Core Insights - The "2025 China Top 500 Enterprises" list was released, showing a total revenue of 110.15 trillion yuan, an increase from the previous year [1] - Total assets reached 460.85 trillion yuan, growing by 7.46% [1] - Net profit attributable to shareholders amounted to 4.71 trillion yuan, with a growth of 4.39% [1] - The net profit margin was reported at 4.27%, an increase of 0.17 percentage points [1] Challenges and Opportunities - The changing business environment presents significant challenges, including geopolitical tensions and the restructuring of global supply chains, leading to increased uncertainty and instability for enterprises [2] - Domestic pressures such as demand contraction, supply shocks, and weakened expectations continue to pose difficulties for many companies [2] - Companies face internal challenges, including insufficient independent innovation capabilities, profitability issues, and a need to enhance brand influence and global positioning [2] Unique Advantages - Despite challenges, there are unique opportunities, including a large market size, a complete industrial system, stable macro policies, and an improving business environment [3] - The maturity of digital technologies like artificial intelligence, big data, and the Internet of Things supports enterprises in transforming production methods and achieving high-quality development [3] - The long-term positive fundamentals of the Chinese economy remain unchanged [3]

格隆汇9月15日丨贝壳-W(02423.HK)发布公告，2025年9月12日耗资272.83万美元回购40.89万股。 ...

Core Viewpoint - The company Beike-W (02423) announced a share buyback plan, indicating confidence in its financial health and future prospects [1] Group 1 - The company will spend $2.7283 million to repurchase 408,900 shares [1]

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月12日，该公司斥资272.83万美元回购40.89万 股。 ...

第 1 頁 共 11 頁 v 1.3.0 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9月15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 | ...

Core Viewpoint - The article discusses the rise of asset management-style housing rental services, where landlords entrust their properties to intermediaries for unified management, leading to improved living and service standards, but also raising concerns about the redistribution of interests among intermediaries, landlords, and tenants [2][4]. Summary by Sections Asset Management Rental Services - Asset management-style rental services involve landlords handing over their properties to intermediaries for management, including renting, collecting rent, maintenance, and operations [2][4]. - This model has gained traction among many intermediary companies, enhancing living standards but also sparking debates over the interests of landlords and tenants being overlooked [2]. Cost Comparison - A case study shows that renting a managed property costs 21.38 million yuan over three years compared to 19.98 million yuan for direct rental, indicating that direct rentals are cheaper but managed properties offer better management and services [4]. Intermediary Benefits - For intermediaries, the asset management business provides stable income and transforms scattered properties into operational assets, allowing for additional revenue from financial, home decoration, and housekeeping services [7]. Landlord and Tenant Perspectives - Landlords transition from being mere property owners to asset owners, reducing risks associated with vacancy and management tasks [7]. - Tenants benefit from higher service standards, reduced disputes with landlords, and conveniences like cleaning and maintenance services [8]. Challenges in the Market - Issues arise such as limited visibility for direct rentals, reduced viewing frequency for direct rental properties, and fewer options for landlords who wish to rent out their properties quickly [8]. - Many landlords still rely on professional intermediaries due to the complexities of self-renting [8]. Industry Trends - The revenue structure of intermediary companies is shifting, with rental service income rising significantly; for example, Beike's rental service revenue reached 21.8% by mid-2025 [10]. - Companies like I Love My Home report that asset management is their largest revenue source, indicating a trend towards stable income through property management rather than traditional brokerage [10]. Future Considerations - The article suggests that the current issues in the asset management rental sector are temporary and will improve as companies enhance their asset management capabilities [11]. - There is a need for better financial oversight in the management of tenant deposits, as the accumulation of funds can pose risks if management companies fail [12].

Group 1 - The company, Beike-W (02423), announced a share buyback plan, spending approximately $3.4568 million to repurchase about 519,300 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9月12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（ ...

Core Viewpoint - The recent salon hosted by the Beijing News Beike Finance Capital Market Research Institute focused on how patient capital can stabilize the market, aiming to build a robust ecosystem through consensus and collaboration among various financial institutions [1][4]. Group 1: Key Insights from the Salon - Long-term capital entering the market is a result of a positive capital market environment rather than the primary cause [5]. - To promote long-term capital inflow, it is crucial to optimize assessment cycles, maintain a long-term upward trend in the capital market, enforce anti-fraud measures, and reduce market volatility [6]. - A "slow bull" market is essential to attract more long-term "patient" funds into the capital market [7]. Group 2: Market Trends and Strategies - The stock market has transitioned from a "stagnation" phase to a long-term upward trend [8]. - The market needs to shift from a "liquidity-driven bull" to a "fundamentals-driven bull" for the major indices to continue breaking upward [8]. - Under a "slow bull" market, the stock market is expected to become a new reservoir for residents' assets, replacing real estate [9]. Group 3: Financial Institutions' Role - Banks are actively positioning themselves in the equity market, with the scale of "fixed income +" products expected to continue increasing [10]. - Fund companies should incentivize certain fund managers to pursue long-term stable returns to better meet the demand for long-term capital inflow [11]. - Enhancing investor education will contribute to the high-quality development of the asset management industry [12]. Group 4: Future Aspirations - The Beijing News Beike Finance Capital Market Research Institute aims to become a discoverer and shaper of capital market value, as well as a service provider and connector within the capital market ecosystem, supporting high-quality development of the Chinese economy [14].

Market Performance - On September 11, US stock indices reached historical highs, with the S&P 500 up 0.85%, Nasdaq up 0.72%, and Dow Jones up 1.36% [1] - Major tech stocks showed mixed results, with Micron Technology rising 7.55%, Tesla up 6.04%, and Apple up 1.43%, while Nvidia, Meta, and Amazon saw slight declines [1] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 2.89%, with notable gains from companies like Global Data and Century Internet, which rose over 14%, and Alibaba, which rose 8% [1] AI Chip Development - Alibaba and Baidu have reportedly begun using self-designed chips for training their AI models, partially replacing Nvidia's chips, although neither company has confirmed this information [1] Unemployment Claims - The number of first-time unemployment claims in the US reached 263,000, marking the highest level since October 2021, with an increase of 27,000 from the previous week [3] Inflation Data - The US Consumer Price Index (CPI) for August showed a month-on-month increase of 0.4% and a year-on-year increase of 2.9%, while the core CPI rose 0.3% month-on-month and 3.1% year-on-year [5] Federal Reserve Expectations - Following the CPI data, the probability of a 25 basis point rate cut by the Federal Reserve in September is estimated at 89.1%, with a 10.9% chance for a 50 basis point cut [5]