Investment Rating - The report rates the real estate industry as "Outperforming the Market" [6] Core Insights - The real estate market is showing signs of stabilization with various supportive policies being implemented by the central and local governments, which is expected to enhance market confidence [17] - New home sales are relatively flat, but leading real estate companies are demonstrating resilience, with the top three companies showing slight year-on-year sales growth [14] - The second-hand housing market is experiencing a significant increase in transaction volume, with a year-on-year growth of 37.5% in 16 sample cities [15] - The average price decline of second-hand homes is slowing down, indicating a potential stabilization in the market [16] - The report anticipates that 2026 will see more favorable policies aimed at supporting the real estate market, particularly in the context of the 14th Five-Year Plan [18] Market Performance - In January 2026, the sales amount of the top 100 real estate companies was approximately 178.4 billion yuan, reflecting an 18.4% year-on-year decline, consistent with the overall trend for the year [14] - The A-share real estate sector underperformed the market with a decline of 2.21%, while the Hong Kong real estate sector outperformed with a gain of 5.71% [19][32] - The issuance of real estate credit bonds decreased significantly, with a net financing amount of -95.854 billion yuan in the week ending January 30, 2026 [19][38] REITs Market - The REITs index increased by 0.51% this week, with the property REITs index rising by 0.33% and the operating rights REITs index increasing by 0.74% [40][44] - The total transaction volume for REITs was 1.452 billion yuan, with property REITs accounting for 744 million yuan of this total [53] - Over the past month, the REITs index outperformed the CSI 300 index by 1.65 percentage points [50]

Core Viewpoint - Beike Zhaofang has launched a voluntary commitment signing initiative for its employees and agents to promote professionalism and integrity in real estate services, with over 80,000 agents signing the commitment since its inception [1]. Group 1: Self-Regulation Initiatives - The "Three Musts and Six Prohibitions" self-regulation action will officially launch across the platform in January 2026, emphasizing a neutral market perspective [1]. - "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]. - "Six Prohibitions" include: prohibiting subjective market pessimism, distorting national policies, publishing false information, manipulating prices, engaging in fraudulent practices, and misleading clients about service effectiveness [1][2]. Group 2: Company Policies and Compliance - Beike Zhaofang has established internal management norms to guide employees and agents in their social media behavior, emphasizing adherence to company values and a neutral market perspective [2]. - The company has a zero-tolerance policy for behaviors such as publishing false information and maliciously undermining the real estate market [2]. - The chairman and CEO, Peng Yongdong, has reiterated the importance of a balanced supply-demand market for the company's long-term development [2]. Group 3: Market Context and Challenges - The real estate market has undergone significant changes over the past five years, necessitating a reaffirmation of the neutral market perspective [3]. - The company is committed to sustainable industry development and will strictly penalize violations of its values and principles [3]. - Recent government policies aim to support high-quality development in the real estate sector, emphasizing stability in the market [5]. Group 4: Role of Real Estate Platforms - Real estate platforms play a crucial role in stabilizing the market and restoring consumer confidence, especially in the face of extreme opinions on social media [6]. - The emphasis on a neutral market perspective aligns with national goals for the real estate sector, promoting transparency and rationality [6]. - The industry is experiencing deep adjustments, with a service system based on integrity and professionalism being key to market stability and consumer confidence [7].

