在房产经纪这个长期充斥着"人海战术"与"流量焦虑"的红海市场，一个意想不到的"基础设施级"玩家正 在悄然改变游戏规则。 不同于贝壳找房等传统平台依赖庞大的经纪人协作网络与高频广告投放，高德地图凭借9.4亿的月活跃 用户基数和不可替代的LBS（基于位置的服务）能力，正以一种"低干扰、高精准、强场景"的姿态切入 房产赛道。 高德的机会在于，它不再被动等待用户"找房"，而是通过捕捉用户的"行动信号"主动预判需求。当用户 开始查询某地铁沿线小区、反复测算从公司到目标房源的通勤时间、或者在周末导航搜索周边幼儿园与 超市时，这些行为本身就构成了强购买意向的"行动流量"。 这并非一次简单的跨界尝试，而是对房产获客逻辑的一次降维打击——它不再争夺泛泛的"搜索流量"， 而是截获更具交易价值的"行动流量"，在用户做出生活选择的物理节点上，完成了对传统中介模式的效 率重构。 传统房产互联网平台的核心逻辑是"信息撮合"，即用户产生模糊的购房或租房意向后，主动输入关键词 进行搜索。这种"搜索流量"虽然精准，但存在决策链条长、意图易变、转化滞后等天然弊端。 高德地图的入局，抓住了一个更为本质的变量：城市空间决策。在买房、租房这类重大消费 ...

首期链家《大店圆桌派》通过大店战略解读、门店管理提效和人才成长培养体系的全面升级，为行业提供了破局样本。我们邀请到南京链家总经理席璇、南 京链家金陵湾店店总周世明，深度剖析链家大店模式，总结沉淀简单、高效的实战方法论，为组织和行业提供战略模式新样本。 一、大店战略深度解读 链家作为行业的引领者，面对新就业形态的变化，用大店战略作为解题思路。链家的大店战略不是简单的门店面积扩大、门店内人员更多，而是商业模式的 革新。 大店形态三个关键词 效率提升：管理者是房产经纪行业最稀缺的人才，链家通过大店战略来推动管理者收入竞争力的提升。大店的人才结构和人员结构是比较丰富的，链家希望 通过分岗带来专注和专业，在专业的基础上增强合作，推动合作提效，从而达到双效率的提升； 社区连接：链家是做社区的生意，因为我们的客户和业主都住在社区里面，我们希望通过大店模式的探索既能有效地把链家门店和社区进行深度的连接，也 能有效地平衡好我们的经营健康； 服务创新：大店模式下，会有不同的人员结构和人才结构。现在我们给客户和业主提供买卖房屋、租赁房屋的服务，未来我们还会提供家装服务、资产托管 服务、家政服务等等。 大店模式的探索会推动经纪人效率 ...

随着链家《大店圆桌派》第三期的圆满落幕，链家"大店战略"的实践路径与深层逻辑引发广泛讨论。本 期对话以新任深圳链家总经理简宇与龙岗北大区总监刘苑的视角，系统呈现了从战略设计到落地执行的 完整框架，揭示大店模式如何重塑房产服务生态。 一、战略定位：效率与信任的双重溢价 1、系统化竞争力构建 大店战略的核心在于通过资源整合与品牌赋能，构建"效率与信任"的双重护城河。链家将传统门店升级 为5.0版本，通过独立功能区、科技化工具实现服务效率提升，以标准化服务流程和品牌背书建立消费 者信任。这种模式不仅降低单位成本，更通过品质服务形成差异化竞争力。 2、直营模式的独特优势 "稳重专业的管家"形象，就是链家直营店最核心的优势。链家发挥优势的关键，在于将这种"可靠和专 业"做到极致，成为社区中最值得托付的标杆。 二、社区深耕：从交易场所到社区节点 链家将"社区友好"作为核心战略，通过系统化运营将善意转化为可持续的信任资产。将系统推动所有门 店向"社区友好型"转型，这已不是可选题，而是构建长期竞争力的必然选择。在新一代5.0门店设计中 规划多功能社区空间，建立标杆经验分享机制，以及通过数据分析持续优化社区服务。 三、租赁业务 ...

