智通财经APP获悉，中原地产研究部高级联席董事杨明仪指出，截至12月19日，2025年12月份香港整体楼宇买卖合约登记(包括住宅、车位及工商 铺物业)暂录6,396宗，总值474.07亿港元。估计全月约达8,300宗及620亿港元，将较11月的7,121宗及584.29亿港元，分别上升16.6%及6.1%。宗数 将为2024年4月后近20个月新高，金额将为今年6月后近6个月新高。 买卖登记活跃反映两次减息后，楼市气氛向好，楼价稳步上升，增强买家的入市信心，11月期间发展商拆售太古城车位，房协两个居屋项目开始 拣楼，新一期白居二买家陆续亦入市，刺激登记量升破八千宗水平。 2025年整体登记暂录78,099宗及5,966.38亿港元，较2024年的67,979宗及5,341.40亿港元，分别高出14.9%及11.7%。全年预测约80,000宗及6,110亿 港元，将同比上升近两成及近一成半，同创2021年96,133宗及9,178.38亿港元后的4年新高。 一手私人住宅方面，截至12月19日，12月份一手暂录1,365宗及151.3亿港元，预计全月约1,700宗及200亿港元，将较11月的1,813宗及229.1 ...

智通财经APP获悉，香港置业研究部董事王品弟表示，随着香港楼价于年中见底回升，获利比率亦逐步 改善。据香港置业资料研究部综合土地注册处资料显示，根据已知上手购入价的二手私宅注册个案，并 扣除已知内部转让、特殊成交个案等计算，11月账面获利比率录约64.9%，较10月约63.8%增加约1.1个 百分点，连升4个月，创9个月新高。 值得留意，香港楼价已于年内低位回升约6.4%，而11月账面获利比率亦较年内低位增加约2.8个百分 点。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18区划分已知上手购入价的二手私宅账面获利比率，黄大仙成为18区中获利比率最高的地区，达 91.3%，账面获利个案较多的屋苑属现崇山；其次为沙田，该区有约82.2%个案账面获利，账面获利个 案较多的屋苑属沙田第一城；北区有约77.3%个案账面获利，账面获利个案较多的屋苑属牵晴间。 至于11月十大屋苑已知上手购入价的二手私宅账面获利比率录约87.8%，较大市账面获利比率高出约 22.9个百分点；当中沙田第一城及海怡半岛账面悉数获利，嘉湖山庄、太古城、新都城及康怡花园有逾 8成半个案账面获利，映湾园 ...

深圳市互联网信息办公室相关负责人表示，深圳市将持续加大整治力度，坚决打击房地产领域网上违法 违规行为，规范信息传播秩序，及时曝光典型案例，维护群众合法权益，积极营造健康清朗的网络环 境。 从网信部门通报的典型案例来看，这批违规账号主要存在三大类问题：一是违规发布诱导性营销信 息，"深圳佃佃探房"等微信视频号以返佣名义发布诱导性信息，实际存在承诺不兑现等欺诈行为，被行 业组织列入"黑名单"后，仍违规开展经纪业务。"姚师兄探房""深惠楼盘优劣势分析"等微信视频号以返 佣名义发布诱导性信息；二是违规发布不实和误导性信息，"深户保障房罗老师""深圳服务指南"等微信 视频号传播涉房地产不实消息，恶意制造焦虑，误导市民认知，"深房热巴"等微信视频号散布不实信 息，恶意唱衰楼市，扰乱市场秩序；三是未备案违规开展相关业务，"深圳董事长说房""成成说房 产""深圳壹叔新房"等微信视频号未按规定办理相关备案手续，存在违规开展新房代理、发布诱导性营 销信息等情形。 根据有关政策规定，相关平台已对上述账号依法依约予以禁言处置。 新华社深圳12月19日电（记者梁希之）记者从深圳市互联网信息办公室获悉，为进一步规范房地产领域 信息传播秩 ...

新华财经北京12月19日电据深圳市互联网信息办公室，为进一步规范房地产领域信息传播秩序，深圳市 网信、住建、市监等部门持续推进专项整治，督促属地网站平台严格落实主体责任，依法依约处置一批 存在违规开展房地产经纪业务、以返佣名义发布诱导性信息、传播涉房地产不实信息等突出问题的账 号。现将部分典型案例通报如下。 根据有关政策规定，相关平台已对上述账号依法依约予以禁言处置。 下一步，深圳市将持续加大整治力度，坚决打击房地产领域网上违法违规行为，规范信息传播秩序，及 时曝光典型案例，维护群众合法权益，积极营造健康清朗的网络环境。 （文章来源：新华财经） 一是违规发布诱导性营销信息。"深圳佃佃探房"等微信视频号以返佣名义发布诱导性信息，实际存在承 诺不兑现等欺诈行为，被行业组织列入"黑名单"后，仍违规开展经纪业务。"姚师兄探房""深惠楼盘优 劣势分析"等微信视频号以返佣名义发布诱导性信息。 二是违规发布不实和误导性信息。"深户保障房罗老师""深圳服务指南"等微信视频号传播涉房地产不实 消息，恶意制造焦虑，误导市民认知。"深房热巴"等微信视频号散布不实信息，恶意唱衰楼市，扰乱市 场秩序。 三是未备案违规开展相关业务。"深 ...

