Domestic News - The National Development and Reform Commission has allocated 69 billion yuan in special long-term bonds to support the consumption of old goods for new ones, completing the annual allocation of 300 billion yuan in central funds [1] - The Ministry of Finance and the Ministry of Commerce have issued a notice to support pilot projects for new consumption formats, encouraging collaboration between quality consumer resources and well-known IPs [2] - The National Financial Supervision Administration has released guidelines for the high-quality development of health insurance, focusing on enhancing sustainability and regulatory oversight [2] Economic Indicators - In the first eight months of 2025, the software industry reported a revenue of 96,409 billion yuan, a year-on-year increase of 12.6%, with total profits reaching 13,186 billion yuan, up 13.0% [3] - The manufacturing Purchasing Managers' Index (PMI) for September was recorded at 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing activity [3] Market Overview - The Shanghai Composite Index closed at 3,882.78, up 0.52%, while the Shenzhen Component Index rose by 0.35% to 13,526.51 [8] - The onshore RMB was quoted at 7.1186, appreciating by 24 points, while the offshore RMB stood at 7.1262, up by 13 points [8]

Core Viewpoint - The Beijing Real Estate Brokerage Industry Association has issued a set of 10 initiatives aimed at promoting ethical practices and transparency within the real estate market, focusing on accurate information dissemination and fair business operations. Group 1: Correct Public Opinion Guidance - Avoid negative market narratives: Members should not publish or spread exaggerated risks or create market panic, and should interpret market data objectively [2] - Reflect true market information: Members must not selectively choose low-priced properties with significant flaws as representative cases, avoiding misleading generalizations [2] - Standardize information release: The use of sensationalist headlines like "housing prices plummet" is prohibited, ensuring that market data and interpretations are accurate and reliable [2] Group 2: Standardize Business Operations - Prohibit false showings and low-price inducements: Members must not create false showing volumes to meet KPIs or entice homeowners to list properties at lower prices [3] - Ban malicious price suppression: Properties should be evaluated scientifically, and members must not use manipulative tactics to pressure homeowners into lowering prices [3] - Standardize pricing negotiations: Members must accurately reflect market prices and cannot lower quotes to disrupt market order without client authorization [3] Group 3: Standardize Charging Practices - Clear pricing: Members must strictly adhere to transparent pricing practices, publicly displaying service items, content, and fee standards [4] - Regulate commission collection: Members should not engage in improper competition through promises of rebates or commissions, and must avoid any form of improper benefit transfer [4] Group 4: Promote Fair Competition - Ban exclusive agreements: In new property agency and channel businesses, members must not leverage their position to require developers to sign exclusive agreements, ensuring fair competition [5] - Reasonable fee determination: Fees should be based on the quality and content of real estate brokerage services, and should not be determined through low-price competition [5]

Core Viewpoint - The Beijing Real Estate Brokerage Industry Association has issued a set of 10 initiatives aimed at promoting ethical practices and transparency within the real estate market, emphasizing the need to avoid sensationalism and ensure fair competition [1][2][3][4][5]. Group 1: Correct Public Opinion Guidance - Avoid negative market narratives: Members should refrain from spreading exaggerated risks or creating panic in the real estate market, and instead provide objective interpretations of market data [2]. - Accurate market representation: Members must not selectively present low-priced properties as representative cases, which could lead to misleading conclusions about market conditions [2]. - Regulate information dissemination: The use of sensationalist headlines like "housing prices plummet" is prohibited, ensuring that all market data shared is accurate, comprehensive, and sourced reliably [2]. Group 2: Standardize Business Operations - Prohibit false showings and low-price inducements: Members must not create fake property viewings to meet KPIs or entice homeowners to list properties at lower prices [3]. - Ban malicious price suppression: Properties should be evaluated scientifically, and members must not use manipulative tactics to pressure homeowners into lowering prices [3]. - Regulate property pricing negotiations: Members must accurately reflect market prices and cannot engage in lowball negotiations without client authorization [3]. Group 3: Standardize Charging Practices - Clear pricing policies: Members are required to adhere to transparent pricing practices, publicly displaying service items, content, and fee standards without hidden charges [4]. - Regulate commission practices: Members must not engage in improper competition through promises of rebates or commissions, and should avoid any form of improper benefit transfer [4]. Group 4: Promote Fair Competition - Ban exclusive agreements: In new property agency and channel operations, members should not leverage their position to enforce exclusive agreements with developers, ensuring fair market competition [5]. - Reasonable fee determination: Fees should be based on the quality and content of real estate services, and members must not resort to price-cutting strategies to gain business [5].

