香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公司董事會（「董事會」）欣然宣佈，根據上海證券交易所及深圳證券交易所分別 刊發的公告，本公司A類普通股已獲納入滬港通及深港通（「納入」），自2025年3 月10日起生效。 於納入後，中國大陸的合資格投資者將能夠直接交易本公司的A類普通股。預期 納入將有助於進一步擴大和多元化本公司的投資者基礎，提升本公司交易流動 性，同時通過金融市場在更大程度上與中國大陸的投資者們分享本公司的成長以 及日後的進一步成功。 董事會謹此感謝本公司股東及投資者對本公司的持續支持。本公司將繼續發展業 務，為股東創造價值。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 KE Holdings Inc. 貝殼控股有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 自願公告 本公司A類普通股獲納入滬港通及深港通 本公告由貝殼控股有限公司（「本公司」）自願作出，旨在向其股東及潛在投資者提 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for the sector [3][4][10]. Core Insights - The report emphasizes the expansion of urban renewal and old housing renovation, with a focus on including residential areas built before 2000 in the urban renewal scope, which is expected to enhance residents' autonomy in housing choices [3][5][6]. - It highlights the government's commitment to accelerate the acquisition of existing residential properties and grant local governments greater autonomy regarding acquisition subjects, prices, and purposes, which is anticipated to boost the real estate market [3][8][10]. - The construction of high-quality housing is identified as a new avenue for industrial transformation, with significant potential for growth in the high-quality residential market due to unmet demand [3][9][10]. Summary by Sections Urban Renewal and Housing Renovation - Since the implementation of urban renewal in 2019, 280,000 old urban residential areas have been renovated, benefiting 120 million residents [5]. - The inclusion of residential areas built before 2000 in the urban renewal scope aims to enhance living conditions and provide more choices for residents [6][7]. Government Initiatives - The government aims to revitalize existing land and commercial properties, with a focus on acquiring existing residential properties and providing local governments with more autonomy in the acquisition process [3][8]. - A special local government bond of 4.4 trillion yuan has been allocated to support investment in construction, land acquisition, and the purchase of existing residential properties [3][8]. High-Quality Housing Development - The report notes that the demand for high-quality housing is expected to rise significantly, driven by demographic changes and an increase in the number of families seeking improved living conditions [3][10]. - The current supply of high-quality housing is insufficient to meet the growing demand, indicating a substantial opportunity for growth in this segment [3][10]. Investment Recommendations - The report recommends focusing on companies with strong product capabilities, undervalued firms, and those benefiting from urban renewal and acquisition policies, including specific companies such as China Overseas Land & Investment and Poly Developments [3][10].

特朗普或将延长 TikTok 出售期限。 制造业长期依赖很难被数字世界的技术改造和重塑，比如在互联网时代就有一批创业者和大公司下 场尝试，但多以失败告终；但 AI 或许带来了新的机会，毕竟十年前就提到的 "超级大脑" 现在终于 有技术路径实现了。 宝马或因不符合 USMCA 条款被征收高额加墨关税。 特朗普本周对遵守美墨加协定（USMCA）的汽车厂商给予一个月的关税缓征期，市场预期特朗普 或将削弱对加墨两国的关税，包括福特汽车、通用汽车、Stellantis 在内的部分汽车厂商股价出现反 弹。大众汽车于周四表示，其在北美生产的汽车符合 USMCA 的要求，或避免受到新关税政策的 影响；马自达也表示，未来 30 天内，其在墨西哥生产的 Mazda3 和 CX-30 也不会受到关税影响， 但正在等待政府的最终明确指导。 本周四，美国总统特朗普在白宫回应有关 TikTok 的问题时表示，如果 4 月 5 日前无法达成协议， 他可能会延长 TikTok 的出售期限。 不过，宝马的情况并不乐观。宝马的一位发言人对媒体表示，宝马反对加征关税，其在美国和墨西 哥生产的汽车不符合 USMCA 的规定，可能会被征收高额关税。据 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for related stocks [8]. Core Insights - The government work report emphasizes the importance of stabilizing the real estate market and gradually resolving risks while implementing policies effectively in 2025 [1][2]. - The report highlights a collaborative effort between fiscal and monetary policies to support the real estate market, with a target GDP growth of around 5% for 2025 [2]. - The focus on supply-side policies, including optimizing land use and enhancing the autonomy of local governments in land acquisition, is crucial for the industry's recovery [3][4]. - Demand-side measures will be tailored to specific cities, with potential easing of restrictions in major cities like Beijing, Shanghai, and Shenzhen [4]. Summary by Sections Government Policy Direction - The government work report outlines a clear direction for real estate policies, emphasizing risk management and the importance of the sector to the national economy [1]. - The report indicates that the core of the 2025 real estate policy will be "implementation," with a focus on the details of land acquisition and storage [1]. Fiscal and Monetary Measures - The report proposes a more proactive fiscal policy with a deficit rate increase to around 4% and plans for local government special bonds totaling 4.4 trillion yuan, aimed at investment and land acquisition [2]. - Monetary policy is expected to remain accommodative, with a potential decrease in the 5-year LPR, which would lower mortgage rates and ease the financial burden on homebuyers [2]. Supply and Demand Dynamics - On the