贝壳-W(02423)公布，2025年11月21日耗资约300万美元回购约51.66万股股份。 ...

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11月24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 ...

证券研究报告 | 行业周报 gszqdatemark 2025 11 23 年 月 日 新房：本周 30 个城市新房成交面积为 169.3 万平方米，环比提升 6.5%， 同比下降 38.2%，其中样本一线城市的新房成交面积为 42.1 万方，环比 -2.6%，同比-50.4%；样本二线城市为 98.0 万方，环比+11.2%，同比- 29.4%；样本三线城市为 29.2 万方，环比+5.7%，同比-42.0%。从今年 累计 47 周新房成交面积同比看，样本 30 城共计 8588.9 万方，同比-9.7%； 一线城市为 2291.6 万方，同比-7.0%；二线城市为 4186.7 万方，同比- 9.6%；三线城市为 2110.7 万方，同比-12.9%。 二手房：本周 14 个样本城市二手房成交面积合计 199.9 万方，环比下降 0.2%，同比下降 12.6%。其中样本一线城市的本周二手房成交面积为 79.7 万方，环比-7.0%；样本二线城市为 90.8 万方，环比 4.0%；样本三 线城市为 29.4 万方，环比 7.8%。 信用债：本周（11.17-11.23）共发行房企信用债 9 只，环比增加 5 ...

目前被窝资金存管服务合作银行为中信银行。依托中信银行的专业风控体系，贝壳建立了完整的"节点 验收、双向确认、银行拨付"机制：业主的装修资金直接存入银行专用存管账户，在完成合同约定的工 程节点，并经业主确认验收后，才能向银行申请相应比例的款项支付。 如何让消费者的权利得到维护，同时从家装企业的模式中找到服务和品质提升的内驱力？ 在此背景下，2024年6月，被窝率先在家装行业内推出资金存管试点服务，同年11月全面推开。 家装资金存管项目，是针对家装市场传统的"先付款再装修"模式导致的客户风险，尤其是装修公司卷款 跑路造成的资金风险，而推出的"先装修再付款"服务。 具体而言，被窝和第三方银行进行合作，在家装资金存管服务模式过程中，消费者分批支付的装修款项 会先被冻结在本人银行账户，然后在"水电验收、基装验收、竣工验收"关键装修环节完成之后，再将资 金解冻到家装公司账户，以确保资金安全，以及消费者对家装服务享有事实上的评价权力。 我国家装行业已步入万亿级市场规模，且呈现结构性增长态势。据艾瑞咨询《2024年中国家装行业白皮 书》数据显示，2024年家装行业细分领域中，整装服务作为主流模式，市场规模已达5860亿元，占 ...

Core Insights - The real estate industry is undergoing a fundamental transformation in its development logic, shifting from a focus on "supply of goods" to prioritizing "people" and ensuring public welfare [4][8] - The "14th Five-Year Plan" had limited focus on real estate, while the "15th Five-Year Plan" emphasizes high-quality development and risk management in the sector [7][31] Group 1: Policy Signals and Development Logic - The "15th Five-Year Plan" includes key proposals for the real estate sector, such as building "safe, comfortable, green, and smart" homes and optimizing the supply of affordable housing [3][4] - The central government is placing significant emphasis on risk prevention in real estate, recognizing its impact on local government debt and financial institutions [7][31] Group 2: Industry Transformation and Quality Improvement - The industry is transitioning from a focus on scale to enhancing product quality, with a new standard for housing that includes safety, comfort, and sustainability [8][12] - The concept of "good housing" is being defined with specific criteria, including safety measures, comfort metrics, and green building materials [13][18] Group 3: Corporate Strategies and Market Dynamics - Real estate companies are shifting their roles from merely building and selling homes to providing comprehensive lifecycle services [14][30] - Companies like Beixin Building Materials are already implementing strategic transformations to focus on quality and service, addressing consumer pain points [14][19] Group 4: Industry Collaboration and Ecosystem Development - There is a consensus on the need for an upgraded industrial chain to support the construction of "good housing," which will drive demand and stimulate economic growth [24][31] - The integration of industrialization, green technology, and digitalization is essential for breaking down barriers in design, production, and construction [26][27]