Core Viewpoint - Beike Zhaofang has launched a voluntary commitment initiative for its employees and agents to promote professionalism and integrity in real estate services, with nearly 100,000 agents signing the commitment since its inception [3]. Group 1: Self-Regulation Actions - In January 2026, Beike Zhaofang initiated the "Three Musts and Six Prohibitions" self-regulation action to reaffirm its neutral market view [4]. - 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 [4]. - The "Six Prohibitions" include: prohibiting subjective speculation that undermines the market; distorting national policy interpretations; publishing false information; manipulating prices; engaging in fraudulent practices; and misleading clients about service effectiveness [4]. Group 2: Commitment to Neutral Market View - The core focus of both the "Three Musts" and "Six Prohibitions" is to require platform employees and agents to adhere to a neutral market perspective [5]. - Beike Zhaofang has implemented internal management norms to guide employees and agents in their social media behavior, emphasizing adherence to company values and the neutral market view [5]. - The company has a zero-tolerance policy for behaviors such as publishing false information and maliciously undermining the real estate market [5]. Group 3: Industry Context and Future Outlook - The real estate market is undergoing significant changes, and Beike Zhaofang believes it is essential to reaffirm the neutral market view to ensure sustainable industry development [6]. - The company is actively participating in the market's orderly recovery process through a combination of internal prevention, inspection, and penalties [6]. - Recent government policies emphasize the need for high-quality development in the real estate sector, focusing on stabilizing the market and supporting housing demand [7]. Group 4: Role of Beike Zhaofang - Beike Zhaofang aims to act as a "stabilizer" in the market, promoting both internal stability within the company and public confidence in the healthy development of the real estate market [8]. - The company recognizes that without strict internal regulations, the survival of platform enterprises and the stability of the industry cannot be assured [8]. - The emphasis on integrity and professionalism is seen as crucial for the long-term stability and consumer confidence in the real estate market [8].

Core Viewpoint - The real estate market is transitioning from scale expansion to value cultivation, necessitating a redefinition of the role and responsibilities of real estate intermediary platforms [1] Group 1: Self-Regulation Actions - Beike initiated a self-regulation action called "Three Musts and Six Prohibitions" to reaffirm its "Neutral Market View," emphasizing professionalism and integrity in real estate services [1] - As of January 28, nearly 100,000 agents on the Beike platform voluntarily signed the "Neutral Market View" commitment, indicating a growing adherence to these principles [1] - The "Three Musts" include providing honest and professional services, ensuring the authenticity of property information, and offering comprehensive and objective information to assist users in rational pricing decisions [1] Group 2: Industry Transformation - The self-regulation actions reflect the urgent need for industry transformation, particularly in light of the real estate market entering a deep adjustment period [1] - The "Neutral Market View" encourages agents to objectively assess the market, recognizing risks during high periods and signs of recovery during downturns, promoting long-term market stability [2] - The real estate intermediary business is characterized as a "middleman economy," where the reputation of agents directly impacts consumer trust and decision-making [2] Group 3: Role of Technology - Beike has evolved from a transaction facilitator to an industry ecosystem builder, emphasizing the importance of agents as core assets [3] - The company is implementing strict penalties for non-compliant agents and addressing issues like false listings and price fraud, reflecting a commitment to ethical standards [3] - Technology, including big data and AI, is being leveraged to support the implementation of the "Neutral Market View," providing objective market analysis and real price evaluation tools [4][5] Group 4: Long-term Development - The adherence to the "Neutral Market View" aligns with the interests of consumers, the industry, and the government, promoting a stable market environment and preventing systemic risks [4] - The current deep adjustment in the real estate market presents both challenges and opportunities, with Beike's self-regulation actions marking a proactive response from leading industry players [5] - The transformation towards becoming market stabilizers, professional service providers, and trust builders is essential for the maturity and health of the Chinese real estate market [5]

Core Viewpoint - The integrity and service standards in the real estate market are essential for stable development, ensuring consumer confidence in buying and selling properties [1] Group 1: Industry Regulations and Self-Discipline - Since 2026, various government policies have been introduced to optimize housing provident fund policies, provide home purchase subsidies, and reduce transaction taxes, leading to increased activity in core city real estate markets [1] - The real estate market faces challenges such as false listings and aggressive price negotiations, which undermine consumer trust and affect healthy industry development [2] - The "Three Musts and Six Bans" service commitment initiated by Beike aims to enhance industry self-discipline and establish unified service standards to rebuild market trust [2][7] Group 2: Consumer Expectations and Service Commitments - Consumers' expectations have evolved from merely purchasing a home to seeking assurance and certainty in transactions, highlighting the need for reliable services [4] - Beike has introduced 35 service commitments, including guarantees for real listings and commission refunds, which have benefited consumers significantly, with a total of 58.3 billion yuan in refunds and compensations from 2001 to December 2025 [4] - The platform's ability to implement these commitments varies by city, posing challenges that reflect the value of the service provided [5] Group 3: Industry Transformation and Community Engagement - The real estate industry is transitioning from a focus on "traffic competition" to "service competition," emphasizing consumer safety and trust [7] - Real estate agencies are increasingly taking on roles that extend beyond traditional services, engaging in community governance and support initiatives [7] - A service system based on integrity and professionalism is expected to become a crucial support for consumer confidence in the real estate transaction market [7]

