在上海、杭州等城市，低总价房源成为市场成交主力。 在年底传统楼市淡季中，二手房市场却呈现出别样景象。 11月份，"北上广深"四大一线城市二手房市场热度集体升温，成交量显著增长，部分城市价格也出现企 稳迹象。与此同时，一些二线城市也迎来"翘尾"行情，杭州结束二手房网签量"七连跌"，苏州、西安、 佛山等城市成交量亦环比回升。 这一波二手房市场反弹背后，究竟有着怎样的原因？ 北上广二手房成交大涨两成 在刚刚过去的11月份，北上广深四大一线城市的二手房市场热度集体升温。 上海市房地产交易中心数据显示，2025年11月，上海二手房网签成交合计22943套，较10月份的18483套 增长约24%，创下自今年5月以来的成交套数新高。上海链家研究院负责人李根表示，11月上海二手房 市场呈现出成交量大幅上升特点，环比涨超20%，成交量企稳信号明显。 跟上海类似，北京二手房的网签量涨幅也达到两成。据北京市住建委发布的网签数据，11月北京二手房 住宅成交总套数为14446套，环比上涨20%。 而据广州市房地产中介协会统计，11月广州二手住宅网签9191套，网签面积91万平方米，环比大幅增长 23%。 今年3月，受"小阳春"行情带动 ...

Core Insights - eXp Realty has launched the LYVVE™ international real estate search platform, aiming to enhance cross-border connections between agents and consumers globally [1][2][3] - The platform is designed to provide a seamless and efficient global property search experience, supporting multiple currencies and integrating various property types [2][3] - LYVVE addresses key industry challenges such as fragmentation, visibility, and accessibility, promoting a unified market for real estate opportunities [3] Company Overview - eXp World Holdings, Inc. is the parent company of eXp Realty and SUCCESS® Enterprises, operating as a cloud-based, agent-centric brokerage with over 83,000 agents across 29 countries [4] - The company emphasizes providing agents with leading commission structures, revenue sharing, equity opportunities, and a global network to foster business growth [4] Platform Features - LYVVE allows real-time connectivity between agents and clients, simplifying international property searches and enhancing communication through built-in features like WhatsApp [2][3] - The platform aims to facilitate access to a wide range of properties, from vacation homes in Mexico to vineyards in France, enabling direct connections with property sources [2][3] Future Vision - eXp Realty aims to expand its operations to 50 countries by 2030, with LYVVE evolving to include more listings, markets, and functionalities to enhance global opportunities [3]

Key Insights - The report highlights the focus on resource products and AI applications in overseas markets, with particular attention to the upcoming Federal Reserve monetary policy meeting in December [1][9] - Google's launch of the Gemini 3 AI model is noted as a significant advancement, claiming to be the most intelligent and factually accurate AI system to date, enhancing various tasks such as software creation and document analysis [2][11] - Tesla's shareholder meeting approved a substantial compensation plan for Elon Musk, with over 75% of shareholders in favor, and revealed plans for mass production of humanoid robots and autonomous vehicles [3][10] - The report emphasizes the rising demand for autonomous driving chips, particularly from leading companies like Horizon Robotics and new automotive players such as Leap Motor [4][21] Overseas Stock Recommendations for December 2025 - China Hongqiao (1378.HK) reported strong Q3 performance with a revenue of 1169.3 billion yuan, a 6% year-on-year increase, and a net profit of 193.7 billion yuan, up 23% [22][23] - China Qinfa (0866.HK) is expected to benefit from improved coal quality and rising coal prices, with significant production growth anticipated from its Indonesian operations [26][27] - Beike-W (2423.HK) is positioned as a key player in the real estate brokerage sector, with a projected net profit of 37.1 billion yuan in 2025 [30][31] - Alibaba-W (9988.HK) is expected to reduce losses in its flash sales segment, with a focus on AI integration across its services [33][34] - Tencent Holdings (0700.HK) is experiencing strong growth in advertising revenue, driven by AI enhancements [37][38] - Google-A (GOOGL.O) reported a 15.9% year-on-year revenue increase, with significant growth in its cloud business and AI applications [41][42] - AAC Technologies (2018.HK) is expanding its optical and automotive product lines, with a projected revenue growth of 18% from 2025 to 2027 [46][47]

Core Insights - The housing market is experiencing a stalemate where sellers are withdrawing listings due to high prices and mortgage rates, while buyers are unable to afford homes at these prices [2][3][15] Supply and Demand Dynamics - Sellers are taking homes off the market at the fastest pace in nearly a decade, primarily because they are unwilling to lower their asking prices [1][2] - Active listings are up, but true supply is tighter than it appears, as many homes are overpriced and sellers are not negotiating [8][9] - In markets like Florida and Texas, sellers are more likely to withdraw listings due to price competition, while in areas like New York, sellers are satisfied with offers and keep their homes on the market [6][7] Buyer Behavior - Buyers are increasingly opting to rent instead of purchasing homes due to affordability issues, leading to a decrease in demand [8][12] - The escrow period often leads to complications that can cause deals to fall apart, as buyers may discover additional costs that sellers are unwilling to cover [12][13] Interest Rates and Market Movement - A reduction in interest rates would likely help align the interests of buyers and sellers, as sellers are holding out for higher prices to offset the impact of high rates on their next home purchase [15][16] - Current interest rates are still too high to significantly stimulate market activity, with a need for rates around 5% for a meaningful change [16]

