Core Viewpoint - The article highlights the ongoing efforts by various Chinese cities, particularly Beijing, to regulate and rectify the chaotic online information dissemination in the real estate sector, emphasizing the need for accurate and responsible reporting to maintain market stability [2][3][4]. Group 1: Regulatory Actions in Beijing - On December 5, Beijing's housing and urban-rural development committee, along with other departments, conducted a joint meeting with major internet platforms like Douyin and Xiaohongshu to address issues related to the dissemination of negative information about the Beijing real estate market [2]. - The meeting identified that some self-media accounts were spreading false information, creating market panic, and promoting misleading listings, which disrupts market order [2]. - As of December 12, over 17,000 pieces of illegal and harmful information were cleared from platforms like 58.com and Douyin, and more than 2,300 accounts and live streams that spread anxiety and misinformation were removed [3]. Group 2: Nationwide Efforts - Other cities, such as Shanghai, have also initiated similar regulatory actions, with over 40,000 pieces of harmful information and 70,000 accounts being addressed since November 14 [4]. - In October, Changzhou and other cities launched campaigns targeting the distortion of real estate policies and the spread of panic-inducing narratives, with specific actions taken against accounts promoting false information [5]. - Cities like Xi'an and Nanjing have also been active in addressing violations, with multiple accounts being suspended or shut down for spreading misleading content about property prices and market conditions [5].

Core Viewpoint - The article highlights the ongoing efforts by various Chinese cities, particularly Beijing, to regulate and rectify the chaotic online information dissemination in the real estate sector, emphasizing the need for accurate and responsible reporting to maintain market stability [2][3]. Group 1: Regulatory Actions - Beijing's housing authority, along with other departments, conducted a joint meeting with major internet platforms like Douyin and Xiaohongshu to address issues related to the spread of negative information about the real estate market [2]. - The meeting identified that some self-media accounts were spreading false information, creating market panic, and disseminating misleading property listings, which disrupts market order [2]. - As of December 12, over 17,000 pieces of illegal and harmful information were cleared from platforms like 58.com and Douyin, and more than 2,300 accounts and live streams promoting market anxiety were removed [3]. Group 2: Nationwide Efforts - Other cities, such as Shanghai, have also initiated similar regulatory actions, with over 40,000 pieces of harmful information and 70,000 accounts being addressed since November 14 [4]. - In Xi'an and Nanjing, local authorities have taken steps to address accounts spreading false narratives about falling property prices and other misleading content, emphasizing the need for compliance with relevant laws [5].

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 中央经济工作会议明确化解风险，稳定楼市 投资评级： 看好（维持） ——房地产行业周报（25/12/6-25/12/12） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 0.3%、深证成指上升 0.8%、创业板指上升 2.7%、 沪深 300 下跌 0.1%、房地产（申万）下跌 2.6%。个股方面，涨跌幅前五的分 别为：三湘印象(+12.1%)、南都物业(+7.6%)、京基智农(+5.1%)、苏州高新 (+4.2%)、世联行(+2.9%)，涨跌幅后五的分别为：海泰发展(-18.2%)、ST 中迪 (-15.5%)、*ST 阳光(-11.7%)、中天服务(-11.0%)、*ST 荣控(-11.0%)。 联系人 板块表现： 数据跟踪： ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (00728) at 72.27%, Green Power Environmental (01330) at 70.08%, and Da Zhong Public Utilities (01635) at 69.75% [1][2] Group 1: Stockholding Ratios - China Telecom (00728) has a stockholding ratio of 72.27% with 10.031 billion shares held [2] - Green Power Environmental (01330) has a stockholding ratio of 70.08% with 283 million shares held [2] - Da Zhong Public Utilities (01635) has a stockholding ratio of 69.75% with 372 million shares held [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) saw an increase of 4.592 billion yuan in holdings, with a change of 11.139 million shares [2] - Meituan-W (03690) experienced an increase of 4.116 billion yuan in holdings, with a change of 4.063 million shares [2] - Beike-W (02423) had an increase of 1.644 billion yuan in holdings, with a change of 3.873 million shares [2] Group 3: Recent Decreases in Holdings - Alibaba-W (09988) experienced a decrease of 3.329 billion yuan in holdings, with a change of -2.280 million shares [3] - Tencent Holdings (00700) saw a decrease of 1.883 billion yuan in holdings, with a change of -311,300 shares [3] - Hua Hong Semiconductor (01347) had a decrease of 1.456 billion yuan in holdings, with a change of -2.134 million shares [3]

Core Viewpoint - Beijing's housing market is facing scrutiny as multiple internet platforms are being urged to address the spread of misinformation and market panic related to real estate [1] Group 1: Regulatory Actions - Beijing's housing authority has conducted joint discussions with platforms like Douyin, Xiaohongshu, Beike, 58.com, Xianyu, Lianjia, Wo Ai Wo Jia, and Maidian to strengthen online governance in the real estate sector [1] - The meeting highlighted issues with self-media accounts disseminating negative narratives about Beijing's housing market, which disrupt market order [1] Group 2: Compliance Measures - As of December 12, under the supervision of relevant authorities, platforms have collectively self-checked and cleared over 17,000 pieces of illegal and harmful information [1] - More than 2,300 accounts and live streams that amplified market fluctuations and spread false content have been removed [1] - Lianjia, Wo Ai Wo Jia, and Maidian have screened over 1.3 million online housing listings, resulting in the removal of over 480 non-compliant listings [1]