Core Viewpoint - The Beijing Real Estate Brokerage Industry Association has issued a set of 10 initiatives aimed at regulating real estate brokerage behavior and promoting a healthy market environment during a critical phase of market stabilization [1][2]. Group 1: Market Information Disclosure - The association emphasizes the importance of maintaining a correct public opinion and objectively disclosing market information, urging members not to spread exaggerated risks or create market panic [2]. - Members are advised to avoid using misleading low-priced properties as representative cases to prevent skewed interpretations of market conditions [3]. - The use of sensationalist headlines is discouraged, and all market data should be accurate, comprehensive, and sourced reliably [3]. Group 2: Business Operations Regulation - The initiatives prohibit false property viewings and enticing homeowners to list at lower prices, emphasizing the need for ethical practices in meeting company KPIs [4]. - Members must scientifically assess property values and refrain from using manipulative tactics that harm homeowners' rights, such as artificially low pricing or market manipulation [4]. - Accurate reflection of market prices is mandated, and any negotiations must be conducted with proper authorization from clients [4]. Group 3: Consumer Rights Protection - The association calls for clear pricing practices, requiring members to publicly display service items, content, and fee standards without hidden charges [5]. - It is prohibited to engage in unfair competition through promises of rebates or commissions to buyers, and any financial arrangements must maintain normal banking practices [5]. Group 4: Fair Competition and Market Ecology - The initiatives ban exclusive agreements in new property agency and channel businesses to ensure fair competition in the market [6]. - Reasonable fee structures should be established based on the quality of real estate brokerage services, avoiding low-price competition that disrupts normal business operations [7]. - The association encourages all members to respond positively to these initiatives, enhancing self-discipline and maintaining a stable and healthy development of the Beijing real estate market [7].

买方时代，卖方的利益更需维护。 9月30日，北京市房地产中介行业协会发布倡议书，对各会员、房地产经纪机构及其从业人员、网络自媒体，提出4大类、共10项倡议。其中包 括不唱衰做空市场、规范信息发布、禁止虚假带看及引诱业主低价挂牌、禁止恶意压价、规范房源报价议价等。 倡议书指出，当前，房地产市场正处于止跌回稳的关键阶段，房地产经纪服务、市场信息服务与房地产市场的稳定息息相关。为规范房地产经 纪行为、维护房地产市场秩序、夯实止跌回稳基础，北京房地产中介行业协会特向全市房地产经纪机构、房地产经纪从业人员及网络自媒体发 出倡议。 据悉，此前部分城市曾出现中介雇人看房，并联合向房东压价的情况。其中，"中介雇人看房砍价60万搞崩房东心态"的消息一度冲上热搜。 倡议书指出，规范房源报价议价。如实反映房源市场价格，不得故意压低报价以扰乱市场秩序，若带领客户看房及替潜在客户报意向价格需签 订相应的委托合同，不得在未取得客户授权的的情况下以客户的名义进行低价议价。 倡议书还指出，禁止排他性协议。在新房代理和渠道业务中，不得利用优势地位要求房地产开发企业签订排他性协议或变相排他协议，保障市 场公平竞争。 附：倡议书全文 各会员、房地 ...

Group 1 - The core idea of the news is that real estate companies and platforms are actively collaborating to boost market activity ahead of the National Day and Mid-Autumn Festival holidays, with Beike Shenzhen offering over 500 new discounted properties for buyers [1] - Beike Shenzhen is hosting the "Vibrant Shenzhen, Livable Future" 2025 New House Festival, providing direct discounts from developers and exclusive benefits through the Beike platform, including cash vouchers ranging from 500 to 3000 yuan [1] - The "Beike Sunshine Operation Service Commitment" has been signed with partner developers, ensuring transparent and ethical sales practices, which aims to enhance the purchasing experience for buyers [1] Group 2 - The new policy "905 New Policy" has led to a significant increase in new home transactions, with a 35% rise in new home subscriptions in the 23 days following the policy implementation compared to the previous 23 days, and a 75% increase compared to the same period in August [1] - Beike Shenzhen's research institute attributes the growth in transaction volume to the dual attraction of policy benefits and quality housing [1] - Beike has also launched the "Warm New Station & Anchor Home" initiative in Shenzhen, providing services for new employment groups, including daily care and community volunteer activities [2]

Core Insights - The Beijing second-hand housing market is experiencing a structural recovery during the "Golden September" period, with a significant increase in transaction volume [1][3] - The recent "8·8" housing policy has provided a pathway for homebuyers with demand, leading to a release of pent-up demand and an increase in overall transaction volume [1][6] Market Performance - As of September 28, the number of signed second-hand housing contracts in Beijing reached 14,153, marking a year-on-year increase of 6.62% compared to 13,274 contracts in September 2024, and a month-on-month increase of 16.83% from August [3][4] - The market has shown a continuous upward trend for two consecutive months, indicating a positive market sentiment and effective policy impact [3][4] Demand Dynamics - The increase in demand is attributed to both seasonal factors and favorable policies in first-tier cities, which have activated both first-time and upgrade buyers [4][7] - In the outer areas beyond the Fifth Ring Road, the relaxation of purchase restrictions has allowed previously qualified buyers to enter the market, leading to a notable increase in transaction volumes [6][7] Buyer Behavior - Buyers are increasingly opting for quality second-hand homes that are ready for immediate occupancy, as they prefer not to wait for new constructions [6][8] - The adjustment in policies has significantly reduced down payment requirements, making home purchases more accessible and stimulating market activity [8] Core Area Resilience - The core area of Beijing's second-hand housing market remains stable, with a consistent level of inquiries and an increase in property viewings [10][11] - The "Golden September" period is seen as an ideal time for families with school-age children to purchase homes due to ample supply and stable prices [12][13] Future Outlook - The market is expected to continue its recovery as more properties return to reasonable pricing, enhancing their competitiveness and aligning with buyer expectations [13]

