Core Viewpoint - Beike-W (02423) has launched a self-regulatory initiative called "Three Musts and Six Prohibitions" to reinforce a neutral market perspective, emphasizing professionalism and integrity in real estate services [1] Group 1: Initiative Details - The initiative officially started on January 2026, with over 80,000 agents, store owners, and platform employees voluntarily signing a commitment letter [1] - Some agents have actively shared their commitment letters on social media, showcasing their adherence to the neutral market perspective [1] - This commitment letter activity is an upgrade from the public behavior norms released by Beike last year, following internal inspections and strict penalties in cities like Hangzhou [1] Group 2: Market Perspective - The platform reiterates the importance of the "neutral market perspective" as a key component of its series of promotional actions [1]

Group 1 - Beike (BEKE.US) stock rose by 3.38% to $18.02 in pre-market trading [1] - Beike announced a share repurchase plan to buy back 603,500 shares for $3.5 million on January 16, 2026 [1] - Recent financial measures in mainland China, such as a 25 basis point cut in the relending rate and a reduction of the minimum down payment for commercial real estate from 50% to 30%, are seen as direct benefits for Beike [1] Group 2 - The closing price of Beike on January 16 was $17.43, with a decrease of 0.68% [2] - The stock's highest price was $17.51, and the lowest was $17.13, with a trading volume of 3.2262 million shares [2] - Beike's total market capitalization is approximately $20.371 billion, with a price-to-earnings ratio of 40.82 [2]

Core Viewpoint - The case involving the "Beike" trademark highlights the importance of protecting well-known trademarks across different categories to maintain public trust and prevent unfair competition in the market [2][8]. Group 1: Case Background - Beike has established significant brand influence in the real estate service sector, with hundreds of service centers and millions of app downloads [3]. - The core dispute in the case was whether the use of the "Beike" trademark in renovation services infringed on its registered rights in real estate brokerage and online services [4]. Group 2: Court Ruling - The court recognized "Beike" as a well-known trademark and ruled that the defendant's actions constituted trademark infringement and unfair competition, ordering them to cease using the infringing mark and change their company name, along with compensating 200,000 yuan for economic losses and reasonable expenses [4][5]. Group 3: Criteria for Recognition of Well-Known Trademarks - The court's decision was based on the criteria for recognizing well-known trademarks, which allows for broader protection beyond registered categories to prevent public confusion and protect brand reputation [5]. - Factors considered included the trademark's recognition, promotional investments, and past protection records, confirming "Beike" as a well-known brand with significant public influence [5]. Group 4: Market Implications - The case underscores the natural consumer connection between real estate transactions and renovation services, indicating that consumers may easily confuse the two, which could lead to brand dilution [6]. - The ruling also clarifies the legal nature of using a well-known trademark as a company name, emphasizing that such actions can mislead the public and violate principles of good faith [7]. Group 5: Broader Significance - The implications of this case extend beyond a single victory for corporate rights, reinforcing the value of well-known trademarks and the necessity of accountability for infringement, thereby fostering a fair competitive environment [8][9].

Core Viewpoint - Beike's initiative to launch the "Three Musts and Six Prohibitions" self-discipline action aims to reinforce a neutral market perspective and promote professionalism and integrity in real estate services [1][3]. Group 1: Initiative Details - The "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 making rational pricing decisions [3]. - The "Six Prohibitions" include: prohibiting subjective speculation that undermines the market, distorting national policy interpretations, publishing false information, manipulating or coercing price negotiations, engaging in fraudulent practices like jumping orders or kickbacks, and exaggerating service effectiveness to mislead clients [3]. Group 2: Industry Context - The initiative is a response to the rise of false listings, aggressive price cutting, and misleading promises by some media influencers, which harm consumer trust and the healthy development of the industry [3]. - As a leading company in the industry, Beike's self-regulatory measures set a benchmark for others, emphasizing the need for the real estate brokerage sector to shift from "traffic competition" to "service competition" [4].

