若以金额划分10月二手居屋注册量环比表现，当中400万港元或以下二手居屋录211宗注册，较9月的234 宗减少约9.8%，拖累10月整体二手居屋注册量环比录跌；相反，逾400万至500万港元二手居屋录102宗 注册，较9月的94宗增加约8.5%；而逾500万港元二手居屋录54宗注册，环比持平。 | X . 以不明可】TO 口一十日生时期 | | | | | --- | --- | --- | --- | | | 10月 | 9月 | 註冊量 | | | 註冊量 | 註冊量 | 比較 | | 400 萬元或以下 | 211 | 234 | 19.8% | | 逾400萬至500萬元 | 102 | ਰੋ | ↑ 8.5% | | 逾 500萬元 | ਟੇਪੇ | ਟੇਰੇ | 0.0% | | 细數 | 367 | 382 | 13.9% | 智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，10月香港二手居屋录 367宗注册，较9月的382宗减少约3.9%。 鉴于签署买卖合约至递交到土地注册处注册登记需时，10月注册个案一般主要反映9月市况。香港房委 会于10月上旬开始陆续向"白居二20 ...

Core Insights - The Shanghai second-hand housing market is undergoing significant changes, characterized by high inventory, extended transaction cycles, and evolving buyer-seller dynamics [1][2] - Shanghai Lianjia has initiated a "separation of buyers and sellers" service model to better meet the distinct needs of both parties in the transaction process [1][3] Group 1: Service Model Reconstruction - The "separation of buyers and sellers" is a departure from the traditional dual-agent model, allowing agents to focus exclusively on either buyers or sellers, thus enhancing service efficiency [3][5] - This model aims to address the core demands of both sellers, who want quick sales, and buyers, who seek value for money [5][6] - The implementation of this model has shown effectiveness, with over 75% of high-quality listings sold in September [2][6] Group 2: Efficiency and Standardization - The "9-point house" system is introduced to standardize and visualize what constitutes a "good house," utilizing AI and data to evaluate properties based on multiple criteria [6][8] - The average transaction cycle for listed properties has decreased from 104 days to 96 days after the introduction of the "separation of buyers and sellers" model [6][8] - The use of open house events has been innovated to create a marketplace atmosphere, facilitating quicker sales and enhancing the overall customer experience [8][10] Group 3: Organizational Support and Training - The "big store model" has been implemented to provide a stable environment for agents, allowing for better resource integration and service efficiency [9][10] - A "B-round training" program is being conducted to empower store managers with the skills necessary to implement the new service model effectively [9][10] - The transformation is seen as a necessary evolution for the industry, focusing on redefining service value and efficiency rather than merely expanding scale [10][12]

Core Viewpoint - The report from Guojin Securities indicates that Beike-W (02423) has significantly outperformed the market this year, with a positive outlook on the profit release from non-real estate transaction businesses. The adjusted net profit estimates for 2025, 2026, and 2027 are projected to be 59.16 billion, 76.63 billion, and 96.75 billion respectively, with corresponding PE valuations of 23.89, 18.45, and 14.61 times. The "Buy" rating is maintained. Group 1: Existing Housing Business - In Q3 2025, the existing housing business GTV reached 505.6 billion, showing a year-on-year increase of 5.82% but a quarter-on-quarter decrease of 13.35%. Revenue was 6 billion, down 3.64% year-on-year but up 18.33% quarter-on-quarter [1] - The contribution of Lianjia stores to GTV in Q3 2025 was 190 billion, accounting for 37.58% of the existing housing business GTV, with a year-on-year decrease of 3.13 percentage points and a quarter-on-quarter increase of 1.06 percentage points [1] - The profit margin for the existing housing business in Q3 2025 was 38.96%, down 2.05 percentage points year-on-year and 8.53 percentage points quarter-on-quarter [1] - As of September 30, 2025, the number of Beike platform stores was 61,400, an increase of 27.3% year-on-year and 1.4% quarter-on-quarter; the number of agents was 546,000, up 14.5% year-on-year but down 2.2% quarter-on-quarter [1] - The AI product "Haoke" contributed over 50% of transaction volume, with the company leveraging AI technology to enhance potential opportunity acquisition and improve personnel efficiency through the elimination of underperforming agents [1] Group 2: New Housing Business - In Q3 2025, the new housing business GTV was 196.3 billion, reflecting a year-on-year decrease of 13.7%, with revenue at 6.6 billion, down 14.1% year-on-year. This performance aligns with the 14.2% decline of the top 100 developers as reported by CRIC, primarily due to the high base effect from the previous year [2] - Fixed costs were reduced by 25% year-on-year, reaching a historical low [2] Group 3: Home Decoration and Furniture Business - In Q3 2025, the home decoration and furniture business generated revenue of 4.3 billion, with a year-on-year increase of 2.06%. The profit margin was maintained at 32.00%, consistent with the previous quarter [3] - The revenue growth rate has slowed due to adjustments in the second-hand and new housing markets, organizational restructuring, and a proactive strategy to control aggressive growth to mitigate risks [3] - The company has achieved profitability before headquarters expense allocation for two consecutive quarters, indicating a positive outlook for the home decoration and furniture business's contribution to profits [3] Group 4: Rental Business - In Q3 2025, the rental business revenue was 5.7 billion, up 45% year-on-year, primarily due to an increase in available rental sources [4] - The net confirmation ratio has been steadily increasing, contributing to a rise in the business's profit margin to 8.7%. The rental business has achieved breakeven for two consecutive quarters [4]

