Major Events - Heng Rui Medicine (01276) plans to globally issue 224.5 million H-shares, expected to be listed on May 23 [1] - MIRXES-B (02629) will conduct an IPO from May 15 to May 20, aiming to globally issue 46.62 million shares [1] - Green Tea Group (06831) received 317.54 times subscription for its public offering in Hong Kong, with a final issue price of HKD 7.19 per share [1] - CSPC Pharmaceutical Group (01093) signed an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States [1] - CanSino Biologics (06185) received clinical trial approval for its inhaled tuberculosis booster vaccine in Indonesia [1] - Fuhong Hanlin (02696) has been included in the MSCI Global Small Cap Index [1] - Financial One Account (06638) received a privatization offer from Ping An Group (02318) at a premium of approximately 23.10% [1] Financial Reports - Alibaba-W (09988) reported revenue and net profit growth for the fiscal year 2025, with net profit attributable to shareholders increasing by 62% to CNY 129.47 billion [1] - NetEase-S (09999) announced Q1 results with net profit attributable to shareholders at CNY 10.301 billion, a year-on-year increase of 34.94%, and a quarterly dividend of USD 0.135 per share [1] - Geely Automobile (00175) released Q1 results showing a significant increase in profit attributable to shareholders of CNY 5.672 billion, up 263.59% year-on-year [1] - Beike-W (02423) reported a total transaction volume growth of 34.0% year-on-year in Q1, with net revenue increasing by 42.4% [1] - Minhua Holdings (01999) announced annual results with profit attributable to shareholders of HKD 2.063 billion, a decrease of 10.41% year-on-year [1] - Shoucheng Holdings (00697) reported Q1 results with profit attributable to shareholders of HKD 213 million, an increase of 80.5% year-on-year [1] - Fourth Paradigm (06682) showed strong performance in core business with total revenue of CNY 1.077 billion in Q1, a year-on-year growth of 30.1% [1]

Core Viewpoint - The company, Beike, reported strong growth in its real estate business, particularly in the second-hand housing and rental services sectors, despite a challenging market environment [1][2]. Financial Performance - For Q1 2025, Beike's total transaction volume for second-hand housing reached 580.3 billion RMB, a year-on-year increase of 28.1% [1]. - Net income from second-hand housing business was 6.9 billion RMB, up 20% year-on-year, while net income from new housing business was 8.1 billion RMB, reflecting a significant growth of 64.2% [1][2]. - The company's total net income for Q1 2025 was 16.4 billion RMB, an increase of 3.2% compared to the previous year [1]. Business Segments - The company has shifted its strategy to "one body, three wings," integrating real estate brokerage with home decoration and rental services, and adding a new segment, Beihome [2]. - Non-real estate transaction service revenue grew by 46.2% year-on-year, accounting for 35.9% of total net income, with home decoration revenue at 2.9 billion RMB (up 22.3%) and rental service revenue at 5.1 billion RMB (up 93.8%) [2]. Profitability - Beike's gross profit increased from 4.1 billion RMB to 4.8 billion RMB, a year-on-year growth of 17%, although the gross margin decreased from 25.2% to 20.7% [3]. - The increase in operating costs was noted, with external commissions and internal salaries rising significantly, leading to a higher cost structure [3]. Cash Position - As of March 31, 2025, Beike had a total balance of cash, cash equivalents, restricted funds, and short-term investments amounting to 54.8 billion RMB [4].

Core Insights - The second-hand housing market in Hangzhou continues to show strong performance, with April seeing a total of 9,421 transactions, a 24% decrease from March but a 12% increase year-on-year, marking the highest transaction volume for April in nearly four years [1][2] - The average transaction price reached 29,634 yuan per square meter, reflecting a 1.9% year-on-year increase, indicating sustained demand despite a natural decline in transaction volume [1][2] Group 1 - The decline in transaction volume in April is attributed to the release of pent-up demand from March, influenced by seasonal factors such as the school enrollment period, and the overall economic environment not stimulating new demand [2] - The market has seen a depletion of lower-priced good properties, leading to a more rational negotiation process between buyers and sellers, which has slowed down transaction speeds [2] - Despite the decline, the market remains active, with April's transaction volume above 9,000 units, positioning Hangzhou as one of the most vibrant real estate markets in the country [2] Group 2 - In early May, the second-hand housing market maintained strong performance, with a 58% year-on-year increase in property viewings during the May Day holiday and a 15% increase in new contracts [3] - The active viewing numbers indicate robust demand, and the market is expected to experience fluctuations in both volume and price in the near future [3] - Leading indicators such as viewing numbers and client inquiries suggest that the net signing volume for second-hand homes will remain at a relatively good level [3]

