Core Viewpoint - Beike-W (02423.HK) announced a share buyback plan, intending to repurchase 821,200 shares at a cost of $5 million by October 17, 2025 [1] Summary by Category - **Company Actions** - Beike-W plans to spend $5 million to buy back 821,200 shares [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10月20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 suggests a low valuation in the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Viewpoints - The real estate market is experiencing a downturn, with A-share real estate down by 2.3% and Hong Kong real estate down by 2.8% in the week of October 11-17 [1]. - The land market's premium rate is at a low level, with an average premium rate of 3% for residential land transactions in 300 cities [1]. - New housing sales in 47 cities totaled 402 million square meters, showing a week-on-week increase of 165% but a year-on-year decrease of 20% [2]. - The average opening sales rate for projects in September increased by 10 percentage points year-on-year to 39% [3]. - The new long-term loans for residents in September increased by 250 billion yuan, indicating a rebound in financing [4]. Summary by Sections Market Performance - A-share real estate sector ranked 15th with a decline of 2.3%, while Hong Kong real estate ranked 8th with a decline of 2.8% [1][17]. - The property service and management index in Hong Kong fell by 2.4%, while the Hang Seng China Enterprises Index dropped by 3.7% [22]. Land Market - In the week of October 11-17, 2025, the total area of residential land sold in 300 cities was 859 million square meters, a week-on-week increase of 26% but a year-on-year decrease of 46% [25]. - The cumulative area of residential land sold from the beginning of 2025 to now is 32,117 million square meters, down 10.2% year-on-year [25]. New Housing Sales - In the week of October 11-17, 2025, new housing sales in 47 cities totaled 402 million square meters, with a week-on-week increase of 165% but a year-on-year decrease of 20% [32]. - Sales in first-tier cities increased by 182% week-on-week but decreased by 31% year-on-year [35]. Second-hand Housing Sales - In the same week, second-hand housing sales in 22 cities totaled 266 million square meters, with a week-on-week increase of 182% but a year-on-year decrease of 18% [41]. - First-tier cities saw a week-on-week increase of 181% but a year-on-year decrease of 21% [41]. Financing Trends - The new long-term loans for residents in September amounted to 250 billion yuan, reflecting a year-on-year increase of 200 billion yuan [4][14]. - The cumulative new long-term loans from January to September decreased by 13.6% year-on-year, but the decline has narrowed compared to previous months [15].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [4][31]. Core Insights - The report indicates a narrowing decline in transaction volumes for both new and second-hand homes, with significant month-on-month increases in new home sales across major cities [4][5]. - The report emphasizes the impact of low mortgage rates and various local government initiatives aimed at revitalizing urban areas and improving housing affordability [31][32]. - The analysis suggests that the current monetary easing cycle favors commercial real estate, with a notable revaluation of quality commercial properties beginning to manifest [4][31]. Summary by Sections Industry Data - New home sales in 34 key cities reached 2.604 million square meters, a week-on-week increase of 166%, with first and second-tier cities seeing a 170% increase [5][8]. - Year-on-year, new home sales in October are down 24%, with first and second-tier cities down 22% and third and fourth-tier cities down 43% [8][9]. - The inventory of unsold residential properties in 15 cities is approximately 90.1 million square meters, with a slight week-on-week decrease of 0.2% [23][24]. Policy and News Tracking - The People's Bank of China reports that the average mortgage rate remains low at around 3.1%, down 25 basis points year-on-year [31][32]. - Various local policies have been implemented, such as tax reductions for housing rental companies in Beijing and optimized loan policies in Chengdu [31][32]. - The report notes significant land sales, including a residential land transaction in Nanjing for 1.32 billion yuan and multiple land sales in Chengdu totaling over 2.5 billion yuan [31][32]. Company Dynamics - Sales data for major real estate companies show a mixed performance, with China Jinmao reporting a 6% increase in sales volume, while other companies like Gemdale and Poly Developments show significant declines [4][36]. - Financing activities include Huafa's issuance of convertible bonds worth 4.8 billion yuan and various companies providing loan guarantees for subsidiaries [36][39]. - The report highlights the performance of the real estate sector, with the SW Real Estate Index declining by 2.35%, underperforming compared to the broader market [43][44].

贝壳-W(02423)公布，2025年10月16日耗资约500万美元回购约82.15万股股份。 ...

格隆汇10月17日丨贝壳-W(02423.HK)公告，10月16日耗资500万美元回购82.2万股。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年10月16日耗资约500万美元回购约82.15万股股份。 ...

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10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 Insights - The article discusses the design of the Adidas Superstar shoe, specifically the iconic shell toe, questioning whether it serves a functional purpose or is merely an aesthetic choice [1] Design and Functionality - The shell toe design has been a signature feature of the Adidas Superstar for over 15 years, raising curiosity about its practicality versus its visual appeal [1] - The article explores the historical context of the shell toe, suggesting that it may have originated for protective reasons in sports and later became a fashion statement [1] Cultural Impact - The Adidas Superstar has transcended its original purpose, becoming a cultural icon in various music and fashion scenes, particularly in hip-hop [1] - The shoe's design has contributed to its longevity and popularity, making it a staple in both athletic and casual wear [1]

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Share Buyback Details - The company will spend 5 million USD to repurchase 814,100 shares [1] - The buyback price per share ranges from 6.08 to 6.23 USD [1]