Group 1 - The Nasdaq Golden Dragon Index (HXC) rose by 2.8% on April 1, with most Chinese concept stocks experiencing gains [1][4] - Notable gainers included TSMC up 6.78%, Alibaba up 2.88%, Pinduoduo up 3.82%, and NIO up 9.26% [1][4] - Decliners included Beike down 0.27%, Tencent Music down 0.32%, and China New Town down 4.96% [1][4] Group 2 - On a broader scale, U.S. stock indices saw significant gains on a Tuesday, with the Dow Jones rising by 1,125.19 points (2.49%) [2][5] - Despite the daily gains, all three major U.S. indices recorded declines in the first quarter, with the Nasdaq down over 7%, S&P 500 down 4.6%, and Dow Jones down approximately 3.6% [2][5] - In March, the Dow Jones fell about 5.4%, S&P 500 down 5.1%, and Nasdaq down 4.75% [3][6]

FF305 第 2 頁 共 10 頁 v 1.3.0 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： 2026年3月31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 ...

Summary of the Conference Call on China Real Estate Equities Industry Overview - The report focuses on the **China Real Estate** sector, particularly the dynamics of the **secondary market** and its implications for primary market recovery [1][2]. Key Points and Arguments 1. **Shift in Secondary Market Dynamics**: - The secondary market is transitioning from being an "exit channel" for desperate sellers to an "upgrade enabler" for buyers looking to improve their living conditions. This shift is supported by a decrease in secondary listings, with a notable decline of approximately **25% in Xiamen since December 2025** [5][6]. 2. **Household Balance Sheet Unlocking**: - A functioning resale market is crucial for household confidence and consumption. The total household wealth is estimated at **RMB 309 trillion** in housing and **RMB 167 trillion** in deposits. The expectation is that household wealth will stabilize in **2026**, allowing for better capital deployment into housing and consumer goods [5][6]. 3. **Importance of Secondary Market for Primary Recovery**: - A liquid resale market is essential for facilitating primary market transactions. If the resale market is stagnant, potential new-home buyers are unable to sell their existing homes, effectively trapping them [5][6]. 4. **Price Discovery and Market Confidence**: - A functional secondary market enhances price discovery, which is vital for restoring buyer confidence. Buyers and sellers need to see feasible transaction prices to feel secure in their financial decisions [5][6]. 5. **Housing as a Consumption Good**: - Improved liquidity in the secondary market is helping to shift the perception of housing from a speculative asset to a consumption good, which can mitigate boom-bust cycles. Frequent transactions and price stability anchored to fundamentals are creating a healthier market environment [5][6]. Additional Insights - **Transaction Volume Trends**: - Shanghai's secondary market has seen a surge, with weekly transaction volumes reaching **7,488 units** during the week of **16-22 March**, marking the highest level since **2021**. Other major cities are also experiencing similar recoveries [6][12]. - **Asking Price Trends**: - There has been a broader decline in secondary home listings, alleviating concerns about homeowners being in a rush to sell. The asking price index indicates that more sellers are raising their listing prices, suggesting a positive trend in price discovery [7][9]. - **Product Mix in Transactions**: - Units valued at **RMB 3 million or below** dominate secondary transactions in major cities like Beijing and Shanghai, indicating a trend towards upgrading homes rather than exiting the market [8][9]. - **Developer Recommendations**: - The report highlights preferred developers such as **CR Land (1109 HK)** and **C&D International (1908 HK)**, both rated as "Buy," which are expected to benefit from resilient upgrader demand and margin recovery trends in the residential segment [10][43]. Risks and Valuation - Key risks to the outlook include the inability to maintain sales momentum, lower-than-expected margins, and uncertainties related to macroeconomic and property-specific policies [43][44]. This summary encapsulates the essential insights from the conference call regarding the current state and future outlook of the China real estate sector, emphasizing the importance of secondary market dynamics in supporting primary market recovery.

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： 2026年3月30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 ...

Group 1 - The sixth China International Consumer Products Expo will be discussed in a press conference on March 30 [3] - The Shanghai Stock Exchange has revised the "Guidelines for Fund Business No. 2 - Market Making Business for Listed Funds," effective from March 30 [3] - The 2026 IEAE Shenzhen Consumer Electronics Show will take place from March 30 to April 1 [3] Group 2 - The Civil Aviation Administration of China has officially implemented the summer-autumn flight schedule starting from March 29, which will last until October 24, 2026, covering 210 days [5] - The new flight schedule includes optimized domestic routes to meet the demands for summer travel, business exchanges, and cultural tourism [5] - China's National Innovation Index ranks 9th globally, indicating steady progress towards becoming a technology powerhouse [5] Group 3 - China National Airlines has officially launched the C919 aircraft on the Beijing-Xiamen and Beijing-Harbin routes, marking its entry into regular commercial operations [9] - This launch is a significant step in expanding the C919's operational reach and enhancing the aviation market in these regions [9] Group 4 - Manycore Tech Inc. (群核科技) has successfully passed the listing hearing at the Hong Kong Stock Exchange, moving closer to its IPO [10] - The IPO is being co-sponsored by JPMorgan and Jianyin International [10] Group 5 - Insilico Medicine (英矽智能) has entered a global pipeline licensing and AI drug development collaboration with Eli Lilly, leveraging AI capabilities to accelerate the discovery and development of new therapies [12] - The agreement includes an initial payment of $115 million, with further payments contingent on development and commercialization milestones [13] Group 6 - Nestlé reported a significant theft involving a truck carrying 12 tons of KitKat chocolate, highlighting increasing security risks in cross-border logistics in Europe [14] - The stolen truck was transporting 413,793 new series chocolate bars from Italy to Poland [14] Group 7 - Beike (贝壳) has initiated a major organizational restructuring aimed at centering its operations around consumer needs, with a focus on enhancing service quality and long-term competitiveness [15] - The restructuring includes multiple notifications to adjust the organizational framework and upgrade community living service models [15]

