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%。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 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%。 ...

Core Insights - The home decoration industry has long faced consumer concerns regarding the "prepayment" model, leading to issues such as loss of control over funds and risks of fund misappropriation [1] - Beike's initiative to launch a fund custody service in June 2024 aims to address these concerns by ensuring that funds are only released upon completion of agreed milestones, thereby enhancing consumer protection [1][3] - The fund custody model has shown significant success, with over 1.6 million families served and a fund scale exceeding 24 billion yuan within the first year [3][4] Group 1 - The fund custody service allows consumers to retain control over their funds, with payments made only after verification of work completion [1] - The service has achieved a service coverage rate of over 95% and a timely fund release rate of over 96% [3] - The model has been implemented in 43 cities, benefiting over 25,000 families, with a user adoption rate exceeding 92% [3] Group 2 - The partnership with CITIC Bank ensures that funds are managed securely and transparently, validating the model's feasibility and reliability [4] - The introduction of this service has led to a significant reduction in customer complaints and has encouraged other companies to adopt similar practices, promoting industry-wide change [6] - The service aligns with national policies aimed at enhancing consumer protection and service quality in the home decoration sector [8] Group 3 - The launch of the fund custody service marks a significant step in building consumer trust within the home decoration industry [13] - The initiative not only provides tangible benefits to consumers but also encourages a shift towards standardized practices across the industry [13] - As Beike continues to refine its services and expand its reach, it is expected to drive further improvements in industry quality and consumer confidence [13]

Core Insights - The launch of the "2025 BeWo Fund Custody Service" marks a significant milestone in the home decoration service industry, focusing on consumer safety and trust [1][4] - The service aims to address two major pain points in the home decoration industry: loss of consumer control after payment and the risk of fund misappropriation [1][3] Service Upgrade - BeWo has served over 16,000 families and covered more than 4,500 communities, achieving a service coverage rate exceeding 95% and a timely fund release rate of over 96% [2] - The service model emphasizes returning control to customers, creating a positive feedback loop between customers and service providers [2][3] Innovative Mechanism - The fund custody mechanism involves a structured process where renovation funds are deposited into a dedicated bank account, with payments released only after project milestones are verified by the homeowner [2][3] - This model effectively eliminates the risk of fund misappropriation, ensuring that payments are made according to project progress and quality [2][3] Industry Impact - By October 2025, BeWo has implemented the fund custody service in 43 cities, providing safety guarantees for over 25,000 families, with a user adoption rate exceeding 92% and a completion release rate of 97% [3] - The introduction of this service has led to a 50% reduction in customer complaints compared to the previous year, indicating improved service quality and consumer satisfaction [3] Regulatory and Market Response - The fund custody service aligns with policy initiatives aimed at enhancing consumer protection in the home decoration sector, contributing to the establishment of a trustworthy transaction mechanism [4][5] - The service reflects a shift in the industry towards prioritizing consumer needs and safety, moving beyond mere price competition to focus on quality and trust [5]

Core Insights - The traditional home decoration market's "pay first, renovate later" model poses financial risks, prompting Beike to launch a "renovate first, pay later" fund custody project, enhancing consumer choice and confidence [1][2] - Beike's fund custody service has been implemented in 43 cities, providing financial security for 25,000 families, with over 92% of users opting for the service and a 97% completion rate for fund release within 7 days [1] - The service aligns with government policies aimed at high-quality development in the home decoration industry, contributing to a trustworthy transaction mechanism and improved consumer rights protection [1] Company Developments - Beike's strategy as a "full-case decoration service provider" integrates design, construction, supply chain, and after-sales services, with its subsidiary brands achieving significant service coverage [2] - The fund custody service has served over 16,000 families and covered more than 4,500 communities, with a service coverage rate exceeding 95% and a timely fund release rate above 96% [2] - The risk control mechanism established with CITIC Bank ensures that renovation funds are only released upon completion and verification of project milestones, mitigating the risk of fund misappropriation [2] Industry Impact - The introduction of fund custody services has led to a significant reduction in customer complaints, halving the volume compared to the previous year, indicating improved service quality and consumer satisfaction [2] - The industry is witnessing a positive shift, with other decoration companies beginning to adopt similar fund custody services, promoting enhanced consumer rights protection [2] - Fund custody services are seen as a groundbreaking practice in consumer safety, setting a new benchmark for consumer rights protection in the home decoration sector [2]

Core Points - The company Beike-W (02423) announced a share buyback plan, intending to repurchase approximately 516,600 shares at a cost of about $3 million [1] Summary by Category Company Actions - Beike-W plans to execute a share buyback on November 21, 2025, with an estimated expenditure of $3 million [1] - The total number of shares targeted for repurchase is approximately 516,600 [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： 2025年11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 | | | | | | | | | | 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 ...