Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Group 1 - The company Beike-W (02423) announced a share buyback plan [1] - The total amount allocated for the buyback is $4 million [1] - The company plans to repurchase 654,800 shares at a price range of $5.97 to $6.18 per share [1]

格隆汇8月22日丨贝壳-W(02423.HK)发布公告，2025年8月21日耗资400万美元回购65.5万股。 ...

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) | 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（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月20日 | 3,430,132,293 | | 0 | | 3,430,132,293 | | 1). 其他 (請註明) | | | % | | | | | 見B部分 | | | | | | | | 變 ...

Core Viewpoint - The article emphasizes the strategic layout of Beike Huiju, aiming to transform the rental market from simple transactions to comprehensive services, with the vision of "making renting a lifestyle" through model innovation, service extension, and ecosystem construction [1][8]. Summary by Sections Legislative Impact - The implementation of the Housing Rental Regulations marks the first legislation for the rental industry in China, establishing a legal foundation for high-quality industry development [2]. - Three major opportunities arise from the regulations: 1. Clarification of the legal status of rental enterprises, distinguishing them from traditional intermediaries and second landlords, providing identity protection for growth [2]. 2. Transition from a scale-driven, price-cutting model to a service-oriented, value-driven approach, marking a pivotal evolution in the industry [2]. 3. Policy guidance is expected to inject millions of housing units into the market, enhancing supply-side vitality [2]. Market Changes - The rental market is undergoing structural changes, affecting tenants, landlords, and supply models [6]. - The perception of renting as exclusive to young people is changing, with an increase in middle-aged and elderly renters, and families opting for long-term rentals due to educational needs or lifestyle choices [6]. - Tenant demands are evolving from merely having a place to live to seeking quality living conditions, with 37.6% of respondents prioritizing housing configuration and maintenance services [6]. - Landlords are increasingly willing to rent out properties, with over 68.3% supporting light asset management models to save time and enhance income stability [6]. - The supply side is characterized by a predominance of decentralized housing, which faces challenges but also presents opportunities for institutional operation [6]. Service Model Transformation - Beike Huiju's model focuses on light asset management, ensuring transparent rental pricing and direct connections between owners and tenants, with the company only charging management fees [8]. - The service approach has shifted from short-term transactions to long-term support, offering over 700 free maintenance services and flexible payment options to lower rental barriers for young people [8]. - This transformation enhances tenant experience and redefines the value logic of rental business from mere transaction facilitation to lifestyle management [8]. Ecosystem Development - Beike Huiju leverages its resource advantages, including a network of 55,000 stores and 490,000 agents, to enhance operational efficiency [9]. - Safety is prioritized, with strict checks during property handovers and proactive measures to address potential hazards, thereby reducing tenant complaints and increasing landlord confidence [9]. - The company employs a scoring system for property quality, focusing on five core dimensions to assess how well properties meet user needs [9]. Future Outlook - Beike Huiju aims to create a collaborative ecosystem in the rental market, connecting over 5,000 rental institutions and enhancing service efficiency through a structured division of roles [11]. - The company envisions a future where renting becomes a lifestyle, supported by professional services, diversified supply, and market-oriented operations, ultimately contributing to a healthier rental industry [11].

Core Insights - The implementation of the Housing Rental Regulations marks the first legislative effort in China's rental industry, establishing a legal foundation for high-quality development in the sector [1] - The regulations present three major opportunities for rental companies: clarifying their legal status, shifting the industry focus from scale to service quality, and increasing rental supply with an expected injection of millions of housing units into the market [1][3] Rental Market Transformation - The rental market is undergoing structural changes, with a shift in tenant demographics towards a "full lifecycle" characteristic, including an increase in middle-aged and elderly renters, as well as families seeking long-term rentals [3] - Tenant expectations have evolved from merely having a place to live to desiring quality living conditions, with 37.6% of respondents prioritizing housing features and maintenance services [3] - Landlords are increasingly willing to rent out properties, with over 68.3% supporting light asset management models to enhance efficiency and stability [3] Supply Dynamics - The supply side of the rental market is characterized by a predominance of decentralized housing, which accounts for nearly 80% of the market, but faces challenges related to quality and condition, particularly in first-tier cities where nearly 70% of properties are old [3] - The new regulations encourage diverse supply sources, fostering a dual-track system that supports both market and security needs, as well as collaboration between individuals and institutions [3] Strategic Positioning of Beike Huiju - Beike Huiju aims to transform from a transaction-focused model to a comprehensive service provider, emphasizing a vision of making renting a lifestyle choice [4] - The company adopts a light asset management approach, ensuring transparent rental pricing and direct connections between landlords and tenants, while focusing on reducing vacancy periods and enhancing tenant satisfaction [4] - Beike Huiju offers over 700 free maintenance services and flexible rental options to improve tenant experiences and redefine the value proposition of rental services [4] Safety and Quality Assurance - Safety is prioritized over scale, with rigorous checks during property handovers and a commitment to addressing safety hazards before occupancy [6] - The company employs a quality scoring system and a safety management platform to ensure transparency and efficiency in service delivery, utilizing data and technology to enhance operational standards [6] Collaborative Ecosystem Development - Beike Huiju actively engages in social practices and partnerships to enhance the rental ecosystem, including collaborations with government entities on affordable housing projects and initiatives aimed at improving living conditions for elderly renters [7] - The company recognizes the need for a collaborative approach in meeting the diverse needs of the 260 million rental population, connecting with over 5,000 rental institutions to enhance service efficiency [7] - Looking ahead, the company envisions a healthier rental market driven by professional services, diverse supply, and market-oriented operations, continuing to focus on light asset management and technological empowerment [7]

贝壳-W(02423)公布，2025年8月20日耗资约400万美元回购约65.79万股股份。 ...

格隆汇8月21日丨贝壳-W(02423.HK)发布公告，2025年8月20日耗资400万美元回购65.8万股。 ...

智通财经APP讯，贝壳-W(02423)公布，2025年8月20日耗资约400万美元回购约65.79万股股份。 ...

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8月21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 ...