Core Viewpoint - Beijing Lianjia is actively engaging in community service aimed at the elderly, addressing common issues such as social disconnection due to smartphone usage, fall risks, and loneliness in empty-nest situations [1][3]. Group 1: Elderly Care Services - The company has established a comprehensive elderly care service system covering three dimensions: convenient living, health care, and mental companionship, enhancing the quality of life for seniors [3]. - A significant statistic indicates that the fall incidence rate among seniors aged 65 and above is as high as 30%, highlighting a critical health risk for this demographic [3]. Group 2: Community Engagement and Initiatives - Beijing Lianjia has conducted over 1,000 community classes and related activities for the "I Teach You to Prevent Falls" initiative, focusing on various aspects of fall prevention, including awareness, exercise, disease management, and home environment improvement [3][4]. - The company has signed co-construction agreements with over 1,300 communities and has more than 2,800 party members actively involved in community service, creating an efficient response network for elderly care [4]. Group 3: Future Plans - Looking ahead, the company aims to continuously optimize elderly care services, strengthen collaboration with streets and communities, and introduce more initiatives tailored to the needs of the elderly, contributing to the creation of an age-friendly community [4].

Core Viewpoint - The traditional "Golden September and Silver October" cycle in the real estate market is nearing its end, but the demand for second-hand homes, particularly new second-hand homes, remains strong due to increased supply and improved services from real estate agencies [1][2]. Group 1: Market Dynamics - The second-hand housing market in Beijing is experiencing a surge in new second-hand homes, particularly in areas like Daxing and Chaoyang, as owners list their properties for sale following the delivery of new homes [2][3]. - The proportion of second-hand homes older than 20 years exceeds 50%, while those less than 5 years old account for only 1.5% to 2% of listings, indicating a scarcity of new second-hand homes [2][3]. - The upcoming release of nearly 10,000 new second-hand homes in the Daxing area, as properties reach the end of their five-year sales restrictions, is expected to further impact the market [3]. Group 2: Buyer Preferences - New second-hand homes are favored for their better hardware facilities and lower aging risks compared to older properties, making them a more attractive option for buyers [3][4]. - The demand for new second-hand homes is driven by buyers looking for improved living conditions, with many opting to sell their properties before they exceed 10 years in age to maintain value [3][4]. Group 3: Service Enhancements - Real estate agencies are enhancing their services to attract buyers, such as offering car rides for property viewings and providing warm items during colder weather, which has led to an increase in viewing numbers [6][7]. - Improved service quality from agencies is expected to boost market activity and shorten transaction cycles, thereby stabilizing prices [6][7].

Core Insights - The traditional "Golden September and Silver October" real estate cycle is nearing its end, with high customer viewing volumes maintained in various districts of Beijing, particularly in the secondary housing market [1][3] - The influx of new homes delivered in the past year has increased the supply of "new second-hand" homes, providing buyers with more options and enhancing market activity [1][4] Group 1: Market Dynamics - The secondary housing market is experiencing a surge in the availability of new second-hand homes, particularly in areas like Daxing, where recent new home deliveries have led to an increase in listings [3][4] - New second-hand homes, characterized by better layouts and facilities, are becoming a competitive alternative to older properties, which constitute over 50% of the listings in Beijing [3][4] Group 2: Buyer Preferences - Buyers are increasingly favoring new second-hand homes due to their modern features and lower risk of aging compared to older properties, which may lose value as they age [4][6] - The demand for new second-hand homes is particularly strong among buyers looking to upgrade their living conditions, as these properties often meet their needs for space and quality [7][9] Group 3: Service Enhancements - Real estate agencies are improving their services to adapt to changing buyer behaviors, such as offering car services for property viewings to counteract the impact of colder weather on buyer enthusiasm [9][10] - Enhanced service quality is expected to increase viewing volumes and improve market conditions, potentially leading to shorter transaction cycles and more stable pricing [9][10]

北京商报记者近期走访多个区域二手房中介机构发现，部分区域二手房市场正迎来次新房集中入市的态势。 北京商报记者丨王寅浩李晗 楼市传统"金九银十"周期接近尾声，北京商报记者走访北京丰台、朝阳、大兴等区域发现，多数房产中介门店 的客户带看量仍维持在9月的较高水平，部分区域次新房市场关注度持续上升。 值得关注的是，随着近一年北京部分区域新房交付量增加，次新房源供给同步增长，这类房龄较短、户型更优 的房源，有效拓宽了购房者的置业选择空间。此外，中介机构也开始"卷"服务，通过改进带看方式、提供暖心 物资等举措，为"银十"二手房市场交易活跃提供了有力支持。 次新房成二手房市场"新供给" 北京商报记者近期走访多个区域二手房中介机构发现，部分区域二手房市场正迎来次新房集中入市的态势。 在大兴瀛海片区某头部中介机构，记者了解到，随着近一年周边新房陆续交付，部分业主将房源挂牌出售，为 该区域二手房市场补充了一批户型更优、硬件设施更好的优质次新房源。 合硕机构数据显示，北京二手房挂牌房源中，房龄20年以上的老旧房源占比超五成，而房龄5年以内的次新房 占比仅1.5%—2%。从整体供应结构来看，次新房较为稀缺，且不同板块的次新房供应量更 ...

