Group 1 - The top company by market capitalization is 台棋电 with a value of 11,854.84 million [2] - Tencent Holdings ranks second with a market cap of 5,904.94 million [2] - Alibaba follows in third place with a market cap of 2,722.24 million [2] Group 2 - Xiaomi Group is in fourth place with a market cap of 1,906.02 million [2] - Pinduoduo ranks fifth with a market cap of 1,492.62 million [2] - Meituan is sixth with a market cap of 991.67 million [2] Group 3 - NetEase has a market cap of 839.94 million, placing it seventh [2] - JD.com is in eighth place with a market cap of 476.7 million [3] - SMIC (中芯国际) follows closely with a market cap of 476.28 million [3] Group 4 - Kuaishou (快手-W) has a market cap of 347.93 million, ranking ninth [3] - Baidu ranks tenth with a market cap of 296.09 million [3] - Tencent Music has a market cap of 295.84 million, placing it eleventh [3] Group 5 - Li Auto (理想汽车) ranks twelfth with a market cap of 294.05 million [3] - Beike (贝壳) has a market cap of 222.61 million, placing it thirteenth [3] - Tonghuashun (同花顺) follows with a market cap of 206.05 million, ranking fourteenth [3] Group 6 - XPeng Motors (小鹏汽车) has a market cap of 172.8 million, ranking fifteenth [3] - iFlytek (科大讯飞) is sixteenth with a market cap of 153.61 million [3] - ZTO Express (中通快递) ranks seventeenth with a market cap of 142.2 million [3] Group 7 - 360 (三六零) has a market cap of 99.37 million, placing it eighteenth [3] - Baoxin Software (宝信软件) ranks nineteenth with a market cap of 94.85 million [3] - Weimob (味睡眠唾) has a market cap of 90.14 million, placing it twentieth [3] Group 8 - Hengsheng Electronics (恒生电子) ranks twenty-first with a market cap of 88.68 million [3] - New Oriental (新东方) follows with a market cap of 88.53 million, placing it twenty-second [3] - NIO (蔚来) has a market cap of 78.36 million, ranking twenty-third [3] Group 9 - Vipshop (唯品会) ranks twenty-fourth with a market cap of 77.85 million [4] - Kingsoft (金山软件) has a market cap of 72.56 million, placing it twenty-fifth [4] - Kingdee International (金蝶国际) ranks twenty-sixth with a market cap of 68.95 million [4] Group 10 - TAL Education (好未来) has a market cap of 65.2 million, placing it twenty-seventh [4] - Giant Network (巨人网络) ranks twenty-eighth with a market cap of 63.55 million [4] - Yonyou Network (用友网络) has a market cap of 62.87 million, placing it twenty-ninth [4] Group 11 - WanGuo Data (万国数据) ranks thirtieth with a market cap of 62.26 million [4] - Qifu Technology (奇富科技) has a market cap of 59.88 million, placing it thirty-first [4] - Kunlun Wanwei (昆仑万维) ranks thirty-second with a market cap of 59.46 million [4] Group 12 - Tongcheng Travel (同程旅行) has a market cap of 59.26 million, placing it thirty-third [4] - Kaiying Network (恺英网络) ranks thirty-fourth with a market cap of 57.59 million [4] - Runhe Software (润和软件) has a market cap of 56.7 million, placing it thirty-fifth [4] Group 13 - China Software (中国软件) ranks thirty-sixth with a market cap of 55.89 million [4] - Sangfor Technologies (深信服) has a market cap of 55.57 million, placing it thirty-seventh [4] - Tuo Wei Information (拓维信息) ranks thirty-eighth with a market cap of 54.48 million [4] Group 14 - 37 Interactive Entertainment (三七互娱) has a market cap of 53.49 million, placing it thirty-ninth [4] - Baichu Electronics (柏楚电子) ranks fortieth with a market cap of 53 million [4] Group 15 - Meitu (美图公司) has a market cap of 51.44 million, placing it forty-first [5] - Changshan Beiming (常山北明) ranks forty-second with a market cap of 49.14 million [5] - Newland (新大陆) has a market cap of 46.77 million, placing it forty-third [5] Group 16 - Yanshan Technology (岩山科技) ranks forty-fourth with a market cap of 44.5 million [5] - Yinzhijie (银之杰) has a market cap of 43.6 million, placing it forty-fifth [5] - Donghua Software (东华软件) ranks forty-sixth with a market cap of 43.05 million [5] Group 17 - Perfect World (完美世界) has a market cap of 41.16 million, placing it forty-seventh [5] - China Civil Aviation Information Network (中国民航信息网络) ranks forty-eighth with a market cap of 39.26 million [5] - Yunfei Zhili (云费智联) has a market cap of 38.28 million, placing it forty-ninth [5]