2026.03. 29 本文字数：2088，阅读时长大约4分钟 作者 | 第一财经 孙梦凡 居住服务平台贝壳启动重大组织调整。 3月29日，贝壳集团连发八条重要通知，对集团以及事业部组织架构进行重要调整。在集团层面，成 立集团变革委员会以及五大专项管理委员会，集团事务线也进行了重大调整。 据悉，集团变革管理委员会是贝壳最高议事决策机构，负责对重大变革事项、资源配置、风险事项及 关键战略方向进行审议与形成共识，由CEO行使最终决策权；专项管理委员会包含人力资本、战略 与经营、产研、安全、文化纪律委员会。 集团事务线方面，原产研事务线产品组织架构及相关职能调整至产品事务线，原产研事务线研发组织 架构及相关职能调整至研发事务线；原人力事务线集团组织部组织架构及相关职能调整至总干部部； 原贝壳研究院组织架构及相关职能调整至公共事务线。 城市层面，下设成都区域、重庆区域、广州区域、杭州区域、南京区域、深圳区域、苏州区域、天津 区域、武汉区域、西安区域。任命李峰岩为集团高级副总裁、贝壳城市首席运营官，负责贝壳城市整 体经营管理，向彭永东汇报。 在重点城市，对原北京链家、整装北京、惠居北京进行组织架构调整，设立北京链家战略 ...

Core Viewpoint - The core viewpoint of the article is that Beike Group is undergoing a significant strategic transformation from a transaction platform to a community living service platform, driven by fundamental changes in consumer demand and the impact of AI on the industry [1][6]. Group 1: Strategic Transformation - Beike's transformation aims to shift focus from "transaction" to "residential decision support" and "long-term service relationships" to better meet evolving consumer needs [1]. - The company is embracing dual opportunities from changing consumer demands and AI's restructuring of industry fundamentals, enabling agents to transition from "information intermediaries" to "trust-based expert service providers" [1]. Group 2: Organizational Restructuring - Beike has initiated a large-scale organizational restructuring, including the establishment of a Group Transformation Management Committee led by CEO Peng Yongdong, focusing on aligning business architecture, assessment incentives, and resource allocation with consumer demand changes [6]. - The restructuring includes the formation of five specialized management committees covering human capital, strategy and operations, product research, safety, and cultural discipline [6]. Group 3: Changes in Business Operations - The organizational adjustments in Beijing Lianjia, Beike's main operational base, involve the establishment of a strategic committee and the integration of brokerage, leasing, and renovation businesses [7]. - New management roles, including three Chief Customer Officers, have been appointed to enhance customer service, reporting directly to the CEO [7]. Group 4: Financial Performance - Beike's annual report indicates a projected total transaction volume of 3.18 trillion RMB for 2025, reflecting a year-on-year decline of 5.0%, with existing and new home transaction volumes decreasing by 4.2% and 8.2%, respectively [7]. - The company's net profit for the previous year was 2.991 billion RMB, representing a year-on-year decrease of 26.7% [7].

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： 2026年3月27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 | ...

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分內容而產生或因倚 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） 授出受限制股份單位 本公司根據2020年股份激勵計劃批准於2026年3月26日向本公司獨立非執行董事 武軍先生授出合共13,059個受限制股份單位（相當於相同數目的相關A類普通股） （「董事授出」）。該董事授出毋須獲得股東批准。 董事授出受2020年股份激勵計劃的條款及條件以及本公司與武軍先生訂立的董事 服務協議及獎勵協議的規限。2020年股份激勵計劃的主要條款載於本公司日期為 2022年5月5日的上市文件附錄四「法定及一般資料－股份激勵計劃－2020年股份 激勵計劃」一節及本公司日期為2025年4月17日的2024年年度報告。 董事授出的詳情載列如下： 歸屬條件及期間 根據本公司與武軍先生訂立的董事服務協議和獎勵協 議及2020年股份激勵計劃的條款，根據董事授出向武 軍先生 ...

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： 2026年3月26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（ ...