证券研究报告·行业深度报告·房地产 房地产行业深度报告 2026 年房地产行业年度策略——市场逐步 探底向稳，龙头房企率先修复 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 19 日 证券分析师 姜好幸 执业证书：S0600525110001 jianghx@dwzq.com.cn 行业走势 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/12/19 2025/4/19 2025/8/18 2025/12/17 房地产 沪深300 相关研究 《楼市成交持续调整，推动新型城市 基础设施建设》 2025-07-21 《楼市成交季节性调整，加大闲置存 量土储回收力度》 2025-07-15 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 房地产市场正进入阶段性修复通道，供需修复与库存去化改善或加速市 场企稳。整体来看，新房销售虽仍处于恢复过程中，但降幅已较前期明 显收窄，市场企稳迹象逐步显现。2025 年 1-11 月，全国商品房累计销 售面积 78702 万平方米，同比-7.8%，价格方面，随着供给 ...

Core Viewpoint - Shenzhen is intensifying efforts to regulate the real estate sector's information dissemination, targeting accounts that engage in illegal real estate brokerage activities and spread misleading information [1][3]. Group 1: Regulatory Actions - Shenzhen's internet information office is collaborating with various departments to enforce regulations and hold platforms accountable for disseminating illegal real estate information [1][3]. - Specific accounts have been identified and penalized for publishing inducement marketing information under the guise of commissions, including "Shenzhen Dian Dian Tan Fang" and others [1][2]. Group 2: Examples of Violations - Several accounts have been flagged for spreading false and misleading information, such as "Shenzhen Household Guarantee Teacher" and "Shenzhen Service Guide," which create unnecessary anxiety and mislead the public [1]. - Accounts like "Shenzhen Chairman Says House" and "Cheng Cheng Says Real Estate" have been found operating without proper registration and engaging in unauthorized new house agency activities [1]. Group 3: Future Actions - The Shenzhen government plans to continue its crackdown on online illegal activities in the real estate sector, aiming to maintain a healthy and clear online environment while protecting the rights of the public [3].

一、住建部：全面推进城市管理进社区。11月23日，住房城乡建设部透露，为推动城市治理重心和配套 资源向基层下沉，高效解决城市管理领域群众急、难、愁、盼问题，各地将全面推进城市管理进社区工 作，构建城市管理融入基层治理新格局。住房城乡建设部表示，全面推进城市管理进社区，不是简单的 执法延伸，更加注重服务的下沉，以城市管理进社区为载体，将城市管理领域涉及垃圾分类、绿化管 理、停车秩序、供热供气供水等方面管理与服务融入社区治理，着力做好社区居民天天有感的"关键小 事"。 二、湖南郴州：楼盘封顶才能卖。自12月1日起，郴州市中心城区房地产开发企业申请商品房预售许 可，需满足以下条件：项目主体建筑工程全部封顶，已完成风险评估且预售评估无风险。同时，鼓励现 房销售。11月20日，湖南省郴州市住建局办公室印发《关于市中心城区商品房销售管理有关事项的通 知》，对中心城区商品房销售管理提出要求，并明确对未取得《商品房预售许可证》擅自销售商品房的 违规行为，一经发现查证属实，将严肃依法依规查处；同时对该违规预售项目所有商品房暂停网签一个 月，并暂停受理该项目商品房预售申请两个月。这是继衡阳市之后，湖南省又一地市明确楼盘封顶才能 ...