Core Points - The Daya Bay Real Estate Agency Association issued a notice regarding two real estate brokerage firms, Huizhou Yijuzhijia Real Estate Agency Co., Ltd. and Huizhou Yijuzhijia Commercial Management Co., Ltd., which had serious violations harming the rights of homebuyers [2][3] - The notice highlighted that these firms' employees engaged in misleading marketing practices, such as offering "high commissions" and "cash back on purchases," which led to frequent disputes and disrupted the normal order of the real estate market [2] - The association decided to cancel the registration qualifications of the mentioned companies and recommended caution to other real estate developers and agencies when engaging in business activities with them [3] Summary by Sections Violations and Consequences - Four employees from the two companies were reported for inducing clients to purchase homes through false promises of rebates and property fee returns, later refusing to fulfill these commitments [2] - The companies failed to manage their employees effectively, resulting in negative social impacts and numerous complaints from clients [3] Regulatory Actions - The Daya Bay Real Estate Agency Association received a work reminder from the regulatory authority, prompting the issuance of the notice to strengthen industry self-regulation and enhance social responsibility awareness among real estate agencies [2] - The decision to publicly criticize the companies serves as a warning to the industry and aims to restore the integrity of the real estate brokerage sector [3]

Core Insights - The residential property inventory in Hong Kong has decreased to 269 units as of September 2025, marking a reduction of 31 units or 10% from the previous quarter, ending a five-quarter increase but still remaining the second highest in 12 quarters [1][2] - The decline in inventory is primarily attributed to a significant drop in private residential units, which fell by 33 units or 15% to 193 units, while public housing inventory saw a slight increase of 2 units or 3% to 76 units [1] Inventory Breakdown - The inventory of private residential properties priced at or below HKD 20 million has decreased across all categories, with the most significant drop occurring in the 700 to 1,000 million HKD range, which saw a 35% decline [2] - For properties priced at HKD 5 million or below, HKD 500,000 to HKD 700,000, and HKD 1 million to HKD 2 million, the inventory fell by 13% to 15% due to higher sales volumes compared to new listings [2] Regional Analysis - In the third quarter, the inventory of private residential properties in the Kowloon, Hong Kong Island, and New Territories all experienced declines, with Kowloon seeing the largest drop of nearly 30%, while Hong Kong Island's inventory decreased by over 10% [2] - Specifically, Kowloon had 60 units, down 29% quarter-on-quarter; Hong Kong Island had 36 units, down 12%; and New Territories had 97 units, with a slight decrease of 3% [2]

Core Insights - Hong Kong property prices continue to rise, with the latest Midland property price index at 132.11 points, marking a weekly increase of 0.09% and a 15-month high since mid-July last year [1] - Year-to-date, property prices have increased by 3.11%, reflecting a rise of approximately 4.62% from the year's low [1] - Market confidence in property prices has strengthened, despite recent trade disputes between China and the U.S., as indicated by the Midland confidence index at 76.1 points, which has remained above 75 points for 12 consecutive weeks [1] Price Trends by District - The Midland Kowloon property price index is at 137.65 points, with a weekly increase of 0.67%, while the Hong Kong Island index is at 135.62 points, down 0.35%, and the New Territories index is at 121.28 points, down 0.26% [2] - Compared to four weeks ago, all three districts have seen price increases, with Hong Kong Island, Kowloon, and New Territories rising by 0.13%, 2.08%, and 1.57% respectively [2] - Year-to-date changes show Kowloon and New Territories up by 5.05% and 2.62%, while Hong Kong Island has decreased by 0.22% [2] Discounted Listings - The highest rate of discounted listings is in Kowloon, with specific areas like Tsuen Wan, Ma Wan/Pearl Bay, and the Four Little Dragons/Lai Chi Kok having the most significant discount ratios [2] - In terms of unit area, the highest discount rates are for E-class units (approximately 1722 square feet or larger), followed by B-class units (431 to 752 square feet) and C-class units (753 to 1,075 square feet) [2]

