每经AI快讯，世联行（SZ 002285，收盘价：2.37元）10月10日晚间发布公告称，深圳世联行集团股份 有限公司于2025年10月10日召开第六届董事会第二十四次会议，审议通过了《关于使用闲置自有资金购 买理财产品的议案》，同意公司及控股子公司在保证正常经营、资金安全和确保流动性的前提下，适时 利用不超过人民币壹亿元的暂时闲置自有资金开展低风险的理财业务，投资于购买银行及其他低风险、 稳健型金融机构的理财产品等，授权使用期限自董事会审议通过之日起十二个月内。上述额度范围内， 董事会拟授权公司投资委员会行使理财产品投资决策权，拟授权集团董事长或财务总监代表公司签署相 关理财合同及法律文件。 2025年1至6月份，世联行的营业收入构成为：房地产中介服务业占比56.39%，其他行业占比43.61%。 截至发稿，世联行市值为47亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） ...

晨 会 纪 要 研究所今日晨会要点如下: 一、行业公司 [2025]第 184 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 10 月 10 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 张智珑 郭怡 萍 何超 李育文 李正威 别璐莎 邢维洁 马丽明 贺钰偲 汪炜 聂孟依 顾 华昊 整理记录：张智珑 1.1 房地产行业（张智珑） 北京：根据 Wind 数据，受国庆假期影响，北京近一周（9.27-10.3）新房、二手房日均 成交同比小幅回落，其中二手住宅日均成交 392 套，同比增长 0.9%；新房日均成交 135 套， 同比下降 4.8%。从 8 月新政效果看，近一周新房日均成交套数较 8 月 8 日前一周增长 88%， 近一周二手房日均成交套数较新政前一周增长 4.8%，主要是国庆前三天假期网签数据下降 较多。 上海：根据 Wind 数据，上海近一周（9.27-10.3）二手房日均成交 477 套，同比增长 12%；新房日均成交 224 套，同比增长 6%，涨幅均有收窄。从新政效果来看，近一周新房 ...

证券研究报告 2025 年 09 月 27 日 湘财证券研究所 行业研究 房地产行业周报 货币政策将继续支持巩固房地产市场稳定态势 相关研究： 核心要点： ❑ 央行强调要巩固房地产市场稳定态势，完善房地产金融基础性制度 1.《周度观点：北上深新房、二手 房成交继续回暖》 2025.9.21 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0 1 -7 绝对收益 2 17 26 -10% 0% 10% 20% 30% 40% 2024/9/26 2024/11/25 2025/1/24 2025/3/25 2025/5/24 2025/7/23 2025/9/21 沪深300 房地产(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 根据央行官网 9 月 26 日披露，央行货币政策委员会召开第三季度例会。房 地产方面，央行提出要着力推动已出台金融政策措施落地见效，加大存量 商品房和 ...

Investment Rating - The industry investment rating is maintained as "Buy" [3][8]. Core Views - The report highlights a significant recovery in new and second-hand housing transactions in major cities such as Beijing, Shanghai, and Shenzhen following recent policy adjustments [6][8]. - The report notes that the Shanghai property tax policy has been optimized, with first-time homebuyers exempt from property tax and second-home buyers benefiting from a threshold on taxable area [5]. - The report anticipates a new round of policy announcements by the end of September, which could further influence the real estate market [8]. Summary by Sections Recent Market Performance - Over the past month, the real estate sector has shown a relative return of -1% compared to the CSI 300 index, while absolute returns were 7% [4]. - In the last 12 months, the absolute return for the real estate sector was 41% [4]. Transaction Data - In Beijing, the average daily transaction for second-hand homes increased by 58% year-on-year, while new homes saw an 18% increase [6]. - Shanghai experienced a 72% year-on-year increase in second-hand home transactions and an 86% increase in new home transactions [6]. - Shenzhen reported a 121% year-on-year increase in second-hand home transactions and a 23% increase in new home transactions [6]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and land reserves in core cities, such as Poly Developments [8]. - It also recommends monitoring leading intermediary firms that may benefit from an increase in second-hand home transactions, such as Wo Ai Wo Jia [8].