日期：2025年12月19日 核心观点： ➢ 25年政策力度整体平淡，26年可能迎来政策组合拳。自去年9.24至今，已经持续五个季度没有出现强刺激的地产政策。我们理解主要是因为 今年的出口较为强劲，全年的经济增长任务完成情况较好，地产端的宽松政策可能延后。在此背景下，今年下半年以来房价，尤其是二手房 价加速下行，亟需等待政策托底。 而就在近期举行的12月中央经济工作会议，明确了对26年房地产工作的要求是"着力稳定房地产市场"；并提出房 地产政策方向，包括因城 施策控增量、去库存、优供给，鼓励收储、深化公积金制度改革、推动"好房子"建设；此外，在货币政策工具方面，提到"灵活高效运用 降准降息"。 26年政策重点关注：1）降息、房贷贴息。其本质是降低购房者实际利率，收敛与净租金回报率的差距以重塑房价的底部支撑，阻断下行螺旋。 26年降息预期提升，但"灵活高效运用"也可能预示下降空间较为有限；房贷贴息的关键则在于幅度与周期长度。2）深化公积金改革。在商 贷收缩的情况下，公积金作为另一重要购房资金渠道，若能更在使用用途、资金管理等方面突破，并更大范围推广，公积金池剩余资金或可 撬动房地产市场加速企稳回升。3）核心城市 ...

Core Viewpoint - The recent stock sales by Beike's management and significant share buybacks indicate the company is at a critical juncture, facing performance pressures amid a declining industry cycle while attempting to stabilize investor confidence through strategic actions [4][5][18]. Management Actions - Beike's CEO, Peng Yongdong, plans to sell 1.4 million ADS (equivalent to 4.2 million Class A ordinary shares) for approximately $24.05 million (around 170 million RMB) to fund a previously announced donation plan of 9 million shares [4][6][8]. - Following the announcement, Beike's stock prices fell significantly, with a 4.78% drop in Hong Kong and a 3.86% drop in the US market [4][5]. - Beike has accelerated its share buyback program, spending $3 million to repurchase 519,500 shares at prices between $5.74 and $5.82 per share, with total buybacks in December nearing $30 million [4][23]. Financial Performance - Beike's third-quarter financial report for 2025 shows a net income of 23.1 billion RMB, a 2.1% year-on-year increase, primarily driven by a 45.3% increase in rental service revenue, while new and existing home sales revenues declined [11][31]. - The company's gross profit decreased by 3.9% to 4.9 billion RMB, with a gross margin drop from 22.7% to 21.4% due to reduced contributions from higher-margin existing and new home sales [12][34]. - Operating profit for the third quarter was 608 million RMB, down from 727 million RMB the previous year, with a net profit decline of 36.1% to 747 million RMB [12][34]. Strategic Shifts - Beike has been diversifying its business model since 2021, introducing home decoration and rental services, and in 2023, it expanded to include residential development under the "Beihome" initiative, aiming to reduce reliance on traditional real estate brokerage [35][36]. - Despite these efforts, new business segments have not yet achieved significant scale or profitability, with the rental business showing high growth but low margins, and the home decoration segment experiencing sluggish growth [36][37]. Workforce Adjustments - Reports indicate Beike is undergoing significant workforce optimization, with claims of a 30% reduction in staff, although the company has stated the actual figure is closer to 0.5%, affecting around 650 employees [36][37]. - As of mid-2025, Beike's total workforce was approximately 131,800, reflecting a reduction of about 3,200 employees compared to the end of 2024 [36][37]. Cash Management - Beike's share buyback efforts have led to a decrease in cash reserves, with total cash and equivalents dropping from 61.6 billion RMB at the beginning of the year to 55.7 billion RMB by September 30, 2025 [17][37].

