Core Viewpoint - Beike (BEKE.US) saw a pre-market increase of over 1%, reaching $18.55, amid positive sales data from the top 100 real estate companies in China for the first nine months of 2025, indicating a narrowing decline in sales compared to previous months [1] Industry Summary - According to data from the China Index Academy, the total sales of the top 100 real estate companies amounted to 26,065.9 billion yuan, reflecting a year-on-year decrease of 12.2%, which is a 1.1 percentage point improvement from the decline observed in the first eight months of 2025 [1] - In September alone, the sales of the top 100 real estate companies experienced a month-on-month growth of 11.9%, with 72 out of the 100 companies reporting month-on-month performance increases, and 45 of these companies achieving growth rates exceeding 30% [1] - Guosheng Securities reported that the month-on-month sales increase in September was primarily driven by seasonal factors, the relaxation of purchase restrictions in core cities, and the introduction of new products by real estate companies [1] - The firm maintains an "overweight" rating for the industry, suggesting that 2025 will continue to be dominated by policy-driven factors, with a positive outlook for Beike in the intermediary sector [1]