通过大数据分析实现精准匹配，通过智能搜索快速定位目标项目，通过在线客服提供及时解答，这些技 术手段让买卖双方之间的距离显著缩短，也让原本复杂冗长的信息传递过程变得简单直接。而全球房产 网正是顺应这一趋势，将自身定位为"链接全球买家与优质资产"的桥梁，不断优化平台功能，以用户体 验为核心，为产业链上下游构建更高效协同空间。 目前，全球房产网已覆盖国内多个重点城市及海外数十个热门投资区域，在住宅、公寓、商业写字楼乃 至文旅地产板块均有所布局。借助稳定专业的数据支撑能力和持续更新的信息内容体系，该平台不仅满 足了用户多样化需求，也帮助合作机构拓展了更多潜在客户群体。 在数字经济浪潮不断推进的今天，房地产行业正经历一场深刻变革。传统观念中的"重资产、慢流转"模 式，正在被"信息化、平台化、智能化"的新趋势所取代。在这个时代背景下，一个全新的平台——全球 房产网应运而生，并以其前瞻性视角与务实布局，成为房产行业探索数字升级的重要力量之一。 全球房产网由缪女士创立，她是一位有着多年地产项目管理经验与国际视野的企业家。曾长期关注房地 产市场发展动态的她注意到，在信息碎片化日益加剧的当下，无论是购房者还是开发商，都急需一个高 ...

Core Viewpoint - The real estate market in China has shifted from a focus on availability to a focus on quality, with consumers now prioritizing desirable living experiences over mere transactions [2][4]. Financial Performance - In Q3, the company reported a net income of 23.1 billion yuan, a year-on-year increase of 2.1%, with a total transaction volume (GTV) of 736.7 billion yuan [2]. - Adjusted net profit reached 1.286 billion yuan, indicating steady profit quality [2]. - Revenue from home decoration and rental services has risen to 45%, marking a historical high [2]. Market Strategy - The company has transitioned from focusing on new transactions to deepening existing inventory and enhancing service efficiency [4][10]. - The platform has expanded its active stores to 59,000 and active agents to 471,500, enhancing service network depth and breadth [5]. - The GTV for existing homes reached 505.64 billion yuan, a year-on-year increase of 5.8%, outperforming the overall second-hand housing market [5]. Technological Innovation - The AI assistant "Lai Ke" has been implemented across 414,000 agents, improving matching efficiency by quickly identifying client needs and generating detailed reports [6]. - The "Tenant Separation" mechanism trialed in Shanghai has improved the rate of property turnover from 2.6% to over 3% [6]. Service Assurance - The company has established a comprehensive service guarantee matrix with 35 commitments, including a four-layer protection system for transaction security [7]. - The risk of financial loss in transactions is minimized to 0.006%, equivalent to a one in 100,000 chance [7]. Diversified Living Services - The company has adopted a "one body, three wings" strategy, integrating property transactions, home decoration, rental services, and the "Beihome" initiative to meet evolving consumer demands [9][10]. - Home decoration revenue reached 4.3 billion yuan in Q3, with a profit margin of 32%, reflecting a 0.8 percentage point increase year-on-year [11]. - Rental income grew by 45.3% year-on-year to 5.73 billion yuan, with over 660,000 managed properties [11]. Consumer-Centric Approach - The "Beihome" initiative aims to align property development with consumer needs, shifting the focus from developer-led to user-driven design [12]. - By the end of October 2025, 17 projects have been launched in major cities, addressing various consumer segments [13]. Conclusion - The company's transformation from a property transaction firm to a comprehensive living service provider is evident, focusing on long-term value creation rather than quick sales [14][15].

