Investment Rating - The report assigns a "Buy" rating to CRL, C&D, China Jinmao, and KE Holdings, indicating a positive outlook for these companies in the real estate sector [8][9]. Core Insights - The recent property tour in Beijing suggests a return to normalcy in the market, with healthy visitation levels and a stabilized market backdrop, indicating that the effects of the recent property crisis have faded [2][4]. - Developers that have upgraded their products are experiencing solid sell-through rates of 60-80%, with a notable increase in the price ceiling for new homes, suggesting a competitive environment driven by product quality [3][4]. - There is a growing expectation for additional policy support to stabilize the market, although concerns about secondary home price weakness appear to be exaggerated [4]. Summary by Sections Market Overview - The property tour in Beijing reaffirmed confidence in the market, with project visits indicating a normalized backdrop and healthy visitation levels [2]. - The primary market is expected to decouple from the secondary market in terms of pricing and product quality [2]. Developer Performance - High-end developers are seeing strong sales, with C&D achieving approximately RMB 6 billion in sales at a recent project, indicating robust demand in the luxury segment [3]. - Developers are expected to benefit from a consistent flow of high-profile projects, which will help revive market sentiment [3]. Policy Expectations - There is a calibrated rise in policy expectations, with market participants anticipating support for sales momentum while being cautious of potential overstimulation by the government [4]. Stock Preferences - The report highlights CRL, C&D, China Jinmao, and KE Holdings as the best-positioned stocks to benefit from price appreciation in the new home market, with specific target prices indicating significant upside potential [5][9]. - C&D is particularly noted for attracting investor interest due to its clear pipeline of new projects [5].

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6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 | ...

Investment Rating - The report indicates a cautious investment outlook for the real estate sector, suggesting that the current data is at a bottoming phase and that further policy measures may be necessary to stabilize the market [7]. Core Insights - The A-share real estate sector experienced a decline of 1.7% this week, ranking 14th among various sectors, while the Hong Kong real estate sector fell by 1.6%, ranking 6th [3][18]. - New housing transaction volume increased by 9.3% week-on-week, marking two consecutive weeks of growth, although it remains down 7.3% year-on-year [4][34]. - The land market shows a slight recovery in premium rates, with an average premium rate of 8% for land transactions in 300 cities [3][27]. Summary by Sections Market Overview - The report highlights a decline in both A-share and Hong Kong real estate sectors, with specific weekly performance metrics indicating a negative trend [3][18]. - The property service and management index in Hong Kong also saw a decrease of 1.9% [26]. Land Market - The land market is characterized by a mix of high premium and base price transactions, with significant competition for core urban land [5][14]. - In the latest land auction in Shanghai, five plots generated a total revenue of 191.56 billion yuan, with varying premium rates [5][14]. Real Estate Transactions - New home sales in 47 cities totaled 370 million square meters, with a week-on-week increase of 9% [4][34]. - Second-hand home transactions also saw a slight increase of 2.1% week-on-week, indicating a stabilization in the market [4]. Investment Recommendations - The report suggests focusing on developers with strong positions in first-tier and core second-tier cities, such as Greentown China and Binjiang Group, which are expected to benefit from potential policy support [7]. - It also highlights the importance of property management companies that are well-positioned for growth and dividends, recommending companies like China Resources Mixc Lifestyle [7]. Data Tracking - The report provides detailed statistics on real estate development investments, new construction areas, and sales figures, indicating a continued decline in overall market performance [6][16][19]. - The cumulative land transaction area in 300 cities reached 16,293 million square meters, down 3.6% year-on-year [27][32].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 20, 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: $900.00 billion 3. Baidu: $290.62 billion [3][4]. - Other notable companies in the top 10 include: - Kuaishou: $308.94 billion - Semiconductor Manufacturing International Corporation (SMIC): $403.59 billion - JD.com: $459.34 billion [3][4]. Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Ideal Automotive: $282.81 billion - Beike: $217.69 billion - Xpeng Motors: $177.13 billion [3][4]. - The rankings continue with companies like: - New Oriental: $76.78 billion - Vipshop: $75.79 billion - Kingsoft: $70.42 billion [4][5]. Group 3: Valuation Trends - The article indicates a competitive landscape among Chinese tech firms, with significant valuations reflecting their market positions and growth potential [1]. - The data is based on the latest exchange rates, converting values from Hong Kong dollars to US dollars [5].

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6月19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 ...