智通财经APP获悉，天风证券发布研报称，政策表态"促进房地产行业止跌企稳"，基本面拐点或将近， 增量政策预期持续。交易端，市场"底部共识"增强，"短线政策博弈+中长期估值修复"逻辑更加顺畅。 配置方向上，天风证券建议优先考虑①非国央企受益于化债、政策纾困、需求改善等多重逻辑下的困境 反转；②具备投资及改善产品优势的龙头房企独有的周期韧性；③区域型企业其城市基本面分化及市占 率提升逻辑；④二手中介受益于存量交易景气度提升。其中，低估值优质非国企及地方型企业受益于融 资、收储等政策的弹性空间或更大。 天风证券主要观点如下： 行业追踪（2025.5.4-2025.5.10） 降息注入需求企稳"强心针"。5月7日，央行国新办新闻发布会宣布下调政策利率0.1个百分点，即公开 市场7天期逆回购操作利率从目前的1.5%调降至1.4%；降低个人住房公积金贷款利率0.25个百分点，五 年期以上首套房利率由2.85%降至2.6%，其他期限利率同步调整。本次政策利率调整有望推动5年期LPR 稳步下行，公积金贷款利率一次性大幅调降25bp为商贷利率锚定较充足调降空间（0.1-0.25bp）。从可 比指标看，截止25Q1末，一线城市租 ...

Core Insights - The Shenzhen second-hand housing market has shown a significant recovery post-holiday, with a week-on-week increase of 106.6% in recorded transactions [1] Group 1: Market Performance - In the 19th week of 2025, a total of 1,407 second-hand homes were recorded in Shenzhen, indicating a strong rebound after the holiday period [1] - The recorded volume of second-hand homes has returned to normal levels following fluctuations influenced by the May Day holiday [1] Group 2: Inventory Data - As of May 12, 2025, there are 71,832 effective second-hand housing listings available in Shenzhen, which is a decrease of 499 units compared to the previous week [1]

大家都知道我在处理家庭房产，五一期间处理掉的这套是自主房，房子保养得很好，但所处 的位置有硬伤，旁边主干道有车流噪音，很多客户介意这一点。 晚上，在客户到来之前，中介告诉我老婆这个客户的心理预期是 780，实际上这是谎言。中 介建议老婆以 858 开价。 双方见面，交流了最初的报价之后，中介就将老婆与客户隔开，中介来回传话交流。这个时 候，中介跟老婆说客户不愿加价，并问我们的底价情况，然后问如何支付中介费，最后跟老 婆商量好，如果能谈成800 以上的价格，超过 800 的部分作为中介费。 老婆觉得不可能谈成多高，就同意了， 然后，中介再将双方拉到一起，告诉老婆，客户同意 848 成交... 于是，它们在这笔交易中，狠赚48万以上。至于它们问客户还收取了多少中介费，我不知道。 我心里真实很同情这对客户，你跨区看房，要多看看了解下市场定位啊！女方处于怀孕状 态，以前居住条件不好，现在急于购房，有点着急，唉！另外，买房子还价怎么能只还 10 万！以前的客户都是七八十万砍价！这对客户是第一次购房，完全没经验！ 800 实收这个价格，我和老婆没什么不满意，这个价格符合我们的预期。我们生气的原因主 要是中介在交易过程中的 ...