Core Insights - The current trend in the housing market indicates that landlords are increasingly questioning how much they need to lower their prices to sell their properties successfully [1] - Data from the Hangzhou Beike Research Institute shows that nearly 70% of homes sold between June and August this year had to reduce their prices by 10% to 30% within 180 days to complete the sale [5][6] Price Reduction Trends - In August, 29.8% of the sold second-hand homes had a price reduction of 20-30%, while 38.0% had a reduction of 10-20%, indicating that close to 70% of homes required a price cut of around 20% to sell [5] - The proportion of homes with price reductions exceeding 30% increased from 11.1% in June to 13.4% in August, while the share of homes with reductions of 5% or less decreased from 5.7% in June to 4.7% in August [5][6] Popular Districts and Price Cuts - The percentage of discounted homes in popular districts is also on the rise, with Qianjiang Century City seeing an increase from 84% last year to 89% this August, and Shinhua rising from 88% to 91% [5][7] - Other districts such as Nanbu Wocheng, Chengxi Wencao, Gouzhuang, and Yunhe New City all reported over 90% of homes being discounted in August [5][7] Overall Market Condition - The overall proportion of discounted homes on the Beike platform has reached 94%, marking the highest level in 2023, indicating a downward trend in the second-hand housing market and an intensifying price-cutting strategy to boost sales [6] Differences in Property Types - There is a notable difference in price expectations between newer and older properties, with landlords of newer homes generally having higher initial price expectations compared to those of older homes, who tend to price more realistically based on market conditions [8] - For example, a property in the He Ping community was initially listed at 4.18 million yuan but sold for 3.59 million yuan after a series of price reductions, reflecting a less than 10% difference from the final sale price [8][9]

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The report observes a significant release of new housing demand in Shanghai, with a rebound in second-hand housing transactions in Beijing and Shenzhen [3][4] - In Beijing, the average daily transaction of second-hand residential properties reached 469 units, a year-on-year increase of 8.2%, while new housing transactions averaged 85 units, up 6.4% year-on-year [3] - In Shanghai, second-hand housing transactions averaged 674 units, a 26% year-on-year increase, and new housing transactions averaged 335 units, an 18% year-on-year increase [4] - In Shenzhen, second-hand housing transactions averaged 167 units, a 26% year-on-year increase, while new housing transactions averaged 52 units, down 4% year-on-year [4] Summary by Sections Policy Effects - The report highlights the positive impact of policy changes in major cities, particularly the cancellation of purchase restrictions in Shanghai, which significantly boosted new housing transactions [6] - The report notes that the recent policy adjustments in Beijing and Shenzhen have also led to a recovery in second-hand housing transactions, providing short-term support for demand [6] Transaction Data - New housing transaction area in 30 major cities increased by 8.3% year-on-year for the week of September 7-13, with a cumulative year-on-year decline of 5.9% from January to September [5] - The report indicates that first-tier, second-tier, and third-tier cities saw respective year-on-year increases in new housing transaction area of 13%, 13.8%, and a decline of 7.6% for the week [5] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and reasonable land reserves, such as Poly Developments [6] - It also recommends paying attention to leading intermediary institutions that may benefit from an increase in second-hand housing transactions, such as I Love My Home, as policy relaxation expectations rise [6]

Core Viewpoint - The company "I Love My Home" has actively engaged in charitable activities, particularly focusing on supporting early childhood education in rural areas through material donations to kindergartens in Beijing's Daxing District [1][3]. Group 1: Donation Details - The donation included over 80 types of books totaling more than 500 copies, as well as over 30 types of toys and sports equipment, tailored to the cognitive characteristics and interests of preschool children [3][6]. - The donated items aim to stimulate children's learning, assist in emotional management, and promote physical fitness [3][6]. Group 2: Community Engagement - The donation initiative is a result of the collaboration between the company's party committee and the local party committee, which began in July with the establishment of a special donation working group [6][9]. - The company conducted on-site research and needs assessment to understand local educational challenges, ensuring that the donated materials are both educational and engaging [6][9]. Group 3: Corporate Social Responsibility - The company has developed a public welfare work system that includes various initiatives such as rural revitalization and community service, receiving high praise from the government, media, and the public [9][10]. - In community service, the company has established nearly 3,000 "Party Member Service Stations" to provide various free services, conducting over 400 community welfare activities this year, benefiting more than 100,000 residents [10]. - The company plans to continue its focus on community welfare, rural revitalization, and children's education, aiming to launch more targeted and sustainable public welfare projects [12].

