智通财经APP讯，贝壳-W(02423)发布公告，于2025年12月24日斥资300万美元回购55.79万股;于2025年 12月26日斥资300万美元回购55.66万股。 ...

格隆汇12月29日丨贝壳-W(02423.HK)发布公告，2025年12月26日耗资300万美元回购55.66万股。 ...

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) 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12月29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 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][31]. Core Insights - The real estate market is showing signs of recovery, with new home sales in 34 key cities increasing by 17.3% week-on-week, and a notable policy shift in Beijing to relax purchase restrictions [4][31]. - The report identifies two major opportunities: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle, which could lead to a revaluation of consumer-oriented commercial real estate assets [4][31]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 3.63 million square meters, up 17.3% week-on-week, with first and second-tier cities seeing a 19.9% increase, while third and fourth-tier cities experienced a 13.6% decline [5][7]. - Year-on-year, December sales in 34 cities dropped by 29%, with first and second-tier cities down 28.4% and third and fourth-tier cities down 35.7% [7][8]. Second-Hand Home Sales - Second-hand home sales in 13 key cities reached 1.22 million square meters, a 2.4% increase week-on-week, but down 31.2% year-on-year [12][24]. Inventory and Market Dynamics - The inventory of unsold residential properties in 15 cities increased by 0.3% to 90.67 million square meters, with a month’s supply of 22.7 months, reflecting a slight increase [24][31]. Policy and News Tracking Macro Policies - The Ministry of Housing and Urban-Rural Development has emphasized city-specific policies to stabilize the real estate market, with measures to control supply and reduce inventory [31][34]. - Beijing has announced adjustments to purchase restrictions, including reduced social security or tax requirements for non-local families and optimized credit policies [31][34]. Company Developments - Poly Real Estate has received approval to issue 5 billion yuan in convertible bonds, while Vanke has extended the grace period for a 2 billion yuan medium-term note [39][40]. - China Jinmao successfully sold its 100% stake in the Ritz-Carlton Hotel in Sanya for 2.26 billion yuan [40].

Market Overview - On the first trading day after Christmas, U.S. stock indices showed mixed performance, with the Nasdaq up 0.14% and the S&P 500 up 0.08%, while the Dow Jones fell 0.03% [1] - As of the report, all three major U.S. stock indices had declined, but the Chinese tech leader index rose by 1% [1] Stock Performance - Key stock indices and their performance included: - Dow Jones Industrial Average: 48687.83, down 43.33 (-0.09%) - Nasdaq Index: 23580.76, down 32.55 (-0.14%) - S&P 500: 6927.56, down 4.49 (-0.06%) - Nasdaq 100: 25635.91, down 20.24 (-0.08%) - Chinese Tech Leader Index: 4358.68, up 43.27 (+1.00%) [2] Notable Stocks - Nvidia saw a nearly 1.5% increase after the U.S. government allowed it to sell H200 AI chips to China and announced a $20 billion acquisition of AI chip startup Groq, marking the largest deal ever [2] - Sidus Space, a space concept stock, initially surged over 40% and had a weekly increase of over 160% [2] Chinese Tech Stocks - The Nasdaq Golden Dragon China Index initially rose by 0.44%, with notable Chinese stocks experiencing significant gains: - Dingdong Maicai surged over 20% - Xpeng rose over 7% - Li Auto increased over 2% - NIO and Bilibili also rose over 2% [3] Commodity Market - Gold and silver prices continued to rise, with spot gold surpassing $4527 and spot silver reaching $75, marking the highest premium level since 1980 [6] - Copper futures reached a historical high, with a nearly 2% increase, while palladium saw a daily surge of 10% [6] Cryptocurrency Market - Most cryptocurrencies experienced declines, with Bitcoin falling below $87,000 and Ethereum dropping below $3,000, resulting in over 95,000 liquidations in the past 24 hours [8] Economic Outlook - According to CME's "FedWatch," the probability of a 25 basis point rate cut by the Federal Reserve in January 2026 is 15.5%, with an 84.5% chance of maintaining current rates [8] - The chief economist at Zhonghang Securities indicated that the risk of stagflation in the U.S. remains, despite strong third-quarter economic data, suggesting limited likelihood for short-term rate cuts [8]

