Group 1 - The core viewpoint is that the impact of mid-term population changes on housing prices in developed countries/regions is limited, as there is no significant positive correlation between housing price indices and population growth rates or numbers [1] - From 2022, housing prices in 70 cities have entered a downward trend, with a widening decline expected in Q3 2024, although the year-on-year decline has narrowed since Q4 due to supportive policies [1] - The current adjustment cycle in the housing market has seen both new and second-hand housing price indices decline for over 40 months [1] Group 2 - Historical data shows that housing prices in developed countries/regions have experienced fluctuations since the 1980s, with price corrections often exceeding those in China, but eventually stabilizing [2] - Key factors for stabilizing and recovering housing prices include coordinated fiscal and monetary policies, such as large-scale quantitative easing, interest rate cuts, and fiscal subsidies [2] - A stable policy outlook, low interest rate environment, and improved supply-demand structure are crucial for halting the decline and stabilizing the real estate market [2] Group 3 - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population dynamics [3] - Recommended investment targets include strong credit property companies with good urban fundamentals and leading product capabilities, as well as firms that can drive both residential and commercial real estate [3] - The increasing penetration rate of second-hand housing indicates a promising outlook for the real estate after-service sector [3]

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9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 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) ...

贝壳(BEKE.US)盘前涨超2%，报19.11美元。消息面上，9月20日，越秀地产与贝好家联合开发的"越秀 贝好家·嘉悦云启"项目在广州白云区嘉禾望岗板块正式开盘。开盘采用线上选房形式，首推4栋建面约 84-126平方米三至四房，合计130套。据了解，嘉悦云启开盘前已经积累了200多个认筹，相当于两个人 抢一套房。选房启动后8分钟销控大屏即大面积飘红，最终实现81%去化率，成交额4.86亿元，成为白 云区年内又一去化较快的项目。(格隆汇) ...

Core Viewpoint - The real estate market in China is transitioning into a "stock era," with an increasing proportion of second-hand housing transactions, leading to more rational consumer behavior and heightened expectations for service quality [1] Group 1: Company Initiatives - Beike (BEKE.US/02423.HK) launched the "True Guarantee" service assurance system in Tianjin, which includes 35 service commitments focusing on key areas such as "real housing sources," "fund safety," and "privacy protection" [1] - The platform has implemented three major commitments nationwide: "real housing sources, compensation of 100 yuan for false listings," "no-reason commission refund if the transaction fails," and "advance payment for property debts" [1][2] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers in compliant transactions that encounter losses [2] Group 2: Risk Management and Execution - Beike employs a mechanism of "1 standard + 2 capabilities + 100 million yuan guarantee fund" to streamline the transaction process and ensure effective execution of commitments [2] - The platform has achieved a cumulative compensation of 5.56 billion yuan across 376,000 cases from 2001 to August 2025 [2] - As of July 2025, Beike's platform has reached a fund custody ratio of 97.2%, with a cumulative guarantee fund scale of 0.75 trillion yuan [5] Group 3: Market Coverage and Future Plans - The "True Guarantee" commitments have been officially launched in 10 cities, including Zhengzhou, Wuhan, and Nanjing, with plans to expand to approximately 50 out of 76 targeted cities by next year [5] - Beike aims to reduce transaction risk from 0.1% to 0.0006% through strict process control and risk management [5] - The company believes that the "True Guarantee" will be a key competitive advantage in the stock era, enhancing brand image and building a trust-based moat [5]

Market Overview - US stock market experienced a pullback after reaching highs, with all three major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] Banking Sector - Mixed performance in bank stocks, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Zions Bancorporation showing slight gains, while Bank of America, Citigroup, and US Bancorp recorded minor declines [3] Technology Sector - Technology stocks weakened, highlighted by Amazon's significant drop of 3.04%, Nvidia down 2.82%, and Tesla down 1.93%. Microsoft and META also saw declines exceeding 1%. Conversely, Intel rose by 2.02% and AMD increased by 0.69% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, marking a four-day losing streak with an overall drop of 2.22%. Notable declines included Baidu down 8.09%, Bilibili down 4.02%, and Tencent Music down 4.2%, while NIO and NetEase saw slight gains [3] Gold Market - COMEX gold experienced a pullback, closing up 0.42% at $3,796.9 per ounce, with intraday fluctuations showing a low of $3,772.4 and a high of $3,824.6. The market sentiment around gold remains conflicted, balancing fears of high prices against prevailing trends [3]

格隆汇9月23日丨贝壳-W(02423.HK)发布公告，2025年9月22日耗资450万美元回购69万股。 ...

