Group 1: Research Basic Information - The research object is Jinhe Commercial Management, belonging to the real estate service industry. The reception time was September 12, 2025, and the listed company's reception staff included the chairman and general manager, Yu Minjun; independent director, Lu Kaiwei; director, deputy general manager, and board secretary, WANG LI (Wang Li); and the chief financial officer, Shi Jun [16] Group 2: Detailed Research Institutions - The reception objects were all investors at Jinhe Commercial Management's 2025 semi - annual performance briefing, and the reception object type was "other" [19] Group 3: Main Content Information Dividend Policy - Since its listing on the main board of the Shanghai Stock Exchange in April 2020, the company has cumulatively distributed about 700 million yuan in cash dividends (excluding the current interim report profit distribution). For the current semi - annual report, the company plans to distribute a cash dividend of 1.10 yuan per 10 shares (tax included) to all shareholders based on the total share capital recorded on the record date of the equity distribution. As of June 30, 2025, the company's total share capital was 472,500,000 shares, so the total planned cash dividend was 51,975,000 yuan (tax included) [23] Business Expansion Plan - The company focuses on the urban renewal field and is committed to the re - positioning, design, renovation, investment promotion, operation, and service improvement of old urban properties. While focusing on first - tier cities such as Shanghai and Beijing, it also actively seeks business expansion opportunities in core second - tier cities [24] Measures to Boost Stock Price and Investor Confidence - The company's management closely monitors stock price fluctuations and focuses on the development of the urban renewal main business. In the first half of 2025, the company actively expanded its property business, adding a commissioned operation project in the core area of Huangpu District, Shanghai, and renewing a commissioned operation project in the core area of Changning District. It also adjusted its portfolio of managed projects, focusing on high - profit projects and exiting some projects to improve management efficiency and control costs. As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. In addition, the semi - annual profit distribution plan was submitted to the company's third extraordinary general meeting of shareholders on September 10, 2025, and approved [24][25] Impact of Urban Renewal Policies - The company has accumulated many successful cases of cultural and creative park and commercial and office property renewal and transformation. Its management formats include cultural and creative parks, office buildings, community commerce, apartments, etc. Through urban renewal, it can achieve brand, industrial, and commercial operation upgrades in the areas of its projects. The company's operation models include leased operation, entrusted operation, and equity - participation operation. In the future, it will continue to seize policy dividends, improve building renovation and operation capabilities, and promote regional economic development [25][26] Response to Macroeconomic Fluctuations - The company focuses on its core business of urban renewal. To address the impact of the external environment on project rental rates, the company's management team takes various measures, such as maintaining existing tenants, improving service levels, forming professional investment promotion teams, and adjusting business conditions according to market demand. In the first half of 2025, the company's property service satisfaction rate was higher than 95%, remaining stable compared with the same period and the whole year of 2024 [26] Integration of Community Services - The company has formed core competitiveness in the urban renewal field, including a full - value - chain integrated management system, brand, and regional scale advantages. It manages various types of properties and is moderately interested in cooperation opportunities in the fields of childcare services and elderly care. It aims to achieve a win - win situation for property owners, customers, society, and the company [27] 2025 First - Half Performance - As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. During the reporting period, the company achieved an operating income of 490.7263 million yuan, a year - on - year decrease of 5.18%; the net profit attributable to shareholders of the listed company was 75.4524 million yuan, a year - on - year increase of 224.95%; and the net cash flow from operating activities was 317.6303 million yuan, a year - on - year decrease of 6.55%. The reasons for the changes were: the decline in operating income was due to weak tenant demand and the company's adjustment of its project portfolio; the increase in net profit was due to a transaction with Tongchangshengye and cost control; the decrease in net cash flow from operating activities was due to the extension of the payment period for some entrusted operation projects [28][30]

Group 1 - The real estate service sector increased by 1.82% compared to the previous trading day, with Xin Dazheng leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Group 2 - The net inflow of main funds into the real estate service sector was 106 million yuan, while retail funds experienced a net outflow of 24.17 million yuan [2] - Speculative funds saw a net outflow of 82.18 million yuan [2]

Group 1 - The company Beike-W (02423) announced a share buyback plan, committing to repurchase 1.0554 million shares at a total cost of $6.9945 million [1] - The buyback price per share is set between $6.57 and $6.68 [1]

Group 1 - The company, Beike-W (02423), announced a share repurchase plan [1] - The total amount allocated for the repurchase is $6.9945 million [1] - The company plans to buy back 1.0554 million shares at a price range of $6.57 to $6.68 per share [1]

Core Viewpoint - The Hong Kong government is not planning to introduce a "cross-border home purchase scheme" or relax the stamp duty threshold of HKD 100 in the upcoming Policy Address, which could significantly impact government revenue from stamp duties [1] Group 1: Stamp Duty Implications - Currently, the stamp duty for properties priced at HKD 4 million or below is HKD 100, accounting for one-third of property transactions. If the threshold is raised to HKD 6 million, it could lead to a one-third reduction in stamp duty revenue for the government [1] - The research department suggests that further relaxation of the stamp duty threshold is not advisable due to the potential significant impact on government revenue [1] Group 2: Market Measures and Observations - The Hong Kong government has previously implemented several measures, including the "withdrawal of cooling measures," indicating a need for time to assess their effectiveness before introducing new policies to support the property market [1] Group 3: Cross-Border Home Purchase Scheme - The proposed "cross-border home purchase scheme" involves handling purchase funds in a "closed" manner, similar to the "Stock Connect." However, purchasing property differs from buying stocks, as it may involve rental income, making it more complex and requiring further consideration before implementation [1]

