FF305 第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,146,105 | % | USD | 6.0976 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,129,902 | % | USD | 6.1952 | | | 變動日期 | 2025年9月3日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,132,359 | % | USD | 6.1818 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The current monetary policy stance in China is supportive, with measures to optimize down payment ratios and mortgage rates, potentially reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [10][11] - The real estate sector is viewed as an early-cycle indicator, making it a key economic barometer [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities, which have shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor for future developments [4] Summary by Sections Market Overview - The real estate index decreased by 0.2% this week, underperforming the CSI 300 index by 1.22 percentage points, ranking 11th among 31 sectors [12] - In the past week, 30 cities recorded new housing transaction areas of 186.1 million square meters, a 20.0% increase month-on-month but a 23.6% decrease year-on-year [23] New Housing Transactions - New housing transaction areas in first-tier cities reached 55.8 million square meters, up 11.6% month-on-month and up 12.5% year-on-year [23] - Second-tier cities saw transactions of 91.0 million square meters, a 41.9% increase month-on-month but a 20.5% decrease year-on-year [23] - Third-tier cities recorded 39.2 million square meters, down 4.1% month-on-month and down 50.6% year-on-year [23] Second-Hand Housing Transactions - The total transaction area for second-hand housing in 14 sample cities was 198.9 million square meters, a 1.4% increase month-on-month and a 13.9% increase year-on-year [31] - Year-to-date, the cumulative transaction area for second-hand housing is 7,815.4 million square meters, reflecting a 17.3% increase year-on-year [31] Credit Bond Issuance - This week, 14 credit bonds were issued by real estate companies, totaling 14.781 billion yuan, a 67.61 billion yuan increase from the previous week [41] - The net financing amount was 4.562 billion yuan, marking a significant increase of 111.56 billion yuan from the previous week [41]

Investment Rating - The report suggests a low valuation for the real estate sector, recommending to accumulate real estate stocks on dips [5]. Core Views - The real estate market is experiencing downward pressure on prices, with new home prices in 70 cities showing negative month-on-month changes for 27 consecutive months, and second-hand home prices for 28 consecutive months [4][12]. - Recent policies in major cities aim to stimulate demand for improved housing, indicating potential for recovery in the market [4][12]. - The report highlights that the basic market conditions are expected to gradually improve due to the effects of previous policies and the upcoming demand season [5]. Summary by Sections Market Overview - The A-share real estate sector saw a weekly change of -0.2%, ranking 11th among all sectors, while the Hong Kong real estate sector dropped by -3.3%, also ranking 11th [2]. - The average premium rate for land transactions remains low at 2%, with a significant year-on-year decrease in land transaction volume [2][27]. New Home Sales - In the week of September 20-26, 47 cities recorded new home sales of 380 million square meters, a week-on-week increase of 25% but a year-on-year decrease of 4% [3][32]. - Sales in first-tier cities increased by 1% week-on-week and 15% year-on-year, while second-tier cities saw a 41% week-on-week increase [3][32]. Second-Hand Home Sales - The report indicates that 22 cities sold 243 million square meters of second-hand homes, with a week-on-week increase of 2% and a year-on-year increase of 12% [40]. - First-tier cities experienced a 3% decrease week-on-week but a 24% increase year-on-year in second-hand home sales [40]. Policy Developments - New policies in cities like Shanghai aim to enhance housing quality and stimulate demand for improved housing [5][14]. - The focus of future policies will likely be on stimulating demand for improved housing, optimizing public fund policies, and revitalizing existing properties and land [4][12]. Key Companies - The top five companies in terms of land acquisition amounts are China Overseas Land & Investment, Greentown China, Poly Developments, Jianfa Group, and Binjiang Group, with acquisition amounts of 55.1 billion, 54.1 billion, 44 billion, 40 billion, and 34.7 billion respectively [27][28].

这是半佛仙人的第1885篇原创 1 这些年后台一直有人问我买卖二手房的问题，很多问题是关于要不要绕过中介的。 我只能这么说，我自己买房卖房，只要是二手房，从来不会跳过中介。 更准确地说，从来不会跳过中介平台去直接交易。 哪怕买家和卖家各种明示暗示，我都不会理会。 因为，我并不信任买家和卖家。 在这种一生也没几次的大额交易里，能坑你的，一定会坑你。 所以干脆，不要给他们坑你的机会。 金融贷款都知道要找担保方，这种大额交易，出一点点事情，都容易成为一生的坑。 再说一遍，我图的，不是房源信息，不是跑前跑后，而是平台能给整个交易流程兜底。 我不要我的余生，想起这种事情都要拍大腿后悔。 2 所以为啥要用中介交易？ 第一，风险识别，风险过滤。 平台在里面筛查对方，每一步都要核验后才有下一步。 但凡有鬼，直接终止交易。 确保我是买了个房，而不是买了个坑。 第二，哪怕有坑了，给我填上。 我付中介费，买的不光是服务，而是他们的风控体系和兜底能力。 买房，太特殊。 几十块的交易，我会相信对方是好人，因为真的不值当的坑这点钱。 但几百万的交易，我第一反应绝对是，控制风险。 我过去是做风控的，与各类大小骗局天天打交道。 我唯一得到的 ...