特朗普政府力挺人工智能（AI）等高科技，但数据中心的建设热潮也招了民主党人的非议，最近被盯 上的商务部长卢特尼克就被指疑似利用政策东风牟取私利。 美东时间18日周四，美国国会公布的信函显示，25名民主党议员正在推动对卢特尼克存在利益冲突的调 查。以参议员Elizabeth Warren为首的民主党议员17日周三致函商务部的代理监察长Duane Townsend，要 求调查卢特尼克是否违反道德准则，利用职权推动AI数据中心项目为家族谋利。 这些民主党议员质疑卢特尼克在推动数据中心发展的官方行动可能受到利益冲突影响，这些行动可能使 他的家族获利，却让普通美国民众承担更高的能源成本。卢特尼克此前拥有并领导金融服务公司Cantor Fitzgerald（下称"Cantor"），该公司持有房地产经纪公司Newmark Group Inc.的股份，后者为数据中心 提供租赁服务。 信函公布当天，周四稍早的媒体报道指出，卢特尼克的Cantor股权转让直到10月初才完成，他还获得了 特朗普政府的道德豁免。 商务部发言人此后回应称，卢特尼克已完全遵守其道德协议中关于资产剥离和回避的条款，并将继续这 样做，包括出售Cantor和N ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [9] Core Insights - The real estate industry continues to show weak fundamentals, with significant year-on-year declines in sales and construction activities. The central economic work conference emphasizes "controlling increments, reducing inventory, and optimizing supply," indicating that policy thresholds are approaching, which may open up policy windows for intervention [2][12] - In November 2025, the sales volume and area of commercial housing decreased by 25.1% and 17.3% year-on-year, respectively, reflecting ongoing pressure from high bases and declining market sentiment. The report anticipates that December will also face significant year-on-year pressure [12][12] - The report highlights the importance of focusing on quality real estate companies with low inventory, strong regional presence, and product strength, as well as stable cash flow from leading brokerage firms, commercial real estate, and state-owned property management companies [2][12] Summary by Sections Sales Performance - In the first eleven months of 2025, the national commercial housing sales amount and area decreased by 11.1% and 7.8% year-on-year, respectively. November saw a more pronounced decline, with sales amount and area down by 25.1% and 17.3% [12][12] - The average sales price of new homes in November was 9,097 yuan per square meter, down 9.5% year-on-year, while the average price of residential properties fell by 11.1% [12][12] Construction Activity - New construction area in the first eleven months of 2025 decreased by 20.5% year-on-year, with November's decline at 27.6%. The report suggests that the construction sector may have entered an oversold state [12][12] - The completed construction area also saw a decline of 18.0% year-on-year, with November's figure down 25.5% [12][12] Investment Trends - The total funds available to real estate companies decreased by 11.9% year-on-year, with November seeing a sharp decline of 32.5%. This includes a 10.4% drop in domestic loans and a 30.7% decrease in self-raised funds [12][12] - Real estate development investment completed in the first eleven months of 2025 fell by 15.9% year-on-year, with November's investment down 30.3% [12][12] Market Outlook - The report forecasts that the real estate industry will remain in an adjustment phase throughout 2025, with an expected annual sales decline of around 10% and construction activity down by approximately 20% [12][12]

Core Viewpoint - The article discusses the recent stock sell-off by Beike's management and the company's significant share buyback efforts, indicating a pivotal moment for Beike amid industry challenges and strategic transformations [3][4][5]. Management Share Changes - Beike's co-founder and CEO Peng Yongdong plans to sell 1.4 million ADS, equivalent to 4.2 million Class A ordinary shares, valued at approximately $24.05 million (around 170 million RMB) to fulfill a previously announced donation plan of 9 million shares [4][6]. - This marks Peng's first share reduction since Beike's IPO in 2020, leading to a drop in Beike's stock prices on both Hong Kong and US markets [4][5]. Share Buyback Initiatives - Beike has accelerated its share buyback program, spending nearly $30 million in December alone, with a total buyback amount reaching $280 million in Q3 2023, a 38.3% year-on-year increase [5][18]. - Despite these buybacks, Beike's stock price remains significantly lower than its peak of nearly $80 per share at the time of its IPO [5]. Financial Performance Overview - Beike's financial performance has been under pressure, with a notable decline in net income and profitability in recent years. In 2021, net income grew by nearly 15%, but profits turned to losses [9]. - In 2022, net income decreased by 25%, with net losses widening from 500 million RMB to 1.4 billion RMB. However, in 2023, net income increased by 28%, but operating profit and net profit were adjusted downward for 2024 [9][12]. Business Segment Analysis - The core business segments, including existing and new housing, are under pressure, contributing to overall profitability challenges. The rental service segment is the only growth area, with a 45.3% increase in net income [12][16]. - The existing housing and new housing segments accounted for 55% of total revenue, but their declining performance is impacting Beike's overall profitability [13][16]. Strategic Adjustments - Beike has been diversifying its business strategy since 2021, introducing home decoration and rental services, and later adding residential development to mitigate reliance on traditional real estate brokerage [17]. - Despite these efforts, new business segments have not yet achieved significant scale or profitability, and the company is facing substantial operational pressures, including rumors of large-scale layoffs [17][18]. Management Response to Challenges - In response to performance pressures, Beike has initiated a share buyback program to restore investor confidence, with a total buyback amount of approximately $2.3 billion since the program's inception [18]. - The management's decision to sell shares for charitable purposes partially addresses previous controversies regarding executive compensation amid declining performance [19].