招银国际发布研报称，预测受高基数影响，贝壳-W去年第四季收入将按年下跌28.5%至222亿元人民币 (下同)，计及一次性成本控制措施后，预测季度非通用会计准则(non-GAAP)净利润为4.27亿元，non- GAAP净利润率料达1.9%。 但该行强调，仍看好贝壳拥有强大的技术能力、优质的服务质量以及成熟的经纪人合作网络，有望在房 屋交易业务中扩大市场份额，预期2026年集团对核心房产交易业务推行成本优化措施，加上新业务盈利 改善，将推动盈利复苏，预计2026年全年non-GAAP净利润达70亿元，较2025年预测达49亿元按年增长 约42%。 贝壳-W(02423)盘中涨超10%，截至发稿，涨9.36%，报48.14港元，成交额3.19亿港元。 消息面上，2月13日，恒生指数公司宣布截至2025年12月31日的恒生指数系列季度检讨结果，恒生中国 企业指数加入贝壳-W等成份股。变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一) 起生效。 ...

让青年毕业生"住有所居""安居宜居"关乎城市的活力和竞争力。下一步，市房产局将继续走进更多高校，让更多毕业生了解南京暖心的安居政策。市住房保 障中心圆梦安居服务队也将继续助力"安居政策进高校"活动，为吸引更多大学毕业生留在南京就业创业发挥积极作用。 为全力做好高校人才留宁租赁、购房等服务工作，南京市住房保障和房产局组织开展2023届大学生"安居政策进高校"活动。在4月15日至16日南京大学鼓楼 校区、仙林校区联合举办的毕业生春季双选会上，市房产局、市安居集团、东南集团工作人员积极宣传住房租赁、就业安居等政策，助力高校毕业生就业安 居齐步走。市住房保障中心圆梦安居服务队参加此次活动。 活动现场，市房产局保障管理处、市住房保障中心圆梦安居服务队、市交易中心房租易服务队等工作人员对南京市现行的人才安居、住房保障政策进行面对 面讲解，帮助毕业生解决住房难题。同时，圆梦安居服务队队员还向现场毕业生发放高校毕业生安居政策宣传手册、宣传小扇子等，获得南大毕业生的一致 认可。 "我之前听说过南京对毕业生租房发放补贴，但是不知道具体补贴多少钱。现在我知道了，马上就在网上申请，感谢南京暖心政策！"南京大学学生李明磊来 自安徽省马 ...

招银国际发布研报称，预测受高基数影响，贝壳-W去年第四季收入将按年下跌28.5%至222亿元人民币 (下同)，计及一次性成本控制措施后，预测季度非通用会计准则(non-GAAP)净利润为4.27亿元，non- GAAP净利润率料达1.9%。 但该行强调，仍看好贝壳拥有强大的技术能力、优质的服务质量以及成熟的经纪人合作网络，有望在房 屋交易业务中扩大市场份额，预期2026年集团对核心房产交易业务推行成本优化措施，加上新业务盈利 改善，将推动盈利复苏，预计2026年全年non-GAAP净利润达70亿元，较2025年预测达49亿元按年增长 约42%。 智通财经APP获悉，贝壳-W(02423)盘中涨超10%，截至发稿，涨9.36%，报48.14港元，成交额3.19亿港 元。 消息面上，2月13日，恒生指数公司宣布截至2025年12月31日的恒生指数系列季度检讨结果，恒生中国 企业指数加入贝壳-W等成份股。变动将于2026年3月6日(星期五)收市后实施并于2026年3月9日(星期一) 起生效。 ...

Group 1: Market Overview - The A-share real estate sector is active, with the Wind Real Estate Index rising by 2.24%, and several companies experiencing significant stock price increases, including Chengdu Investment Holdings reaching the daily limit, and Guangming Real Estate rising over 9% [1][2] - The current market enthusiasm is driven by a rebound in the spring real estate market, supported by favorable policies from various regions, including home purchase subsidies and talent housing tickets, which are expected to stabilize and warm up the real estate industry [3][4] Group 2: Policy Impact - Multiple cities have introduced measures to stimulate the real estate market, such as Guangzhou offering promotional packages for over 140 properties and Jiangsu's Huai'an providing tiered subsidies of 2% to 6% on home purchases, along with increased loan limits for families with multiple children [4] - A two-month special action has been launched in Guangzhou to address issues in real estate self-media, aiming to purify the industry environment and reduce false advertising and malicious speculation [4] Group 3: Industry Segments - Real estate development companies are expected to benefit directly from the recovery in transactions and policy incentives, with a focus on core cities leading to faster sales and shorter de-stocking cycles [5] - The recovery in the real estate market will also boost demand in real estate services, including property management and intermediary services, as transaction volumes for new and second-hand homes increase [5] - The rebound in the real estate market is anticipated to positively impact the home furnishings and appliances sector, with rising demand for home customization and smart appliances as a result of improved purchasing conditions [5] Group 4: Key Companies - Guangming Real Estate, a well-established company in Shanghai, has seen a significant increase in visitor and transaction volumes due to multiple promotional activities during the spring [6] - Chengdu Investment Holdings benefits from its state-owned background, focusing on urban renewal and affordable housing projects, positioning itself well to take advantage of local policy benefits [6] - Wo Ai Wo Jia, a leading real estate intermediary, has experienced a substantial increase in store inquiries and contract signings due to the resurgence in the spring real estate market, indicating strong performance recovery expectations [6]

证券日报网讯 2月24日，世联行（002285）在互动平台回答投资者提问时表示，截至2026年2月13日收 盘，公司股东人数为55190户。 ...