supply side, the report stresses the need to optimize urban space and land use, while also revitalizing existing land and commercial properties [3]. - The demand side will see policies that encourage the renovation of urban villages and old housing, aiming to unlock housing demand [4]. Risk Management - The report highlights the importance of risk prevention, particularly in relation to real estate financing and the protection of homebuyers [7]. - The establishment of a real estate financing coordination mechanism is noted, with over 6 trillion yuan in loans approved to support housing projects [7]. Investment Opportunities - The report suggests focusing on high-quality real estate companies and cities that are likely to benefit from policy changes, particularly in first-tier and select second-tier cities [8]. - Specific companies recommended for investment include those with strong fundamentals and those benefiting from debt reduction and inventory clearance [8].

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy and various sectors influenced by the 2025 government work report, including technology, capital markets, real estate, and consumer sectors. Core Points and Arguments 1. **Economic Development Focus**: The government emphasizes expanding domestic demand, boosting consumption, promoting technological innovation, and supporting the development of the private economy. Consumption is highlighted as a key component of domestic demand policies [3][4][5] 2. **Capital Market Development**: The report stresses the importance of stabilizing the real estate and stock markets, with monetary policy support and capital market reforms being crucial. The management aims to create a favorable environment for the capital market [3][6][8] 3. **Investment Opportunities**: Key investment opportunities for the upcoming year are identified in technology sectors, particularly in AI computing, humanoid robots, and low-altitude economy. High-dividend sectors are also expected to see trends as recovery expectations grow [3][10] 4. **Monetary and Fiscal Policy**: The report indicates a shift towards moderately loose monetary policy and more proactive fiscal policy, with a focus on the supply of government bonds and local government debt [3][11] 5. **Real Estate Sector Outlook**: The government maintains a positive stance on the real estate sector, emphasizing the need for stable housing prices to support consumption. Specific measures include potential interest rate cuts and easing purchase restrictions in first-tier cities [3][14] 6. **Technological Innovation Initiatives**: The government outlines new initiatives in technological innovation, including advancements in AI, 6G technology, and smart devices, positioning these as core drivers of high-quality development [3][5] 7. **Consumer Electronics and Emerging Industries**: The report highlights the importance of consumer electronics, with government subsidies for products like smartphones and AR/VR devices, which will stimulate market demand [3][24] 8. **Cultural Industry Growth**: The cultural industry is seen as having significant growth potential, with support for the application of large models and the opening of the internet and cultural sectors to promote international trade [3][22] 9. **Food and Beverage Sector**: The food and beverage sector is expected to recover as the economy stabilizes, with a focus on national brands and regional leaders in the market [3][41][42] Other Important but Possibly Overlooked Content 1. **Debt Management**: The government acknowledges the need to address debt issues within the development framework, particularly concerning private enterprises [3][4] 2. **Transportation and Logistics**: The report emphasizes the need for innovation in transportation and logistics to enhance efficiency and reduce costs, particularly in cold chain and cross-border logistics [3][27][28] 3. **Green Transition**: The government is committed to promoting a green and low-carbon transition in transportation, integrating new technologies to improve operational efficiency [3][29] 4. **Banking Sector Support**: The report indicates the necessity of injecting capital into state-owned banks to support the real economy, with a projected issuance of special bonds to bolster bank capital [3][43][44] 5. **Non-Bank Financial Sector**: The focus is on comprehensive reform in the non-bank financial sector, promoting long-term capital inflows and addressing risks in smaller financial institutions [3][45] 6. **Construction Industry Trends**: The construction industry is expected to shift towards maintaining and renovating existing structures, with an emphasis on overseas expansion to compensate for domestic market saturation [3][58] This summary encapsulates the key insights and implications from the conference call, providing a comprehensive overview of the government's economic strategies and their potential impact on various sectors.

