Core Viewpoint - The report from Jianyin International initiates coverage on Beike-W (02423) with a "buy" rating, projecting a target price of HKD 60.6 based on a 21x P/E ratio for 2026 [1] Group 1: Market Position and Growth - Beike's market share in Gross Transaction Value (GTV) is estimated to be around 23% for 2024, with expectations for further market share growth [1] - The company is expected to leverage its platform ecosystem to expand into real estate-related services, aiming for long-term growth [1] Group 2: Revenue and Profitability Projections - Revenue compound annual growth rate (CAGR) is projected to reach 14% from 2024 to 2027, primarily driven by non-residential transaction businesses [1] - Housing transaction service revenue is expected to remain stable due to moderate growth in transaction amounts and declining commission rates [1] - Non-GAAP net profit margin is anticipated to be temporarily affected by investments in home renovation and leasing businesses in 2025, but is expected to gradually recover to around 8.5% by 2027 [1] - The projected CAGR for non-GAAP net profit from 2024 to 2027 is estimated to be 17% [1]

智通财经APP获悉，建银国际发表研究报告，首次评级予贝壳-W(02423)"跑嬴大市"，基于2026年21倍 市盈率，目标价为60.6港元。 该行预计，2025年非公认会计准则净利润率可能会受到房屋装修和租赁业务投资暂时拖累，但随着这些 业务受益于规模扩张，到2027年将逐渐回升至8.5%左右，预期集团2024-27年非公认会计准则净利复合 年增率将达17%。 报告指，贝壳2024年交易总额(GTV)的市占率约为23%。该行预计，集团将进一步提升市场份额。该行 亦看好公司利用平台生态系统，进军房地产相关服务领域的策略，以实现长期增长。该行预计2024-27 年收入复合年增长率将达到14%，主要由非房屋交易业务驱动。由于交易金额温和增长且佣金率下降， 房屋交易服务收入将基本保持稳定。 ...

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.34% and 1.42% respectively on August 11, 2025. The Shenwan Real Estate Index increased by 1.24% [3]. - Specific developments include the planning adjustments in Shenzhen's Guangming District, which involve four residential land plots with varying land areas and floor area ratios [5]. - Guangzhou's state-owned enterprise, Zhujiang Real Estate, has initiated a price guarantee action for seven projects, promising to compensate buyers for price differences until the end of the year [6]. Market Performance - The top five performing stocks in the real estate sector include Shen Property A, Wantong Development, Tianbao Construction, Fuxing Shares, and Jintou City Development, with respective increases of 10.01%, 9.96%, 6.65%, 6.41%, and 6.01%. Conversely, the largest declines were seen in Rongfeng Holdings, Yatong Shares, Huali Family, Guangming Real Estate, and Shangshi Development, with decreases of -4.81%, -2.92%, -1.70%, -1.11%, and -1.04% [4]. Company Announcements - Huazhong City Holdings announced a suspension of trading due to a court-ordered liquidation [9]. - Zhuhai Huafa Industrial Co., Ltd. adjusted the coupon rate of its corporate bonds from 3.90% to 2.30%, with a total issuance of 2 billion yuan and a maturity of five years [9]. Industry News - The Shenzhen Intermediate People's Court announced the auction of the Shenzhen Huangting Plaza, with an estimated value of 4.361 billion yuan and a starting price of approximately 3.053 billion yuan [8].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000056 | 皇庭国际 | 2.76 | -10.10% | 54.30万 | 1.50亿 | | 002188 | 中天服务 | 5.98 | -1.97% | 9.84万 | 5911.49万 | | 001914 | 招商积余 | 13.03 | -1.06% | 9.23万 | 1.21亿 | | 002968 | 新大正 | 11.17 | -0.89% | - 3.61万 | 4041.48万 | | 000560 | 我筹找家 | 2.98 | -0.67% | 72.23万 | 2.16亿 | | 600136 | ST明诚 | 1.95 | -0.51% | 10.00万 | 1954.15万 | | 603506 | 南都物业 | 14.01 | -0.28% | 3.80万 | 5343.09万 | | 600724 | 宁波富达 | 4.76 | -0.21% | 5.36万 | 2545.85万 | | 600684 ...

风险提示：投资有风险，入市需谨慎。本文所载信息仅供参考，不构成任何投资建议。 来源：金融界 皇庭国际最新股价为3.07元，较前一交易日上涨0.01元，涨幅0.33%。盘中最高触及3.10元，最低下探 2.99元，成交量为57.2万手，成交金额达1.74亿元。 最新公告显示，公司全资子公司名下深圳皇庭广场及相关附属设施将于9月9日至10日进行司法拍卖，起 拍价定为30.53亿元。该资产账面价值57.5亿元，占公司总资产比例达71.57%。2024年该项目实现收入 3.69亿元，占公司全年营收的56.03%。若拍卖最终成交，将构成重大资产重组事项，并对公司财务状况 产生重大影响。 从资金流向来看，8月11日主力资金净流入1395.65万元，近五个交易日累计净流入1820.34万元。 该公司主营业务涉及房地产服务领域，注册地位于广东省深圳市。作为深圳核心商圈的重要商业运营主 体，皇庭国际主要资产包括位于福田CBD的皇庭广场等项目。 ...