2026 年度策略会年度策略报告巡礼之金融篇 20251217 摘要 2025 年证券板块内部出现分化，A 股广发证券表现最佳，H 股广发证券 涨幅显著，而部分股票如国联民生、财富趋势、招商证券则出现下跌， 反映市场对不同券商的业绩和发展前景存在差异化预期。 2026 年证券行业展望：各类资金持续入市，推动成交量维持高位；经 纪业务受益于客户保证金扩张和线上获客能力提升；两融余额预计提升， 增加利润贡献；资管业务通过丰富投资策略和向主动管理转型提升业绩。 保险资金入市方面，大型国有保险公司新增保费的 30%需投资股票，居 民存款搬家潜力巨大，有望推动增量资金入市。经纪业务收入与利润贡 献预计保持重要地位，线上化、AI 化趋势明显。两融余额持续增长，资 管业务需通过丰富投资策略及向主动管理转型来提升业绩。 2025 年前三季度港股日均成交额同比增长显著，南向资金占比提升， 港股 IPO 发行大幅增长，A 股上市公司赴港二次 IPO 占比超 70%。预计 港股市场发行将持续扩张，美联储降息将保持港股流动性充裕。 2025 年 A 股保险股表现平稳，港股保险股超额收益显著，受顺周期属 性和高估值性价比驱动。新华保险 ...

Core Insights - Multiple internet platforms, including Douyin and Xiaohongshu, were summoned by Beijing's housing authority to address issues related to the dissemination of false information and market panic in the real estate sector [1] Group 1: Regulatory Actions - Beijing's housing authority conducted a joint meeting with various departments to strengthen online ecosystem governance and curb irregularities in the real estate market [1] - The meeting highlighted that certain self-media accounts were spreading negative narratives about Beijing's housing market, creating panic and disseminating false information [1] - Platforms were instructed to conduct comprehensive self-checks, promptly remove illegal information, and establish a regular internal review mechanism for industry content [1] Group 2: Compliance and Cleanup Efforts - As of December 12, under the supervision of relevant authorities, platforms like 58.com, Douyin, Xiaohongshu, and others have collectively cleaned up over 17,000 pieces of illegal and harmful information [1] - More than 2,300 accounts and live streams that amplified market fluctuations and spread anxiety were removed, including those associated with misleading real estate content [1] - Companies like Lianjia, Wo Ai Wo Jia, and Maidian screened over 1.3 million online property listings, resulting in the removal of over 480 non-compliant listings [1]

Group 1 - The Beijing Municipal Housing and Urban-Rural Development Committee, along with other departments, held a joint meeting with various internet platforms to address issues related to the dissemination of negative information about the Beijing real estate market [1] - The meeting highlighted that certain self-media accounts were spreading false information, creating market panic, and promoting misleading real estate listings, which severely disrupts market order [1] - As of December 12, under the guidance of relevant authorities, platforms like 58.com, Douyin, Xiaohongshu, and others have collectively cleaned up over 17,000 pieces of illegal and harmful information [1] Group 2 - The next steps involve strengthening collaboration among departments to maintain a "zero tolerance" approach towards online disruptions in the real estate market [2] - Internet platforms that fail to rectify issues and continue to infringe on public interests will face strict legal consequences [2] - The aim is to create a clearer online environment by promoting positive narratives and mainstream values [2]

来源：北京日报客户端 记者：袁璐 截至12月12日，在相关部门督导下，58同城、抖音、小红书、闲鱼、贝壳等网站平台已累计自查清理各 类违法违规和不良信息1.7万余条；清理处置北京公寓、老李谈京房、锐哥金融视野、北京海哥看房等 一批放大市场波动、贩卖焦虑、臆测政策、传播虚假内容博取流量、误导预期促成交的违规房产类账 号、直播间2300余个；删除处理违规笔记100余篇。链家、我爱我家、麦田共筛查平台网络房源130余万 条，下架整改不合规房源信息480余条。 下一步，相关部门将继续强化协同配合，始终坚持以正面声音引导舆论、以主流价值凝聚共识、以时代 新风净化网络，对各类扰乱房地产市场秩序的网络乱象保持"零容忍"高压态势。对整改推进不力、继续 侵犯群众利益的互联网平台，将依法从严查处，全力营造清朗网络空间。 12月17日，据北京市住建委官方公众号"安居北京"消息，为切实加强网络生态治理，坚决遏制房地产领 域网络乱象，近日，市住建委会同市委网信办、市公安局等部门，对抖音、小红书、贝壳、58同城、闲 鱼、链家、我爱我家、麦田等互联网平台进行联合约谈。 会议表示，部分自媒体账号存在在网络上发布和传播唱衰北京楼市、制造市场恐 ...

北京市住建委：部分自媒体账号存在在网络上发布和传播唱衰北京楼市、制造市场恐慌、散布不实信息、虚假房源引流等违规信息问题，严重扰乱市场秩序。会议要求各平台立即开展全面自查，及时下架违规信息、处置违规账号，并加快建立完善常态化行业内容内审机制。截止12月12日，在相关部门督导下，58同城、抖音、小红书、闲鱼、贝壳等网站平台已累计自查清理各类违法违规和不良信息1.7万余条。外汇交易员 (@myfxtrader):上海网信办：会同市房管局、市公安局网安总队等部门启动规范网上房地产信息传播秩序专项整治行动。专项行动开展以来，已指导小红书、哔哩哔哩等网站平台自查清理涉唱衰楼市、歪曲解读房产政策等违法违规和不良信息4万余条，处置违规房产类账号7万余个，处置违规直播间1200余个，并定期发布治理公告。 https://t.co/MRndUEZyuO ...