上调！ 近期，国际权威评级机构摩根士丹利资本国际公司（MSCI）公布最新ESG（环境、社会和治理）评级结果，将贝壳（BEKE.US/02423.HK）的ESG评级 由"BBB"级上调至"A"级，评级综合得分领先互联网行业。 帮消费者安居，助服务者乐业，贝壳持续践行ESG理念，在推动行业服务品质升级、人才培训及 发展、低碳绿色、社区公益等领域一直表现卓越。 MSCI ESG评级结果是全球各大投资机构进行投资决策的重要依据，此次贝壳获得MSCI ESG评级提升，不仅验证了贝壳长期主义战略的价值，更彰显其以社 会价值驱动高质量发展的使命担当。 推动服务者"专业化"转型 以服务重塑居住价值 在"一体三翼"战略下，贝壳以消费者需求为出发点，通过覆盖房产交易、家装家居、房屋租赁的全场景服务承诺体系，重塑行业信任标准和品质基石。 在房产交易领域，贝壳真房源服务承诺已连续13年实现平台100%覆盖，真房源率长期保持在95%以上。2024年11月，贝壳推出"3+3"平台级服务承诺，并宣 布设立1亿元平台赔付保障资金，进一步提升消费者的服务保障。 在美好租住领域，贝壳致力打造"省心租，安心住"的租住环境，多层次扩大优质供给。此外 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 KE Holdings Inc. 貝殼控股有限公司 參與者在線登記： （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2423） 董事會會議召開日期 貝殼控股有限公司（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」） 董事會（「董事會」）茲通告謹定於2025年3月18日（星期二）舉行董事會會議，以 （其中包括）考慮及通過(i)本集團截至2024年12月31日止三個月的未經審計財務業 績及其發佈，(ii)本集團截至2024年12月31日止的未經審計全年業績及其發佈， 以及(iii)派發末期股息（如有）。 本公司的管理層將於美國東部時間2025年3月18日（星期二）上午八時正（即北 京╱香港時間同日的下午八時正）舉行業績電話會議。 有意使用撥號參加電話會議的參與者請在會議計劃開始時間前至少20分鐘使用下 文提供的鏈接完成在線登記。撥號、會議密碼及唯一的訪問個人識別碼將在登記 後提 ...