Group 1: Beike's Q3 Performance - Beike reported Q3 revenue of 23.05 billion, a year-on-year increase of 2.07%, with second-hand housing revenue at 6 billion, down 3.6%, new housing business at 6.6 billion, down 14.07%, home decoration and furnishing revenue at 4.3 billion, up 2.4%, and rental income at 5.7 billion, up 45.32%; net profit was 750 million, down 36.1% [1] - Despite the extreme downturn in the real estate market, Beike's revenue growth is seen as a positive sign, with the potential for profit to increase significantly once the real estate sector recovers [1] Group 2: Xiaopeng's Market Performance - Xiaopeng's stock surged due to the successful launch of a robot, being compared to Tesla, with its valuation directly aligned with it; the stock has increased fourfold over the past year, making it the top-performing new energy vehicle stock [1] - However, there is skepticism regarding the actual performance of Xiaopeng's robot, as reliable data to validate its capabilities is still lacking [1] Group 3: Hong Kong Stock Market Trends - Southbound funds through the Hong Kong Stock Connect have exceeded 50 billion HKD, with a net buying amount of over 1.3 trillion this year; the total market capitalization of Hong Kong stocks is approximately 21 trillion, with the Stock Connect accounting for about one-fourth of this, indicating a likely increase in dominance [2] - This trend may lead to the elimination of stocks with absurdly low valuations, presenting a clear arbitrage opportunity [2] Group 4: Precious Metals Market - Gold and silver prices have surged, with gold surpassing 4100; however, the performance of gold and silver stocks has been mixed, showing high openings but low closings, indicating potential downward pressure [2] - Long-term prospects for gold and silver remain positive, with major investment banks bullish on these commodities [2] Group 5: Food Delivery Sector Losses - Goldman Sachs anticipates significant losses in the Q3 food delivery sector, with Alibaba losing 36 billion, Meituan 20 billion, and JD 13 billion; Alibaba's stock has been under pressure ahead of its earnings report [2] - Despite the losses, it is suggested that Alibaba's food delivery service has contributed approximately 3% growth to its e-commerce segment, which could expand further if the right strategies are employed [2] Group 6: Huazhu's Stock Movement - Huazhu has experienced two consecutive trading halts due to potential demolition of its theme park in Shenzhen, which may yield substantial compensation; despite falling property prices, the real estate sector has shown some positive movement recently [3] Group 7: Global Market Outlook - Global stock markets are currently at high levels, with a 60% probability of a Federal Reserve rate cut in December; this could have significant implications for the domestic market, particularly benefiting real estate and dividend stocks if a 25 basis point cut occurs [4]

昨日上涨3.4%的贝壳(BEKE.US)盘前继续涨超2%。消息上，花旗发表报告指，贝壳第三季业绩胜预 期，相信公司正步入正轨，明年净利润率料改善至7%，受多个因素驱动，包括代理及门店成本按年减 少近20亿元下，继续把握市场份额。 11月10日，贝壳召开三季度业绩电话会。CEO彭永东表示，未来将加速AI能力在核心业务场景的深度 渗透，推进服务者和消费者 体验的双向提升。(格隆汇) ...

Core Viewpoint - Beike-W (02423) reported a 2% year-on-year revenue increase to 23.1 billion RMB in Q3, aligning with market expectations, while non-GAAP net profit decreased by 28% to 1.3 billion RMB, outperforming expectations [1] Financial Performance - Q3 revenue reached 23.1 billion RMB, a 2% increase year-on-year, meeting both the bank's and market expectations [1] - Non-GAAP net profit fell by 28% to 1.3 billion RMB, which was better than anticipated [1] - Non-GAAP net profit margin narrowed by 2 percentage points to 5.6% year-on-year [1] Future Projections - The company is expected to see a 18% year-on-year decrease in adjusted net profit for Q4, projected at 1.1 billion RMB [1] - Revenue forecasts for Q4 and 2026 have been reduced by 25% and 18%, respectively [1] - Non-GAAP net profit forecasts for Q4 and 2025 have been cut by 46% and 13%, respectively [1] Guidance and Rating Changes - The company guided for a 29% year-on-year revenue decline in Q4 2025, estimating revenue at 22 billion RMB, which is 25% lower than market predictions [1] - The rating has been downgraded to "Hold," with the target price reduced from 60 HKD to 39 HKD [1]