Core Viewpoint - Beike's initiative to promote a "neutral market view" through the "Three Musts and Six Prohibitions" self-regulation action aims to enhance professionalism and integrity in real estate services, responding to industry challenges and consumer trust issues [2][3]. Group 1: Initiative Overview - In January 2026, Beike officially launched the "Three Musts and Six Prohibitions" self-regulation action across its platform, emphasizing a neutral market perspective [2]. - Over 80,000 agents, store owners, and platform employees have voluntarily signed a commitment letter to uphold the neutral market view [2]. - The initiative is an upgrade from Beike's public behavior norms released in 2025, following internal inspections and strict penalties in cities like Hangzhou [2]. Group 2: Principles and Commitments - The "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 [2]. - The "Six Prohibitions" include: prohibiting subjective market pessimism, distorting national policy interpretations, disseminating false information, manipulating buyer-seller pricing, engaging in fraudulent practices, and misleading clients about service effectiveness [2]. Group 3: Industry Context and Response - The initiative addresses issues in the new media era, where some self-media bloggers have engaged in practices like false listings and aggressive price cutting, undermining consumer trust and industry health [3]. - Beike's self-regulation serves as a benchmark for the industry, promoting a shift from "traffic competition" to "service competition" to ensure consumer safety and confidence [3]. - Experts view Beike's actions as a proactive response to national policies aimed at regulating real estate brokerage services and as an exploration of self-regulation in platform enterprises [3].

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]

Core Viewpoint - Beike-W (02423) has launched a self-regulatory initiative called "Three Musts and Six Prohibitions" to reinforce a neutral market perspective, with over 80,000 agents and employees voluntarily signing a commitment letter to uphold this principle [1] Group 1 - The initiative officially started in January 2026 and aims to promote professionalism and integrity in real estate brokerage services [1] - The commitment letter activity encourages agents to publicly display their adherence to a neutral market perspective on social media [1] - This action is an upgrade from the public behavior norms released by Beike last year, following internal inspections and strict penalties in cities like Hangzhou [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating a positive outlook for the industry despite current challenges [6]. Core Insights - The report highlights a gradual improvement in market expectations due to supportive policies at the beginning of the year, which are expected to stabilize the housing market [2][14]. - Key policy changes include a reduction in the minimum down payment for commercial properties from 50% to 30%, aimed at stimulating market activity [15]. - The extension of tax refund policies for home sales is expected to further support housing demand, with the latest extension pushing the deadline to the end of 2027 [16]. - The report emphasizes the potential for urban renewal projects to unlock housing demand and mitigate risks associated with existing inventory [17]. Summary by Sections Market Overview - The real estate market is experiencing a stabilization phase, with both new and second-hand housing markets showing signs of recovery [2]. - Recent data indicates a significant drop in new and second-hand housing transaction volumes, with new homes down by 20.37% year-on-year and second-hand homes down by 18.53% [6]. Policy Analysis - The People's Bank of China has lowered the interest rate for guaranteed housing re-loans to 1.25%, enhancing the feasibility of converting unsold properties into affordable housing [14]. - The report notes that the ongoing tax refund policy for home sales is crucial for maintaining market stability and supporting demand for improved housing [16]. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 3.52%, while the Hong Kong real estate sector outperformed with a gain of 2.54% [19][32]. - The issuance of real estate credit bonds totaled 100 billion yuan this week, with a net financing amount of -42.55 billion yuan, indicating ongoing challenges in the credit market [39]. REITs Market - The REITs index experienced a slight decline of 0.41%, with the property REITs index down by 0.43% [41]. - The total transaction volume for REITs was 1.288 billion yuan, reflecting a decrease of 20.24% compared to the previous week [54].

Group 1: Internet Company Revenue and Profit - JD.com leads the revenue chart with 956.8 billion, followed by Alibaba at 731.9 billion and Tencent at 557.4 billion [1] - Alibaba's net profit stands at 76.5 billion, significantly higher than JD.com's 22.3 billion, while Tencent shows a strong profit of 166.6 billion [1] - The profit margin for Tencent is notably high at 30.63%, compared to Alibaba's 10.45% and JD.com's 2.33% [1] Group 2: Market Trends and Insights - The data indicates a competitive landscape among major internet companies, with varying revenue and profit margins suggesting different business strategies and operational efficiencies [1] - The significant profit margins of Tencent may indicate a focus on high-margin services, while JD.com and Alibaba are still scaling their operations [1] Group 3: Financial Performance Overview - The overall financial performance of the top internet companies reflects a diverse range of growth strategies, with some companies prioritizing revenue growth while others focus on profitability [1] - The financial results for the third quarter of 2025 highlight the ongoing evolution of the internet sector in China, with implications for future investment opportunities [1]

Group 1 - The company Beike-W (02423) announced a share buyback plan, committing to repurchase 603,500 shares at a total cost of $3.5 million [1] - The buyback price per share is set between $5.71 and $5.84 [1]