近日，国际权威可持续发展评估机构标普全球(S&P Global)正式发布《2026 年可持续发展年鉴》(Sustainability Yearbook2026)。 万物云凭借在环境、社会和公司治理(ESG)领域的卓越表现，成为入选该年鉴的57家中国内地企业之一，并荣膺2026年度全 球REM行业唯一的"industry Mover"。 今年，全球848家企业从9200家参评企业中脱颖而出，成功入选《年鉴》。其中中国内地企业共有57家，万物云与腾讯、宁 德时代、工业富联、美的、农夫山泉等各行业领军企业共同入选。 而全球REM行业共有31家企业入选。万物云与CBRE、JLL、太古地产等海内外同行共同位列其中。这印证了万物云在日常 运营与治理中，持续与国际可持续发展标准接轨并跻身行业前列。 ESG国际认可 为企业高质量发展注入新动能 入选《可持续发展年鉴》不仅意味着来自全球顶级的ESG认可，更将为企业带来多重价值：以客观、透明的数据表现增强 品牌公信力，吸引全球ESG投资者的关注，并在长远发展中有助于企业拓宽融资渠道、降低融资成本。 这份国际认可是万物云长期以来对"智慧低碳" 坚定践行的回应。通过持续推动空间服务的 ...

2月24日，贝壳联合创始人、董事长兼首席执行官彭永东与联合创始人单一刚通过内部全员信宣布，在 贝壳和链家即将迎来25周年之际，两人共同捐赠1000万股A类贝壳普通股，税后所得资金将专项设 立"健康家贝守护金"，为贝壳、链家员工及居住服务行业从业者约50万人提供健康保障。按2月23日收 盘价计算，该笔捐赠价值约4亿元人民币，项目计划于年内正式启动。 这是彭永东一年内的第二次大额个人捐赠。2025年12月，彭永东首次出售个人所持900万股贝壳A类 股，税后所得约4.4亿元全部用于公益，其中50%资金用于应届毕业生租房帮扶，另50%用于提升居住服 务者及其家庭成员的健康医疗水平。此次与单一刚的联合捐赠，使得两位联合创始人一年内累计捐赠金 额达8.4亿元。 贝壳长期以来持续投入服务者保障。2008年推出的"格林计划"专门为服务者及其家庭成员提供疾病支 持，截至2025年年底已累计发放救助金额超7.55亿元，救助超5.4万人次。此次捐赠延续了彭永东、单一 刚个人出资与公司员工保障政策互补的思路，进一步织密了居住服务行业从业者的健康与家庭安全网。 （文章来源：中国经营报） 据介绍，本次的"健康家贝守护金"包含三个子项目。 ...

原标题：杰总|两位贝壳联合创始人又捐了 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 距离上次捐赠，尚不足一年。 马年上班首日，贝壳两位联合创始人彭永东和单一刚，再捐一笔巨款。 2月24日，透过全员信形式，两位高管宣布捐赠共计1000万股A类普通股，按照近期H股股价，这笔捐赠 价值约4亿元。 承担相应纳税义务后，这笔资金用于三个专项用途： 来源：一勺言 生命急救金，家暖帮扶金，子女教育金。 去年4月，贝壳联合创始人、董事长彭永东捐赠900万股股票，当时价值 4.4亿。 去年12月份，这些股票卖了，这也是贝壳美股IPO以来彭永东第一次出售股票，钱款已经进入项目中。 今年的最新捐赠，覆盖人群范围高于首次，"健康家贝守护金"专项受益人群超过了50万人。 二 两次捐赠，形式同款，金额近似，目标受众高度一致。 只是，大家关注的侧重点，不可避免地有所不同。 去年那个超级捐赠，论迹论心，都无可挑剔。 它在行业情绪的顶峰时刻出炉，纠正了偏见，安抚了人心，最重要的是，借助于那个决定，它也把股权 薪酬的真相一次性说清楚了。 想了解全部真相的朋友，可以翻阅此文：贝壳董事长的超级决定。 炒作与偏见，理应到 ...