Investment Rating - The report initiates coverage on Beike with a "Buy" rating and a target price of HKD 65.64, based on a 26x adjusted PE for 2026 [2][10]. Core Insights - Beike is positioned as a leading O2O real estate transaction platform in China, benefiting from supportive policies that are expected to facilitate a moderate market recovery. The company is anticipated to improve its profitability through enhanced operational efficiency and AI integration in its services [6][19]. - The real estate market is stabilizing, with signs of recovery in sales, particularly in second-hand housing, although challenges remain in new housing sales and inventory management [7][10]. - Beike's brokerage business is expected to gain market share, driven by its extensive network and the integration of third-party stores, which will enhance its revenue contribution [8][10]. Summary by Sections Business Overview - Beike has restructured into four main business lines: brokerage, home decoration, rental services, and data-driven residential development, aiming for a synergistic growth model [23]. - The company operates over 60,000 stores and employs nearly 568,000 agents, significantly outpacing competitors in terms of scale and market coverage [24][29]. Financial Projections - Revenue is projected to grow from RMB 93.46 billion in 2024 to RMB 125.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [5][10]. - Adjusted net profit is expected to improve significantly, reaching RMB 9.82 billion by 2027, supported by operational leverage and a turnaround in the home decoration segment [10][21]. Market Dynamics - The real estate sector is gradually stabilizing, with government policies aimed at supporting the market. The demand for second-hand homes is expected to increase, while new home sales face ongoing pressure [7][10]. - Beike's home decoration business is projected to achieve a revenue of RMB 204 billion by 2027, with a net profit margin of around 10% [21][22]. Competitive Advantages - Beike's competitive edge lies in its channel advantages and the ACN network, which enhances transaction efficiency and transparency [19]. - The company is leveraging AI tools to improve customer experience and operational efficiency across its service offerings [20][21].

行业点评 本周 A 股地产、港股地产、港股物业均上涨。本周（10.18-10.24）申万 A 股房地产板块涨跌幅为+1.5%，在各板 块中位列第 18；恒生港股房地产板块涨跌幅为+1.2%，在各板块中位列第 8。本周恒生物业服务及管理指数涨跌幅为 +2.2%，恒生中国企业指数涨跌幅为+3.9%，沪深 300 指数涨跌幅为+3.2%；物业指数对恒生中国企业指数和沪深 300 的相对收益分别为-1.7%和-1%。 土地市场溢价率处于低位。本周（10.18-10.24）全国 300 城宅地成交建面 1521 万㎡，单周环比 52%，单周同比 -14%，平均溢价率 4%。2025 年初至今，全国 300 城累计宅地成交建面 33812 万㎡，累计同比-9.9%；年初至今，中海 地产、绿城中国、保利发展、建发房产、招商蛇口的权益拿地金额位居行业前五。 本周(10.18-10.24)47 个城市商品房销售 429 万方，成交量环比+4%，同比-13%，整体处于季节性低位；9 月新房 售价环比-0.4%，环比跌幅略有扩大，同比-2.7%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看： 一线城市周环比+10%， ...

Core Viewpoint - The real estate brokerage industry is facing significant challenges due to a slowdown in transaction volumes, leading many agents to seek additional income through part-time jobs such as food delivery [3][6][14]. Group 1: Real Estate Brokerage Industry - In the rising phase of the real estate market, new agents in first-tier cities earned between 100,000 to 200,000 yuan annually, while experienced agents made over 500,000 yuan, and some luxury property specialists earned millions [3][5]. - The income of real estate agents has generally declined in recent years due to a slowdown in transaction volumes, with some agents reporting annual earnings dropping below 200,000 yuan [6][12][14]. - The commission structure varies significantly among different brokerage firms, with top agents earning around 30,000 yuan from a 100,000 yuan commission, while newcomers may only take home a few thousand yuan [14]. Group 2: Part-Time Work Trends - Many real estate agents, like Zhang Biao, have taken on part-time jobs such as food delivery to supplement their income, especially when their primary business is slow [5][9][10]. - The part-time food delivery work is seen as a stable but low-paying option, with agents earning around 3,000 to 4,000 yuan monthly from this side job [8][9]. - The trend of agents taking on part-time work has become common, with some opting for delivery services due to their familiarity with local neighborhoods, which provides a competitive advantage [6][9]. Group 3: Market Dynamics and Future Outlook - The real estate market is experiencing a significant downturn, with transaction volumes and agent commissions decreasing, leading to a more competitive environment where only the most experienced agents thrive [12][14]. - The industry is witnessing a division where top firms are capturing market share from smaller companies, and experienced agents are better positioned to succeed in the current climate [14][15]. - The integration of AI and digital tools in the brokerage industry may provide new opportunities for agents, particularly in stable segments like second-hand housing and rental markets [15].