Core Viewpoint - Beike Holdings, known as "China's first residential service platform stock," reported mixed signals in its Q3 2025 earnings, showing stable total transaction volume but significant declines in net profit [2][3] Group 1: Financial Performance - In Q3 2025, Beike's total transaction volume reached 736.7 billion yuan, remaining flat year-on-year, while net revenue was 23.1 billion yuan, a slight increase of 2.1% [2] - The company's net profit fell to 747 million yuan, a decline of 36.1% year-on-year, with adjusted net profit decreasing by 27.8% to 1.286 billion yuan [2] - The real estate market showed a divergence in performance between the existing and new housing markets, with existing housing transactions contributing 68.63% to total transaction volume [3] Group 2: Business Segment Analysis - Existing housing transactions grew by 5.8% year-on-year to 505.6 billion yuan, but net revenue from this segment decreased by 3.6% to 6 billion yuan [3] - New housing transactions saw a significant decline, with total transaction volume dropping by 13.7% to 196.3 billion yuan and net revenue decreasing by 14.1% to 6.6 billion yuan [5] - The decline in new housing transactions was attributed to a drop in both platform cooperative agents and the Lianjia brand's contributions [5] Group 3: Strategic Initiatives - Beike is focusing on capital operations to stabilize market confidence, having repurchased shares worth 281 million USD in Q3, marking the highest quarterly buyback in nearly two years [2][8] - The company aims to leverage AI and technology to enhance operational efficiency and drive growth, with initiatives in property transactions, home decoration, and rental services [6][7] - Analysts express optimism about Beike's long-term growth potential despite short-term pressures, highlighting its leading position in the real estate intermediary sector [9]

| | 10月 | 글 | 証量 | | --- | --- | --- | --- | | | 註冊量 | 註冊量 | 比較 | | 营咖 | 292 | 266 | ↑ 9.8% | | 九龍區 | 402 | 384 | ↑ 4.7% | | 新界區 | 652 | 662 | J 1.5% | | 總計 | 1,346 | 1,312 | 1 2.6% | 至于10月逾500万至1,000万元二手住宅注册量屋苑排名方面，日出康城以47宗注册居榜首，较9月的36宗增加约30.6%;美孚新邨以30宗注册排第二，较9月的 23宗增加约30.4%;海怡半岛及黄埔花园各以24宗逾500万至1,000万元二手住宅注册紧随其后，其中海怡半岛较9月的13宗增加约84.6%，黄埔花园较9月的25 宗则减少4%。 若以港岛、九龙及新界三区划分10月逾500万至1,000万元二手住宅注册量环比表现，其中港岛区录292宗注册，较9月的266宗增加约9.8%;九龙区录402宗注 册，较9月的384宗增加约4.7%;相反，新界区录652宗注册，较9月的662宗减少约1.5%。 智通财经APP获悉，香港置业研究部董事王品弟表示，据 ...