Core Viewpoint - The concept of a "good house" is centered around meeting the basic expectations of the public, primarily focusing on quality without common defects, and providing emotional value to residents [1][2][11]. Group 1: Definition and Expectations of a "Good House" - A "good house" is defined by the satisfaction of the public rather than luxury, with the absence of quality issues such as leaks and poor sound insulation being key pain points for residents [2][11]. - The industry consensus emphasizes the need for new housing to be built according to new standards for "good houses," while also addressing the existing stock of residential properties [2][11]. Group 2: Market Trends and Consumer Preferences - Developers are under pressure to enhance product quality, leading to increased competition in the market, which is reflected in improved housing quality over recent years [4][11]. - Consumers are increasingly interested in lifestyle aspects, such as community atmosphere and shared spaces, rather than just the physical structure of the house [4][11]. Group 3: Emotional and Functional Aspects - A "good house" should provide emotional value, with technology like AI needing to evolve from passive responses to proactive engagement with residents [4][6]. - The concept of a "good house" is expanding to include full functionality and adaptability throughout the life cycle of both the house and its occupants [9][11]. Group 4: Challenges in Upgrading Existing Housing - There is a significant challenge in upgrading the existing stock of residential properties, many of which suffer from low design standards and quality issues [11][12]. - Current renovations often focus on basic infrastructure improvements, leaving core issues unresolved, highlighting the need for comprehensive standards in upgrading old neighborhoods [11][12]. Group 5: Systematic Approach to Building "Good Houses" - The construction of "good houses" is a complex system involving design, construction, development, operation, and service, requiring solutions to various industry challenges [12][13]. - The integration of quality defect insurance is seen as a potential solution to ensure the maintenance and care of houses throughout their life cycle [13]. Group 6: Policy and Market Collaboration - There is a need for policy guidance and market mechanisms to encourage the adoption of new materials and technologies, shifting the focus from price competition to quality and service [13]. - The collaboration between the construction industry and advanced manufacturing is crucial for the transformation of the housing market, focusing on smart, green, and integrated solutions [13].

Market Performance - US stock indices reversed their downward trend, with all three major indices closing up by approximately 1% on November 21 [4][3] - The Dow Jones Industrial Average rose by 1.08% to 46,245.41 points, the S&P 500 increased by 0.98% to 6,602.99 points, while the Nasdaq Composite fell by 0.88% to 22,273.08 points [4] - Weekly performance showed all three indices had declined, with the Nasdaq down 2.74%, the Dow down 1.91%, and the S&P 500 down 1.95% [4] Technology Sector - The decline in technology stocks narrowed, with the US Technology Seven Giants Index rising by 0.71% [5] - Nvidia's stock fluctuated, initially dropping over 4% before recovering to a gain of 1.9%, while Google surged by 3.35% [5] - Year-to-date performance for major tech stocks showed Nvidia down 0.94%, Apple up 1.97%, and Google up 3.35% [6] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 1.23%, with notable gains in NIO (over 3%), Beike, Li Auto, and Tencent Music (over 2%) [5] - Year-to-date performance for key Chinese stocks included Alibaba down 0.20%, Netease down 0.28%, and JD.com up 1.94% [7] Gold Market - Spot gold prices rebounded above $4,100 per ounce, closing at $4,064.279 per ounce [2][9] - The gold market experienced volatility, with a weekly decline of 0.44% [9] Federal Reserve Signals - Federal Reserve officials indicated a potential interest rate cut in December, with the probability of a 25 basis point cut rising from 39.1% to approximately 70% [2][14] - Comments from Fed officials, including Williams, suggested a dovish stance, supporting the notion of a rate cut due to current economic conditions [13][16] - The upcoming Federal Reserve meeting in December is expected to be contentious, with differing opinions among officials regarding the necessity of a rate cut [17][18]

Core Viewpoint - A new individual business named "Beike Fun Specialty Handmade Gift Shop" has been established in Chahar Right Front Banner, with a registered capital of 50,000 RMB, indicating a growing trend in the local retail market for handmade and specialty items [1] Company Summary - The legal representative of the new business is Jia Chenxiang [1] - The business scope includes general projects such as sales of gifts and flowers, retail of arts and crafts and collectibles (excluding ivory and its products), sales of hair accessories, jewelry retail, nail services, and sales of daily necessities and toys [1] - The business is also authorized to engage in food sales, subject to approval from relevant authorities [1]

Group 1 - The company, Beike-W (02423), announced a share buyback plan on November 20, 2025, with an investment of approximately 2.9999 million USD [1] - The company plans to repurchase 521,800 shares at a price range of 5.68 to 5.85 HKD per share [1]

Group 1 - The company Beike-W (02423.HK) announced a share buyback plan, intending to repurchase 522,000 shares at a cost of 3 million USD [1] - The buyback will occur on November 20, 2025, with a repurchase price range of 5.68 to 5.85 USD per share [1]