（编辑 任世碧） 证券日报网讯 我爱我家11月25日在互动平台回答投资者提问时表示，公司作为房产经纪领域的龙头公 司，始终将合规经营与客户利益置于首位。首先，在房屋交易流程的各个环节，公司始终坚持并严格遵 循国家相关部门颁布的各项法律法规、政策指引，以及公司内部制定的完备操作规程与制度。此外，公 司始终秉持"以客户为中心"的服务理念，在具体业务实践中，公司不仅严格履行居间服务方的责任与义 务，更致力于在交易的全过程中平衡并维护买卖双方的正当利益。 ...

Market Overview - The market opened high but closed lower, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.4%, 0.76%, and 1.12% respectively, indicating a continued money-losing effect across the market [3] - Over 3,800 stocks declined while more than 1,400 stocks rose, with total trading volume shrinking to 1.7 trillion [3] Fujian Local Stocks - Fujian local stocks experienced significant volatility, with HeFu China achieving a 15-day streak of 13 limit-ups, accumulating a rise of over 290% [6] - Other notable performers included Jomoo with 7 consecutive limit-ups, Aerospace Development with 5, and Rongji Software with 4 [6] - Conversely, Longzhou Co. hit the limit down, and several stocks like Zhongfu Tong and Hongxiang Co. fell over 10% [6] - The overall Fujian local stock index saw a slight decline of 0.27% despite an early drop of over 2% [6] Brokerage Firms - Three brokerages, Xinda Securities, Zhongjin Company, and Dongxing Securities, announced a restructuring plan involving a share swap merger [8] - Following the announcement, Dongxing Securities saw a significant intraday rise of over 4.6% [8] - Other brokerages and financial stocks opened higher but ultimately closed lower, with the brokerage sector down by 0.43% [11] Real Estate Sector - The real estate sector experienced a surge due to external media reports, with stocks like I Love My Home and 365 Network hitting limit-ups [12] - The real estate brokerage sector rose by 5.77%, while the broader real estate market saw a slight decline of 0.15% [13] - The market reaction was characterized by rapid price movements following the news, indicating a potential speculative environment [14] Specific Stocks and Trends - Guqi Down Material saw a small fluctuation in the morning but rallied in the afternoon, achieving a 2-day limit-up [16] - The stock's rise is attributed to the cold wave driving demand for down products, alongside other stocks like Jingneng Heat Power benefiting from heating supply concepts [16] - The recent increase in duck down prices has also contributed to market interest in Guqi Down Material, filling a gap for direct duck down concept stocks in the A-share market [19]

Core Insights - The company reported a total revenue of 23.1 billion yuan for Q3 2025, reflecting a year-on-year increase of 2.1%, while adjusted net profit decreased by 12.8% to 1.286 billion yuan [1] - Total transaction volume remained stable at 736.7 billion yuan, with a decline in profit margins leading to a drop in net profit [1] - The company's gross margin fell to 21.4% from 22.7% year-on-year, and net margin decreased to 3.2% from 5.2% [1] Revenue and Profit Analysis - Home decoration and rental services achieved profitability at the city level for two consecutive quarters, with home decoration revenue reaching 4.3 billion yuan and a profit margin of 32.0%, up 0.8 percentage points year-on-year [1] - The rental service managed over 660,000 units, generating revenue of 5.73 billion yuan, a year-on-year increase of 45.3%, with a profit margin of 8.7%, up 4.3 percentage points [1] AI Integration - AI has enhanced the efficiency of rental services through smart pricing negotiations and resource allocation, resulting in a 13% increase in efficiency for property acquisition [1] - AI-driven management and targeted marketing in the rental sector have led to annual savings exceeding 100 million yuan [1] Shareholder Returns - The company repurchased approximately 280 million USD worth of shares in Q3, a year-on-year increase of 38.3%, marking a two-year high [2] - Total repurchase for the year reached about 680 million USD, up 15.7% year-on-year, representing around 3% of the total shares outstanding as of the end of 2024 [2] Investment Outlook - As a leading real estate brokerage, the company benefits from scale and management advantages while actively expanding into diversified businesses like home decoration [2] - However, the company faces short-term pressure on performance due to a sluggish real estate market, prompting a revision of profit forecasts for 2025-2027 [2]

