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]

Group 1 - The company Beike-W (02423.HK) announced a share buyback plan, intending to repurchase 603,500 shares at a cost of $3.5 million on January 16, 2026 [1]

FF305 第 2 頁 共 7 頁 v 1.3.0 通股)計算。 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額3,484,617,544股 (包括3,346,029,167股 A 類普通股及138,588,377 股 B 類普 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1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 | ...

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Repurchase Details - The company plans to repurchase approximately 598,900 shares at a cost of about $3.5 million [1] - The repurchase price per share is set between $5.79 and $5.90 [1]

Group 1 - The company Beike-W (02423.HK) announced a share buyback plan, spending $3.5 million to repurchase 599,000 shares on January 15, 2026 [1]

Group 1 - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 598,900 shares at a total cost of about 3.5 million USD [1] - The buyback is scheduled to take place on January 15, 2026, with a repurchase price ranging from 5.79 to 5.90 USD per share [1]

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1月16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 - Beike (NYSE: BEKE; 02423.HK) has issued an internal notice emphasizing self-discipline across its platform, reiterating a neutral market perspective and strict adherence to company values, including the "Three Musts and Six Prohibitions" [1][2] Group 1: Internal Regulations - Beike requires all employees and platform participants to comply with the company's values and the neutral market perspective [1] - The "Three Musts" include: providing honest and professional services to stabilize the real estate market, ensuring the authenticity of property information, and offering comprehensive and objective information to assist users in rational pricing decisions [1] - The "Six Prohibitions" include: prohibiting subjective speculation that undermines the market, distorting national policy interpretations, posting false information on social media, coercing buyers and sellers to lower or raise prices, committing fraud through deceptive practices, and exaggerating service effectiveness to mislead customer expectations [1] Group 2: Enforcement Actions - Beike has already imposed strict penalties on employees and agents in locations such as Hangzhou and Changsha for violations of these regulations [1] - Specific actions taken include stopping incentive programs that encouraged price reductions, placing responsible individuals under review, and restricting their promotion and performance evaluation opportunities for one year [1]