来源：新浪港股 贝壳-W（02423）发布公告，于2025年9月25日，该公司斥资450万美元回购69.94万股。 ...

9月22日，贝壳在天津发布"真保障"全流程服务保障体系。 □范丹妍 （图片由贝壳提供）房产交易是关系民生的重要领域。近年来，随着成都存量房市场交 易日益活跃，交易过程中发生的纠纷呈上升趋势。为提升居民住房消费信心、促进行业高质量发 展，房产经纪行业的领军企业一直在进行积极探索。2025年9月，贝壳正式推出"真保障"全流程服 务保障体系，涵盖"真实房源、房款安全、佣金可退、隐私保护、质量补偿"等重点环节，旨在通 过标准化、可执行、可赔付的保障体系，为消费者提供交易全流程的服务保障，让房产交易双方 都能省心和安心。推出"真保障"全流程服务保障体系存量房交易存在诸多风险，常见风险有产权 不明引发的纠纷、虚假承诺导致的损失、合同条款漏洞带来的麻烦、资金监管缺失潜在的风险、 房产经纪违规操作引发的问题等。为给消费者提供房产交易全流程的服务保障，让交易双方都能 省心和安心，早在2011年，链家便率先在行业内推出"真房源"承诺（真实存在、真实委托、真实 价格、真实图片），为房产交易信任体系奠定了基础；2024年11月，贝壳推出"3+3"平台级服务承 诺，同时宣布设立1亿元平台赔付保障资金，为选择贝壳的消费者提供更全面的服务 ...

Group 1: Housing Rental Regulations - The first administrative regulations specifically targeting housing rental in China were implemented on September 15, addressing issues such as housing safety, deposit refunds, rental stability, and leasing registration [2] - The regulations provide systematic provisions on housing supply, contract norms, leasing entities, and rights protection, aiming to resolve industry pain points and offer institutional guarantees [2] - The regulations prohibit the separate rental of non-residential spaces for living, set limits on the number of tenants per room, and establish minimum living space standards to eliminate "shared rental" situations [2] Group 2: Real Estate Transaction Risks - Recent warnings from Xining's Housing Security and Real Estate Management Bureau highlighted risks in second-hand property transactions, including the use of false identities in negotiations [3] - Consumers are advised to verify property ownership documents and use regulated accounts for fund settlements to mitigate transaction risks [3] - The real estate market is increasingly focused on transaction safety and service quality, with a growing emphasis on consumer rights protection as the market transitions to a "stock era" [3][4] Group 3: Company Initiatives - Beike Holdings launched a "True Guarantee" full-process service assurance system on September 22, aimed at enhancing service quality and promoting healthy industry development [1][4] - The "True Guarantee" system includes 35 service commitments, focusing on real housing sources, payment security, commission refunds, privacy protection, and quality compensation [4][5] - Beike has established a 100 million yuan special guarantee fund to ensure quick compensation for consumers facing losses during compliant transactions, with a total of 55.6 billion yuan in compensation claims processed from 2001 to August 2025 [5]

格隆汇9月26日丨贝壳-W(02423.HK)公告，2025年9月25日耗资450万美元回购70万股。 贝壳-W(02423.HK)9月25日耗资450万美元回购70万股 贝壳-W(02423.HK)9月25日耗资450万美元回购 69.7万股 相关事件 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2025年9月25日，该公司斥资450万美元回购69.94万股。 该信息由智通财经网提供 ...

第 1 頁 共 8 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | | 1,146,105 | % | USD | 6.0976 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月2日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | | 1,129,902 | % | USD | 6.1952 | | | 變動日期 | 2025年9月3日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | | 1,132,359 | % | USD | 6.1818 | | | 變動日期 | 2025年9月4日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | | 1,110,219 | % | USD | 6.304 | | | 變動日期 | 2025年9月5日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | | 1,096,452 | % | USD | 6.3821 | | | 變動日期 | 2025年9月8日 | | ...