Core Insights - The article discusses the launch of the "True Guarantee" full-process service assurance system by Beike, aimed at enhancing service quality in the evolving real estate market [2][4]. Group 1: Service Quality and Professionalism - Beike emphasizes the importance of continuous professional development for real estate agents, as evidenced by the participation of over 400,000 agents in the 26th "Bo Xue Da Kao" exam, which is designed to enhance their professional capabilities [2][3]. - The "Bo Xue Da Kao" has been a key initiative since its inception in 2011, reinforcing the idea that ongoing education is essential for achieving service excellence in the real estate industry [3]. Group 2: True Guarantee System - The "True Guarantee" system addresses critical pain points in property transactions, focusing on five key areas: real listings, payment security, commission refunds, privacy protection, and quality compensation, with specific commitments such as "real listings or a compensation of 100 yuan" and "commission refunds without reason if the transaction fails" [4][5]. - This system has been implemented nationwide, with collaboration from 12 new brokerage brands in Dongguan, providing comprehensive service assurance to consumers [4]. Group 3: One-Stop Service and Market Adaptation - Beike has introduced the "Beautiful Home" one-stop accelerated selling service, which enhances property visibility and reduces the average transaction time from 225 days to 32.6 days, demonstrating a significant improvement in the selling process [6]. - The company's commitment to quality service is reflected in its promise to ensure a seamless experience for homebuyers from selection to move-in, aligning with its core philosophy of making homes better [6].

2018年，链家体系进行重大重组，贝壳找房正式成立并开始运营。原有的链家资产和业务逐步注入贝壳 找房，万科的持股也相应地从链家平移至贝壳找房。 2020年8月13日，贝壳找房在美成功上市。上市后，由于新股本的稀释，万科持股比例下降至约 4.13%，但其持股市值因贝壳股价上涨而实现了大幅增长。 值得注意的是，2023年6月，有投资者在深交所互动易平台提问万科持有贝壳股票的相关问题，当时万 科的回复是："截至目前公司仍持有部分贝壳的股份"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日晚间消息，据深交所互动易信息，11月24日，万科A官方回复投资者提问时表示："公司持有 贝壳的股票已经全部出售。" 公开资料显示，双方的资本联姻始于2017年。2017年，万科出资30亿元人民币入股链家集团。其中，26 亿元入股链家地产，4亿元投向了链家系的另一公司。在链家启动D轮融资后，万科的持股比例被稀释 至约5.5%。 万科此次清仓贝壳股票，是其应对财务压力、进行自救的举措之一。从2023年底开始，万科面临债务到 期、销售下滑等多重风险，现金流严重承压。 MACD金叉信号形成，这些股涨 ...

据深交所互动易信息，11月24日，万科A官方回复投资者提问时表示："公司持有贝壳的股票已经全部出售。" 图源：深交所互动易 01 万科投资贝壳的时间可以追溯到2017年4月19日，这个时间点是在贝壳组建之前。万科以30亿元投资链家集团，获得约7.2%股权，其中26亿元入股链家地 产，4亿元入股链家系另一公司。后续经过链家D轮融资稀释，万科的持股占比下降到了约5.5%。 2018年4月，链家重组为贝壳找房。不久之后，万科持有的链家股权被按比例转换为贝壳股份。 | 披露日期 | 融资轮次 | 融资金额 | | 企业估值 | 比例 | 投资方 | | --- | --- | --- | --- | --- | --- | --- | | 2018-01-01 | 股权融资 | 未披露 | | | | 顾义创新产业发展基金 | | 2017-11-07 | 战略融资 | 未披露 | | | | 新希望 | | | | | | | | 新希望集团,染壹资本 | | | | | | | | 新希望集团 | | | | | | | | 染膏资本 | | 2017-11-20 | 战略融资 | 未披露 | | | | 高瓴资 ...

贝壳-W(02423)发布公告，该公司于2025年11月24日斥资299.7万美元回购52.25万股股份，每股回购价格 为5.7-5.77美元。 ...

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11月25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（不包括庫存 ...

Core Viewpoint - The launch of the fund custody service by Beike Zhengzhuang marks a significant step towards enhancing consumer protection and promoting transparency in the home decoration industry, addressing long-standing issues related to payment and service quality [1][3][10]. Group 1: Fund Custody Service Overview - The fund custody service has been implemented in 43 cities, providing safety guarantees for over 25,000 families in home decoration [1]. - The service aims to address two main consumer pain points: loss of control after payment and lack of fund supervision, which can lead to misuse or fraud [3][5]. - The service operates through a mechanism involving milestone acceptance and bank disbursement, ensuring funds are released only upon consumer satisfaction at key stages of the renovation [5][7]. Group 2: Consumer Benefits and Industry Impact - The fund custody model allows consumers to have more control over their funds, enhancing their bargaining power and ensuring service quality [5][12]. - The service has led to a significant reduction in customer complaints, with complaints halved since its implementation, indicating improved service quality and consumer satisfaction [12]. - The model has been recognized as a response to national policies aimed at promoting high-quality development in the home decoration sector, contributing to a more trustworthy transaction framework [10][12][13]. Group 3: Future Directions and Industry Transformation - Beike Zhengzhuang plans to continue optimizing the fund custody service and expand its coverage to more cities and demographics, reinforcing its commitment to consumer welfare [13]. - The fund custody mechanism is seen as a catalyst for industry reform, pushing companies to focus on service quality and consumer rights, thereby driving high-quality development in the sector [12][13].