Core Viewpoint - The article emphasizes the importance of using a real estate agency for second-hand property transactions to mitigate risks associated with large financial dealings, highlighting that trust in the other party is not advisable in such high-stakes situations [3][5][10]. Risk Management - Utilizing a real estate platform allows for risk identification and filtering, ensuring that transactions are secure and legitimate [5][6]. - The platform acts as a neutral third party, ensuring that funds are safely managed and that the property title is clear before any money changes hands [6][10]. Transaction Complexity - The article outlines the numerous potential pitfalls in second-hand property transactions, including hidden debts, unclear ownership, and potential legal issues, which can complicate the buying and selling process [8][10]. - It stresses that without a middleman, the complexities of these transactions can lead to significant financial and legal troubles [10][12]. Value of Established Platforms - The article highlights the advantages of using established platforms like Beike, which have extensive transaction histories and risk management systems in place, allowing them to identify and mitigate risks effectively [11][12]. - Beike's transaction volume, which exceeds 2 trillion yuan annually, enables it to recognize and block a significant number of potential risks, demonstrating its capability in risk management [11][12]. Trust and Accountability - The article argues that in high-value transactions, it is crucial to rely on a professional third party rather than trusting the other party involved in the transaction, as the stakes are too high [13]. - Established platforms have a vested interest in maintaining their reputation and ensuring customer satisfaction, which adds an additional layer of security for users [13].

Core Insights - The core theme of the presentation is the "Good House Strategy," which aims to activate the growth curve of the intermediary industry in the context of the second-hand housing market [1][4]. Industry Context - The Chinese real estate market has transitioned from a high-growth phase to one dominated by stock transactions, with second-hand houses becoming the main focus and core stage for the intermediary industry [4]. - To achieve sustainable development, the industry must shift from a "matching logic" to a "value logic" [4]. Good House Strategy Framework - The "Good House" strategy is defined by four key standards: - **Layout Optimization**: Space transformation for asset regeneration [7]. - **Renovation Standards**: Diverse styles and controllable construction to ensure quality and experience [7]. - **Technology Empowerment**: Integration of smart home technology, AI design, and digital delivery to enhance efficiency and certainty [7]. - **Green and Eco-friendly**: Use of low-carbon materials and environmentally friendly processes to meet consumer trends [7]. Intermediary Industry Growth - The intermediary industry faces challenges such as reliance on commission-driven models, severe service homogenization, and a lack of systematic product capabilities [9]. - To overcome growth bottlenecks, new capability models must be introduced from outside the industry [9]. Comprehensive Solutions for Intermediaries - The company offers a full-chain solution through four empowerment modules: - **Design Capability**: 24 years of design experience combined with 10 years of AI research to enhance property sales potential [11]. - **Technology Capability**: Customer profiling and integrated selling systems to improve agent efficiency [11]. - **Supply Chain Capability**: National direct procurement and standardized SKUs to reduce intermediary risks [11]. - **Financial Capability**: Integration of supply chain finance and consumer finance to streamline funding [11]. Strategic Vision and Industry Responsibility - The "Good House Strategy" represents not only a market choice but also an industry responsibility [14]. - Methods such as pre-sale beautification, unilateral agency, and standard delivery are driving the second-hand housing industry towards quality and efficiency [14]. - The company's goal is to leverage technology and supply chain capabilities to help intermediaries reshape their value chain and create a new industry ecosystem [14].

Group 1 - The Central Plains City Leading Index (CCL) reached 140.25 points, a week-on-week increase of 0.62%, marking a 59-week high since early August 2024 [1] - The CCL has risen for three consecutive weeks, totaling a 2.30% increase, driven by positive market sentiment following hints of potential interest rate cuts by the Federal Reserve [1] - The CCL Mass index reported 141.88 points, up 0.18% week-on-week, achieving a 64-week high since late June 2024 [2] Group 2 - The CCL for small units reached 140.51 points, with a week-on-week increase of 0.44%, also a 63-week high since early July 2024 [2] - The CCL for large units reported 138.90 points, up 1.59% week-on-week, marking a 21-week high since late April 2025 [2] - The CCL Mass index for Kowloon was at 139.63 points, up 0.65% week-on-week, the second highest this year [3] Group 3 - The CCL Mass index for Hong Kong Island reached 140.75 points, with a cumulative increase of 2.89% over two weeks, ranking as the fourth highest this year [3] - The New Territories East CCL Mass index reported 153.64 points, down 0.12% week-on-week, with a cumulative decline of 0.63% over two weeks [3] - The overall CCL has accumulated a 1.90% increase for 2025, with specific increases in various regions, including 4.35% in Kowloon and 3.54% in New Territories East [3]