Group 1 - The majority of Chinese concept stocks in the US market saw an increase in pre-market trading, with Bilibili rising by 4% [1] - Xpeng Motors and Li Auto both experienced a 2% increase [1] - Baidu, NIO, and Alibaba each rose by 1% [1] - JD.com and Beike saw slight declines, with JD.com down by 0.1% and Beike down by 0.9% [1]

近期，深圳新盘入市、加推密集，叠加"905新政"红利释放，直接助推新房成交量持续走高。据深圳贝 壳研究院监测，新政落地23天(9月6日至9月28日)，贝壳深圳合作门店新房认购量较新政前23天增长 35%，较8月同期增长75%。深圳贝壳研究院院长肖小平分析指出，"政策红利+优质房源"的双重吸引， 进一步放大了成交量的增长效应。 此外，贝壳"暖新驿站&主播之家"近日在深圳德佑卓乐深圳湾旗舰店正式揭牌启动，标志着深圳首批 113家门店正式启动为暖"新"服务阵地，为新就业群体提供日常关爱、参与党建活动和社区志愿活动等 服务。 随着国庆中秋长假日益临近，房企和各个平台机构也积极合作推盘，助推市场热度。 记者从贝壳获悉，贝壳深圳携手多家开发商举办"活力深圳，宜居未来"2025贝壳深圳新房节活动。今年 国庆中秋长假期间，深圳贝壳将为广大购房者提供500余套上新特价房源。购房者不仅可以享受到开发 商为贝壳客户提供的直接折扣优惠，还能叠加贝壳找房平台的专属福利。贝壳找房APP活动页面将定时 发放500元至3000元不等的成交券抽取名额。 此外，贝壳与合作开发商签订了"贝壳阳光作业服务承诺"，承诺做到不截客、不洗客、廉洁作业、阳 ...

Core Viewpoint - The article emphasizes Beike's proactive approach to building a trust infrastructure during a challenging period in the real estate market, focusing on the launch of the "True Guarantee" service system to enhance transaction security and consumer confidence [2][4]. Summary by Sections Market Context - The Chinese real estate market has entered an adjustment phase over the past four years, with transaction volumes shrinking by nearly 10 trillion yuan, while the number of industry professionals remains stable at around 1.8 million [3]. - Current practitioners face increased anxiety and competition, as the market has not previously experienced a true cycle, leading to a lack of respect for market dynamics [3]. True Guarantee System - Beike has upgraded its service from "True Source" to "True Guarantee," addressing transaction uncertainties and providing comprehensive service guarantees throughout the real estate transaction process [4][5]. - The "True Guarantee" system includes a set of standards, technical capabilities, and a 100 million yuan risk fund to ensure transaction safety [5][7]. Service Commitments - The system encompasses 35 service commitments, with key promises including "True Source, false claims compensated by 100 yuan," "No reason for commission refund if the transaction fails," and "Advance payment for property arrears" [8]. - These commitments aim to cover major risk points in second-hand property transactions, significantly reducing uncertainty costs for buyers [8]. Risk Management and Technology - Beike has invested substantial resources to enhance its transaction systems, involving over 300 engineers to redesign processes covering 12 transaction steps and 80 potential risk points [9]. - The platform has successfully blocked 16,000 risky transactions from July 2024 to July 2025, with actual loss incidents being only 96, maintaining a loss probability of 0.006% [11]. Market Performance - In the first half of the year, Beike's platform saw a 26% year-on-year increase in second-hand property transactions, outperforming the market [12]. - The company's commitment to consumer protection and transaction security has positioned it favorably against smaller competitors struggling during the market downturn [12][13]. Strategic Philosophy - Beike's founder, Zuo Hui, believes in making difficult yet correct decisions, which has historically led to long-term benefits despite short-term challenges [4][15]. - The company aims to build a trust-based ecosystem that not only benefits consumers but also protects agents and brands on its platform [14][21]. Historical Context - Beike's evolution from Lianjia reflects a consistent strategy of prioritizing transparency and consumer trust, even at the cost of short-term revenue [17][18]. - The establishment of Beike as a platform for multiple brands has created a robust network effect, enhancing its market position [18]. Trust Infrastructure - The "True Guarantee" initiative is likened to the Kula Ring, emphasizing the importance of long-term trust relationships in uncertain environments [19][20]. - By investing in trust infrastructure, Beike aims to strengthen its competitive edge and facilitate the transition from a transaction platform to a comprehensive living service provider [20][21].

