华泰研究 房地产 证券研究报告 上周市场热度环比维持平稳 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 热度维持平稳，关注去库存进展 上周（4 月 19 日-4 月 25 日）房地产市场热度环比维持平稳。备案数据来 看，上周 44 城新房备案数据环比+7%，其中一线、二线、三线分别环比+6%、 +11%、+0.02%；22 城二手房备案数据环比-0.5%，其中一线、二线、三线 分别环比-4%、+3%、-9%。库存角度，截至 4 月 20 日，21 个重点城市库 存环比+0.5%，一线、二线、三线分别环比+1.7%、-0.1%、+0.1%；截至 4 月 27 日，20 个样本城市二手房挂牌量较 4 月 20 日上升 0.5%。一线城市 二手房挂牌量较 4 月 20 日上升 0.5%。 行情回顾 上周沪深 300 指数上涨 0.38%，房地产开发板块下跌 1.31%，恒生指数上 涨 2.74%，中华内房股指数 CNY 下跌 0.06%，恒生物业服务及管理指数上 涨 1.67%。 重点公司及动态 我们看好重点城市区域市场的量价回升，以及在对应区域拥有储备或新获取 资源的房企的估值修复，同时我们认为 ...

| 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 世联地产顾问(中国)有限公司 | 60323.87 | 30.53 | 不变 | | 珠海大横琴集团有限公司 | 32407.78 | 16.40 | 不变 | | 乌鲁木齐卓群创展股权投资合伙企业(有限合伙) | 4497.30 | 2.28 | 不变 | | 深圳众志联高投资管理合伙企业(有限合伙) | 3918.43 | 1.98 | -7.77 | | 香港中央结算有限公司 | 2394.29 | 1.21 | -1854.47 | | 南方中证全指房地产ETF | 1483.72 | 0.75 | 542.73 | | 王连伟 | 827.63 | 0.42 | 39.58 | | 丁志宪 | 708.98 | 0.36 | 4.83 | | 余巧英 | 615.08 | 0.31 | 新进 | | 博时基金-农业银行-博时中证金融资产管理计划 | 560.46 | 0.28 | 不变 | | 较上个报告期退出前十大股东有 | | | | | 何乔 | 468.0 ...

4月25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。记者注意到，房地产是此次政治局会议 的重点关注领域。在"平稳"基调不变的背景下，政治局会议指出，加力实施城市更新行动，加快构建房地产发展 新模式，并首次提出加大高品质住房供给。 此次有关房地产的内容依旧是在"防范重点领域风险"的部分被提出。具体来看，政治局会议指出，要持续用力防 范化解重点领域风险。继续实施地方政府一揽子化债政策，加快解决地方政府拖欠企业账款问题。加力实施城市 更新行动，有力有序推进城中村和危旧房改造。加快构建房地产发展新模式，加大高品质住房供给，优化存量商 品房收购政策，持续巩固房地产市场稳定态势。 58安居客研究院院长张波对《华夏时报》记者表示，此次政治局会议延续了"止跌回稳"的总基调。落实"一揽子化 债政策"将有利于直接改善房企现金流，并对其参与城市更新、基建配套形成实质利好。 张波表示，地方政府化债、城市更新与住房供给改革的协同推进，既可以避免系统性风险，也可以为市场注入新 动能，预计后续政策也会加快落地。其中，包括北京、上海在内的一线城市有望加快存量住房改造、优化限售限 购政策，二、三线城市则可能通过降低购房门槛、加 ...