党建引领：破局传播痛点构建清朗生态 "房产主播是连接政策落地与群众安居需求的关键纽带，也是城市形象传播的重要窗口。" 青岛市委网 信办相关负责人在致辞中指出，但不容忽视的是，当前少数主播存在虚假信息传播、焦虑营销等问题， 不仅损害了购房者的切身利益，更扰乱了网络空间秩序。此次活动以党建引领为核心，联合市住建局、 贝壳找房等单位，通过系统性赋能推动构建 "真实、专业、阳光" 的信息生态，既是落实党中央网络综 合治理要求的具体行动，也是助力青岛建设现代化国际大都市的重要举措。 该负责人强调，从业者需从三方面践行行业责任：以真实内容守护网络空间清朗，以专业服务对接民生 安居需求，以创新传播赋能城市发展。"希望大家用镜头展现青岛 ' 红瓦绿树、碧海蓝天 ' 的宜居魅力， 让正能量成为网络空间的主流底色。" 当短视频、直播成为公众获取房产信息的重要渠道，房产自媒体信息传播生态正迎来规范化发展新挑 战。6 月 26 日，由青岛市委网信办、青岛市住建局、青岛市互联网行业党委指导，贝壳找房青岛站、 半岛网等单位承办的 "宜居青岛・阳光传播" 房产新媒体创作者赋能计划暨"e路红帆"讲坛活动正式启 动。这场汇聚主管部门、房产服务 ...

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 27, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $600.00 billion 3. Baidu: $500.00 billion [3] - Other notable companies in the top 10 include: - JD.com: $479.44 billion - SMIC: $460.02 billion - Kuaishou: $345.20 billion [4] Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Li Auto: $299.83 billion - Tencent Music: $289.65 billion - Beike: $221.41 billion [5] - The rankings continue with companies such as NIO at $77.45 billion and Vipshop at $76.25 billion, showcasing a diverse range of technology and internet firms [4][5].

Core Insights - The article highlights the transformative impact of Beike's AI assistant "Laike" on real estate agents, enabling them to efficiently meet fragmented customer demands and improve transaction success rates in a challenging market environment [1][11]. Group 1: Market Context - The real estate market is experiencing high inventory and slow turnover, necessitating faster and more effective matching of properties with new owners [1][3]. - Since the fourth quarter of the previous year, the market has shown signs of recovery due to policy support, but challenges remain [1][3]. Group 2: Technology Empowerment - Beike's "Laike" system, launched in June 2024, is designed to empower agents by integrating deeply into the WeChat ecosystem, thus enhancing communication and trust with clients [3][4]. - The system addresses the issue of fragmented customer needs by utilizing AI to streamline the service chain and improve the efficiency of property matching [5][13]. Group 3: User Experience and Trust - The "Laike" system simplifies the process of connecting clients with certified agents, significantly reducing the steps required and enhancing trust through official verification [4][10]. - The introduction of a "Five Good Service Provider" evaluation mechanism encourages agents to improve service quality and build deeper emotional connections with clients [8][10]. Group 4: Performance Metrics - As of March 2025, the "Laike" system has supported over 259 million client interactions across more than 60 cities, demonstrating its effectiveness in enhancing agents' transaction rates [11][13]. - The AI-powered "Property Maintenance Assistant" complements the "Laike" system by improving the quality and exposure of property listings, benefiting over 400,000 homeowners [11][14]. Group 5: Future Directions - Beike continues to explore AI applications in the real estate sector, with products like "Pudding AI" aimed at providing intelligent solutions for diverse user needs [13][14]. - The integration of AI in key transaction processes, such as contract signing and post-sale services, has saved agents over 30,000 hours of work, showcasing the efficiency gains from human-AI collaboration [14].

