Core Insights - The "old-for-new" housing exchange model is gaining traction in various cities, with Shenzhen launching the "Nanshan Housing Exchange" initiative aimed at facilitating this process for residents [1][2] - The initiative offers significant benefits, including discounts on new home purchases, transaction discounts, loan benefits, home decoration subsidies, and housing exchange rights, collectively termed as "eight major benefits" [1] - A unique feature of the program allows participants to receive a full refund of their deposit if their old home is not sold within 30 days of signing the new home purchase agreement, reducing financial risks for buyers [1] Industry Trends - Following the introduction of the "old-for-new" initiative, there has been an increase in foot traffic and transaction conversion rates in new housing projects in Shenzhen [2] - Despite interest from homeowners in the "old-for-new" program, concerns remain regarding the ability to sell second-hand homes quickly, as the current market favors low prices for transactions [2] - The "old-for-new" initiative is seen as beneficial for connecting the first and second-hand housing markets, potentially increasing market activity, with expectations of similar measures being adopted in more cities [2]

证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 房地产行业周报 相关研究： 核心要点： ❑ 核心城市：核心城市二手房成交在高基数影响下大幅下滑 1.《周度观点：11月一线城市新房 销售降幅较大》 2025.11.23 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 -25% -15% -5% 5% 15% 沪深300 房地产(申万) | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -7 | -8 | -27 | | 绝对收益 | -8 | -6 | -13 | 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 成交下行压力加大，关注后续政策落地 ❑ 投资建议 由于四季度核心城市的新房、二手房成交基数较高，叠加今年政策影响较 为温和，因此 10 月以来新房、二手房成交同比持续下行，有待进一步出台 政策稳定楼市。近期召开的中央经济工作会议明确了明年的房地产 ...

若以三区划分11月逾1000万港元二手住宅注册量月环比表现，当中新界区录155宗注册，较10月的136宗 增加约14%，升幅三区中最显著；九龙区录193宗注册，较10月的175宗增加约10.3%；港岛区录208宗逾 1000万港元二手住宅注册，宗数三区中最多，较10月的194宗增加约7.2%。 至于11月逾1000万港元二手住宅注册量屋苑排名方面，名城以16宗注册居首位，较10月的15宗增加约 6.7%；贝沙湾及海逸豪园各以11宗逾1000万港元二手住宅注册并列次席，其中贝沙湾月环比持平，海 逸豪园较10月的5宗大增1.2倍。 智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，逾1000万港元二手住宅 录556宗注册，较10月的505宗增加约10.1%，连升3个月，创逾1年半新高。鉴于签署买卖合约至递交到 土地注册处注册登记需时，11月注册个案一般主要反映10月市况。 相较11月二手住宅(包括二手私人住宅及二手公营房屋)录4164宗注册，较10月的3905宗增加约6.6%，逾 1000万港元二手住宅注册量月环比表现跑赢大市，其占整体二手住宅注册量比率因而由10月约12.9%， 增加约0. ...

每经记者｜包晶晶 每经编辑｜程鹏 陈梦妤 上海中原地产市场分析师卢文曦通过微信对《每日经济新闻》记者（以下简称每经记者）分析："2026年延续这种趋势的可能性比较大。从政策层面来 看，降息降准等宽松的货币政策可期，市场会越来越向好。目前置换链条较为顺畅，从交易情况可以发现，仍然有一部分房东出售旧房后购买新房，尽管 短期有一些拉锯、置换周期稍长，但置换链条始终能够维系。" 每经资料图（图文无关） 市场需求大量释放 根据易居的统计结果，4个一线城市的二手房成交规模，2017年为488241套，2018年426619套，2020年为607074套（历史最高），2021年回落至589640 套，而2025年1～11月成交规模已经达到519021套。 4个一线城市二手房市场大力度复苏了。 上海易居房地产研究院（以下简称易居）近日公布的数据显示，截至11月，4个一线城市二手房累计成交51.9万套，超越2024年同期水平（496532套）， 近4年首次突破51万套大关。 目前，二手房市场"以价换量"已成共识。 | 城市 | 环比涨跌 | 同比涨跌 | 样本平均价格 | 样本价格中位数 | | --- | --- | --- ...

