| BEKE 贝壳 | | | | --- | --- | --- | | 16.060 + +0.300 +1.90% | | 收盘价 01/02 15:59 美东 | | 16.850 + 0.790 +4.92% | | 盘前价 01/05 04:03 美东 | | 二 24 4 5 8 9 月 ♥ | | ● 快捷交易 | | 最高价 16.350 | 开盘价 16.180 | 成交量 1200.45万 | | 最低价 15.260 | 昨收价 15.760 | 成交额 1.91亿 | | 平均价 15.938 | 市盈率 M 37.79 | 总市值 187.7亿 (... ) | | 振 幅 6.92% | 市盈率(静) 32.58 | 总股本 11.69亿 | | 换手率 1.77% | 市净率 1.934 | 流通值 109.24亿 | | 52周最高 24.648 | 委 比 -- | 流通股 6.8亿 | | 52周最低 15.260 | 量 比 3.25 | 色 手 1股 | | 历史最高 75.056 | 股息TM 0.368 | 换股比率 3.00 | | 历史最低 6.910 | 股 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600724 | 宁波富达 | 5.62 | -2.43% | 11.72万 | 6628.38万 | | 600684 | 珠江股份 | 4.35 | -0.23% | 17.25万 | 7473.32万 | | 603506 | 南都物业 | 13.06 | 0.00% | 5.04万 | 6575.59万 | | 000056 | 皇庭国际 | 2.01 | 0.00% | 1 25.12万 | 5038.02万 | | 002968 | 新大正 | 12.25 | 0.74% | 4.51万 | 5542.44万 | | 000560 | 我爱我家 | 2.95 | 1.03% | 159.24万 | 4.71亿 | | 600136 | ST明诚 | 1.71 | 1.18% | 10.10万 | 1719.82万 | | 300917 | 特发服务 | 66'66 | 2.28% | 5.45万 | 2.18亿 | | 001914 | ...

消息面上，数据显示，2026年元旦假期深圳门店二手住宅看房量同比上涨81%，签约量同比上涨43%， 自去年12月以来深圳楼市进入翘尾行情，元旦假期市场热度延续。此外，1月1日《求是》杂志刊发特约 评论员文章《改善和稳定房地产市场预期》，强调要切实改善和稳定房地产市场预期。国泰海通证券认 为，预计后续政策面持续保持宽松不变，有助于26年市场巩固回稳态势。 贝壳-W(02423)涨超7%，截至发稿，涨7.01%，报44.9港元，成交额3.79亿港元。 ...

智通财经APP获悉，贝壳-W(02423)涨超7%，截至发稿，涨7.01%，报44.9港元，成交额3.79亿港元。 消息面上，数据显示，2026年元旦假期深圳门店二手住宅看房量同比上涨81%，签约量同比上涨43%， 自去年12月以来深圳楼市进入翘尾行情，元旦假期市场热度延续。此外，1月1日《求是》杂志刊发特约 评论员文章《改善和稳定房地产市场预期》，强调要切实改善和稳定房地产市场预期。国泰海通证券认 为，预计后续政策面持续保持宽松不变，有助于26年市场巩固回稳态势。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [7]. Core Insights - The central government emphasizes the importance of managing expectations in the real estate market, indicating a proactive approach to stabilize the market [2][3]. - The report highlights that while the traditional real estate development model has reached its limits, the sector remains a crucial foundation for the national economy, with significant demand still to be released [4]. - The report suggests that if policies continue to address expectations effectively, it could accelerate market stabilization [5]. Summary by Sections Investment Opportunities - The report recommends investing in "three good" real estate companies, which are characterized by good credit, good cities, and good products, including companies like China Overseas Development and Longfor Group [5]. - It also highlights companies with strong operational capabilities that can manage cash flow during market adjustments, such as New Town Holdings and Longfor Group [5]. - Companies benefiting from the recovery of the Hong Kong market, like Sun Hung Kai Properties, are also recommended [5]. Policy Management - The report stresses the need for maintaining policy strength, effective supply management, and enhancing information and public opinion guidance to stabilize market expectations [3]. - It notes that policies should align with market expectations and be implemented decisively to avoid a situation where the market and policies are in conflict [3]. Market Dynamics - The report indicates that the real estate market is still adjusting, with significant declines in sales and prices, and mentions the potential for bankruptcies among some companies [2]. - It emphasizes that the real estate sector is closely linked to financial security and household wealth, underscoring its importance in the broader economic context [2]. Company Performance - The report provides detailed performance forecasts for several key companies, adjusting earnings per share (EPS) estimates for various firms based on market conditions and operational performance [12][13][14]. - For instance, Longfor Group's EPS estimates for 2025-2027 have been adjusted to 0.52, 0.68, and 1.04 yuan, reflecting a downward revision due to expected profitability challenges in its development business [12]. - China Overseas Development's EPS estimates have been adjusted to 1.39, 1.48, and 1.60 yuan for the same period, indicating a more optimistic outlook based on its strong market position and project pipeline [12].