来源：运营商财经网 贝壳2025年第三季度财报11月10日发布后，股价表现亮眼。截至11月21日，贝壳美股股价合计上涨超 12.2%，财报后的10个交易日内，实现8个交易日股价上涨。在房地产周期波动中，市场买入股票用真 金白银进行投票，认可贝壳未来增长潜力。 此外，受外媒报道或有更多刺激性动作消息影响，贝壳11月20日港股大涨8.4%，市场预期乐观。 在市场情绪向好、股价表现亮眼的同时，外界也出现了关于贝壳内部人员调整的相关传闻。一位接近贝 壳人士向媒体透露，所谓贝壳"整体裁员 30%""大规模裁员"的说法严重夸大失实，但的确存在公司根据 业务发展的人员调整优化。不过涉及人数远没外界传得夸张，实际涉及仅百余人，远远不及0.5%。受 影响的员工都能拿到N+4的补偿，这一点也相对比较"良心"。至于 "强迫孕妇离职" 的说法，更不可 能，这是上市公司的合规基线。 （责任编辑：康玲华） （数据来源：彭博终端） 机构层面，包括高盛、摩根士丹利、美银证券等多家国际大行及华泰证券、中金、国泰海通等国内知名 机构集体维持对其"买入"或"增持"的评级。尽管短期内房地产市场逆风导致部分机构微调目标价，但机 构共识明确：作为行业龙 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [6] Core Insights - The real estate market is experiencing significant downward pressure on both volume and price, necessitating new policy measures to boost confidence [16][20] - Short-term policies such as mortgage interest subsidies and personal income tax deductions are expected to be implemented to alleviate the current market downturn [39] - The report highlights a potential for structural recovery in the housing market, particularly in first-tier cities, if purchasing restrictions are fully lifted [39] Summary by Sections 1. Market Overview - The real estate market is facing increased downward pressure, with sales volume and prices declining significantly. In October 2025, cumulative sales area decreased by 6.8% year-on-year, and sales value dropped by 9.6% [16] - The report notes that the sales area for new homes in 45 cities totaled 2.72 million square meters, with first-tier cities experiencing a year-on-year decline of 43.19% [5] 2. Policy Directions - The report anticipates policy measures focusing on loosening purchase restrictions, providing mortgage interest subsidies, and implementing personal income tax deductions to stimulate demand [28][31] - There is a growing expectation for the central government to engage in large-scale market-oriented housing stockpiling to stabilize the market [37] 3. Stock Market and Credit Bonds - The A-share real estate sector underperformed the market, with a decline of 5.83%, while the Hong Kong real estate sector outperformed with a decline of 4.94% [41][53] - As of November 21, 2025, the cumulative issuance of real estate credit bonds reached 3,815.39 billion, with a net financing amount of -421.33 billion [41] 4. REITs Market - The REITs index experienced a decline of 1.12% this week, with transaction volumes decreasing by 8.80% [3][12] 5. Land Market - The report indicates a significant increase in land supply and transaction area across major cities, with a 92.79% increase in supply and a 24.37% increase in transaction area [4] 6. Investment Recommendations - The report suggests focusing on three areas within the real estate sector: commercial real estate (e.g., New Town Holdings, China Resources), property management (e.g., Greentown Service), and real estate brokerage (e.g., Beike, Wo Ai Wo Jia) [40]

北京商报讯（记者 马换换 李佳雪）作为年内最贵新股同时又头顶"国产GPU第一股"称号，摩尔线程 （688795）11月24日打新成为了市场焦点，公司也遭到了不少机构投资者抢筹。当日晚间，摩尔线程发 布"网上发行申购情况及中签率公告"公告显示，根据上交所提供的数据，本次网上发行有效申购户数约 为482.66万户，有效申购股数为462.17亿股，网上发行初步中签率为0.02423369%。 ...

（文章来源：每日经济新闻） 11月24日，摩尔线程公告，根据上交所提供的数据，本次网上发行有效申购户数为4,826,579户，有效申 购股数为46,216,647,000股，网上发行初步中签率为0.02423369%。 ...