Summary of Key Points from Conference Call Records Industry Overview - The A-share market is currently driven by liquidity rather than economic fundamentals, similar to the early stages of the 2019 bull market [1][3] - The adjustment in the market is attributed to profit-taking and micro-structural deterioration, not a signal of the end of the bull market [1][3] Core Insights and Arguments - **Liquidity and Market Performance**: The recent rise in the stock market is primarily influenced by liquidity and leverage, with a significant shift of household savings into the equity market [2][4] - **Foreign Capital Inflow**: There is a notable increase in foreign capital entering the A-share market, with data indicating a rapid inflow of active foreign investments [4][22] - **Long-term Market Outlook**: The likelihood of the bull market ending due to liquidity tightening is low, as expectations of a Federal Reserve rate cut have been largely priced in [5][23] - **Sector Focus**: Long-term themes include AI and economic inflation rebalancing, while short-term opportunities may arise from style rebalancing in sectors like consumer goods and innovative pharmaceuticals [7][24] Important but Overlooked Content - **Policy Impact**: Recent domestic policies focus on anti-involution and consumer spending, with supply-side measures in the polysilicon industry and demand-side policies promoting consumer spending [8][9] - **Consumer Support Measures**: Specific government initiatives include subsidies for cultural and sports events, and plans for free preschool education, which are expected to stimulate consumption [9][10] - **Price Governance Innovations**: The new pricing law, which includes cost investigations, is expected to have a significant long-term impact on market dynamics [11] - **Technological Policy Developments**: New regulations aimed at attracting foreign tech talent and promoting AI development indicate a strategic focus on innovation [12] Investment Directions - **Investment Opportunities**: Recommended investment directions include hard currencies, gold, and resource assets, particularly industrial metals, as well as sectors with defensive attributes and low short-term valuations [24][30] - **Real Estate Market Dynamics**: The influx of capital into the stock market may initially lead to a decline in real estate investments, but could eventually result in a rebound in property prices as the stock market stabilizes [28] Financial Sector Insights - **Brokerage Sector Performance**: The brokerage sector is expected to benefit significantly from increased market liquidity and the influx of household funds, with historical data suggesting potential for substantial gains [25][27] - **Market Activity Indicators**: Recent data shows a significant increase in trading volumes and new account openings, indicating heightened retail investor interest [25][27] Conclusion - The A-share market is poised for potential upward movement due to strong liquidity and foreign capital inflows, despite short-term volatility. Key sectors and investment themes are emerging, driven by both domestic policy support and global economic trends.

Core Viewpoint - The company has announced the grant of a total of 37,500 restricted share units under its 2020 share incentive plan, which will be awarded on September 2, 2025 [1] Summary by Relevant Categories Share Incentive Plan - The grant consists of 37,500 restricted share units, equivalent to the same number of related Class A ordinary shares [1] - The grant includes 26,250 restricted share units awarded to Ms. Chen Xiaohong, an independent non-executive director of the company [1] - Mr. Zhu Hansong, another independent non-executive director, will receive 11,250 restricted share units [1] - The grants do not require shareholder approval [1]

Core Viewpoint - The company is actively expanding its main business and new business contributions are continuously improving, while maintaining stable shareholder returns. The non-GAAP net profit forecasts for 2025-2027 have been revised down due to market uncertainties and strategic adjustments in the home decoration business [1][2]. Group 1: Business Performance - In Q2 2025, the company's revenue reached 26 billion yuan, a year-on-year increase of 11.3%, which is in line with Bloomberg consensus expectations [1]. - Adjusted net profit for Q2 2025 was 1.82 billion yuan, a year-on-year decline of 32.4%, slightly above Bloomberg consensus expectations of 1.72 billion yuan [1]. - The existing housing segment saw a GTV growth of 2.2% year-on-year, but revenue declined by 8.4% due to increased contribution from ACN store transactions and incentive reductions for stores [1]. - The new housing segment demonstrated channel advantages with a GTV growth of 8.5% year-on-year and revenue growth of 8.6%, with fee rates remaining stable [1]. - New business in home decoration and home furnishing focused on quality delivery, with revenue growth of 13.0% year-on-year, while the rental business saw a 78% increase in revenue [1]. Group 2: Strategic Initiatives - The company is expanding its store network and franchise brands to drive market share growth, while continuously optimizing the home decoration business to enhance product and delivery quality [2]. - The company has extended its existing share repurchase plan to 5 billion USD, with a deadline extended to August 31, 2028, and a remaining repurchase scale of 2.98 billion USD as of June 2025, representing approximately 13.5% of the current market value [2]. - The company aims to improve service quality in the home decoration business as foundational capabilities are enhanced, with expectations of narrowing loss rates [2].