Group 1: Property Market Overview - The Hong Kong property market is experiencing a positive trend in both rental and property prices, benefiting from recent improvements in the stock market and economic data, along with an upcoming interest rate cut cycle [1] - The property price index for private residential properties in Hong Kong reached 294.3 points in October 2025, a 0.41% increase from September, marking a continuous rise for seven months and a cumulative increase of 3.30% over this period [1] - Year-to-date, property prices have increased by 1.76%, with the decline from the historical high of 398.1 points in September 2021 narrowing to 26.07% [1] Group 2: Rental Market Insights - The rental index remained stable at 200.2 points in October 2025, unchanged from September, and has increased by 0.05% compared to the peak in August 2019, marking a new record high after over six years [2] - Despite the upcoming rental season being relatively quiet, the demand from new residents is expected to sustain rental prices, with an annual increase projected at approximately 4.5% [2] Group 3: Future Outlook - The outlook for November remains optimistic, with expectations of continued support for property prices due to the recent interest rate cut and positive developments in US-China trade negotiations, projecting a near 2% increase in property prices for Q4 2025 [1]

具体来看，美国商务部25日发布数据显示，美国9月份零售销售额环比增长0.2%，低于市场预期的0.4% 和8月份的0.6%。 同时，美国劳工部25日发布数据显示，美国9月份生产者价格指数环比上涨0.3%，而8月份则意外下降 0.1%。 转自：新华财经 汇丰银行表示，尽管近期市场波动，但由于各国央行和散户投资者的强劲需求，黄金价格仍保持上涨趋 势。 新华财经纽约11月25日电（记者徐静）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价 25日下跌5美元，收于每盎司4165.2美元，跌幅为0.12%。 当日早盘金价一度触及11月14日以来的高点，因发布的美国经济数据喜忧参半，叠加美联储官员近期的 讲话，支持了对12月美联储继续降息的预期。 美国自动数据处理公司25日发布报告显示，截至11月8日的四周内，美国私营企业平均每周裁员13500 人，较前一周大幅增加。 同日美国人口普查局发布数据显示，美国8月份企业库存环比持平，基本符合预期。但美国全国房地产 经纪人协会（NAR）发布的数据显示，美国10月份待售房屋销量较9月份增长1.9%，但较去年同期下跌 了0.4%。 另外，世界大型企业联合会25日发布的数据 ...

贝壳真保障全流程服务保障体系发布会。 贝壳做搏学大考，始终带着一份"较真"，而这份"较真"也贯穿于贝壳的每一个交易环节。作为服务升级 核心举措，"真保障"体系聚焦房产交易关键痛点，涵盖"真实房源、房款安全、佣金可退、隐私保护、 质量补偿"五大环节，包含6项平台级与29项品牌级承诺，其中"真实房源假一赔百元""交易不成佣金无 理由退""物业欠费损失先行垫付"已实现全国落地。 此次"真保障"体系发布同步联动全国76城品牌共创，东莞站品牌焕新也是其中重要一环，让东莞消费者 直观感知服务价值。据介绍，东莞贝壳已携手链家、德佑、怡园、住商不动产、21世纪、富房、乐远、 嘉丰、融易找房、信佑家、商立汇、房久久等12个新经纪品牌，900多家门店，6000多名经纪人持续为 东莞消费者提供安心服务。 房屋漏水问题一直是困扰广大业主的"老大难"，它不仅影响居住体验，还可能导致财产损失，甚至引发 邻里纠纷。面对这一行业顽疾，11月10日，贝壳平台级漏水服务承诺全国上线。这也意味着，即日起， 在贝壳平台成交签署房屋买卖合同的二手住宅买卖业务的客户，交房之前经纪人查明房屋主体结构内没 有漏水表象，但在交房之日起1年内，交易房屋主体结构 ...

按香港三区作分析，十月份港九新界三区登记量录得两跌一升。当中，港岛区登记量环比微跌3宗，月 内录813宗登记；九龙区环比升10%，录得1077宗登记；至于新界区则跌5%，只有1432宗。 十大最活跃成交分区的登记量则升跌各半，当中以长沙湾/深水埗区的升幅最大，月内有122宗登记，环 比涨18%。至于北角/炮台山区及土瓜湾区亦分别录得16%及9%的升幅，前者录138宗，后者有106宗登 记。 十大活跃屋苑录313宗登记 环比增25%。 智通财经APP获悉，利嘉阁地产研究部主管陈海潮表示，受惠香港息口回落及经济向好，过去两季二手 私宅交投持续高企，第四季料续保持强势。根据土地注册处数字所得，2025年十月份香港共录3322宗二 手私宅买卖登记(数字主要反映9月中旬至10月上旬期间的市场实况)，登记总值录256.36亿港元，两者皆 连升两月。 对比上月数据，9月十大活跃二手私人屋苑登记量中，录得八升两跌，其中以海怡半岛的升幅最凌厉， 月内录得27宗登记，环比涨80%；其次天玺?天及美孚新村也分别升70%及46%，各录17及41宗登记。至 于，登记量录得跌幅者，以丽港城跌势最大，环比少16%，录得16宗登记。 陈海潮 ...