Financial Data and Key Metrics Changes - The company reported a net income of $3 million or $0.11 per diluted share on total revenues of $612 million for Q1 2025, with adjusted net income of $7 million or $0.25 per diluted share compared to $5 million or $0.17 in Q1 2024 [16][18] - The title segment's operating revenues increased by $48 million or 11%, leading to a $2 million increase in title pretax income, with adjusted pretax income improving to $12 million, up $5 million from last year [18][19] - The title loss ratio improved to 3.5% compared to 3.9% in the prior year quarter, with expectations for title losses to average in the low 4% range for the full year 2025 [20][22] Business Line Data and Key Metrics Changes - The Title segment grew by 11%, with domestic commercial business growing 39% year-over-year, driven by strong performance in retail, mixed-use, and energy asset classes [7][19] - Real Estate Solutions segment revenues increased by $14 million or 7%, but pretax income decreased due to higher credit information costs and employee expenses [21] - Agency Services saw gross agency revenues improve by $27 million or 11%, with net agency revenues increasing by $5 million or 13% [20] Market Data and Key Metrics Changes - Existing home sales remained low, with pending home sales for February down 3.6% from last year, indicating a challenging market environment [6] - The company noted improved housing inventories and market activity trends in early April, suggesting potential for recovery in the second half of the year [7] - International revenue grew by 16% compared to the previous year, with a focus on expanding geographical presence in Canada [11] Company Strategy and Development Direction - The company is focused on growth through acquisitions and expanding its market share in targeted metropolitan statistical areas (MSAs) [8][9] - There is a commitment to enhancing service offerings for agent partners and pursuing growth across existing markets, particularly in 15 key states [9][10] - The management emphasized the importance of positioning for long-term growth and sustainability despite current market challenges [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on an improving market in the second half of 2025 and into 2026 [14] - The CEO highlighted the robust nature of the commercial market, expecting double-digit growth despite some volatility [26] - Management acknowledged the challenges posed by the Texas Department of Insurance fee cuts but indicated plans to manage through these changes [41][43] Other Important Information - The company has a solid financial position with total cash and investments of approximately $320 million in excess of statutory premium reserve requirements [22] - The employee cost ratio improved to 31% from 32% year-over-year, while other operating expense ratios increased to 27% due to higher costs in real estate solutions and commercial operations [22] Q&A Session Summary Question: Inquiry about commercial activity and potential slowdown - Management indicated that commercial activity remains robust, with expectations for double-digit growth despite some market volatility [26] Question: Clarification on investment income decline - The decline in investment income was primarily due to lower escrow balances [28] Question: Commentary on loss provision rate and potential volatility - Management noted that the loss provision rate is closely monitored, with potential volatility due to the mix of business, particularly in international operations [35][36] Question: Growth in residential purchase fee per file - The residential fee per file increased by 13%, driven by a higher percentage of purchase transactions [39] Question: Impact of Texas Department of Insurance fee cuts - Management is challenging the fee cuts and believes adjustments can be made to manage through the changes [42][43]

A股地产股午后异动拉升，我爱我家直线封板，特发服务、世联行、新城市等跟涨。 ...

十多年前，企业高管巨额年薪也曾引发争议，但相关话题主要围绕国企高管年薪展开，而高层对国企高 管推出"限薪"举措也抚慰了人心。彼时，人们对于民企高管拿多少薪水，关注度和"争议度"有限。何以 在今天，人们如此关切一家民营房企董事会主席的钱袋子且发出不平之声呢？ "贝壳高管7亿年薪"近日引发热议。公开报道显示，贝壳董事会主席、首席执行官彭永东的薪酬总额从 2021年的847.8万元升至2022年的4.75亿元，2023年直接涨到7.13亿元。虽然相关方面强调7亿年薪是"股 权激励摊销非现金支出"，但拂去云雾，明眼人一看便知实质是什么。 彭永东能进阶"年薪顶峰"有特殊原因，也具有一定的典型性。在前当家人左晖突然去世后，高管给自己 疯狂加薪，毫无阻力。显然，如果高管对董事会控制力很强，做到这一点难度不大——事实上，出了这 样的舆情后，贝壳并没有拿出一个系统性的纠错和改良之策，而只是由高管自己做点应急性和表演性都 突出的"文章"——"捐赠900万股"，侧面反映出高管的"内控力"之强。 要消解此中争议，就要严格按照《上市公司股权激励管理办法》关于"激励与约束对等"的规定，修补好 薪酬决策、股权激励等制度存在的漏洞。例如，股 ...