Investment Rating - The report indicates a positive outlook for the real estate industry, suggesting a stabilization and potential growth in the market [5][36]. Core Insights - The new housing transaction volume in 30 major cities reached 2.18 million square meters, representing a year-on-year increase of 36.9% and a month-on-month increase of 40.0% [1][13]. - Shenzhen leads in new housing sales among first-tier cities, with a year-on-year growth of 120.2% [2][18]. - The inventory-to-sales ratio for residential properties in major cities has improved, indicating a healthier market [3][23]. - Land transaction volume continues to decline, with a year-on-year drop of 39.0% across 100 major cities [4][26]. - The Central Political Bureau emphasized the need to stabilize the real estate and stock markets, indicating ongoing policy support [5][32]. - The Hang Seng China Mainland Property Index outperformed the broader market, rising by 6.2% [6][34]. - The upcoming National People's Congress is expected to continue policy support for the real estate market [7][36]. Summary by Sections New Housing Sales - New housing sales volume in 30 major cities reached 2.18 million square meters, up 36.9% year-on-year and 40.0% month-on-month [1][13]. - Year-on-year growth rates for first, second, and third-tier cities were +52.2%, +25.2%, and +51.8% respectively [1][13]. First-tier City Performance - Shenzhen's cumulative new housing sales reached 630,000 square meters, up 120.2% year-on-year [2][18]. - Beijing's sales volume was 700,000 square meters, down 29.6% year-on-year, while Shanghai and Guangzhou saw increases of 25.5% and 56.3% respectively [2][18]. Inventory and Sales Ratios - The inventory-to-sales ratio for major cities was 108.3, down from 188.7 year-on-year [3][23]. - First-tier cities had an inventory-to-sales ratio of 70.7, significantly lower than the previous year's 161.7 [3][23]. Land Transactions - Land transaction volume in 100 major cities was 19.08 million square meters, down 39.0% year-on-year [4][26]. - First-tier cities saw a 61.5% year-on-year decline in land transactions [4][26]. Policy and Market Outlook - The Central Political Bureau's meeting highlighted the importance of stabilizing the real estate market [5][32]. - The Hang Seng China Mainland Property Index's performance indicates a positive trend in the sector [6][34]. - The upcoming National People's Congress is anticipated to reinforce supportive policies for the real estate market [7][36].

当地时间3月3日（周一），美股三大指数大幅震荡，跌幅一度均超过2%。截至收盘，道指跌1.48%，纳指跌2.64%，标普500指数跌1.76%。 美国总统特朗普表示，对等关税将于4月2日开始征收，美国对墨西哥和加拿大商品征收25%的关税将于3月4日生效。 经济数据表明，美国2月制造业活动增长几近停滞，原料支付价格指标创逾两年最高，未来预示通胀压力增大。 热门科技股多数下跌，超微电脑跌超13%，英伟达、ARM跌超8%，台积电、英特尔跌超4%，亚马逊、美光科技跌超3%，特斯拉、高通、微软跌超2%。 美股震荡下跌 当地时间3月3日（周一），美股三大指数大幅震荡，跌幅一度均超过2%。美国总统特朗普当地时间3月3日下午有关加征关税的表态刺激美股市场恐慌情绪升高。截 至收盘，道指跌649.67点，跌幅为1.48%，报43191.24点；纳指跌497.09点，跌幅为2.64%，报18350.19点；标普500指数跌104.78点，跌幅为1.76%，报5849.72点。 当地时间3月3日，美国总统特朗普表示，对等关税将于4月2日开始征收，美国对墨西哥和加拿大商品征收25%的关税将于3月4日生效。 特朗普表示，对墨西哥和加拿大的 ...

作 者丨张敏 编 辑丨张星 经历了2 0 2 5年"开门红"后，房地产市场在今年2月继续有着良好表现。 多家机构发布的数据显示，今年2月，北京、上海、广州、深圳四个一线城市的商品房成交量 稳中有升，其中二手房交易升温幅度较为明显。 市场快速恢复 根据北京市住建委的数据，今年2月，北京二手房网签11 8 7 6套，比1月略有下降，但与去年同 期的5 5 2 5套相比，上涨了11 4 . 9 5%。同期，北京新房网签2 2 9 5套，环比下降1 6 . 1 2%，同比上 涨5 8 . 8 2%。 受去年9月末的" 9 3 0新政"影响，北京二手房交易量在去年第四季度明显升温，月度成交量突 破1 . 7万套，去年1 2月更是突破2万套大关。 2 0 2 5年以来，政策效应减弱，加之春节假期因素影响，北京二手房交易量有所降温，但仍保 持在1万套以上的规模。 中原地产首席分析师张大伟分析认为，在新政影响下，北京楼市连续高位运行。其中，2月下 半月市场明显复苏，周末的二手房实际成交量达到了每天1 0 0 0套以上，"市场已经明显开始出 现'小阳春'行情。" 麦田房产也指出，北京二手房网签量从2月第二周开始显著增加，当前周 ...