - The second-hand market is showing stability in both volume and price, which is expected to positively impact Beike's performance [1] - In the first 18 days of January 2026, Beike recorded a 33% year-on-year increase in second-hand property transactions across 79 cities, suggesting a rebound in market activity [1] - Excluding market share growth, the current transaction volume corresponds to an annualized second-hand transaction volume of 860 million square meters, a 24% increase compared to 2025, aligning with the annualized figure of 840 million square meters from Q4 2024 [1] Group 2: Share Buyback Activity - Beike has been actively repurchasing its shares, spending approximately USD 300,000 to buy back around 497,700 shares on January 26, 23, and 22, and USD 350,000 for 58,910 shares on January 20 [1] - This consistent buyback activity indicates the company's confidence in its stock value and future prospects [1]

Group 1 - The core viewpoint of the article highlights that Beike-W (02423) has seen a significant increase in stock price, rising over 8% to HKD 52.4, with a trading volume of HKD 803 million [1] - GF Securities reports that the stability in the second-hand market positively impacts Beike's performance, noting a significant rebound in second-hand transaction volume in early 2026, with a 33% year-on-year increase in the first 18 days of January across 79 cities [1] - The annualized second-hand transaction volume is projected to reach 860 million square meters in 2026, reflecting a 24% increase compared to 2025, indicating a potential "small spring" in the market for 2026 [1] Group 2 - Beike has been actively repurchasing its shares, spending approximately USD 3 million on January 26 to buy back about 497,700 shares, and similar amounts on previous days for additional share repurchases [1] - The company has consistently engaged in share buybacks, with multiple transactions recorded in January, indicating a strategic move to enhance shareholder value [1]

Core Insights - Porsche China CEO announced plans to reduce the number of dealerships from 114 in 2025 to 80 by 2026, a nearly 30% decrease, in response to a projected 26% decline in sales in 2025 [1] - The channel optimization has led to dissatisfaction among some customers who are unable to use maintenance packages purchased at authorized dealerships due to closures, raising questions about consumer rights protection [1][2] - The luxury car market is entering a phase of inventory competition, where brands are consolidating resources and focusing on high-potential markets, but Porsche's main controversy lies in its responsibility to consumers during market changes [1][2] Company Response and Consumer Trust - Porsche has faced criticism for not adequately addressing consumer concerns regarding the usability of maintenance packages after dealership closures, which has led to a loss of trust among customers [2][3] - The company has been accused of enjoying the benefits of the booming luxury car market without properly addressing consumer rights, resulting in unnecessary losses for loyal customers [2] - The lack of clear solutions for customers who purchased maintenance packages at closed dealerships reflects a failure in brand management and a depletion of consumer trust [2][3] Market Challenges and Brand Strategy - The announcement of a significant reduction in dealerships amid unresolved consumer issues may exacerbate the brand's trust crisis and further damage consumer confidence [3] - Porsche's challenges are indicative of broader issues faced by traditional luxury brands in adapting to the evolving Chinese market, particularly in terms of electric vehicle development and meeting local consumer demands [3][4] - To regain consumer trust, Porsche must implement clear solutions for affected customers and adopt a transparent approach in addressing public concerns, demonstrating accountability and commitment to consumer rights [4] Industry Implications - The situation serves as a warning for all traditional luxury brands, emphasizing the importance of respecting market dynamics and prioritizing consumer rights [4] - Brands must focus on both product quality and service experience to maintain competitiveness in a challenging market environment, or risk being eliminated from the market [4]

Core Viewpoint - The initiative "Three Musts and Six Prohibitions" aims to protect consumer rights and stabilize the real estate market, with over 80,000 agents and platform employees voluntarily signing commitment letters [1] Group 1: Initiative Details - "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 rational pricing decisions [1] - "Six Prohibitions" include: 1) Prohibiting subjective speculation that undermines the market; 2) Prohibiting distortion of national policies; 3) Prohibiting the release of false information; 4) Prohibiting manipulation of prices by coercing buyers and sellers; 5) Prohibiting fraudulent practices like jumping orders and commission returns; 6) Prohibiting exaggeration of service effects that mislead customer expectations [1] Group 2: Industry Context - The real estate market currently faces issues such as false listings, aggressive price suppression, and fraudulent promises, which harm consumer trust and industry health [1] - The initiative by Beike is seen as a proactive response to the national policy of "regulating real estate brokerage services" and an exploration of self-regulation to promote healthy industry development [1] - The real estate brokerage industry is encouraged to shift from "traffic competition" to "service competition," ensuring consumer confidence [1]

