Core Viewpoint - Beike-W (02423.HK) announced a share repurchase of 497,700 shares at a cost of $3 million on January 26, 2026 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the repurchase was $3 million, reflecting a strategic move to enhance shareholder value [1] - The number of shares repurchased was 497,700, which may impact the company's share structure and market perception [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： 2026年1月27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 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights three major trends expected in 2026: 1) The adjustment in the real estate market is likely nearing its end, with current price adjustments being relatively sufficient compared to historical averages [6] 2) There are structural opportunities for "good housing" as the market enters a phase of differentiation, with a focus on high-quality residential developments [6] 3) The recovery of the Hong Kong property market is anticipated to continue, driven by multiple favorable factors [6] Market Performance - The Shanghai Composite Index rose by 0.8%, and the Shenzhen Component Index increased by 1.1% during the week, while the real estate sector (Shenwan) saw a rise of 5.2% [6][9] - In terms of individual stocks, the top five gainers included *ST Rongkong (+15.8%) and Shunfa Hengneng (+15.7%), while the bottom five included Chengjian Development (-6.0%) and Zhongzhou Holdings (-2.8%) [6][9] Data Tracking New Housing Transactions - For the week of January 17-23, new housing transactions in 42 key cities totaled 137 million square meters, a decrease of 6.0% from the previous week and a year-on-year decline of 41.0% [14] - Cumulatively, from January 1-23, new housing transactions reached 437 million square meters, reflecting a 37.4% decrease month-on-month and a 41.4% decrease year-on-year [18] Second-Hand Housing Transactions - During the same week, second-hand housing transactions in 21 key cities amounted to 224 million square meters, an increase of 3.6% from the previous week and a year-on-year increase of 11.9% [32] - For January 1-23, second-hand housing transactions totaled 654 million square meters, showing a 0.9% decrease month-on-month and a 10.9% decrease year-on-year [38] Industry News - The report notes that the Ministry of Housing and Urban-Rural Development is focusing on stabilizing the real estate market and supporting reasonable financing needs of real estate companies [50] - The National Bureau of Statistics reported a 17.2% year-on-year decline in real estate development investment for 2025, with new housing starts down 20.4% and completed projects down 18.1% [50] - The report also mentions that the minimum down payment ratio for commercial housing loans in Shenzhen and 20 cities in Guangdong is set at no less than 30% [50] Company Announcements - Poly Developments reported a revenue of 308.3 billion yuan for 2025, a year-on-year decrease of 1.1%, with a net profit of 1.03 billion yuan, down 79.5% [53] - China Resources Land plans to issue a bond of 2 billion yuan with a term of 3 years at an interest rate of 1.99% [53]

AI Agent 推动 CPU 重定价，关注 Infra 与应用层变化 20260126 摘要 互联网大厂广告代理商链条（如省广、蓝标等）有望受益于大模型产品 广告份额增长，成为关注焦点。同时，AI 应用泛化领域如博纳影业、昆 仑万维等也值得关注。 恒生科技板块中，消费互联网（阿里巴巴、京东健康、贝壳）、算力 （中芯国际、华虹半导体）、软件应用（快手、金蝶、哔哩哔哩）、智 能驾驶（小马智行、文远知行、小鹏汽车）及游戏（三七互娱、腾讯、 心动公司）等子板块均存在投资机会。 存储行业正经历技术升级周期，NAND 和 DRAM 合约价格均超预期上涨， 一季度涨幅分别达到 100%以上和 70%。存储需求显著增加，而供给侧 相对刚性，预计未来 NAND 价格仍有超预期上涨可能。 存储行业投资机会集中在下游存储涨价、上游成本相对稳定的设计公司 （如军政、兆易创新），含存量高的设备公司（如中微公司、拓荆科 技），以及受益于存储涨价周期的模组公司。 Q&A 目前对 A 股传媒板块的看法是什么？ 目前我们认为 A 股传媒板块的 AI 应用行情并未结束，产业趋势强劲支撑这一结 果。尽管近期有所调整，但整体行情的确定性依然较强。 ...