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9月23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 | ...

Core Viewpoint - The launch of the "True Guarantee" service system by Beike aims to enhance consumer confidence in housing transactions and promote high-quality development in the real estate industry [1][3] Group 1: Service System Overview - The "True Guarantee" system includes 35 service commitments, consisting of 6 platform-level commitments and 29 brand-level commitments [3] - Key commitments include "real housing sources, compensation for false information," "no reason to refund commission if the transaction fails," and "advance payment for property debts" [3] - The system is designed to provide comprehensive service guarantees throughout the transaction process, ensuring peace of mind for both buyers and sellers [1][3] Group 2: Implementation Mechanism - Beike employs a mechanism of "1 standard + 2 capabilities + 100 million yuan guarantee fund" to ensure effective execution of commitments [3] - The standardization of service processes is supported by technology such as big data and AI models to identify risks [3] - A guarantee fund of 100 million yuan is established to provide quick compensation to consumers in case of losses during compliant transactions [3] Group 3: Industry Context and Trends - The real estate market is transitioning to a "stock era," with an increasing proportion of second-hand housing transactions, leading to heightened consumer expectations for safety and service quality [2][3] - The "True Guarantee" system is a response to the evolving needs of consumers, emphasizing the importance of quality service in driving healthy industry development [2][3] Group 4: Case Studies and Effectiveness - Real-life examples demonstrate the effectiveness of the "True Guarantee," such as quick commission refunds and prompt repairs for property issues [4] - As of July 2025, the platform has achieved a 97.2% fund custody rate and has blocked 16,000 potential transaction risks, with an actual loss occurrence rate of only 0.006% [4] Group 5: Long-term Strategy and Vision - Beike's commitment to long-termism and continuous empowerment of service providers is aimed at creating a positive cycle where consumers feel secure and service providers can focus on quality service [5][6] - The "True Guarantee" is seen as a key component in establishing Beike's core competitiveness and enhancing its brand image as a trustworthy platform [6]

Core Viewpoint - Beike has officially launched the "True Guarantee" full-process service guarantee system, which aims to enhance consumer rights protection and reflects the company's commitment to consumer welfare [1] Group 1: Service Commitment - The "True Guarantee" system covers a total of 35 service commitments, including 6 platform-level commitments and 29 brand-level commitments [1] - Since 2001, Beike has cumulatively refunded and compensated consumers a total of 5.56 billion yuan by August 2025 [1] Group 2: Operational Strategy - Beike's Chief Operating Officer, Li Fengyan, emphasized the company's dedication to providing reliable and reassuring services, aiming to push the industry towards a more standardized and secure high-quality development phase [1] - The system is supported by "1 standard + 2 capabilities + 100 million yuan guarantee fund" to ensure effective service delivery [1]

Core Viewpoint - The article highlights the controversial practices of real estate agents in China, particularly the use of hired individuals to pressure homeowners into lowering their asking prices, which raises ethical concerns and questions about market transparency [1][4][6]. Group 1: Practices of Real Estate Agents - Some second-hand housing agents employ tactics such as hiring individuals to impersonate buyers, creating a "price-cutting drama" to pressure homeowners into quick sales [1][4]. - Agents claim that these tactics help gauge the psychological price expectations of both buyers and sellers, allowing them to negotiate more effectively [4][6]. - The practice has reportedly led to significant price reductions, with instances of homes listed at 339 million yuan being negotiated down to 280 million yuan, a reduction of nearly 60 million yuan [4]. Group 2: Impact on Market Dynamics - The rise of "bargaining videos" on social media platforms has become a trend, attracting large audiences and promoting transactions in the second-hand housing market [5][6]. - Over 50% of real estate agencies in Hangzhou are reportedly engaging in short video content to attract clients, indicating a shift in marketing strategies within the industry [5]. - The current market dynamics have shifted to favor buyers, with agents now holding more negotiating power compared to homeowners, leading to a proliferation of low-priced listings [7]. Group 3: Ethical Concerns and Market Transparency - Experts have raised concerns that the tactics employed by agents may constitute civil fraud and create unnecessary anxiety among homeowners [4]. - The recent behavior of companies like Lianjia, which has been accused of hiding transaction prices, has further fueled public concern regarding market transparency [4]. - The phenomenon of "bargaining dramas" not only entertains viewers but also reflects a deeper issue of trust and sincerity in the real estate transaction process [6][7].