Market Performance - Major U.S. stock indices opened higher and closed with significant gains, with the Nasdaq up 1.43%, the Dow Jones up 1.19%, and the S&P 500 up 1.11% [1][5] - The Dow Jones reached its highest closing level since early March, while both the S&P 500 and Nasdaq achieved their highest closing levels since late February [1] - Large-cap tech stocks mostly rose, with Intel increasing over 6% [1][7] Chinese Stocks - The Nasdaq Golden Dragon China Index surged by 3.31%, marking its largest single-day gain since May 13 [2][10] - Notable gains were observed in various Chinese stocks, including Xiaoma Zhixing up over 16%, New Oriental up over 13%, and Kingsoft Cloud up over 7% [10] Commodity Market - COMEX gold futures fell by 1.71% to $3336.9 per ounce, while silver futures dropped by 0.9% to $35.86 per ounce [4] - International crude oil futures saw significant declines, with WTI crude oil down 6.04% to $64.37 per barrel and Brent crude oil down 6.07% to $67.14 per barrel [4] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated that inflation is expected to rise soon, and the Fed will continue to observe economic conditions before deciding on interest rate adjustments [4][12] - Powell mentioned that most Fed policymakers support a rate cut later this year, although he personally disagrees with a rate cut at the July meeting [4][16] - The market currently prices in a 23% chance of a rate cut at the July meeting, with an 82% probability for a cut in September [16]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房成交面积同比下滑，多地放松政策持续出 台 增持（维持） 2025 年 06 月 23 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -9% -3% 3% 9% 15% 21% 27% 33% 39% 45% 2024/6/24 2024/10/23 2025/2/21 2025/6/22 房地产 沪深300 相关研究 《新房成交面积同比回落，更大力度 推动房地产市场止跌回稳》 2025-06-17 《新房二手房成交同环比回落，城市 更新政策持续释放动能》 2025-06-09 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.16-2025.6.20）：上周房地产板块（中信）涨跌幅-1.9%,同期 沪深 300、万得全 A 指数涨跌幅分别为-0.5%、-1.1%，超额收益分别为 -1.5%、-0.9%。29 个中信行业板块中房地产位列第 17。 ◼ （1）新房市场：上周 36 城 ...