港股一日游，集体小幅低开后全天震荡反弹，但始终被中轴压制，恒生科技低开低走跌幅居前，恒生内房地、恒生工商等紧随其后，恒生金融指 数和恒生内石油逆势收涨。 | 名称 | 现价 | 涨幅1 | 涨跌 | 开盤 | 昨收 | 最高 | 最低 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 恒生科技指数 | 3468.50 | -1.14% | -40.11 | 3451.18 | 3508.61 | 3474.96 | 3435.28 | 213.8亿 | | 恒指波幅指数 | 19.09 | -0.73% | -0.14 | 19.36 | 19.23 | 19.42 | 18.83 | 0 | | 恒生内地房地 | 1029.26 | -0.61% | -6.33 | 1030.93 | 1035.59 | 1031.90 | 1012.78 | 9.041亿 | | 恒生工商指数 | 9701.92 | -0.49% | -47.56 | 9664.10 | 9749.48 | 9716.73 | 9640.23 | 280. ...

行业研究 房地产 2025 年 12 月 26 日 | 华创证券研究所 | | | | --- | --- | --- | | 证券分析师：单戈 | 证券分析师：许常捷 | 证券分析师：杨航 | | 邮箱：shange@hcyjs.com | 邮箱：xuchangjie@hcyjs.com | 邮箱：yanghang@hcyjs.com | | 执业编号：S0360522110001 | 执业编号：S0360525030002 | 执业编号：S0360525090001 | 证 券 研 究 报 告 事项： 房地产行业重大事项点评 推荐（维持） 北京楼市再宽松 2025 年 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、 北京住房公积金管理中心等 4 部门联合印发《关于进一步优化调整本市房地产相关政策 的通知》。 评论： 本次北京房地产相关政策优化内容主要包括： 限购方面：1）非京籍居民家庭购买五环内商品住房的，缴纳社保或个税的年限，调整为 购房之日前连续缴纳满 2 年及以上；购买五环外商品住房的，缴纳社保或个税的年限， 调整为购房之日前连续缴纳满 1 年及以上。2）二孩及以上的多 ...

Core Insights - The event "Strong Alliance, Smart Future" marked the successful completion of a 50 million yuan C+ round financing for LieShangWang, led exclusively by ZhongKe YunFu, injecting significant capital into the company for its development [3][11] - The collaboration aims to leverage AIGC technology and credible data to drive new growth in the human resources service industry, unlocking new economic opportunities [3][13] Group 1: Event Overview - The financing event took place on December 25 in Shanghai, showcasing a strong partnership between the human resources service leader and a professional investment institution [3] - Key industry figures gathered to witness the deep collaboration between LieShangWang and ZhongKe YunFu, emphasizing the importance of capital and technology in driving industry growth [3][5] Group 2: Key Presentations - CEO of LieShangWang, Sun Xiaodan, presented on how large models and credible data spaces can drive future business and value, highlighting the role of emerging technologies in industry development [6] - ZhongKe YunFu's Chief Investment Officer, Wei Shuming, analyzed the value logic of investing in LieShangWang, connecting value investment with industry trends [8] Group 3: Strategic Partnership - The signing of the investment agreement between LieShangWang and ZhongKe YunFu represents a significant commitment, marking LieShangWang as a platform supported by both national-level capital and research capabilities [11] - The partnership focuses on AIGC technology development, credible data application, and market implementation, aiming to transform AI-enabled talent services from concept to tangible results [13] Group 4: Industry Perspectives - Industry leaders provided insights and expectations for the future, with ZhongKe Yun Computing Research Institute's director, Ji Tongkai, outlining a clear technical direction for the collaboration [14] - The macroeconomic environment and opportunities for LieShangWang were discussed by Yu Jian, Vice President of the China Information Association, broadening the industry's development perspective [14]