Summary of Conference Call Records Industry Overview - The real estate market is currently experiencing a downturn, particularly in first-tier cities where second-hand housing prices have fallen more than the national average, negatively impacting market confidence [1][2][4] - Despite a stable overall performance in the first half of 2025, prices have accelerated downward since the third quarter, with a significant decline in sales and investment data in October [2][3] Key Points and Arguments Market Performance - In the first half of 2025, the real estate market was stable, with good sales of new and second-hand homes, but began to decline in the third quarter [3] - The average price drop in second-hand homes across 70 cities has raised concerns about market confidence [4] Policy Environment - Administrative easing policies have not fully reversed the market downturn; the main expectation is a reduction in mortgage rates [5] - The LPR (Loan Prime Rate) saw only a slight decrease in 2025, limiting banks' ability to lower rates further due to net interest margin pressures [5] - There are discussions about implementing fiscal subsidies to alleviate the burden of mortgage loans, which could cost between 50 to 60 billion yuan annually [6] Stock Market Outlook - There is a relatively optimistic outlook for the real estate stock market, as policy advancements could improve market liquidity and company performance [7] - Companies with low debt pressure, ample cash flow, and attractive valuations are recommended for investment, particularly in Hong Kong real estate and commercial properties [7] Company-Specific Insights: Beike (贝壳找房) - Beike's revenue is affected by the price decline in first-tier cities, but its brokerage business is expected to show resilience as market demand recovers [8] - The company anticipates a net profit increase from approximately 5 billion yuan in 2025 to 7 billion yuan in 2026, driven by improved efficiency, AI technology application, and profit release from home decoration and rental businesses [9][11] - Beike's current stock price has significant upside potential, estimated at 40%-50% based on its cash reserves and low P/E ratio [12] Additional Insights Related Sectors - The kitchen appliance and integrated stove sectors are closely tied to the real estate cycle and have faced valuation pressures due to market weakness [13][14] - The central air conditioning sector is also linked to real estate, with potential for valuation recovery if market expectations shift [15] - White and black goods sectors are less correlated with real estate cycles, relying more on their own industry dynamics [16] Building Materials Market - The building materials industry has seen fluctuations in volume and price since 2021, with signs of stabilization in certain segments like coatings [17][18] - Future demand in the building materials sector is expected to decline but at a slower rate, with potential price stabilization due to supply-side adjustments [19] - Investment opportunities are seen in the renovation of existing homes, particularly in coatings and board materials, with a projected 5% compound annual growth rate in renovation area from 2025 to 2026 [21] Risk Assessment - Risks related to accounts receivable and asset impairment from the real estate sector have been effectively controlled, although attention is needed for potential asset devaluation from unsold properties [20] Investment Recommendations - Focus on companies with strong market positions and potential for recovery, such as Beike, and sectors like coatings and engineering materials that are less affected by the real estate downturn [22][24]

Group 1 - The actual controller of the company, Mr. Xie Yong, has had 15,000,000 shares released from judicial freeze, which accounts for 0.64% of the total share capital [1] - Together with his concerted actioner, Tibet Taihe Xianji Investment Management Co., Ltd., Mr. Xie holds a total of 426,028,689 shares, representing 18.09% of the total share capital, with no shares currently frozen [1] Group 2 - The company has approved a guarantee limit of up to 4 billion RMB for its subsidiaries' debt financing for the year 2025, with specific allocations for subsidiaries based on their asset-liability ratios [4] - A guarantee of 224 million RMB has been provided for its wholly-owned subsidiary, Beijing Wo Ai Wo Jia Real Estate Brokerage Co., Ltd. [4] - On November 21, 2025, a credit agreement was signed with China Merchants Bank Beijing Branch, providing a credit limit of up to 30 million RMB for Beijing Wo Ai Wo Jia [6] Group 3 - As of December 31, 2024, Beijing Wo Ai Wo Jia had total assets of 5.46 billion RMB and total liabilities of 2.46 billion RMB, with a net profit of 70.58 million RMB for the year [7] - As of September 30, 2025, the total assets of Beijing Wo Ai Wo Jia increased to 7.14 billion RMB, with total liabilities of 4.20 billion RMB and a net profit of 45.27 million RMB for the first nine months [7] Group 4 - The company has confirmed that the guarantee provided is within the approved limit and will support the sustainable development of Beijing Wo Ai Wo Jia's business [10] - The total amount of external guarantees after this transaction is 2.17 billion RMB, which is 23.09% of the company's latest audited net assets [11]