Core Viewpoint - The article discusses the recent rumors regarding new real estate regulations in Shenzhen, emphasizing the importance of relying on official information rather than unverified claims [2][3]. Group 1: Market Trends - There are rumors circulating on social media about new real estate policies in Shenzhen, which have been linked to a notification allegedly sent by Shenzhen Beike, urging employees to prepare for new stimuli [2]. - Industry experts suggest that the upcoming "May Day" holiday may lead to fabricated rumors aimed at stimulating real estate sales, advising buyers to trust official announcements [3]. - Following a "small spring" in the real estate market during March and April, experts predict a potential downward trend in the second quarter, indicating a policy vacuum where existing measures have been exhausted and new policies are yet to be implemented [3]. Group 2: Sales Performance - In March, Shenzhen's real estate market showed strong performance compared to other first-tier cities, with a significant increase in both new and second-hand housing transactions. Specifically, new residential sales reached 4,161 units, a 67.5% month-on-month increase and a 47.2% year-on-year increase, while second-hand residential transactions totaled 6,078 units, up 65.3% month-on-month and 58.3% year-on-year [3]. - The inventory of pre-sold residential properties in Shenzhen stood at 26,655 units by the end of March, with an average monthly sales rate of 3,474 units, resulting in a depletion cycle of approximately 7.7 months [3]. Group 3: Policy Adjustments - In March, the Shenzhen Housing Provident Fund Management Committee announced adjustments to housing provident fund loan regulations and interest subsidies, effective from March 24, 2025. These adjustments include increased loan limits, changes to minimum down payment ratios, and the removal of residency and first-home restrictions for intercity loans [4]. - The Shenzhen Real Estate Agency anticipates that new housing projects designed under the new regulations will enter the market, which are expected to enhance product quality and stimulate demand further. The ongoing policy support, including the new provident fund measures, is likely to keep the second-hand housing market active in April [4].

根据Domain最新的房地产价格报告： 阿德莱德已经成为澳洲第五个房价中位数达到百万的首府城市。 预计到年底，珀斯也将加入这一行列，这使得年轻的澳洲人愈发难以实现购房梦。此外，阿德莱德的土地价格也达到了惊人的新高度。 一块位于Tennyson的海边地块以235万澳元的高价售出。这块位于8 Estcourt Road的土地面积为582平方米，几乎是普通城市空地面积的两倍，但每平方米 的价格却比常规价格高出近六倍。 澳洲又一个首府城市 房价破百万 住在阿德莱德的Hayley和丈夫在过去的六年里，一直努力攒钱，希望能够买到自己的房子。然而，飞涨的房价让他们的梦想变得越来越难以实现。 据PropTrack报道，这块土地的售价仅比Tennyson房屋的中位价低了40万澳元，即便它还未开发。 中介David Paladino经过几个月的协商，达成了这一交易。他表示，买家和开发商卖家都对这一"非凡"的结果感到非常满意。这块地的成交价格大约是每 平方米4038澳元。 根据最新的房屋产业协会数据，阿德莱德市区一块典型空地（375平方米）的售价可达268,700澳元，约合每平方米691澳元。 同时，整个大阿德莱德地区的带住宅地块 ...

图源丨Midjourney "你想要得到什么东西，最好的方式就是能配得上它。" 以下文章来源于连线Insight ，作者窦文雪 连线Insight . 产业升级创新者的聚集地。 来源丨连线Insight（ID：lxinsight） 作者丨窦文雪 编辑丨子夜 这句话出自《详谈：左晖》一书，是贝壳创始人左晖的代表性语录之一，他在世时常常对外透露类似的 观点，连带着贝壳也给人一种踏实肯干的印象。 但这个印象恐怕要发生转变了。 4月17日晚间，贝壳发布公告称，公司董事会主席、首席执行官及控股股东彭永东拟捐赠900万股A类普通 股。 公告显示，在承担相应的纳税义务后，50%税后资金将用于居住行业服务者及其家庭成员的医疗健康福 利，50%税后资金将用于应届毕业生等租客群体的租房帮扶。 截至4月17日收盘，贝壳报51.95港元/股，据此计算，捐赠金额约4.68亿港元，约合人民币4.40亿元。 彭永东为何突然捐出这么多股份？他为何能够捐出这么多钱？ 这或许与他此前拿了天价薪酬有关。 近日，贝壳发布了2024年的财报，但没有披露高管薪酬。据了解，从2022年-2023年，彭永东以及贝壳联 合创始人单一刚的年薪都在以惊人的速度增 ...

