Core Insights - The report from Caitong Securities highlights Beike's "one body, three wings" strategy, showcasing significant platform integration potential and growth elasticity in new sectors such as home decoration and housing rental [1] - The home decoration industry in China has a large market size exceeding 3 trillion yuan in 2022, with a projected compound annual growth rate of 8.1% from 2025 to 2030, potentially reaching over 7 trillion yuan by 2030 [1] - Beike's rental business, particularly the "Shengxin Rent" service, has shown rapid growth, with over 590,000 managed housing units as of June 30, 2025, representing an 88% year-on-year increase [2] Home Decoration Industry - The home decoration market is characterized by low concentration and a fragmented enterprise landscape, providing Beike with an opportunity to leverage its scale advantages for industry consolidation [1] - The company's early entry into the home decoration sector, including partnerships and acquisitions, has led to a positive operational cycle in core high-energy cities [1] Rental Business - The core competitiveness of the "Shengxin Rent" business model lies in service quality and asset operation efficiency, with a focus on standardizing service processes and enhancing operational collaboration with housing transaction services [2] - The rental business has achieved significant revenue growth, with 10.7 billion yuan in revenue for the first half of 2025, an 85% year-on-year increase, and an improvement in profit margin from -1.0% in 2023 to 7.6% [2]

| 证券代码：601108 | 证券简称：财通证券 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113043 | 债券简称：财通转债 | | 财通证券股份有限公司 关于"财通转债"2025 年付息事宜的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 财通证券股份有限公司于 2020 年 12 月 10 日发行的财通证券股份有限公司 可转换公司债券(以下简称"可转债")将于 2025 年 12 月 10 日开始支付自 2024 年 12 月 10 日至 2025 年 12 月 9 日期间的利息。根据本公司《财通证券股份有限公 司公开发行 A 股可转换公司债券募集说明书》有关条款的规定，现将有关事项 公告如下： 一、本期债券的基本情况 1、债券名称：财通证券股份有限公司 2020 年可转换公司债券。 2、债券简称：财通转债。 3、债券代码：113043。 4、发行总额：本次发行的可转债总额为人民币 38 亿元。每张面值 100 元， 按面值发行，发行数量为 3,8 ...

Group 1 - The stock price of Wanxing Technology (300624) closed at 70.34 yuan, reflecting a decline of 5.19% [1] - On June 20, 2023, Wanxing Technology reached a historical high of 172.20 yuan [2] - Analyst Yang Ye from Caitong Securities maintained an "overweight" rating for Wanxing Technology in a report published on June 20, 2023, emphasizing the company's embrace of AIGC and its acceleration towards multimodal and large model development [2]

Group 1 - The core strategy of the company is centered around "one body and three wings," focusing on home decoration and rental housing, showcasing significant platform integration potential and growth elasticity [1] - The home decoration industry has a large market size and high growth rate, but low market concentration, providing the company with scale advantages to consolidate the industry [1] - The home decoration market in China is projected to exceed 3 trillion yuan by 2025, with a compound annual growth rate of 8.1% from 2025 to 2030, potentially reaching over 7 trillion yuan by 2030 [1] Group 2 - The company's rental business includes decentralized and centralized rental housing management services, with the largest segment being the "省心租" service [2] - Service quality and asset operation efficiency are the core competitive advantages of the "省心租" business model, with a focus on standardizing service actions and improving service capabilities [2] - As of June 30, 2025, the company managed over 590,000 rental units, representing an 88% year-on-year growth, with rental business revenue reaching 10.7 billion yuan, a year-on-year increase of 85% [2]

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1]. Group 1: Company Overview - Greentown Management is a pioneer and leader in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses: government agency, commercial agency, and capital agency, along with three supporting services: financial services, urban-rural integration services, and industrial chain services [2]. - The company was listed on the main board of the Hong Kong Stock Exchange in 2020, becoming the first construction agency stock in China [2]. Group 2: Performance Metrics - In the first half of 2025, the company’s newly expanded construction agency project total building area increased by 13.9% year-on-year to 19.89 million square meters, maintaining its leading position in the industry [3]. - The estimated construction agency fees for new projects in the first half of 2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees outpaces that of the newly expanded area [3]. Group 3: Shareholder Returns - The company has consistently prioritized shareholder returns since its listing, with dividend payout ratios exceeding 100% in both 2022 and 2023 [4]. - For the first half of 2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [4]. - Following the mid-term earnings release, the company has also engaged in share buybacks, having repurchased a total of 10 million shares for a total amount of 27.91 million yuan, with the repurchased shares completed for cancellation as of October 28 [4].

Core Viewpoint - The report from Caitong Securities initiates coverage on Greentown Management Holdings (09979) with a "Buy" rating, highlighting the company's strong position in the construction agency sector, its scale advantages, brand effect, and robust order backlog, which is expected to enhance project initiation efficiency [1] Group 1: Company Overview - Greentown Management is a pioneer in the light-asset development model in China's real estate sector, focusing on three main construction agency businesses (government, commercial, and financial agency) and three supporting services (financial, urban development, and industrial chain services) [1] - The company became the first listed construction agency in China when it went public on the Hong Kong Stock Exchange in 2020 [1] Group 2: Project Expansion - In the first half of 2025, the company achieved a 13.9% year-on-year increase in newly expanded construction projects, totaling 19.89 million square meters, maintaining its leading position in the industry [2] - The projected construction agency fees for new projects in 1H2025 are approximately 5 billion yuan, reflecting a year-on-year growth of 19.1%, indicating that the growth rate of agency fees is higher than that of the newly expanded area [2] Group 3: Shareholder Returns - Since its listing, the company has prioritized shareholder returns, with a dividend payout ratio exceeding 100% in both 2022 and 2023 [3] - In 1H2025, the company declared its first interim dividend, demonstrating a proactive approach to shareholder returns [3] - Following the mid-term earnings release, the company has repurchased a total of 10 million shares, amounting to 27.91 million yuan, with the repurchased shares already completed for cancellation as of October 28 [3]