11月10日，我爱我家控股集团股份有限公司发布公告称，公司实际控制人谢勇持有的1.15亿股公司股份 已通过司法拍卖成功竞拍。 11月10日，我爱我家控股集团股份有限公司发布公告称，公司实际控制人谢勇持有的1.15亿股公司股份 已通过司法拍卖成功竞拍。 这批股份占谢勇所持股份的88.46%，占公司总股本的4.88%，由北京元程序资产管理有限公司—元程序 九州合创私募证券投资基金以3.1664亿元的价格竞得。 拍卖细节：一波三折，二次拍卖成功 据我爱我家2024年年报，谢勇，男，生于1972年。华东政法学院法学学士，上海财经大学经济学硕士， 上海交通大学高级金融学院EMBA，2015年11月至今任我爱我家董事长。2024年，谢勇的年薪为146.5 万元。 公司表态：控制权不变，经营正常 尽管实控人持股大幅减少，但我爱我家在公告中明确表示，公司控制权不会发生变更。西藏太和仍为公 司控股股东，谢勇仍为公司实际控制人。公司强调，目前生产经营一切正常，具有独立完整的业务及自 主经营能力。该事项不会对公司治理及日常生产经营构成重大影响。 这场引发市场关注的司法拍卖终于尘埃落定。上海市浦东新区人民法院在"淘宝网"司法拍卖网络 ...

Core Viewpoint - Beike's Q3 2025 financial report shows a revenue increase of 2.1% year-on-year to RMB 231 billion, but net profit has significantly declined by 36.1%, indicating a situation of "increased revenue without increased profit" [1][2]. Financial Performance - Q3 net income reached RMB 231 billion, a year-on-year increase of 2.1% [4]. - Net profit was RMB 7.47 billion, down 36.1% year-on-year; adjusted net profit decreased by 27.8% to RMB 12.86 billion [2][4]. - Gross profit for Q3 was RMB 49 billion, a decline of 3.9% year-on-year, with gross margin dropping from 22.7% to 21.4% [1][2]. - Cash, cash equivalents, and short-term investments totaled RMB 557 billion as of the end of Q3 [4]. Core Business Progress - The company faces a profit dilemma despite revenue growth, with the existing housing business being a major drag on profits. Although GTV increased by 5.8%, net income from this segment fell by 3.6% [2]. - The new housing business also showed weakness, with both GTV and revenue declining by over 13% [2]. Rental Business Highlights - The rental service emerged as a bright spot, with Q3 revenue increasing by 45.3% to RMB 57 billion, contributing over RMB 1 billion in profit for the first time in Q3 [3][4]. - However, costs in the rental business rose significantly, from RMB 38 billion to RMB 52 billion, an increase of 38.8%, indicating a scale-for-profit model [3]. - The home decoration and furniture business remained stable, with revenue of RMB 43 billion, roughly unchanged from the previous year, and profit rising from RMB 13.16 billion to RMB 13.76 billion [3].

