Core Viewpoint - The article discusses the evolution and strategic initiatives of Beike in the real estate industry, highlighting its transition from a seller's market to a buyer's market and the importance of its platform model in supporting real estate agencies and stores during challenging times [2][3]. Group 1: Company Evolution and Market Position - Beike launched 7 years ago, connecting approximately 17,000 stores and becoming the first true platform company in the real estate sector [1]. - Initially, the real estate market was a seller's market, but it has shifted to a buyer's market, increasing the importance of positive ecology and service capabilities for industry players [2]. - As of December 31, 2024, Beike's active store count reached 49,693, demonstrating growth even during the industry's toughest four years [3]. Group 2: Strategic Initiatives and Ecosystem Development - Beike has implemented the "1+5个2" strategy, focusing on co-building ecosystems with stakeholders, enhancing service quality, and establishing a governance system through regional councils [3][13]. - The company allocated approximately 90 million yuan last year to empower stores, with plans to increase this to 400 million yuan, emphasizing mechanism construction and service commitments [5]. - Beike introduced a store points system to reward performance and collaboration, while also implementing a dual guarantee mechanism for service quality [13][21]. Group 3: Challenges and Responses - The real estate market has presented three main challenges for agencies: significant changes, slow transaction rates, and management difficulties [12]. - Beike's response to market volatility includes enhancing support for store owners and addressing their core needs for income and management assistance [11][13]. - The establishment of the "Store Owner Direct Line" has facilitated communication and feedback from store owners, allowing for continuous service and product optimization [19][20]. Group 4: Long-term Vision and Investment - Beike emphasizes the importance of continuous investment in technology and service quality to address the dual issues of poor consumer experience and unstable B-end survival [23]. - The company believes that maintaining investment reflects confidence in the future and is essential for long-term success in the industry [22][23]. - Beike's approach integrates both B-to-B and B-to-C services, focusing on enhancing the capabilities of service providers and improving customer satisfaction through a comprehensive ecosystem [23].

Core Viewpoint - The article discusses the evolution of Beike as a platform company in the real estate industry, highlighting its strategies to adapt to market changes and support its network of stores and agents amidst a shift from a seller's market to a buyer's market [2][3]. Group 1: Company Evolution and Strategy - Beike launched 7 years ago, connecting approximately 17,000 stores and becoming the first true platform company in the real estate sector [1] - Initially, the real estate market was a seller's market, but it has transitioned to a buyer's market, increasing the importance of positive ecosystems and service capabilities for industry players [2] - Beike's core principles include openness, connection, and reconstruction of the industry, focusing on digitalization and standardizing service experiences across different brands [2][3] Group 2: Market Adaptation and Support Mechanisms - As of December 31, 2024, Beike's active store count reached 49,693, showing growth even during challenging market conditions [3] - Beike has shifted from a "strong management" approach to a "co-building ecosystem" strategy, introducing the "1+5 two" strategy to enhance collaboration and decision-making among stakeholders [3][13] - The company allocated approximately 90 million yuan last year to empower stores, with plans to increase this to 400 million yuan, focusing on mechanism construction and service commitments [5] Group 3: Challenges and Solutions - The real estate market has presented three main challenges for brokerage stores: significant changes, slow transaction rates, and management difficulties [12] - Beike's "1+5 two" strategy aims to address these challenges by implementing a points system for stores and a dual guarantee mechanism for service quality [13][14] - The introduction of a store points system has shared 110 million yuan in value, covering around 12,000 stores, while service commitments have provided nearly 4 billion yuan in guarantees to about 7 million customers [21] Group 4: Long-term Vision and Investment - Beike emphasizes the importance of continuous investment in technology and service quality to enhance customer satisfaction and operational efficiency [23] - The company believes that true success in branding and reputation comes from making commitments and investments, reflecting confidence in the future [22] - Beike's long-term strategy involves a comprehensive approach to improving both consumer experiences and the stability of service providers, moving beyond mere transaction facilitation [23]

Group 1 - The core strategy "1+5个2" was officially launched by the company, focusing on empowering store growth with an investment of 400 million yuan [1] - The strategy includes a foundational "1 organization" and five key directions: mechanism construction, fairness and transparency, service commitment, business assistance, and honor building, with ten key initiatives to alleviate operational pressure on store owners [1] - The company has established 1,899 regional co-governance councils and 534 performance-effectiveness business circles across the country to enhance collaborative efficiency among multiple stores [1] Group 2 - The points system for stores has been implemented, covering over 12,000 stores and distributing benefits valued at over 110 million yuan, aimed at improving both performance and service quality [1] - In Chengdu, as a pilot city, the points system has already covered 3,610 stores, with an average benefit value of 12,700 yuan per store, contributing to reduced operational pressure and increased employee cohesion and customer satisfaction [2] - The company aims to drive high-quality development of stores through tangible actions, enhancing service providers' job satisfaction and creating a more trustworthy service experience for consumers [2]