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [10]. Core Insights - The report highlights a significant policy change in Jilin City, where the maximum housing provident fund loan limit for families with multiple children has been increased by 30%, with maximum loan amounts reaching 650,000 RMB for single-income families and 910,000 RMB for dual-income families [5]. - In the first quarter of 2025, the national transfer registration volume of existing commercial housing increased by 34.7% year-on-year, totaling 1.646 million transactions, while new commercial housing transfer registrations decreased by 12.1% [5]. - The report notes that the Shanghai and Shenzhen stock markets showed mixed performance, with the Shanghai Composite Index down by 0.11% and the Shenzhen Composite Index up by 0.03%, while the Shenwan Real Estate Index rose by 1.53% [3]. Sub-industry Ratings - No specific ratings are provided for real estate development and real estate services [3]. - The report lists companies with significant stock performance, including "I Love My Home" and "Financial Street," which saw increases of 10.15% and 10.14%, respectively [4].

策略研究 · 周度报告 2025 年 04 月 20 日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-04-08, 汇金入市,坚定看多 2025-04-02, 2025年二季度 A 股投资展望: 风格切换, 均衡配置 2025-03-23，港股市场 2025 年以来行情拆解 2025-02-21, 南向资金与国际资金结构同频还是分歧? 2025-02-13，地方两会对 A 股投资结构有哪些启示? 2025-02-04，春节假期热点跟踪：海外市场多变局，国 内消费掀热潮 2024-12-31, 2024年全球大类资产投资展望: 变局·择 机 2024-12-27, 2025年港股投资展望:潮涌·博弈 2024-12-26，2025年 A 股市场投资展望：重构·聚势 2024-12-19，美联储 12 月议息会议点评报告：美联储 传递节奏更换的渐进式降息信号 2024-12-13，中央经济工作会议对投资的启示 2024-11-19, 央国企改革助推市场 ...

2025 年 4 月 11 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 20,682 | 2.06 | 21.32 | | 恒生国企 | 7,668 | 1.76 | 32.94 | | 恒生科技 | 4,814 | 2.66 | 27.88 | | 上证综指 | 3,224 | 1.16 | 8.36 | | 深证综指 | 1,868 | 2.46 | 1.66 | | 深圳创业板 | 1,901 | 2.27 | 0.48 | | 美国道琼斯 | 39,594 | -2.50 | 5.05 | | 美国标普 500 | 5,268 | -3.46 | 10.45 | | 美国纳斯达克 | 16,387 | -4.31 | 9.17 | | 德国 DAX | 20,563 | 4.53 | 22.75 | | 法国 ...

将投中网设为"星标⭐"，第一时间收获最新推送 持续锚定居住品质升级趋势。 来源丨投中网 3月18日，科技驱动的一站式新居住服务平台贝壳（NYSE:BEKE;HKEX:2423）发布2024年第四季 度及全年财务业绩。面对不断升级的美好居住市场需求，贝壳聚焦服务品质提升，并持续投入基础设 施建设及科技研发，为长期发展做好前瞻布局。 去年年底，中央经济工作会议首提"稳住楼市"，贝壳多业务协同发力，精准承接政策利好背景下居住 需求的释放，推动业绩实现高质量增长。2024年四季度，贝壳实现总交易额（GTV）为11,438亿元 （人民币，下同），同比增长55.5%，净收入311亿元，同比增长54.1%，经调整净利润13.44亿元。 2024全年GTV 33,494亿元，同比增长6.6%，净收入935亿元，同比增长20.2%，经调整净利润72.11 亿元。 贝壳联合创始人、董事长、首席执行官彭永东表示："过去的一年，中国的房地产行业加速迈向新阶 段，客户需求转向降低决策风险和追求居住品质。我们以科技赋能服务者，构建决策最优解能力，推 动行业向服务效率跃迁。在积极的增长和优化生态策略下，2024年我们平台上的多个业务实现显 ...