作者：猫哥 来源：大猫财经Pro(ID:caimao_shuangquan) 01 最近，最大的房地产中介贝壳公布了2024年的业绩，行业老大的地位很稳，但喜忧参半。 营收935亿，涨了20%多，但是净利润40.78亿，下滑了30%多。 虽然利润下滑，但是两位联合创始人的收入却相当可观。 2021年的时候，董事长兼CEO彭永东的年薪不到850万，执行董事单一刚在680万左右。 后来，房地 产的大环境越来越不行，但这两位联合创始人的收入却越来越高。 彭永东2022年的薪酬到了4.75亿，2023年是7.13亿，三年下来差不多合计12亿，单一刚少一 点，但是3年下来，也接近9亿。 2024年的年薪还没公布，但是根据披露出来的金额估算， 彭永东还能拿6亿，单一刚能拿到4 亿，俩人合计10亿，能占到净利润的25%。 贝壳的中介，一年到头苦哈哈卖房，平均年薪差不多是卖5套房的提成，而这俩高管的收入，相 当于一年卖了1万套。 这些高薪是哪儿来的呢？ 贝壳的老板叫左晖，他管公司的时候，贝壳搞了好几次股权激励政策，那时候主要激励对象是员 工，后来左晖去世了，到了2022年5月份，贝壳在香港上市的前几天，又做了一次股权激励。 ...

Core Viewpoint - The article highlights the struggles of young individuals like Li Hai in affording housing in high-priced regions like Zhejiang, leading them to seek affordable options in less populated areas like Hegang, which initially seem appealing but come with their own challenges [2][6][18]. Group 1: Housing Affordability - Li Hai, a young man from Zhejiang, dreams of owning a home but faces high rental costs and a lack of stability due to frequent job changes and relocations [6][8]. - After years of hard work, Li Hai manages to save 50,000 yuan, but this amount is insufficient in the face of soaring property prices in his region, where prices exceed 10,000 yuan per square meter [8][18]. - The search for affordable housing leads Li Hai to explore options in less developed areas, where property prices are significantly lower, such as in the northwest regions of China [11][18]. Group 2: Migration to Hegang - Li Hai discovers that housing in Hegang is extremely affordable, with prices as low as 16,000 yuan for a 40-square-meter apartment, prompting him to relocate [18][20]. - Hegang, once a prosperous coal city, has seen a decline in population and economic activity, resulting in low property prices and a surplus of available housing [16][18]. - The influx of individuals seeking affordable housing revitalizes the local real estate market, leading to the establishment of numerous real estate agencies in Hegang [32][34]. Group 3: Challenges of Living in Hegang - Despite the low cost of living, residents like Li Hai face significant challenges, including poor infrastructure, unreliable utilities, and harsh weather conditions [37][39]. - Newcomers to Hegang, such as Xu Kang, encounter difficulties in finding stable employment and managing living expenses, leading to financial strain [41][42]. - The initial excitement of moving to Hegang diminishes as many young people realize the disconnect from modern conveniences and the challenges of rural living, prompting some to return to their previous locations [46].

Core Viewpoint - The company reported a revenue of 12.54 billion yuan for the year 2024, marking a 3.7% increase year-on-year, and achieved a net profit of 73.41 million yuan, reversing from a loss in the previous year [1] Group 1: Financial Performance - The company achieved a total transaction value (GTV) of approximately 287.6 billion yuan, reflecting a year-on-year increase of 1.2% [1] - The brokerage business generated revenue of 4.1 billion yuan, with a slight year-on-year increase of 0.2%, and a gross margin of 20.3%, up by 0.1 percentage points [1] - The new housing business reported revenue of 1.15 billion yuan, a year-on-year increase of 3.9%, but the gross margin decreased by approximately 0.7 percentage points to around 12.0% [1] Group 2: Asset Management Business - The "Xiangyu" asset management business covered major cities including Beijing, Shanghai, Hangzhou, Suzhou, and Nanjing, with managed housing resources reaching 303,000 units, an increase of approximately 11.8% year-on-year [2] - The asset management business achieved a GTV of about 18 billion yuan, reflecting a year-on-year increase of 6.5%, and generated revenue of 6.13 billion yuan, also up by 6.5% [2] - The adjusted gross margin for the asset management business is approximately 12.7% when accounting for new leasing standards, despite reporting a gross margin of -5.5% [2] Group 3: Digital Development - The company's mobile app had a monthly active user (MAU) count of 3.47 million, representing a year-on-year growth of 10%, while the mini-program MAU reached 2.13 million, growing by 1% [2] - The proportion of mobile clients increased, with the website client entry rate reaching 43.3%, up by 1.5 percentage points year-on-year [2]

Core Viewpoint - The article discusses the implementation and evolution of the "old-for-new" housing policy in various cities, particularly focusing on Shenzhen's recent initiatives to enhance the housing market and stimulate demand through innovative practices [1][2][3]. Group 1: "Old-for-New" Housing Policy Implementation - Since last year, many cities have adopted the "old-for-new" housing model, with ongoing improvements in the promotion process [1]. - Shenzhen has launched the "old-for-new" housing 3.0 version, allowing customers from different cities to participate and offering a 30,000 yuan subsidy for selling old homes [3]. - The "old-for-new" initiative in Shenzhen has seen over 12,000 viewings and more than 300 new home purchase agreements signed within a year [3]. Group 2: Market Response and Consumer Feedback - After the introduction of the "old-for-new" program, there has been an increase in customer traffic and transaction conversion rates in new housing projects [4]. - Some homeowners expressed interest in the "old-for-new" program, hoping for quicker sales of their second-hand homes amid a recovering real estate market [4]. Group 3: Policy Enhancements and Regional Trends - Over 110 provinces and cities have introduced more than 170 policies related to the "old-for-new" housing initiative since 2025, with significant policy support observed post-national meetings [6]. - Nanjing has recently increased its subsidies for the "old-for-new" program, offering a 1% discount on total purchase price from the government and an additional 3% to 5% from enterprises [6]. - The overall trend indicates that local governments are focusing on reducing barriers and costs for homebuyers, which is expected to stimulate housing demand [6]. Group 4: Future Directions and Innovations - The "old-for-new" model primarily relies on intermediaries to facilitate the sale of old homes, with potential for state-owned enterprises to gradually adopt this model for affordable housing [7].

