Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The new housing transaction area has decreased year-on-year, while many regions continue to relax policies to stimulate the market [1] - The report highlights a significant shift in the real estate market dynamics, indicating a potential turning point in policy effectiveness and market stabilization [8] Summary by Sections 1. Sector Overview - The real estate sector saw a decline of 1.9% last week, while the CSI 300 and Wind A indices decreased by 0.5% and 1.1%, respectively, resulting in excess returns of -1.5% and -0.9% [55] 2. Real Estate Market Conditions - New housing market: In the last week, 36 cities recorded a new housing transaction area of 205.9 million square meters, up 10.0% month-on-month but down 18.5% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions totaled 527.4 million square meters, down 11.0% year-on-year [13][17] - Second-hand housing market: In 15 cities, the transaction area was 169.5 million square meters, up 1.6% month-on-month and up 1.4% year-on-year. Cumulatively, from June 1 to June 20, 2025, transactions reached 456 million square meters, up 7.0% year-on-year [17] - Inventory and absorption: The cumulative inventory of new homes in 13 cities was 7816.2 million square meters, up 0.3% month-on-month and down 11.6% year-on-year. The absorption cycle for new homes was 20.5 months, with a month-on-month increase of 0.8 months and a year-on-year decrease of 3.2 months [29] 3. Land Market Conditions - From June 16 to June 22, 2025, the land transaction area in 100 cities was 1571.3 million square meters, down 24.1% month-on-month and down 31.8% year-on-year. The average land price was 1732 RMB per square meter, up 32.0% month-on-month and up 30.0% year-on-year [47] - The cumulative land transaction area for 2025 was 49461.5 million square meters, down 5.2% year-on-year [47] 4. Investment Recommendations - Real estate development: Recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a suggestion to pay attention to Greentown China [8] - Property management: Recommended companies include China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Service [8] - Real estate brokerage: Recommended company is Beike, with a suggestion to pay attention to I Love My Home [9]

（貝殼控股有限公司（「本公司」）董事會於2025年6月23日通過並立即生效） 貝殼控股有限公司之經修訂及重述的 董事會提名委員會章程 本章程（「章程」）有英文及繁體中文版本可供查閱。倘本章程英文及繁體中文版本 之間出現任何歧異，概以英文版本為準。 I. 委員會的宗旨 本公司董事會（「董事會」）提名委員會（「委員會」）的宗旨是為甄選董事會及其 委員會的候選人推薦標準，確定並向董事會推薦其認為符合條件、願意並可 擔任本公司董事和董事會委員會成員的個人；就董事會組成、程序和委員會 向董事會提供建議；推薦董事擔任董事會委員會成員；定期審查董事會規模 並向董事會推薦任何適當的變動；及就董事獨立性的確定向董事會提出建議。 II. 委員會的組成 委員會應由由董事會不時決定的兩名或兩名以上董事組成，至少一名董事應 為不同性別。委員會過半數成員必須為符合香港聯合交易所有限公司證券上 市規則（經不時修訂）不時規定的獨立性要求的獨立非執行董事。委員會的每 一位成員在委員會任職均應滿足紐約證券交易所（「紐交所」）（只要本公司股 份或美國存託股份（「美國存託股份」在該交易所上市）、香港聯交所（只要本 公司股份或美國存託股份在該交易所上 ...

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].