Core Viewpoint - The transfer of 90.21% equity of Zhuhai Dahongqin Group to Zhuhai Guanghua Group is a significant move in the reform of state-owned enterprises in Zhuhai, aimed at strategic restructuring and resource optimization [1][3]. Group 1: Acquisition Details - Zhuhai Guanghua Group acquired 90.21% equity of Zhuhai Dahongqin Group from Zhuhai State-owned Assets Supervision and Administration Commission through a non-compensatory transfer [1][3]. - Following the acquisition, Zhuhai Guanghua Group indirectly holds 30.58% voting rights in Shijie Holdings, 37.96% in *ST Baoying, and 60.28% in Shiron Zhaoye [4]. Group 2: Financial Overview - As of June 2025, Zhuhai Guanghua Group's total assets are over 170 billion, with net assets of 50 billion [2]. - In 2024, Zhuhai Guanghua Group reported revenue of 2.699 billion and a net profit of 19.817 million [5]. Group 3: Broader Context of State-Owned Enterprise Reform - The Zhuhai State-owned Assets Supervision and Administration Commission has been actively pursuing reforms, with significant restructuring efforts announced in March 2025 [6]. - The ongoing reforms have already impacted nine listed companies, indicating a broader trend of strategic realignment within Zhuhai's state-owned enterprises [6].

智通财经APP讯，贝壳-W(02423)公布，2025年9月9日耗资约700万美元回购约105.06万股股份。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - The U.S. housing market in H1 2025 is under significant pressure from high prices and interest rates, leading to historically low housing affordability and a decline in both new and existing home sales [1][11]. - Existing home prices have reached record highs, with the median price in June 2025 at $433,000, marking a 1.4% year-on-year increase [20]. - The overall inventory of homes has increased slightly, but existing home inventory remains tight, indicating ongoing supply-demand imbalances [3][48]. Summary by Sections Transactions & Prices - In the first half of 2025, new home sales totaled 330,000 units, down 3.7% year-on-year, while existing home sales were 2.04 million units, a slight decrease of 0.2% [2][11]. - The median price for new homes averaged $417,000, a decrease of 1.2% compared to the same period in 2024, while existing homes saw a median price increase of 2.4% to $411,000 [2][20]. Supply - As of June 2025, new home inventory stood at 502,000 units, a 2.7% increase from December 2024, while existing home inventory rose to 1.54 million units, a 35.1% increase [3][48]. - The months of supply for existing homes is 4.7 months, indicating a continued shortage despite the marginal increase in inventory [48]. Interest Rates - The Federal Reserve has maintained the federal funds target rate between 4.25% and 4.50% since early 2025, with 30-year fixed mortgage rates fluctuating between 6.65% and 6.96% [4][53]. - As of August 2025, the average 30-year fixed mortgage rate slightly decreased to 6.59%, still within the 80.4% percentile historically [4][53]. H2 2025 Outlook - The report anticipates that high construction material costs and increased inventory pressures will lead to a conservative approach from builders, resulting in a continued decline in new home starts [60]. - The "rate lock effect" is expected to persist, limiting existing homeowners' willingness to sell, thereby exacerbating the existing home inventory shortage [1][60].

Core Viewpoint - Beike (BEKE.US) has experienced a 7-day consecutive rise, with a total increase of 13.7%, indicating a reversal trend in its stock performance [1] Company Strategy - Beike is implementing a "one body, three wings" strategy, focusing on creating a comprehensive residential service ecosystem that covers real estate transactions, home decoration, rental, and residential development [1] - The existing housing business relies on the ACN collaboration network and property dictionary, establishing a solid industry barrier [1] - The new housing business emphasizes the 3P model, contributing over 80% of transaction volume, serving as a core growth engine [1] Future Outlook - The company plans to deepen its "one body, three wings" strategy, ensuring steady development in the real estate brokerage sector while accelerating the layout of three major business lines: Huihaoju, integrated decoration, and Beihome [1] - This approach aims to enhance one-stop residential service capabilities and solidify its leading position in the industry [1]

Market Performance - On September 10, the real estate service sector rose by 1.0%, led by Huangting International [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Huangting International (code: 000056) closed at 3.01, with an increase of 8.27% and a trading volume of 2.4416 million shares, amounting to a transaction value of 711 million yuan [1] - Zhujiang Shares (code: 600684) closed at 5.83, up 5.42%, with a trading volume of 743,100 shares and a transaction value of 426 million yuan [1] - Other notable stocks include: - Zhi Shang Ji Yu (code: 001914) at 12.41, up 1.22% [1] - Wo Ai Wo Jia (code: 000560) at 3.11, up 0.97% [1] - Zhongtian Service (code: 002188) at 5.80, up 0.87% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 83.2957 million yuan from institutional investors, while retail investors saw a net inflow of 75.608 million yuan [2] - The capital flow for individual stocks shows: - Huangting International had a net inflow of 39.2422 million yuan from institutional investors [3] - Zhujiang Shares had a net inflow of 35.1417 million yuan from institutional investors [3] - ST Mingcheng (code: 600136) had a net inflow of 1.8429 million yuan from retail investors [3]