Core Viewpoint - US stock investors are facing a scenario previously deemed impossible, where the decline of tech giants and leading AI cloud service providers could simultaneously drag down the US stock market and economy [2] Group 1: Market Performance - The overall performance of the US stock market has lagged behind major global markets this year, with the Nasdaq and S&P 500 indices completely reversing their gains [2] - The "Magnificent Seven" tech giants are under increasing scrutiny, with Microsoft down over 17% and Amazon down over 10% year-to-date [2] - Meta has become the third tech giant to enter a technical bear market [2] Group 2: Sector Rotation - A significant sector rotation is occurring, with previously lagging sectors leading the market, while the "Magnificent Seven" face pressure due to concerns over their substantial AI investments [3] - The S&P 500 energy sector has surged over 22% this year, leading among 11 sectors, while the information technology sector has declined by 4.5% [3] - The market shift began as a mean reversion trade but has evolved into a fundamental logic shift, focusing on AI's broader market impact [3] Group 3: Historical Context - Extreme market divergence has occurred only a few times in the past 25 years, typically accompanied by significant sector reshuffling [4] - The equal-weighted S&P 500 index has outperformed the traditional market-cap-weighted index, marking the most extreme divergence since 1992 [4][5] Group 4: Economic Implications - Concerns are rising over the capital expenditures of cloud service providers, with fears of a potential bubble bursting [6] - A significant drop in free cash flow for cloud service providers is anticipated, raising questions about revenue and profit margins [6] - If the AI sector's adjustments affect the credit market, it could pressure US GDP growth by 1.3 to 1.4 percentage points [6] Group 5: Nvidia's Earnings Focus - Investors are closely watching Nvidia's earnings report, which is expected to provide stability amid AI-related concerns [8] - Nvidia's projected earnings per share for Q4 are expected to grow by 71%, with revenue reaching $65.9 billion [8] - The CEO's statements during the earnings call are anticipated to have a broad impact on the AI industry, especially for companies facing pressure due to capital expenditure return rates [8][9]

Financial Data and Key Metrics Changes - In 2025, the company reported a revenue increase of 11%, with Adjusted EBITDA reaching $1.45 billion, growing 22% and hitting the top end of its financial target for the year [4][5] - The fourth quarter revenue was up 10%, driven by accelerated transactional revenue and growth in resilient business lines [5][6] - The company achieved its midterm margin target in 2025, demonstrating strong margin expansion despite a volatile macro environment [5] Business Line Data and Key Metrics Changes - Real Estate Management Services revenue increased 9% in the fourth quarter and 11% for the full year, with strong growth in workplace and project management [6][10] - Leasing Advisory revenue grew 17% in the fourth quarter, with office leasing up 26% and industrial leasing up 11% [13][15] - Capital Markets segment saw Investment Sales growth accelerate to 27% and Debt Advisory revenue increase by 20% in the fourth quarter [15][16] Market Data and Key Metrics Changes - Office demand reached its highest level since 2019, with significant contributions from the U.S., India, and the U.K. [6][10] - The investment markets showed sustained momentum, with rising investor confidence and robust real estate debt markets expected to lead to further growth in 2026 [5][6] - Global capital flows have become more active again, contributing to transaction volume growth [78] Company Strategy and Development Direction - The company is focused on becoming the most intelligent, efficient, data-led service provider, leveraging AI and technology to enhance client outcomes [22][23] - The strategic evolution aims to drive continued top and bottom line growth, with a strong balance sheet and disciplined capital allocation [22][23] - The company plans to introduce its new strategy and long-term financial targets at an upcoming investor briefing [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of resilient businesses, despite recent market volatility [8][9] - The outlook for 2026 remains positive, with expectations for continued growth in leasing and capital markets driven by strong pipelines and favorable economic indicators [20][22] - Management noted that AI and technology investments are expected to enhance productivity and drive revenue growth without significantly increasing headcount [54][68] Other Important Information - The company achieved an all-time high in Free Cash Flow for the full year, with a cash conversion ratio above its long-term average [18][19] - Share repurchases totaled $80 million in the quarter, with plans to increase repurchases in 2026 [20][72] - The company is exiting low-margin contracts in its property management segment to improve overall growth rates [76][77] Q&A Session Summary Question: Revenue growth expectations for 2026 in capital markets, leasing, and REMS - Management expects continued growth in REMS, particularly in facilities and project management, with strong momentum in capital markets and leasing [26][27] Question: Free cash flow and capital allocation priorities for 2026 - Management indicated a focus on share repurchases and organic growth, with comfortable debt levels allowing for more capital to benefit shareholders [28][29] Question: AI's impact on competitive positioning - Management believes the company is well-positioned due to its proprietary data and early investments in AI, which enhance client outcomes and revenue [32][34] Question: Factors driving higher average deal sizes in office leasing - Management noted a recovery in large deals and a trend towards higher quality office spaces, with increased average lease durations [35][36] Question: Impact of AI on office demand - Management sees no significant negative impact from AI on office demand, with strong growth in prime office spaces expected [50][52] Question: Performance of the Workplace Management segment - Management acknowledged a deceleration in revenue growth due to healthcare costs but remains confident in long-term growth prospects [90][92] Question: Outlook for industrial leasing in 2026 - Management expects continued acceleration in industrial leasing, with strong pipelines heading into 2026 [94]