近期，多地全面放宽落户限制。 11月11日，广东惠州全面放宽落户限制，其中提出，持有惠州市自有合法产权住宅房屋的非惠州市户籍 人员，可申请落户惠州，其共同居住生活的配偶、未成年子女、父母，可随迁落户。 证券时报记者梳理，除了广东惠州，福建厦门、宁夏银川等地近期均放宽落户限制，符合条件的人员， 租房也可落户。 根据中指研究院不完全统计，2024年以来约30城出台购房落户或优化购房落户政策，预计后续购房落户 政策有望在更多城市推广。 惠州全面放宽落户限制 11月11日，据"惠州发布"微信公众号消息，惠州发布新规全面放宽落户限制，新规自发布之日起施行， 有效期5年。 根据《惠州市户口迁入登记管理规定》，持有惠州市自有合法产权住宅房屋，或无自有合法产权住宅房 屋但申请时在惠州市参保且连续居住半年以上的非惠州市户籍人员，可申请落户惠州，其共同居住生活 的配偶、未成年子女、父母，可随迁落户。 福建厦门发布的《关于完善优化落户条件的通知》提出，优化落户条件。一是在集美区、海沧区、同安 区、翔安区住房租赁备案且居住登记满半年，并在厦门市连续缴纳社会保险满3个月且申请时在保的人 员，可以申请在居住地所在区落户。二是在集美区、海 ...

Market Overview - On November 11, the real estate service sector rose by 0.37% compared to the previous trading day, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Key stocks in the real estate service sector showed varied performance, with Xin Dazheng closing at 12.73, up 2.99%, and Wo Ai Wo Jia closing at 2.94, down 0.34% [1][2] - The trading volume and turnover for major stocks included: - Xin Dazheng: 81,500 shares, turnover of 103 million yuan - Huangting International: 437,800 shares, turnover of 106 million yuan - Zhaoshang Jiyu: 95,800 shares, turnover of 115 million yuan [1] Capital Flow - The real estate service sector experienced a net outflow of 61.58 million yuan from institutional investors, while retail investors saw a net inflow of 47.61 million yuan [2] - The capital flow for individual stocks indicated: - Te Fa Service: net inflow of 11.64 million yuan from institutional investors - Xin Dazheng: net inflow of 5.75 million yuan from institutional investors, but a net outflow of 10.80 million yuan from retail investors [3]

报告中称，贝壳2025年第三季非公认会计原则(non-GAAP)净利润胜预期10%。尽管2025年第四季及 2026年营收展望弱过预期，但相应的利润率指引仍优于市场所担忧情况。该行认为目前股价水平呈现出 具吸引力的战术性买入机会。另将2025至2027年每股盈利预期下调19至37%，以反映2025年第四季及 2026年交易总额增长弱于预期的影响。 大和发布研报称，重申贝壳-W(02423)"跑赢大市"评级，但将H股目标价由56港元下调至46港元，此调 整基于采用2026年预期每股盈利计算的23倍前瞻市盈率。 ...

智通财经APP获悉，大和发布研报称，重申贝壳-W(02423)"跑赢大市"评级，但将H股目标价由56港元下 调至46港元，此调整基于采用2026年预期每股盈利计算的23倍前瞻市盈率。 报告中称，贝壳2025年第三季非公认会计原则(non-GAAP)净利润胜预期10%。尽管2025年第四季及 2026年营收展望弱过预期，但相应的利润率指引仍优于市场所担忧情况。该行认为目前股价水平呈现出 具吸引力的战术性买入机会。另将2025至2027年每股盈利预期下调19至37%，以反映2025年第四季及 2026年交易总额增长弱于预期的影响。 ...

Core Insights - Beike (2423.HK) saw a 3.97% increase in stock price, reaching HKD 43.98 during trading [1] - For Q3 2025, Beike reported revenue of CNY 23.1 billion, a year-on-year increase of 2.1% [1] - The company's NON-GAAP net profit was CNY 1.29 billion, while the total transaction value (GTV) remained stable at CNY 736.7 billion compared to the same period last year [1] Financial Performance - Beike's Q3 performance exceeded expectations, indicating the company is on the right track [1] - The net profit margin is projected to improve to 7% next year, driven by a nearly CNY 2 billion reduction in agent and store costs year-on-year [1] - Non-transaction service business has shown continuous profitability for two consecutive quarters, with expected contributions of CNY 800 million and CNY 1.3 billion in profits over the next two years [1] Market Outlook - Citigroup raised Beike's H-share target price from HKD 61.4 to HKD 63, maintaining a "Buy" rating [1] - The company's growth is supported by advancements in artificial intelligence, innovation, and ecosystem development [1]