格隆汇8月15日丨贝壳-W(02423.HK)发布公告，2025年8月14日耗资400万美元回购65万股。 ...

FF305 | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月13日 | 3,430,132,293 | | 0 | | 3,430,132,293 | | 1). 其他 (請註明) | | | % | | | | | 見B部分 | | | | | | | | 變動日期 2025年8月14日 | | | | | | | | 於下列日期結束時的結存 (註5及6 ...

HHLR 加仓微牛证券等 从持仓来看，中概股占比超过 90% ，继续成为 HHLR 的核心配置，彰显其对中国优质资产 的长期看好。数据显示，今年二季度， HHLR 新买进 2 只股票，增持 2 只股票；清仓 15 只股票，减持 9 只股票。 【导读】高瓴旗下 HHLR 二季度末美股持仓曝光 中国基金报记者 吴君 北京时间 8 月 15 日， 高瓴旗下专注二级市场投资的基金管理平台 HHLR Advisors 公布了 截至 2025 年二季度末的美股持仓。 13F 文件显示，二季度末 HHLR 美股持仓总市值为 31.05 亿美元，较一季度末有所减少。 中概股继续成为其核心配置，拼多多被加仓，仍位居第一大重仓股；今年 4 月上市的微牛证 券一跃成为其第三大重仓股；阿里巴巴、贝壳、网易等前期涨幅较大的标的则被减持。 | Market Value | $3.10b, Prior: $3.54b | | --- | --- | | Inflows (Outflows) as % of Total MV | (-12.4756)% | | New Purchases | 2 stocks | | Added To | ...

Core Insights - Bridgewater Associates has divested from U.S.-listed Chinese stocks in Q2 2023, indicating a significant pullback from the market due to geopolitical tensions and declining investor confidence in China's economic outlook [1][2] - The hedge fund has closed out positions in major Chinese companies such as Baidu, Alibaba, JD.com, PDD Holdings, Nio, Trip.com Group, and Yum China, while also reducing its stake in Apple but increasing holdings in Microsoft and Nvidia [2] - Ray Dalio, the founder of Bridgewater, had previously defended investments in China but has expressed concerns about U.S.-China relations and economic challenges facing China [3] Company Actions - Bridgewater Associates has sold its stakes in several prominent Chinese companies, reflecting a strategic shift in investment focus [2] - The fund's adjustments include a reduction in Apple holdings and an increase in investments in Microsoft and Nvidia, suggesting a reallocation towards more stable or promising sectors [2] Geopolitical Context - The extension of the tariff truce between the U.S. and China for an additional 90 days has implications for trade relations, with current tariffs on Chinese imports at 30% and U.S. exports to China at 10% [4] - The potential increase in tariffs, which could have reached 145% on Chinese goods, highlights the ongoing trade tensions and their impact on investment strategies [4]

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) 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 董事會會議召開日期 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2025年8月26日（星期二）舉行董事會會議，以 （其中包括）考慮及通過(i)本集團截至2025年6月30日止三個月的未經審計財務業 績及其發佈；以及(ii)本集團截至2025年6月30日止六個月的未經審計中期業績及 其發佈。 通過撥打以下號碼，可在2025年9月2日之前收聽電話會議的重播： | 美國： | +1-855-883-1031 | | --- | --- | | 中國大陸： | 400-1209-216 | | 中國香港： | 800-930-639 | | 國際： | +61-7-3107-6325 | | 重播個人識別碼（英文專線） ...

新华财经上海8月14日电（谈瑞）继武汉、合肥、南京、北京等十余个城市之后，上海链家以及贝壳找 房也正式隐藏了上海所有二手房历史成交价格。 图为贝壳找房App上的中远两湾城小区成交房源详情页 查询链家App以及贝壳找房App可以看到，目前上海地区所有的二手房成交价在用户查询页面均已被隐 藏，前端显示为"暂无成交价"，但成交房源的面积、楼层等信息仍然保留展示。另外，除了近期成交房 源的成交价被隐藏，在售房源的房东调价信息也全部不可查看，只能看到挂牌日期、出现"价格变动"的 调价日期，但无法获悉调价的涨跌和幅度。 新华财经多次拨打上海链家的联系电话4007-001-001，但均未获接通。通过与在售房源的链家中介沟通 得知，"公司改革了，不对外显示（二手房成交价）了。"但受访中介同时也表示，在经纪人的后台依然 可以查询到所有成交信息，并向新华财经展示了包含有详细成交价格的后台查询页面，建议意向购房者 单独向中介咨询行情。 资料显示，贝壳旗下的直营品牌链家是上海地区市场份额最大的经纪机构。据多家行业机构统计数据， 链家在上海的挂牌市占率达到70%，成交市占率约为25%。在上海链家和贝壳找房隐藏上海所有二手房 历史成交价 ...