FF305 | 1). | 購回股份(或其他證券)但沒有註銷 | 438,801 % USD 6.8368 | | | --- | --- | --- | --- | | | 變動日期 | | 2025年5月1日 | | 2). | 購回股份(或其他證券)但沒有註銷 | 431,187 % USD 6.9575 | | | | 變動日期 | | 2025年5月2日 | | 3). | 購回股份(或其他證券)但沒有註銷 | 434,871 % USD 6.8986 | | | | 變動日期 | | 2025年5月5日 | | 4). | 購回股份(或其他證券)但沒有註銷 | 436,089 % USD 6.8793 | | | | 變動日期 | | 2025年5月6日 | | 5). | 購回股份(或其他證券)但沒有註銷 | 454,200 % USD 6.605 | | | | 變動日期 | | 2025年5月7日 | | 6). | 購回股份(或其他證券)但沒有註銷 | 466,167 % USD 6.4354 | | | | 變動日期 | | 2025年5月8日 | | 7). | 購回股份(或其他證券) ...

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6月17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 relationship between platforms and store owners is crucial, with platforms needing to empower store owners for mutual growth in a changing real estate market [1][2]. Background Context - The real estate industry is undergoing significant changes, with first-line stores facing challenges, prompting platforms to adopt a crisis awareness mindset [2]. - Store owners are viewed as cooperative clients, emphasizing the need for platforms to support their growth for a win-win situation [2]. Challenges Faced by Store Owners - The market has shifted from a seller's market to a buyer's market, leading to an increase in listings but a decrease in buyers, complicating business management for agents [4]. - The transition from new homes to existing homes as the primary market segment has increased decision complexity for consumers, impacting transaction cycles and agent performance [4][5]. - Younger agents prioritize job satisfaction, and a lack of emotional support from store owners can affect agent retention and store management [5]. Empowerment Strategy - Beike introduced the "1+5+2" strategy, focusing on regional governance and five key areas: mechanism construction, transparency, service commitment, business assistance, and honor creation [6][8]. - The strategy aims to alleviate operational pressures on store owners, stabilize their confidence, and enhance collaborative efficiency [6][7]. Implementation and Results - As of June 2025, Beike has established 1,899 regional governance councils and 534 business effect circles, promoting collaboration and resource sharing among stores [8]. - The store points system has been implemented in over 12,000 stores, distributing over 1.1 billion in value, enhancing performance and service quality [8]. - Beike is committed to investing 400 million yuan in resources to achieve shared governance and benefits with store owners [8]. Long-term Vision - The residential service industry faces a cycle of poor consumer experience and struggling businesses, necessitating a shift in operational logic to improve service quality [9][10]. - Beike's long-term strategy involves continuous investment in industry infrastructure and service standards, aiming for sustainable growth and improved consumer trust [11].

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) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年6月1 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in sectors such as AI, new consumption, and innovative pharmaceuticals, indicating a rising risk appetite among investors [2][9]. Core Insights - The Hong Kong stock market has shown significant improvement in risk appetite, with notable performance in sectors like AI, new consumption, and innovative pharmaceuticals, leading to increased investor interest, especially in small and mid-cap stocks [2][9]. - The report suggests active participation in A+H shares due to observed discount phenomena in IPOs, with a focus on new consumption and manufacturing sectors [2][9]. - There is a sustained bullish outlook on virtual assets and the Web 3.0 market, driven by stablecoin policies and IPOs, with expectations for more regulatory developments in the future [2][9]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, highlighting the need to monitor changes in US tariff policies and domestic economic strategies [2][9]. Industry Tracking Summary 1. Education - The education index decreased by 0.98% from June 9 to June 13, underperforming compared to major indices, with 51talk rising by 12.09% and Thinking Education falling by 11.55% [10][14]. 2. Luxury Goods - The luxury goods sector faced slight pressure, with key stocks like Prada declining by 6.01% while new brands like Shiseido rose by 2.02% during the same period [18][21]. 3. Coffee and Tea - The sector showed stable growth, with individual stocks like Luckin Coffee increasing by 1.87%, while others like Bawang Tea experienced declines [23][27]. 4. E-commerce - The e-commerce sector saw a slight decline, with major players like Alibaba and JD.com facing competitive pressures, while the Hang Seng Internet Technology Index rose by 3.46% [29][34]. 5. Streaming Platforms - The streaming sector outperformed, with Tencent Music and NetEase Cloud Music showing significant gains, while Netflix experienced a decline [35][38]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization increased by 5.9%, with Bitcoin and Ethereum prices showing slight fluctuations, indicating ongoing interest in virtual assets [42][43].