Core Viewpoint - The establishment of the "Internet + Real Estate Registration" service point in Xuzhou has significantly streamlined the second-hand housing transaction process, allowing for a one-stop service that can complete all necessary procedures in a single day [4][7][9]. Group 1: Transaction Convenience - The new service point enables all aspects of second-hand property transactions, including contract signing, housing proof inquiry, bank loan applications, tax payment, transfer registration, and property certificate issuance, to be completed in one location [7]. - Customers have reported that they can complete transactions in as little as one day, thanks to the full online processing capabilities of the Xuzhou Natural Resources Registration Center [7][9]. - The service point has been designed to be user-friendly, with dedicated staff available to assist customers who may not be familiar with digital processes [5][10]. Group 2: Service Integration - The service point integrates various services into a single process, enhancing efficiency and reducing the need for customers to visit multiple locations [9][10]. - The implementation of electronic verification and signature technologies has modernized the transaction process, ensuring a more secure and transparent experience for buyers and sellers [11]. - The initiative has received positive feedback from industry leaders, highlighting its role in improving transaction safety and professionalizing the service process [9][10]. Group 3: Future Developments - The Xuzhou government plans to expand the network of service points and enhance collaboration with banks and real estate agencies to further optimize online processing [13]. - Continuous improvements to the "full online processing" reform are expected, aiming to extend the benefits of this service model to a broader range of citizens [10][13]. - The company is committed to supporting the government's innovative service model and aims to implement similar one-stop services in additional locations [13].

至于11月逾500万至1,000万元二手住宅注册量屋苑排名方面，日出康城以54宗注册居榜首，较10月的47 宗增加约14.9%;黄埔花园以26宗注册排第二，较10月的24宗增加约8.3%;新都城及美孚新邨各以24宗逾 500万至1,000万元二手住宅注册紧随其后，其中新都城较10月的13宗增加约84.6%，美孚新邨较10月的 30宗则减少20%。 鉴于签署买卖合约至递交到土地注册处注册登记需时，11月注册个案一般主要反映10月市况。 若以港岛、九龙及新界三区划分11月逾500万至1,000万元二手住宅注册量环比表现，其中新界区录746 宗注册，较10月的652宗增加约14.4%，带动整体逾500万至1,000万元二手住宅注册量环比走好，主要因 区内有不少屋苑该类别注册量环比升幅显著，如该类别注册量环比大升5倍的PARK YOHO，以及环比 大升3倍的豪景花园;相反，港岛区录276宗注册，较10月的292宗减少约5.5%;九龙区录370宗注册，较10 月的402宗减少约8%。 香港置业研究部董事王品弟表示，据土地注册处资料显示，11月逾500万至1,000万元(港元，下同)二手 住宅(包括二手私人住宅及二手公营 ...

若以港岛、九龙及新界三区划分11月逾500万至1,000万元二手住宅注册量环比表现，其中新界区录746 宗注册，较10月的652宗增加约14.4%，带动整体逾500万至1,000万元二手住宅注册量环比走好，主要因 区内有不少屋苑该类别注册量环比升幅显著，如该类别注册量环比大升5倍的PARK YOHO，以及环比 大升3倍的豪景花园;相反，港岛区录276宗注册，较10月的292宗减少约5.5%;九龙区录370宗注册，较10 月的402宗减少约8%。 至于11月逾500万至1,000万元二手住宅注册量屋苑排名方面，日出康城以54宗注册居榜首，较10月的47 宗增加约14.9%;黄埔花园以26宗注册排第二，较10月的24宗增加约8.3%;新都城及美孚新邨各以24宗逾 500万至1,000万元二手住宅注册紧随其后，其中新都城较10月的13宗增加约84.6%，美孚新邨较10月的 30宗则减少20%。 智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，11月逾500万至1,000万 元(港元，下同)二手住宅(包括二手私人住宅及二手公营房屋)录1,392宗注册，较10月的1,346宗增加约 3.4%，连 ...