Group 1: Passenger Vehicle Market - The overall demand for passenger vehicles is expected to remain stable, with policies such as trade-in subsidies likely to continue through 2026 [1] - Structural growth in the passenger vehicle market is driven by the mid-to-high-end segment and rapid growth in export sales [1] - The market share of domestic brands and the penetration rate of new energy vehicles are stabilizing, leading to a dynamic balance between domestic and joint venture brands, as well as between fuel and new energy vehicles [1] Group 2: Robotics and Smart Driving - The smart driving sector is anticipated to enter a new phase of growth, with L2 and L3 standards gradually being implemented in China, and a surge in demand for autonomous delivery vehicles [2] - The automotive and robotics industries exhibit strong technological and customer synergies, with many automotive companies beginning to transition into the robotics sector [2] - Companies with the capability and willingness to transition into robotics are expected to have greater growth potential as the robotics industry moves from the introduction phase to the growth phase [2] Group 3: Commercial Vehicle Market - The growth in the commercial vehicle sector is primarily driven by exports, with heavy truck exports expected to recover as pressure from Russian sales eases [3] - The export of medium and large buses is projected to maintain rapid growth, with profitability largely dependent on the European market [3] - The rapid growth of AI data centers is creating additional demand in sectors such as diesel engines [3] Group 4: Recommended Investment Targets - Recommended passenger vehicle stocks include Jianghuai Automobile, BYD, and BAIC Blue Valley, with Xiaomi Group suggested for attention [4] - Recommended robotics stocks include Top Group, Yinlun, Landai Technology, and Minth Group, with New Spring and Kobot suggested for attention [4] - Recommended smart driving stocks include Bertel, Horizon, Nexperia, and Pony.ai [4] - Recommended commercial vehicle stocks include Yutong Bus and Weichai Power, with China National Heavy Duty Truck Group suggested for attention [4]

报 告 正 文 1.全球资产价格表现 股市普遍上行。 股市方面 ，本周全球主要股市普遍上涨。美股三大指数来看，本周标普500、道琼斯指数和纳斯达克指数分别上涨3.7%、3.2%和4.9%。 债市 方面， 海外主要市场债市收益率分化，10年期美债收益率下跌4bp。 商品方面， 原油价格震荡，WTI原油下跌0.6%，布伦特原油上涨0.1%，本周伦敦金价上 涨3.8%。 汇率方面， 美元指数下跌0.7%。 | 全球股市 | 周涨跌幅(%) | 月 涨跌幅(%) | 全球债市 | 周涨跌幅(bp) | 月沸跌幅(bp) | 全球汇市 | 周涨跌幅(%) | 月 涨跌幅(%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 标普500 | 3.7 | 0.1 | 美国国债收益率:2年 | -4.0 | -13.0 | 美元指数 | -0.7 | 1.8 | | 道琼斯 | 3.2 | 0.3 | 美国国债收益率:10年 | -4.0 | -11.0 | 美元兑离岸人民币 | -0.6 | -0.8 | | 纳斯达克 | 4.9 | -1.5 | 中 ...

Core Insights - The seventh Sina Finance Golden Unicorn Best Analyst Awards results were announced on November 28, highlighting top analysts in various sectors [1] Group 1: Best Analyst Awards - Caitong Securities won two research awards in the following sectors: - Fixed Income Research: Ranked 4th with lead analyst Sun Binbin and team members including Sui Xiuping, Meng Wanlin, Wang Menghan, Li Hao, and Tu Jingjing [2] - Construction and Building Materials: Ranked 7th with lead analyst Bi Chunhui and team members Zhu Jian and Chen Linyun [2] Group 2: Elite Analyst Awards - Caitong Securities also received one research award in the following sector: - Electronics: Ranked 4th with lead analyst Zhang Yimin and team members Wang Che, Wu Jiaocheng, Wang Yuran, Zhu Chenxing, and Huang Menglong [2]

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1]. Group 1: Event Overview - The 2025 Analyst Conference is described as the "Oscar" of the capital market, highlighting its significance in the industry [1]. - The event featured discussions on the future opportunities within the Chinese capital market, indicating a focus on growth and investment prospects [1]. Group 2: Analyst Awards - The results of the 7th Sina Finance Golden Unicorn Elite Analyst selection were announced, showcasing top analysts in the semiconductor and consumer electronics sectors [2]. - The top five teams recognized for their excellence in analysis are: 1. Minsheng Securities Research Team, led by Chief Analyst Fang Jing [3]. 2. Industrial Securities Research Team, led by Chief Analyst Yao Kang [3]. 3. Guohai Securities Research Team, led by Chief Analyst Yao Dandan [3]. 4. Caitong Securities Research Team, led by Chief Analyst Zhang Yimin [3]. 5. Guotai Junan Securities Research Team, led by Chief Analyst Shu Di [3].