Group 1: Real Estate Market Overview - The average residential price in Mongolia for Q1 2025 is 3.6 million Tugrik per square meter (7258.06 RMB), while luxury residences are priced at 7.1 million Tugrik (14314.52 RMB) [1] - The structure of real estate transactions shows that land accounts for 54%, residential properties for 41.8%, commercial real estate for 3.4%, and industrial real estate for 0.3% [1] - Residential properties sold through real estate agencies represent 86% of the total market value [1] Group 2: Transaction and Rental Data - A total of 2,203 transactions were completed, with a total area of 3.162 million square meters sold, amounting to 538.5 billion Tugrik (1.086 billion RMB), reflecting a year-on-year area increase of 9.1% and a value increase of 5.8% [1] - There were also 1,912 rental transactions, covering an area of 150,800 square meters, with a total value of 58.9 billion Tugrik (119 million RMB) [1] Group 3: Financial Performance - The real estate sector achieved a net profit of 3.5 billion Tugrik (7.056 million RMB) in Q1, with revenues of 56.8 billion Tugrik (115 million RMB) and expenses of 53.3 billion Tugrik (107 million RMB) [2] - Total assets in the real estate sector reached 225.5 billion Tugrik (455 million RMB), with current assets at 162.4 billion Tugrik (327 million RMB) and non-current assets at 58.1 billion Tugrik (117 million RMB) [2] - As of the end of Q1, there were 302 real estate agencies, a decrease of 8 compared to the previous year [2]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

2025 年 06 月 09 日 证券分析师 房诚琦 证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Core Viewpoint - The article discusses the potential challenges facing the U.S. economy as it navigates through uncertain trade policies and a fragile labor market, which could lead to significant economic disruptions [1][2]. Group 1: Economic Indicators - In May, the U.S. added 139,000 jobs, with the unemployment rate remaining stable between 4% and 4.2% over the past year, indicating a seemingly healthy labor market [1]. - However, there are underlying issues, such as a slowdown in job growth and a cooling real estate market, which raise concerns about future economic stability [1]. Group 2: Risks to the Economy - The article identifies three major risks that could lead to severe economic consequences: a fragile labor market, potential declines in consumer spending, and financial market shocks [3][4][5]. - The labor market is described as being in an unstable equilibrium, where companies are hesitant to lay off employees but are also not hiring, which could lead to a sudden spike in unemployment if demand weakens [4]. - Consumer debt delinquency rates have been rising, raising concerns that low-income borrowers may cut back on spending, which could further slow economic growth [5]. Group 3: Federal Reserve Challenges - The Federal Reserve is facing four significant challenges: unpredictable tariff policies, uncertainty in government fiscal policies, discrepancies in economic data, and the unpredictable impact of innovations like AI [2]. - The Fed has paused interest rate cuts due to concerns over new inflation risks stemming from tariffs, which could lead to increased borrowing costs and affect corporate profitability [6]. Group 4: Corporate Strategies - Companies are adopting various strategies to cope with the current economic challenges, with some choosing to wait and see while others adjust their supply chains [7]. - There is a consensus among economists that the key to avoiding a recession lies in the health of the U.S. consumer, with many believing the likelihood of a recession has increased compared to earlier in the year [7][8].

她叫张学艳,是北京链家大兴首邑溪谷店的一名房产经纪人,也是该公司评选出的"社区专家"。 初入房产行业 然而卖房工作也不是件容易事,起初张学艳连续数月都没有开单,心急、迷茫充斥着她的内心,好在她把这 些情绪都化为了行动——打电话,到小区里去找人聊天,想尽办法找房源、找客户。终于,她在入职后的第 8个月开单了。她说能为客户找到满意的家,真的非常开心。 成为"社区专家" 随着消费者对房产交易服务需求的不断提高,北京链家率先推动经纪人服务模式革新。在2021年,链家通 过多个衡量标准,对全市2万多名经纪人进行考核,选拔出了1500多位"社区专家",张学艳就是其中一位。 "社区专家"的标准是"专业强、懂社区、善合作"。而彼时的张学艳已经是一名经验丰富、业务领先 的"老房产经纪人"了。她不仅对服务的首邑溪谷、旭辉紫郡、康泰园和康盛园等周边小区户型相当熟 悉,而且对各小区的情况、变化、优缺点都"了如指掌"。 "除了提供有价值的信息,有质量地陪看也非常重要。"张学艳说,很多客户都是首次来大兴置业,对房子的 户型、物业服务、周边环境,以及商场、学校、医院等配套都非常关心。这时就需要"社区专家"发挥作 用,为客户提供更加细致、更 ...

房地产行业跟踪周报 新房成交面积环比改善，二手房成交同比持续 正增 增持（维持） 2025 年 06 月 03 日 证券研究报告·行业跟踪周报·房地产 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024/6/3 2024/10/2 2025/1/31 2025/6/1 房地产 沪深300 相关研究 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 《"三问物业行业"系列报告之三—— 不谋长远者，无以图当下》 2025-05-23 东吴证券研究所 1 / 17 | 图 | 1： | 全国 | 36 城商品住宅成交面积及同环比 6 | | --- | --- | --- | --- | | 图 | 2： | 4 | 座一线城市新房成交面积及同环比（北京、上海、广州、深圳） 6 | | 图 | 3： | 5 | 座新一线城市新房成交面积及同环比（杭州、武汉、成都、青岛、苏州） 6 | | 图 | 4： | 6 | 座二线城市新房成交面积及同环 ...

Core Insights - The total value of homes for sale in the U.S. has reached a record high of $698 billion, representing a year-over-year increase of 20.3% [1] Group 1: Market Dynamics - The high total value of homes for sale is attributed to increasing inventory, slowing demand, and rising home sale prices [1] - The supply of homes has reached a five-year high, with more sellers than buyers in the market [1] - Homes are staying on the market longer, with the typical time to contract for homes sold in April being 40 days, which is 5 days longer than the same period last year [1] Group 2: Economic Factors - Monthly housing costs have reached an all-time high, contributing to potential buyers reconsidering their purchasing decisions due to overall economic instability [1] - The median sales price of homes in the U.S. increased by 1.4% year-over-year in April [1]