在商业内卷、效益至上的今天，房地产每一个产业链是否还能找到一种既自律又文明，既温暖又可持续 的商业形态和行为？ 消费者对这个问题既担心，又很关心。我们的答案是——能。1月，2026年刚一开局，贝壳找房就在全 平台启动"三必做六禁止"自律行动，超8万名经纪人及店东、平台员工积极响应，自愿签署《恪守中性 市场观承诺书》，表明"恪守中性市场观"立场，大力推动房产经纪服务回归"诚信为本"的本质。 大事不糊涂，小事讲自律。在"十五五"开局就是决战的时刻，贝壳找房及其经纪人以"马上办"的精气 神，作出"三必做"聚焦于诚信服务、信息真实与客观辅助服务，着眼于提升服务品质；"六禁止"则直指 行业痼疾，坚决抵制唱衰市场、歪曲政策、虚假宣传等违规行为，这种敢为人先、自我革命的精神与行 为，值得肯定、应该弘扬。 无论沧海如何桑田，无论物换如何星移，以市场之心为心、以天下之利为利，一个人、一个公司、一个 行业，就永远拥有取之不尽、用之不竭的发展红利和软实力。我们坚信，房地产交易市场从自律出发， 对市场稳定而言，自律是基本规范。 中华文明推崇"诚外无物"，视诚信自律为千金不易的可贵品质，这种以诚立身、守信立业的精神风貌， 无论岁月如何 ...

Core Viewpoint - Beike initiated a self-regulatory action called "Three Musts and Six Prohibitions" to reinforce a neutral market perspective and promote professionalism and integrity in real estate services [1][2][12] Group 1: Self-Regulatory Action - The "Three Musts" include providing honest and professional services, ensuring the authenticity of property information, and offering comprehensive and objective information to assist users in rational pricing decisions [1] - The "Six Prohibitions" include banning subjective market pessimism, distorting national policies, disseminating false information, manipulating prices, engaging in fraudulent practices, and misleading clients about service effectiveness [1][2] Group 2: Industry Context - The initiative responds to issues in the new media era, where some self-media bloggers have spread false listings and engaged in aggressive pricing tactics, undermining consumer trust and the healthy development of the industry [2] - Beike's actions are seen as a benchmark for the industry, promoting self-discipline and encouraging a shift from competition based on traffic to competition based on service [12] Group 3: Local Implementation - In Changsha, thousands of agents have signed the commitment, ensuring adherence to the "Three Musts and Six Prohibitions" in every transaction [6] - The Changsha office plans to implement this self-regulatory action through specialized training, internal inspections, and customer feedback to enhance professional and neutral real estate services [6]

李峰岩认为，打造对青年友好的租赁市场，需要从供给、成本、品质三个维度持续发力。他解释道，首先，需要增加优质供给，政府可提供更多优质保租 房，可以选择将优质厂房、商住用房改造成租赁房解决居住偏远问题；同时，要缓解租金压力，推出低利率专项租赁贷款，推进公积金支付房租；此外，为 解决住宅在设施完备度、生活便利性及周边配套等方面存在的不足，要积极改善房屋硬件（如完善安全措施、配套设施），通过出台法律法规规范业主直租 和机构化租赁行为，保护租客合法权益。 对于青年人而言，易获得、有品质、可负担的住房支持是感知城市温度、提升生活品质、降低生活成本的重要加分项。1月27日，在市十六届人大四次会议 期间，市人大代表、贝壳经纪事业线贝壳城市首席运营官李峰岩在接受北京商报记者专访时表示，从分散的租赁市场到规范化的行业生态，面对当前青年人 对房屋租赁的期待，北京正从供给、成本、品质三个维度打造青年友好型租赁市场。 同时随着城市发展与人才结构变化，北京租赁市场也将呈现新趋势。李峰岩预测，未来，北京租赁市场将迎来租住人群需求变化，北京高质量人才（如互联 网、AI领域从业者）增多，这类人群对房屋品质、网速等要求更高；此外，政府也将投入更 ...

智通财经APP讯，贝壳-W(02423)公布，2026年1月26日耗资约300万美元回购约49.77万股股份。 ...

贝壳-W(02423)公布，2026年1月26日耗资约300万美元回购约49.77万股股份。 ...

Core Viewpoint - Beike-W (02423.HK) announced a share repurchase of 497,700 shares at a cost of $3 million on January 26, 2026 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the repurchase was $3 million, reflecting a strategic move to enhance shareholder value [1] - The number of shares repurchased was 497,700, which may impact the company's share structure and market perception [1]