另据广州市房地产中介协会统计，4月（统计周期：3月26日至4月25日），广州市二手住宅共网签10312套、105.30 万平方米，同比分别增长12.97%和17.10%。 4月，重点城市二手房成交量同比普遍增长。 具体来看，一线城市中，深圳二手住宅成交套数同比大增37%，上海同比增长30%，北京同比增长17%，广州同比增 长近13%。二线城市中，成都、杭州、南宁二手住宅成交套数同比分别增长20%、16%、14%。 业内人士认为，4月重点城市二手房交易活跃度持续，驱动行业对后市信心有所回升，5月房地产市场有望延续积极 向好。 重点城市二手房成交同比增长 4月，重点城市二手房成交量整体同比延续增长态势。 中指研究院的数据显示，4月，一线城市中，深圳二手住宅成交5733套，同比增长37%；上海二手房成交超2.3万套， 同比增长30%；北京二手住宅成交超1.5万套，同比增长17%。二线城市中，成都、杭州、南宁二手住宅成交套数同 比分别增长20%、16%、14%。 深圳市房地产中介协会表示，4月深圳二手房市场继续保持较好的市场行情，"银四"成色足。 上海易居房地产研究院副院长严跃进认为，重点城市二手房市场延续去年以来的 ...

深圳市房地产中介协会表示，当前，房地产市场筑底恢复企稳态势已清晰明朗，在政策环境将继续保持 稳定和支持情况下，预计深圳5月房地产市场有望延续一季度以来积极向好的发展态势。二手房市场在 前期活跃度提升的基础上，预计交易量将持续增长，价格趋稳，市场交易活跃度持续增强。 据深圳市房地产中介协会统计，2025年4月深圳市二手房录得6597套，环比下降14.4%，同比增长 33.5%。4月二手房市场继续保持较好的市场行情，"银四"成色足。截至2025年4月30日，据深圳市房地 产信息平台公开在售二手房数量统计，全市有效在售二手房源72391套，对比上月同期统计的71590套在 售房源增加801套，环比增长1.1%，业主委托出售意愿持续保持较高水平。 ...

作为楼市晴雨表，二手房市场往往成为被关注的重点对象。刚刚过去的五一假期，深圳二手房市场依旧 有不错的表现。不过，有业内人士认为楼市维持"热度"仍需多方助力。 记者综合多家中介机构的数据发现，刚刚过去的五一假期，深圳二手房依旧有不错的表现。据深圳贝壳 研究院监测，今年五一假期期间，贝壳深圳合作门店二手房签约量较去年同期增长66%，新房签约量增 长17%。深圳中原的数据显示，二手房带看量同比增长14%。深圳乐有家提供的数据显示，乐有家门店 二手住宅看房量同比增长16.3%，门店签约量同比增长27.7%，相较去年有明显上涨，说明去年"9·29新 政"的政策边际效应还在持续，深圳楼市逐步"止跌回稳"。 另据统计，5月1日至5日深圳全市主要中介机构带看20684人次，促成交易367套，其中完成网签63套， 较去年同期增长36.96%。 记者在深圳罗湖和福田区采访时，有购房者表示不管是新房还是二手房，还是会期待更大的"让利空 间"。"现在深圳二手房市场有个比较有趣的现象，一方面是挂牌量的增加，市场上总会有些二手房业主 因为市场政策、资金周转等原因急于出售，性价比高的'笋盘'就会比较容易成交，所以整体价格还是保 持稳定，购 ...

Core Viewpoint - The Central Plains City Leading Index (CCL) has shown a slight increase of 0.25% to 136.71 points, reflecting a cautious market sentiment amid ongoing trade tensions between China and the U.S. [1] Group 1: Market Trends - The CCL has risen for two consecutive weeks, totaling an increase of 0.26%, but the growth remains modest as the index has fluctuated around the 136-point level for five weeks [1] - Concerns over escalating trade conflicts have led to a cautious attitude among buyers, while sellers are optimistic about potential interest rate cuts, resulting in a stalemate in negotiations [1] - The market has seen a significant reduction in second-hand transactions due to the depletion of affordable listings, leading to price contention [1] Group 2: Price Index Performance - The CCL is currently 3.71 points or 2.71% above the second-quarter target of 133 points, remaining at an 8.5-year low [1] - The CCL has decreased by 0.68% in 2025, with specific declines noted in various categories: CCL Mass down 0.75%, CCL (small units) down 0.56%, and CCL (large units) down 1.21% [2] - The CCL Mass index stands at 137.09 points, having dropped 0.11% weekly and 0.84% over four weeks, while the CCL (small units) has stabilized after three weeks of decline [2]