Core Insights - The registration volume of second-hand residential properties priced at HKD 6 million or below in Hong Kong has reached a record high, with 28,358 registrations this year, surpassing the previous year's total of 27,334 and marking an 8-year high [1][2] - The trend is expected to continue, with projections indicating that the total registrations for the year could exceed 30,000, potentially setting a new record since 2014 [1][2] Group 1 - The increase in registrations for properties priced at HKD 6 million or below has been attributed to declining interest rates and rising rental prices, prompting some buyers to shift from renting to purchasing [2][3] - High rental yields for lower-priced properties are attracting long-term investors to enter the market [2] Group 2 - Among the 18 districts in Hong Kong, the New Territories accounted for the highest number of registrations for properties priced at HKD 6 million or below, with Yuen Long leading at 2,880 registrations, followed by Tuen Mun with 2,499, and Sha Tin with 2,390 [3][5] - Other notable districts include Yau Tsim Mong with 2,225 registrations, making it the highest in Kowloon, and Eastern District on Hong Kong Island with 2,161 registrations, the highest in that area [5]

Core Viewpoint - Beike has launched a "Fund Safety Platform Guarantee" service to enhance the security of real estate transactions, addressing concerns about fund safety for homeowners and buyers [1][2]. Group 1: Service Implementation - The service has been rolled out in 17 cities nationwide, providing a comprehensive fund protection system throughout the real estate transaction cycle [2]. - Beike guides clients and homeowners to watch risk awareness videos and sign a "Transaction Risk Notification Letter" during the signing phase, enhancing risk awareness [1]. - An "official service group" is created for each transaction, ensuring all parties are verified and fund information is transparent and interactive [1]. Group 2: Risk Management - Beike has established a more robust risk management system, defining five categories of potential loss risks and 37 risk characteristics [1]. - From July 1, 2024, to September 30, 2025, the platform successfully blocked 21,000 transaction risks, including common issues like high appraisal and loan discrepancies [2]. - The probability of actual fund loss has been reduced to 0.006% in cities where the service is implemented [2]. Group 3: Financial Impact - Since June 2020, Beike Shenzhen has compensated clients in 13,139 cases, with a total amount exceeding 124 million yuan [2]. - The platform's service commitment has cumulatively compensated 5.56 billion yuan from 2001 to August 2025 [2].

数据显示，彭永东的薪酬从2021年的847.8万元飙升至2023年的7.13亿元，类似情况也出现在联合创始人 单一刚身上，贝壳的联合创始人单一刚同期薪酬也从685.3万元涨至5.29亿元，2023年两人合计薪酬达到 了12.42亿元。 贝壳曾辟谣称，实际上彭永东2024年薪酬中97%是为当时港股上市时满足港交所对"上市公司超级投票 权持有人规则"要求下限制性股票的摊销。2022年5月贝壳香港上市时，根据联交所的上市规则，具有同 股不同权(WVR)架构的公司，WVR持有人(即超级投票权持有人)的股份所对应的经济利益占比不得低于 10%。贝壳具有此架构，且上市前超级投票权持有人之一贝壳董事会主席、首席执行官及控股股东彭永 东持有的权益相对较低。 因此为了满足该上市规则的要求，在联交所批准的前提下，贝壳向彭永东授予限制性股票。该限制性股 票，在会计规则上采用"直线摊销法"，因此在每年的"股权薪酬"科目产生了较大数额，但并非一般理解 的年薪。 | HK 贝壳-W@ | | | | [7 Q | | | --- | --- | --- | --- | --- | --- | | 02423 港股通 L2 ▼ | | | ...