| | | | 再鼎医药 | 32.960 | 4.24 | | --- | --- | --- | | ZLAB | | | | 迅雷 | 8.770 | 4.16 | | XNET | | | | 哔哩哔哩 | 27.140 | 4.02 | | BILI | | | | 阿里巴巴 | 178.715 | 3.96 | | BABA | | | | 虎虎科技 | 4.950 | 3.77 | | HUHU | | | | 声网 | 3.870 | 3.20 | | API | | | | 贝壳 | 20.050 | 3.08 | | BEKE | | | 黄金方面，现货黄金涨约1.8%，最高升至3832.75美元/盎司，刷新历史新高。 北京时间9月29日晚，美股三大指数高开后走势分化。大型科技股普涨，截至23:39分左右，道指跌0.19%，纳指、标普500指数微涨。 中概股集体上涨，纳斯达克中国金龙指数一度涨超2%，截至发稿涨1.55%，小马智行涨近7%，新东方、迅雷、哔哩哔哩等涨超4%。 | 旅方 | 纳斯达克中国金龙指数 | L | | --- | --- | --- | | | 8662.95 1. ...

Baird Asset Management, which controls Chautauqua Capital Management, a boutique investment firm, released its second quarter 2025 investor letter for the "Baird Chautauqua International and Global Growth Fund". A copy of the letter can be downloaded here. Global equity markets experienced a significant shift during the quarter, moving from notable losses to reaching new highs. Markets fell following the President's announcement of unexpectedly severe tariffs, which raised recession fears. After a brief pa ...

家居行业近期资本动态愈发频繁，盈峰集团入股索菲亚一事引发行业内外广泛关注。9月29日，盈峰集 团已成功跻身索菲亚第五大流通股东行列，目前持股数量达到1876.24万股，分别占索菲亚流通股的 2.88%和总股本的1.95%。值得注意的是，这并非盈峰集团首次在家居领域布局，此前盈峰集团以近百 亿元资金控股顾家家居。纵观近年来家居行业发展，资本入局家居行业并非个例。近年来，京东、建发 股份、贝壳等众多资本巨头纷纷涉足家居赛道，通过收购、入股等多种方式参与行业发展。 业内人士表示，资本入局可以为家居行业带来资金、技术和资源支持，不仅可以加速产业链整合，而且 可以有效推动行业向数字化、智能化以及AI技术的落地应用进行转型。从当前资本动作来看，不同背 景的资本正凭借自身技术或资源优势，为家居行业的数字化升级注入新动能。 资本密集入局 在家居行业发展潜力不断释放的背景下，诸多资本通过入股、全资收购等多样化策略纷纷进场布局。盈 峰集团在家居领域布局动作频频，此前以近百亿资金控股顾家家居，如今又入股索菲亚，进一步扩大在 家具行业的版图。 值得注意的是，除盈峰集团外，京东也在积极布局家居行业。2025年6月，京东全资收购生活家家 ...

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and potential for future growth [1] Company Summary - Beike-W plans to repurchase 694,000 shares at a total cost of $4.497 million, which reflects a strategic move to enhance shareholder value [1]

格隆汇9月29日丨贝壳-W(02423.HK)发布公告，2025年9月26日耗资449.71万美元回购69.39万股。 ...

贝壳-W(02423)发布公告，于2025年9月26日斥资449.7万美元回购69.4万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月26日斥资449.7万美元回购69.4万股。 ...