Group 1: Macro and Financial Data Insights - In July, the growth of M1 and M2 exceeded market expectations, with M2 expanding by 8.8% year-on-year and M1 growing by 5.6%, up from 8.3% and 4.6% in June respectively [2][3] - New social financing in July was 1.16 trillion yuan, lower than the Bloomberg consensus of 1.63 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating a shift in financing structure and seasonal factors [2][3] - The stock of social financing grew at a rate of 9.0% year-on-year, an increase from 8.9% in June, with seasonally adjusted month-on-month growth rising from 8.4% to 9.6% [2][3] Group 2: Banking Sector Analysis - The July social financing increment of 1.16 trillion yuan was below the expected 1.41 trillion yuan, with a year-on-year increase of 389.3 billion yuan [5] - The government bonds were the main support for social financing in July, while M1 growth showed a marginal recovery [5] - A new consumption loan subsidy policy is expected to stimulate the growth of consumer loans, indicating a positive outlook for the banking sector [5] Group 3: Company-Specific Insights - Tencent's Q2 revenue grew by 14.5% year-on-year, exceeding consensus expectations, with significant growth in value-added services, advertising, and fintech revenues [11] - The company is expected to benefit from the upcoming launch of several major shooting games, which could drive both player engagement and monetization [11] - Huatai Securities initiated coverage on Yuntianhua with a "buy" rating, citing its leading position in the phosphate industry and expected steady demand growth for fertilizers [15] Group 4: Technology and Robotics - The introduction of teaching-free robots is transforming the welding industry, addressing labor shortages and improving efficiency through advanced visual systems and welding software [7] - These robots are expected to penetrate more complex applications, such as shipbuilding, as technology continues to evolve [7] Group 5: Consumer and E-commerce Trends - SEA's Q2 revenue reached $5.26 billion, a 38.2% year-on-year increase, driven by strong performance in e-commerce and digital financial services [29] - The company anticipates continued growth in its e-commerce GMV, projecting a 25% year-on-year increase for Q3 [29] - Tencent Music's Q2 revenue was 8.44 billion yuan, up 17.9% year-on-year, benefiting from rapid growth in super memberships and strong performance in non-subscription services [27]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $22.15 [1][5][29] Core Insights - The real estate industry is experiencing a slowdown in growth, with the company expected to see a 12% year-on-year revenue increase in Q2 2025, reaching 26.3 billion RMB [5] - The adjusted net profit is projected to decline by 33% year-on-year to 1.79 billion RMB in Q2 2025, primarily due to the overall slowdown in the real estate sector [5][10] - Despite the challenges, the company is expected to improve its operating profit margin sequentially, driven by enhanced efficiency in stores and agents, as well as the continued advantages in its home decoration business [5][10] Revenue and Profit Forecast - Revenue projections for the company are adjusted downwards for 2025-2027, with expected revenues of 102.59 billion RMB, 115.78 billion RMB, and 128.57 billion RMB respectively, reflecting a decrease of 10.8%, 12.5%, and 14.1% from previous estimates [4][25][27] - The adjusted net profit for 2025 is revised to 7.02 billion RMB, down 14.6% from earlier forecasts, with further adjustments for 2026 and 2027 [25][27] Business Segment Performance - The company anticipates a 14% year-on-year growth in its home decoration business in Q2 2025, with a potential for breakeven in quarterly earnings due to increased order volumes and cost efficiencies [8][9] - The real estate transaction services are expected to show mixed results, with existing home transaction services projected to decline by 3%, while new home transaction services are expected to grow by 13% [5][10] Market Conditions - The report highlights a weakening in the real estate market, with inventory pressures and a prolonged de-stocking cycle affecting sales [6][14] - Recent policy changes in Beijing aimed at easing purchase restrictions are expected to temporarily boost transaction activity, particularly in the outer districts [7][23]

证券研究报告 港股公司|公司深度|贝壳-W（02423） 全链条生态成型，平台价值再重估 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月12日 证券研究报告 |报告要点 贝壳依托"一体三翼"战略，已由中介龙头成长为全链条居住服务平台，2024 年 GTV 达 33494 亿元，营收同比+20.2%。存量房业务基本盘稳健，GTV 达 2.2 万亿元，市占率提升至 30.7%， 仍为核心利润来源。新房业务逆势增长，收入同比+10.1%，货币化率及回款效率持续优化。家 装与租赁业务快速放量，收入分别同比+36.1%与+135.0%，构筑第二增长曲线。我们预计 2025- 2027 年经调整归母净利润分别为 80.8/90.6/99.7 亿元，平台生态协同效应显著，首次覆盖， 给予"买入"评级。 |分析师及联系人 SAC：S0590524070006 SAC：S0590524070008 SAC：S0590524100003 请务必阅读报告末页的重要声明 1 / 39 杜昊旻 姜好幸 方鹏 刘汪 港股公司|公司深度 glzqdatemark2 2025年08月12日 贝壳-W(02423) ...