Core Viewpoint - The company, Beike-W (02423), is a leading real estate brokerage with scale effects and management advantages, actively expanding into diversified businesses such as home decoration and rental services. However, the company faces short-term performance pressure due to a continuously stabilizing real estate market, leading to a downward adjustment in profit forecasts for 2025-2027 [1]. Group 1: Financial Performance - In Q3 2025, the company reported total revenue of 23.1 billion yuan, a year-on-year increase of 2.1%, while adjusted net profit was 1.286 billion yuan, a year-on-year decrease of 12.8% [2]. - The total transaction volume remained stable at 736.7 billion yuan, showing no significant year-on-year change. Revenue increased, but profit margins declined, with gross margin at 21.4% (down from 22.7% YoY) and net margin at 3.2% (down from 5.2% YoY) [3]. Group 2: Business Segments - The home decoration and rental services segments achieved profitability at the city level for two consecutive quarters. In Q3, the home decoration business generated revenue of 4.3 billion yuan, contributing a profit margin of 32.0%, an increase of 0.8 percentage points year-on-year. The rental service managed over 660,000 units, generating revenue of 5.73 billion yuan, a year-on-year increase of 45.3%, with a profit margin of 8.7%, up 4.3 percentage points year-on-year [4]. Group 3: AI Integration - The company is leveraging AI to enhance efficiency in rental services, with AI-driven organization and resource management leading to a 13% increase in efficiency for property acquisition. Additionally, AI-enabled management and targeted marketing have resulted in annual savings exceeding 100 million yuan [5]. Group 4: Shareholder Returns - In Q3, the company repurchased approximately 280 million USD worth of shares, a year-on-year increase of 38.3%, marking a two-year high. The total repurchase amount for the year up to Q3 reached about 680 million USD, a year-on-year increase of 15.7%, representing about 3% of the total shares outstanding as of the end of 2024 [6].

Core Viewpoint - The company, Beike-W (02423), is a leading real estate brokerage with scale effects and management advantages, actively expanding into diversified businesses such as home decoration and rental services, but faces short-term performance pressure due to a stagnant real estate market, leading to adjusted profit forecasts for 2025-2027 [1] Group 1: Financial Performance - In Q3 2025, the company reported total revenue of 23.1 billion yuan, a year-on-year increase of 2.1%, while adjusted net profit was 1.286 billion yuan, a year-on-year decrease of 12.8% [2] - The total transaction volume remained stable at 736.7 billion yuan, with revenue growth but a decline in profit margins, resulting in a gross margin of 21.4% (down from 22.7% year-on-year) and a net margin of 3.2% (down from 5.2% year-on-year) [3] Group 2: Business Segments - The home decoration and rental services achieved profitability at the city level for two consecutive quarters, with home decoration revenue of 4.3 billion yuan and a profit margin of 32.0%, up 0.8 percentage points year-on-year; rental services managed over 660,000 units, generating revenue of 5.73 billion yuan, a year-on-year increase of 45.3%, with a profit margin of 8.7%, up 4.3 percentage points year-on-year [4] Group 3: AI Integration - The company is leveraging AI to enhance efficiency in rental services, with AI-driven organization and resource management leading to a 13% increase in efficiency for property acquisition, and AI smart management and targeted marketing saving over 100 million yuan annually [5] Group 4: Shareholder Returns - In Q3 2025, the company repurchased approximately 280 million USD worth of shares, a year-on-year increase of 38.3%, marking a two-year high; the total repurchase amount for the year to date reached approximately 680 million USD, a year-on-year increase of 15.7%, representing about 3% of the total shares outstanding as of the end of 2024 [6]