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The new policy in Beijing is seen as a limited measure but may signal the beginning of a new round of easing in the real estate market [4][12]. - The background for the new policy is the failure of Beijing's housing prices to stabilize, with prices declining since March [5][12]. - The marginal release of purchasing power from the new policy is expected to be limited, but it could initiate a new round of easing in first-tier cities [4][12]. - Investment opportunities exist despite the ongoing price decline, with specific stock recommendations including China Jinmao, Greentown China, Beike-W, and I Love My Home [14]. Summary by Sections Policy Changes - On August 8, 2025, Beijing's housing authority announced adjustments to housing purchase policies, allowing families meeting certain criteria to buy unlimited properties outside the Fifth Ring Road [4][16]. - The policy also allows single adults to follow the same purchasing limits as families [17]. Market Conditions - Since March, Beijing's housing prices have resumed their downward trend, with a month-on-month decline of -1.1% over the past two months, returning to levels seen before the "924" policy in 2024 [5][12]. - The price index for Beijing has not shown any advantage compared to other major cities since 2019, with a decline of approximately 20% from the early 2023 peak in key districts [5][12]. Future Expectations - The report anticipates that if the price decline continues for three more months, more substantial "stabilization" policies may be expected [12]. - The overall sentiment among residents regarding future price increases remains pessimistic, with only 8.9% expecting price rises in the second quarter of 2025, marking a historical low [9][10].

贝壳(BEKE.US)盘前涨1.14%，报17.76美元。消息面上，8月8日晚，北京发布《关于进一步优化调整本 市房地产相关政策的通知》，官宣五环外不再限制购房套数，自2025年8月9日起施行。华泰证券认为政 策力度符合市场预期，新政有望托底北京房地产量价表现、加速市场回稳，后续可以关注上海、深圳是 否跟进。(格隆汇) | BEKE 贝壳 | | | | --- | --- | --- | | 17.560 ↓ -0.040 -0.23% | | 收盘价 08/08 15:59 美东 | | 17.760 ↑ 0.200 +1.14% | | 盘前价 08/11 05:02 美东 | | 一分24 号 S 9 目 0 | | ● 快捷交易 | | 最高价 18.030 | 开盘价 18.000 | 成交量 572.55万 | | 最低价 17.560 | 昨收价 17.600 | 成交额 1.01亿 | | 平均价 17.686 | | 市盈率TTM 33.13 总市值 209.09亿 … | | 振 幅 2.67% | 市盈率(静) 36.58 | 总股本 11.91亿 | | 换手率 0.83% | 市净 ...

Core Viewpoint - The company is currently exploring the integration of blockchain technology within its industry but does not have a clear understanding of the specific standards for categorizing itself within the real estate blockchain sector [1] Group 1 - The company received an inquiry from an investor regarding its classification in the real estate blockchain sector [1] - The company expressed uncertainty about the specific criteria for categorizing itself within the blockchain sector related to real estate [1] - The company is only tracking and understanding blockchain technology as its integration with the industry is still in the exploratory phase [1]

Core Viewpoint - Beike-W (02423) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company plans to repurchase 846,700 shares at a total cost of approximately $4.9971 million [1] - The repurchase price per share is set between $5.87 and $6 [1] Financial Implications - The total expenditure for the share buyback reflects a strategic move to enhance shareholder value [1]

Group 1 - The latest stock price of Huangting International is 3.06 yuan, an increase of 0.05 yuan from the previous trading day's closing price [1] - The stock opened at 3.11 yuan, reached a high of 3.15 yuan, and a low of 3.03 yuan, with a trading volume of 655,017 hands and a transaction amount of 201 million yuan [1] - Huangting International operates in the real estate services and semiconductor sectors, focusing on the design, manufacturing, and sales of power semiconductor chips, as well as commercial real estate operation and management [1] Group 2 - The company's power semiconductor business is conducted through its subsidiary, Yifa Power, which has an annual production capacity of 360,000 pieces of 6-inch power wafers [1] - On August 7, the company announced a capital increase agreement with Shenzhen Zunguang Solid State Battery Co., Ltd., which specializes in the research and production of solid electrolytes and solid-state batteries [1] - This investment is part of the company's "123" transformation development strategy, focusing on new materials in the energy storage sector [1] Group 3 - On August 8, data showed that the net inflow of main funds into Huangting International was 10.6787 million yuan, accounting for 0.39% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds was 8.9883 million yuan, representing 0.33% of the circulating market value [1]