China Real Estate Equities Beijing tour wrap: Firming up confidence China We hosted a property tour in Beijing on 17-18 June; our key takeaways are summarised below. A sign of normalcy: Our two-day trip to Beijing (projects visited in Figure 2) reaffirmed our confidence in the market. Without prior knowledge, it almost appears the recent property turmoil never happened. Our project visits suggest a normalized backdrop and healthy visitation levels. Similar to our recent trips to Shanghai and Hangzhou, we we ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [3]. - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities, two-thirds of second-tier cities, and a very limited number of third-tier cities, which has been validated by recent sales performance [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more [3]. Summary by Sections New Housing Market - In the past week, new housing sales in 30 cities totaled 196.6 million square meters, a month-on-month increase of 9.6% but a year-on-year decrease of 16.4% [24]. - First-tier cities accounted for 51.4 million square meters, with a month-on-month increase of 2.2% and a year-on-year decrease of 17.8% [24]. - Second-tier cities saw sales of 101.1 million square meters, up 15.6% month-on-month but down 16.0% year-on-year [24]. - Third-tier cities recorded 44.2 million square meters, with a month-on-month increase of 6.1% and a year-on-year decrease of 15.5% [24]. Second-Hand Housing Market - In the same week, second-hand housing sales across 14 sample cities totaled 214.0 million square meters, remaining flat month-on-month but down 7.1% year-on-year [31]. - First-tier cities contributed 85.0 million square meters, down 2.8% month-on-month [31]. - Second-tier cities recorded 99.7 million square meters, a slight increase of 0.3% month-on-month [31]. - Third-tier cities saw a month-on-month increase of 7.5%, totaling 29.3 million square meters [31]. Credit Bond Market - During the week of June 16-22, 15 credit bonds were issued by real estate companies, totaling 10.358 billion yuan, a decrease of 0.187 billion yuan from the previous week [42]. - The total repayment amount was 13.495 billion yuan, an increase of 10.049 billion yuan week-on-week, resulting in a net financing amount of -3.137 billion yuan, down 10.236 billion yuan [42]. - The majority of the bonds issued were rated AAA, constituting 65.6% of the total [42].

行业点评 本周 A 股地产、港股地产、港股物业均下跌。本周（6.14-6.20）申万 A 股房地产板块涨跌幅为-1.7%，在各板块 中位列第 14；恒生港股房地产板块涨跌幅为-1.6%，在各板块中位列第 6。本周恒生物业服务及管理指数涨跌幅为- 1.9%，恒生中国企业指数涨跌幅为-1.5%，沪深 300 指数涨跌幅为-0.5%；物业指数对恒生中国企业指数和沪深 300 的 相对收益分别为-0.5%和-1.5%。 土地市场溢价率有所回升。本周（6.14-6.20）2025 年第 25 周，全国 300 城宅地成交建面 917 万㎡，单周环比 24%，单周同比-16%，平均溢价率 8%。2025 年初至今，全国 300 城累计宅地成交建面 16293 万㎡，累计同比-3.6%； 年初至今，保利发展、绿城中国、中海地产、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(6.14-6.20)新房成交量环比+9.3%，连续两周上升，同比-7.3%；5 月新房售价环比-0.2%，同比-4.1%，同比 降幅持续收窄；结合量价，景气度下行趋缓。本周 47 个城市商品房成交合计 370 万平米。其中：一线城市周环比+3%， ...

"店东可以没有平台，但是平台不能没有店东。" 6月10日，贝壳成都 "看见好服务"助力门店发展战略发布会上，贝壳经纪事业线贝壳城市首席运营官李 峰岩在谈及平台和店东的关系时，做了上述阐述。 这一观点提出是建立在两个背景下： 一是房地产业正在发生深刻变革，虽然一线门店正在经受重重考验，但平台作为市场的间接参与者，理 应更有危机感。二是在贝壳的商业价值判断中，店东被定位为客户，准确地说，是合作客户。 正是基于这两个背景，贝壳的危机意识再度强化。他们认为，只有全面赋能门店高质量成长，才能在周 期更迭中真正做到共赢。 当日，贝壳正式发布"1+5个2"战略体系，并宣布将投入4亿元专项资源，聚焦机制建设、服务承诺、业 务助力等多个维度赋能门店，进一步推动行业服务正循环。 第三，从业者对工作体验的重视度不断加强。伊凯表示，将近70%的95后经纪人很在意工作开不开心， 压力是否过大。如果店东给到的情绪价值不够，门店氛围不佳，经纪人的从业稳定性将会受到影响，这 也为店东的管理带来了压力。 在此背景下，作为房产经纪服务的最小单元，也是距离消费者最近的服务单元，门店将不再是简单的交 易场所，而是经纪人职业成长、价值实现的坚实平台。 ...