Core Insights - Beike (NYSE: BEKE; HKEX: 2423) reported a resilient performance in Q3, with a total transaction value (GTV) of 736.7 billion RMB and a net income growth of 2.1% year-on-year to 23.1 billion RMB [1] - The company aims to enhance operational efficiency and customer experience through organizational upgrades and technological innovations, with a focus on AI integration in core business scenarios [1][3] Financial Performance - Q3 GTV reached 736.7 billion RMB, with net income of 23.1 billion RMB and a net profit of 747 million RMB [1] - Adjusted net profit for the quarter was 1.286 billion RMB, indicating a stable business foundation [1] - Operating expenses decreased by 1.8% year-on-year and 6.7% quarter-on-quarter to 4.3 billion RMB [1] Business Segments - Non-real estate business revenue share increased to 45%, contributing to the company's resilience against market cycles [1] - The existing home business GTV was 505.6 billion RMB, up 5.8% year-on-year, with improved agent performance following the "tenant separation" pilot in Shanghai [1] - New home business GTV for Q3 was 196.3 billion RMB, with an 11% year-on-year growth for the first three quarters [2] Home Decoration and Rental Services - Home decoration and furnishing business generated 4.3 billion RMB in revenue, with a profit margin of 32%, up 0.8 percentage points year-on-year [2] - Rental service revenue reached 5.7 billion RMB in Q3, a 45.3% increase year-on-year, achieving profitability before overhead allocation [2] AI Integration and Efficiency - R&D expenses totaled 1.865 billion RMB for the first three quarters, with Q3 expenses at 648 million RMB, a 13.2% increase year-on-year [3] - AI tools have been implemented across the rental business, enhancing efficiency and reducing costs significantly [3] - The AI assistant "Lai Ke" has been adopted by 414,000 agents, improving client conversion rates [3] Service Innovations - The company launched the "True Guarantee" service system in Q3, ensuring authenticity in property transactions [4] - The "Renovation Fund Custody" service has been implemented in over 30 cities, benefiting more than 20,000 families [4] - A new feature for direct payment of rent using housing provident funds has been introduced in cities like Beijing and Jinan, aiding young renters [4]

Core Insights - Beike's total transaction value (GTV) reached 736.7 billion RMB in Q3, with net revenue growing by 2.1% year-on-year to 23.1 billion RMB, indicating resilience in overall business performance [1] - The proportion of net revenue from non-real estate transactions increased to 45%, with both home decoration and rental services achieving profitability at the city level before headquarter expenses [1] - The company plans to enhance AI capabilities in core business scenarios to improve both service provider and consumer experiences [1] Financial Performance - Beike's GTV for existing home transactions was 505.6 billion RMB in Q3, reflecting a year-on-year increase of 5.8% [1] - New home business GTV for the first three quarters grew by approximately 11%, with Q3 GTV reaching 196.3 billion RMB [2] - Home decoration and furnishing business generated net revenue of 4.3 billion RMB, with a profit margin increase to 32%, up by 0.8 percentage points year-on-year [2] AI and Technology Integration - Beike invested 1.865 billion RMB in R&D over the first three quarters, with Q3 R&D expenses at 648 million RMB, a year-on-year increase of 13.2% [3] - AI assistants have been deployed to 414,000 agents, enhancing client conversion rates significantly [3] - The rental business has achieved full-process intelligent operations, improving efficiency and reducing costs substantially [3] Service Innovations - Beike launched the "True Guarantee" service system in Q3, ensuring real source authenticity and secure transactions [4] - The "Renovation Fund Custody" service has been implemented in over 30 cities, benefiting more than 20,000 families [4] - The rental service introduced a "Direct Payment of Housing Fund" feature in cities like Beijing and Jinan, alleviating rental pressures for young people [4]

不过，记者走访发现，"以价换量"仍是目前深圳二手房市场主流。有房产中介经理表示，9月以来的成 交回暖，除了政策提振，更关键是业主在价格上的让步，而且购房者也会对比，价格还没有实现"回 稳"。广东省住房政策研究中心首席研究员李宇嘉表示，9月超前释放部分需求，四季度的市场交易面临 着较大的下行压力。 麟评居住大数据研究院监测数据显示，10月100个重点城市二手住宅市场均价为每平方米13661元，环比 下跌0.48%，同比下跌3.5%，环比跌幅较上月扩大0.14个百分点。截至10月，百城二手房价格环比连续 下降32个月，同比连续下降34个月。与此同时，一线城市同环比跌幅继续居首。此外，10月监测重点14 城二手住宅成交95919套，环比下降11.6%，同比下降19.9%。10月监测14个重点城市二手住宅挂牌量约 205万套，环比上升1.4%，同比下降9.9%，在售挂牌量自5月以来连续5个月上升。 深圳市房地产中介协会最新公布的数据显示，截至2025年10月，深圳二手房录得量已连续8个月稳固在 5000套以上，其中10月份录得量达5547套，整体呈现"波动中趋稳"的良性态势。从区域来看，龙岗、罗 湖、福田、南山、宝安 ...