Group 1 - Beike-W (02423.HK) saw an afternoon increase of over 8%, specifically rising by 8.49% to reach HKD 52.4 [1] - The trading volume for Beike-W amounted to HKD 803 million [1]

Core Viewpoint - Beike-W (02423) has seen a significant increase in stock price, rising over 8% to HKD 52.4, with a trading volume of HKD 803 million, indicating positive market sentiment towards the company [1] Group 1: Market Performance - The second-hand market is showing stability in both volume and price, which is expected to positively impact Beike's performance [1] - In the first 18 days of January 2026, Beike recorded a 33% year-on-year increase in second-hand property transactions across 79 cities, suggesting a rebound in market activity [1] - Excluding market share growth, the current transaction volume corresponds to an annualized second-hand transaction volume of 860 million square meters, a 24% increase compared to 2025, aligning with the annualized figure of 840 million square meters from Q4 2024 [1] Group 2: Share Buyback Activity - Beike has been actively repurchasing its shares, spending approximately USD 300,000 to buy back around 497,700 shares on January 26, 23, and 22, and USD 350,000 for 58,910 shares on January 20 [1] - This consistent buyback activity indicates the company's confidence in its stock value and future prospects [1]

Group 1 - The core viewpoint of the article highlights that Beike-W (02423) has seen a significant increase in stock price, rising over 8% to HKD 52.4, with a trading volume of HKD 803 million [1] - GF Securities reports that the stability in the second-hand market positively impacts Beike's performance, noting a significant rebound in second-hand transaction volume in early 2026, with a 33% year-on-year increase in the first 18 days of January across 79 cities [1] - The annualized second-hand transaction volume is projected to reach 860 million square meters in 2026, reflecting a 24% increase compared to 2025, indicating a potential "small spring" in the market for 2026 [1] Group 2 - Beike has been actively repurchasing its shares, spending approximately USD 3 million on January 26 to buy back about 497,700 shares, and similar amounts on previous days for additional share repurchases [1] - The company has consistently engaged in share buybacks, with multiple transactions recorded in January, indicating a strategic move to enhance shareholder value [1]

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

Core Insights - Porsche China CEO announced plans to reduce the number of dealerships from 114 in 2025 to 80 by 2026, a nearly 30% decrease, in response to a projected 26% decline in sales in 2025 [1] - The channel optimization has led to dissatisfaction among some customers who are unable to use maintenance packages purchased at authorized dealerships due to closures, raising questions about consumer rights protection [1][2] - The luxury car market is entering a phase of inventory competition, where brands are consolidating resources and focusing on high-potential markets, but Porsche's main controversy lies in its responsibility to consumers during market changes [1][2] Company Response and Consumer Trust - Porsche has faced criticism for not adequately addressing consumer concerns regarding the usability of maintenance packages after dealership closures, which has led to a loss of trust among customers [2][3] - The company has been accused of enjoying the benefits of the booming luxury car market without properly addressing consumer rights, resulting in unnecessary losses for loyal customers [2] - The lack of clear solutions for customers who purchased maintenance packages at closed dealerships reflects a failure in brand management and a depletion of consumer trust [2][3] Market Challenges and Brand Strategy - The announcement of a significant reduction in dealerships amid unresolved consumer issues may exacerbate the brand's trust crisis and further damage consumer confidence [3] - Porsche's challenges are indicative of broader issues faced by traditional luxury brands in adapting to the evolving Chinese market, particularly in terms of electric vehicle development and meeting local consumer demands [3][4] - To regain consumer trust, Porsche must implement clear solutions for affected customers and adopt a transparent approach in addressing public concerns, demonstrating accountability and commitment to consumer rights [4] Industry Implications - The situation serves as a warning for all traditional luxury brands, emphasizing the importance of respecting market dynamics and prioritizing consumer rights [4] - Brands must focus on both product quality and service experience to maintain competitiveness in a challenging market environment, or risk being eliminated from the market [4]