Core Viewpoint - The rising costs and challenges of participating in marathons are creating a lucrative market for brands and sponsors, while the financial burden ultimately falls on the participants [5][26][35]. Cost Analysis - The total cost of participating in a marathon can exceed 5,000 yuan, including registration fees, travel, accommodation, and food expenses [8][11]. - Registration fees for marathons have increased significantly, with some events seeing price hikes of over 50% compared to previous years [12][26]. - Additional expenses such as gear, post-race recovery, and social gatherings further inflate the overall cost for participants [11][20]. Market Growth - The number of marathon events in China has surged post-pandemic, with over 600 events in 2023 and projections to exceed 700 in 2024 [16][20]. - Despite the increase in events, the growth in participants is not keeping pace, leading to a high demand for limited spots and low acceptance rates for registration [22][23]. Sponsorship and Brand Engagement - The marathon market has attracted significant attention from brands, particularly sportswear companies like Xtep, which has increased its sponsorship activities dramatically [26][27]. - Various brands across different sectors, including banks and real estate, are leveraging marathons to reach middle-class consumers, indicating a broadening of the sponsorship landscape [28][29]. Economic Impact - Marathons generate substantial economic benefits for host cities, with events like the Wuxi Marathon contributing approximately 280 million yuan to the local economy [32]. - The increasing prize money for marathon winners is aimed at attracting elite athletes, which in turn enhances the event's prestige and visibility [34][35].

Core Viewpoint - Warren Buffett's Berkshire Hathaway is undergoing significant structural changes, indicated by the potential sale of its subsidiary, Home Services of America, amidst a record high cash reserve and a continuous sell-off of stocks for nine consecutive quarters [1][2]. Group 1: Potential Sale of Home Services of America - Berkshire Hathaway is in advanced talks with Compass for the acquisition of Home Services of America, which is one of the largest real estate brokerage firms in the U.S. The sale price is speculated to be in the billions, although not explicitly stated [1]. - Buffett has historically been reluctant to sell subsidiaries unless they face insurmountable issues, suggesting that this potential sale indicates a willingness to divest smaller, non-core business units to streamline operations for future management [1][2]. Group 2: Financial Performance and Market Conditions - Home Services of America has faced challenges due to a housing shortage and high prices, resulting in a loss of $107 million in 2024, compared to a profit of $13 million in 2023 and $100 million in 2022. Part of this loss is attributed to a $250 million settlement related to real estate commission lawsuits [3]. - Despite the losses, the company generated $150 million in cash flow before accounting for the lawsuit settlement, indicating some operational resilience [3]. Group 3: Market Position and Future Outlook - Home Services of America operates under 48 brands with approximately 37,700 real estate agents across nearly 820 offices, and manages around 1,400 franchise offices with about 44,700 third-party agents [3]. - The annual sales for the brokerage business are estimated at $125 billion, and the company is positioned to benefit from a potential recovery in real estate sales [4]. - Compass's stock has seen a significant increase of 144% over the past year, with a current market capitalization of $4.7 billion, reflecting positive market sentiment [5].

事件 2025 年 2 月 28 日，公司披露其 MSCI ESG 评级由"BBB"上调至 "A"级，连续两年获得评级提升。 点评分析 ESG 为 A 的公司 ROE 更高，波动更小，吸引更多投资者。根据每日 经济新闻，实证研究 ESG 评级为 A 的上市公司其 ROE 算术平均值 明显高于其他公司。同时 ESG 评级为 A 的上市公司年化波动率最 低，其 60 个月年化波动率为 45.62%。我们认为 ESG 表现优越的公 司品牌强、治理好、声誉佳、风险低，具备长期竞争力，能够吸引 更多长线投资者及 ESG 投资者。 楼市春意渐浓，行业β修复中，贝壳率先受益。从前端看，根据贝 壳找房，春节后核心一二线城市的带看人数持续上升，在自然情况 下趋近甚至明显超越去年 9 月末新政后的水平。从备案看，最新 一周（2.22-2.28）47 城商品房销售 419 万方，环比+28.7%，同比 +28.6%；22 城二手房成交 282 万方，环比+14.2%，同比+64.4%。 今年小阳春正逐步兑现，随着行业β逐步修复，贝壳作为行业龙头 则率先受益。 贝壳入通在即，估值有望修复。3 月 10 日港股通名单进行调整， 在考察 ...