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing on December 26, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Golden Wisdom Award" results were announced, with Beike winning the "ESG Practice Excellence Case" for its outstanding performance in upgrading service quality in the new housing industry, talent training and development, low-carbon initiatives, and community welfare [1][4] - The award aims to set a benchmark for high-quality development and encourage listed companies to focus on their core business, innovate, and fulfill social responsibilities, aligning with the national strategy of the "14th Five-Year Plan" [3][4] Group 2 - The 2025 ESG Excellence Case awardees have made significant achievements in environmental sustainability, social value creation, and corporate governance optimization [4] - Beike has been recognized for its long-term commitment to ESG principles, having published ESG reports for five consecutive years, which have become an important measure of high-quality development in the real estate industry [4] - Beike's initiatives include green operations and community welfare, leveraging digital technology to promote low-carbon transformation in housing services and connecting residents with service providers [4][5] Group 3 - In the community service sector, Beike's "I Teach You to Use a Mobile Phone" project has become a notable feature of its community welfare efforts, training approximately 1.3 million elderly individuals across 130 cities since its launch in 2018 [5] - The project has conducted over 90,000 classes, showcasing Beike's commitment to social responsibility and its contribution to the industry ecosystem [5]

Group 1: Food and Beverage Industry - The report indicates a gradual recovery in the food and beverage sector, with soft drinks and snacks leading the recovery, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [2][9][10] - The analysis draws parallels with Japan's 1990s consumption differentiation, highlighting that successful industries often address demand pain points and have low penetration rates [10][11] - Investment strategies focus on sectors with stabilizing ROA and potential valuation recovery, emphasizing price as the primary selection logic, while volume is secondary [11][12] Group 2: Construction and Building Materials - The construction sector is expected to experience a "spring rally" in 2026, supported by historical investment patterns and major national projects [13][14] - The report highlights three core investment themes: major national projects, high-dividend low-valuation state-owned enterprises, and private construction firms leveraging cash flow for new growth areas [14][15] - Infrastructure investment data shows a decline in both narrow and broad infrastructure investment, indicating a need for policy support to stabilize the sector [15][16] Group 3: Real Estate Industry - The real estate sector continues to face pressure, with significant declines in new housing sales and investment, despite government efforts to promote high-quality development [18][20] - The report notes that the Ministry of Housing and Urban-Rural Development emphasizes maintaining a balance in supply and demand, which is crucial for economic stability [20][22] - Specific data indicates a 31.4% year-on-year decline in real estate development investment and a 26.1% drop in sales revenue, highlighting ongoing challenges in the market [20][21] Group 4: Electronics and Robotics - The report on Changying Precision emphasizes the introduction of employee stock ownership and stock option plans to enhance long-term development confidence and attract core talent [23][24] - The company is positioned as a leader in solder paste printing equipment, with a focus on high-end product demand driven by AI trends [33][34] - New product lines, including dispensing and packaging equipment, are expected to contribute to growth, with significant revenue increases anticipated [34][36] Group 5: Media Industry - The report on Giant Legend highlights the rapid growth of its IPs, particularly the "Zhou Classmate" and "Liu Genghong," which have gained substantial popularity on social media platforms [28][29] - The company is expanding its strategic investments to enhance collaboration with international stars and develop consumer products linked to its IPs [29][30] - Future growth is expected through a diversified approach that integrates emotional value into various products and experiences, positioning the company as a "disseminator of happiness" [30][31] Group 6: Mechanical and Building Materials - The report on Kaige Precision Machine outlines the company's leadership in solder paste printing equipment and its expansion into new product categories driven by AI [33][34] - The company is expected to see significant growth in its new product lines, including flexible automation equipment, which are crucial for enhancing manufacturing efficiency [34][36] - Profit forecasts indicate strong growth potential, with expected net profits increasing significantly over the next few years [36]