Core Insights - The real estate service sector experienced a rise of 0.83% on December 31, with Shijie Holdings leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Shijie Holdings (002285) closed at 2.85, up 1.79%, with a trading volume of 1.23 million shares and a transaction value of 356 million yuan [1] - Wo Ai Wo Jia (000560) closed at 2.92, up 1.74%, with a trading volume of 1.44 million shares and a transaction value of 424 million yuan [1] - Nandu Property (603506) closed at 13.06, up 1.56%, with a trading volume of 62,400 shares and a transaction value of 80.72 million yuan [1] - Other notable stocks include Ningbo Fuda (600724) at 5.76 (+1.41%), ST Mingcheng (600136) at 1.69 (+1.20%), and Pearl River Shares (600684) at 4.36 (+1.16%) [1] Capital Flow - The real estate service sector saw a net inflow of 31.22 million yuan from institutional investors, while retail investors experienced a net inflow of 7.70 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing some interest despite the outflow from speculative funds [2] Individual Stock Capital Flow - Te Fa Service (300917) had a net inflow of 22.75 million yuan from institutional investors, but a net outflow of 33.38 million yuan from retail investors [3] - Wo Ai Wo Jia (000560) saw a net inflow of 20.88 million yuan from institutional investors, while retail investors contributed a net inflow of 0.92 million yuan [3] - Shijie Holdings (002285) had a net inflow of 12.99 million yuan from institutional investors, with retail investors showing a net inflow of 13.50 million yuan [3]

Group 1 - The company Beike-W (02423.HK) announced a share buyback on December 30, 2025, spending $3 million to repurchase 563,200 shares [1] - On December 29, 2025, the company also spent $3 million to buy back 558,700 shares [1]

Group 1 - The A-share real estate sector is experiencing a significant upward trend, with leading companies driving market attention and creating a collaborative growth pattern among various players [1] - Key companies such as Chengjian Development and Hefei Urban Construction have shown strong performance, contributing to the overall market momentum [1] - The trading volume in the sector has notably increased, indicating a clear influx of capital and reflecting market confidence in the resolution of real estate risks and the release of policy benefits [1] Group 2 - In 2025, 21 distressed real estate companies have completed or received approval for debt restructuring, with a total debt reduction scale of 1.2 trillion yuan [2] - Notable cases include Sunac China, which successfully restructured approximately 96 billion USD in offshore debt, and Country Garden's 177 billion USD debt restructuring plan approved by the court [2] - The national housing and urban-rural construction work conference confirmed that the task of ensuring housing delivery has been fully completed, restoring buyer confidence [2] Group 3 - The financing environment for the real estate industry is improving, with bond financing totaling 62.04 billion yuan in November 2025, a year-on-year increase of 28.5% [3] - The total bond financing for the first 11 months of 2025 reached 550.28 billion yuan, reflecting a 10.5% year-on-year growth [3] - Leading real estate companies are gradually breaking through in overseas bond issuance, maintaining low financing costs [3] Group 4 - High-quality real estate development is expected to benefit directly from policy optimization, improved financing, and debt reduction efforts, particularly for companies in high-tier cities [4] - Real estate services are poised to gain from the recovery of industry confidence and the increasing share of second-hand housing transactions [4] - Urban renewal is accelerating, driving demand growth in related industries, with significant increases in special bonds for urban village renovations [4]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [7]. Core Insights - The new housing value-added tax policy, effective from January 1, 2026, aims to lower transaction costs by reducing the tax rate from 5% to 3% for properties held for less than two years, which is expected to enhance the efficiency of second-hand housing transactions and stabilize the real estate market [1][2][3]. - The policy reflects the central government's commitment to stabilizing the real estate market and is anticipated to create opportunities for capable real estate companies by improving the demand-side replacement chain and optimizing supply-side quality [1][4]. Summary by Sections Tax Rate and Policy Adjustments - The new policy significantly reduces the short-term holding tax rate from 5% to 3%, representing a 40% decrease in transaction costs. For a property priced at 1 million (excluding tax), the tax burden decreases from 53,000 to 31,000 [2]. - The policy eliminates regional differences in tax exemptions, standardizing the exemption period to two years nationwide [2]. Market Dynamics and Demand - The adjustment primarily targets properties held for less than two years, which currently have low transaction willingness due to self-use demand. However, the policy is seen as a signal to stabilize demand and relax restrictions on short-term transactions [3]. - The report notes a shift in the market from new housing to second-hand housing, with a 5% year-on-year increase in second-hand housing transactions, while new housing transactions have decreased by 4% [4]. Investment Recommendations - The report recommends several real estate companies based on their creditworthiness, product quality, and operational capabilities. Key recommendations include: - Companies with strong credit and product quality such as China Overseas Development, China Resources Land, and Longfor Group [5][9]. - Companies with robust cash flow management during market adjustments like New City Holdings and Longfor Group [5]. - Local Hong Kong real estate firms benefiting from market recovery, such as Sun Hung Kai Properties and Link REIT [5]. - Property management companies with stable cash flow and dividend advantages like Greentown Service and China Resources Vientiane Life [5].

易居（中國）企業控股有限公司 （於開曼群島註冊成立的有限公司） 更新公告 茲提述易居（中國）企業控股有限公司（「本公司」）於2025年4月25日刊發之截至 2024年12月31日止年度（「2024財年」）之年報（「2024年年報」）及本公司日期為 2025年7月4日、2025年8月6日及2025年10月2日有關2024年年報之更新公告。除 文義另有規定外，本公告所用詞彙應與2024年年報所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 E-House (China) Enterprise Holdings Limited （股份代號：2048） 主席 周忻 香港，2025年12月31日 於本公告日期，董事會包括主席兼執行董事周忻先生；執行董事黃燦浩先生、程 立瀾博士及丁祖昱博士；非執行董事陳代平先生、周天鳳女士及徐文雅女士；以 及獨立非執行董事張磅先生、朱洪超先生、王力群先生及李勁先生。 本公司正積極及持續地解決持續經營問題，並 ...