如何交易地产"小阳春"20260126 摘要 一线城市二手房挂牌量下降与前期房价快速下跌有关，但京沪部分案例 显示成交价跳涨仅占小部分，大部分房源价格平稳，市场整体并非地产 见底信号。 当前地产股交易应基于短暂平台期判断，短期内成交量或价格平稳，但 长期走势取决于居民收入和经济好转等基本面因素，对"小阳春"及二 手房交易应保持谨慎。 二手房成交量反映换手率，受居民资产配置能力影响；新房成交量则来 自城市扩张和人口增加。收入压力下，房地产市场面临更大压力，需外 生变量移动总需求曲线。 对未来房地产市场走势持谨慎态度，目前"小阳春"是前期快速下跌后 的平台期，长期反转需经济好转推动总需求曲线，否则市场仍面临压力。 二手房市场量价关系仅决定短期趋势，长期变化复杂。挂牌数量下降不 代表未来不会增加，需早周期变量好转才能得出更强结论。 租金收益率并非判断房价走势的最佳指标，经济好转程度和居民收入感 知程度更重要，关注租金、收入和经济早周期变量拐点更具参考价值。 地产股更多交易政策而非基本面，政策效果预期不一致时表现较好。需 重视房企商业模式，即使房价止跌，盈利能力仍是关键，关注拿地精准 的公司。 Q&A 2026 年 ...

Core Viewpoint - The report from GF Securities assigns a target valuation for Beike-W (02423) based on mainstream internet platforms, projecting a total reasonable value of RMB 182.4 billion for 2026, corresponding to HKD 58.37 per share and USD 22.45 per share, maintaining a "Buy" rating [1] Group 1: Market Performance - The second-hand market shows stable volume and price, positively impacting Beike's performance. In the first 18 days of January 2026, second-hand subscription transactions in 79 cities increased by 33% year-on-year, leading to an annualized second-hand transaction volume of 860 million square meters, a 24% increase compared to 2025 [2] - The contribution from first and second-tier cities to Beike's existing housing business GTV remains over 80%, with key cities like Beijing, Shanghai, and Hangzhou contributing 37% in 2025. Beike's market share is steadily increasing, projected at 32% for 2025, with a 1 percentage point growth [4] Group 2: Financial Projections - The existing cost increase is expected to pressure Beike's performance in 2025, with an estimated GTV of RMB 2.1 trillion, a 6% decrease year-on-year, and a projected net profit of RMB 5.5 billion, down 24% year-on-year [3] - For 2026, the company conducted a sensitivity analysis under three scenarios: - Optimistic: 15% increase in transaction volume, stable prices, leading to a net profit of RMB 8.7 billion, a 59% increase year-on-year [5] - Neutral: 5% increase in transaction volume, 5% decrease in prices, resulting in a net profit of RMB 7.3 billion, a 33% increase year-on-year [5] - Pessimistic: 4% decrease in transaction volume, 10% decrease in prices, leading to a net profit of RMB 6 billion, a 10% increase year-on-year [5]

存量成本提升影响，25年业绩承压 据测算，贝壳25E存量房GTV2.1万亿元，同比-6%，25Q4E4323亿元，同比-42%。更新25E经调归母净 利55亿元，同比-24%，25Q4E经调归母净利10亿元，同比-26%。 广发证券发布研报称，参考主流互联网平台，给予贝壳-W(02423)26年18x经调PE。按中性情景对应 1824亿元人民币总合理价值，对应港股58.37港元/股、美股22.45美元/股，维持"买入"评级。 广发证券主要观点如下： 布局核心有弹性，市占稳增防御性强 二手市场量价稳定，对贝壳业绩表现具备正面影响 26年开年二手认购成交明显回弹，1月前18天贝壳79城二手认购套数同比+33%，剔除贝壳市占增长因 素，当前成交对应年化二手交易量8.6亿平，较25年上升24%，与24Q4年化8.4亿平相当，26年"小阳 春"概率加大。 降本增效及市场改善推动，26年业绩置信度高 该行进行三种情景下的26年业绩敏感性分析，同时根据结果采用广义现金+剔利息利润*经调PE方法给 予估值，参考主流互联网平台，给予贝壳26年18x经调PE。 乐观情景：二手量+15%，价格持平，交易额+15%，市占+2pct， ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]

贝壳-W(02423)发布公告，于2026年1月23日，该公司斥资300万美元回购49.2万股。 ...

智通财经APP讯，贝壳-W(02423)发布公告，于2026年1月23日，该公司斥资300万美元回购49.2万股。 ...