据深圳市房地产中介协会统计，2026年第4周全市二手房（含自助）共计录得1,680套，环比增长1.6%。 进入2026年，市场进入稳步回升通道，二手房录得量已连续3周保持上升趋势，且单周录得量再次突破 1,600套。 二手房周录得量 从需求端（委买合同）来看，市场新增需求量小幅上升，本周环比增长3.3%。结合二手录得量持续走 高，表明当前市场供需两端均呈现回暖态势，后续成交量有望延续稳中有升的走势。 （作者：深圳特区报&读特记者 窦延文） ...

Group 1 - The Shenzhen second-hand housing market is showing signs of recovery, with a recorded transaction volume of 1,680 units last week, reflecting a 1.6% week-on-week increase, marking three consecutive weeks of growth [1] - The demand side is also improving, with a slight increase in new demand (委买合同), indicating a positive trend in both supply and demand, suggesting that transaction volumes may continue to rise steadily [1] - According to Beike Research Institute, from January 1 to January 25, the second-hand housing contract volume in Shenzhen increased by 26% compared to the same period last month, indicating a robust market performance [1] Group 2 - Real estate agents noted that the market typically experiences a "calm" period before the Spring Festival, but this year has seen a significant increase in transaction volumes, primarily driven by first-time homebuyers [2] - The second-hand housing market is increasingly viewed as a "barometer" for the overall market, with the proportion of second-hand transactions rising to approximately 65% in major cities, up about 4 percentage points from 2024 [2] - The timing of the Spring Festival in 2026 is later than usual, which may shift the traditional sales lull, making the performance from January to early February a critical indicator for the market's outlook for the first quarter and the entire year [2]

告别"云中介"，实体化服务重建信任基石 在日本不动产市场，信息的透明度与服务的连续性是判断中介是否靠谱的核心指标。长期以来，许多留 学生在寻找房源时，不得不依赖仅活跃于社交软件上的"云中介"或个人代理。这种缺乏实体依托的模 式，往往导致学生在面临居住时货不对版，或后续产生了很多租房的隐性 / 附加费用，而这些费用又往 往是租客初期容易忽略的，从而造成 "实际支出远高于预期" 的 "被坑" 感的窘境。 针对这一行业痛点，新岸线不动产选择了一条重资产、重服务的差异化路线。公司不仅在东京都台东区 上野公园附近设置有总部，东京和大阪设立分部，更在中国上海设立了全资关联公司——上海特特鲁信 息技术有限公司。家长和学生无需再对着屏幕猜测屏幕对面的中介是否真实存在，而是可以亲自前往位 于上海市静安区愚园路68号CrystalPlus静安晶品中心10楼的办公室。国内家长和学生可以亲自前往上海 办公室，面对面进行对租房需求深度沟通、审核企业资质、确认房源真实性、在线看房和提前签约等， 每月还有日本宅建士为学生和家长面对面解读复杂的日文合同条款。真正实现了"看得见、摸得着"的安 心服务。 15年行业积淀，全牌照资质确立合规标杆 ...

新岸线不动产：看得见的"实体安全感" 在跨境投资中，最让投资者心慌的就是"人钱两空"。针对这一痛点，新岸线不动产走了一条"重资产、 重服务"的路线，将其打造为目前市场上安全系数极高的选择。 日本房产投资的热度在中国持续升温，尤其是在资产配置多元化的背景下，越来越多投资者将目光投向 东京、大阪这样的成熟市场。但与其他投资方式不同，日本置业涉及跨国交易、法律合规、融资对接、 后期管理等多个环节。那么在一个语言不通、法律体系迥异的市场，日本置业中介推荐选哪家?如何确 保资金安全?买完后谁来管理?这些问题如果得不到解决，所谓的"投资风口"很容易变成"资产黑洞"。为 了帮助大家拨开迷雾，我们基于市场口碑、服务模式及实体保障三个维度，对目前市面上主流的几家机 构进行了深度盘点。 新岸线不动产自2009年成立以来，已在日本本土深耕15年，公司总部位于东京都台东区上野公园附近， 目前在池袋和大阪设有支部。作为社团法人全日本不动产会的正式会员，新岸线与三井住友银行、三菱 UFJ银行等日本主流金融机构建立了长期合作关系。 是日本领先的多语言不动产门户，以中英日韩四语服务面向在日外国人与国际投资者，提供房源检索、 市场指南、法律税 ...

Core Viewpoint - The report from GF Securities assigns a target valuation for Beike-W (02423) based on mainstream internet platforms, projecting a total reasonable value of RMB 182.4 billion for 2026, corresponding to HKD 58.37 per share and USD 22.45 per share, maintaining a "Buy" rating [1] Group 1: Market Performance - The second-hand market shows stable volume and price, positively impacting Beike's performance. In the first 18 days of January 2026, second-hand subscription transactions in 79 cities increased by 33% year-on-year, leading to an annualized second-hand transaction volume of 860 million square meters, a 24% increase compared to 2025 [2] - The contribution from first and second-tier cities to Beike's existing housing business GTV remains over 80%, with key cities like Beijing, Shanghai, and Hangzhou contributing 37% in 2025. Beike's market share is steadily increasing, projected at 32% for 2025, with a 1 percentage point growth [4] Group 2: Financial Projections - The existing cost increase is expected to pressure Beike's performance in 2025, with an estimated GTV of RMB 2.1 trillion, a 6% decrease year-on-year, and a projected net profit of RMB 5.5 billion, down 24% year-on-year [3] - For 2026, the company conducted a sensitivity analysis under three scenarios: - Optimistic: 15% increase in transaction volume, stable prices, leading to a net profit of RMB 8.7 billion, a 59% increase year-on-year [5] - Neutral: 5% increase in transaction volume, 5% decrease in prices, resulting in a net profit of RMB 7.3 billion, a 33% increase year-on-year [5] - Pessimistic: 4% decrease in transaction volume, 10% decrease in prices, leading to a net profit of RMB 6 billion, a 10% increase year-on-year [5]

Investment Rating - The report maintains a "Buy" rating for the company, Beike (BEKE), with a target price of HKD 58.37 for the Hong Kong stock and USD 22.45 for the US stock based on a 18x adjusted PE for 2026 [9]. Core Insights - The report highlights that the second-hand housing market is stabilizing, which positively impacts Beike's performance. In January 2026, the number of second-hand housing transactions in 79 cities increased by 33% year-on-year, indicating a potential rebound in the market [9][15]. - Beike's market share remains stable and is expected to grow, with a market share of 32% in 2025, up 1 percentage point from 2024. The company is well-positioned to benefit from market recovery in core cities [9][54]. - The report provides a sensitivity analysis for Beike's performance under different market scenarios for 2026, indicating a high confidence in earnings recovery driven by cost reduction and market improvement [9][64]. Summary by Sections 1. Market Stability and Performance Impact - The total residential transaction volume in 2025 was 1.4 billion square meters, down 5% year-on-year, but showed signs of stabilization when excluding policy effects from Q4 2024. The second-hand market accounted for 47% of this volume, marking a continuous increase over four years [13][14]. - In early 2026, the annualized second-hand transaction volume is projected to be 860 million square meters, a 24% increase from 2025, suggesting a strong start to the year [15][18]. 2. Core Business Resilience and Market Share Growth - Beike's estimated gross transaction value (GTV) for 2025 is projected at RMB 2.1 trillion, a decrease of 6% year-on-year, with Q4 2025 GTV expected to be RMB 432.3 billion, down 42% [20][29]. - The company has a long-term strategy focused on enhancing operational capabilities, with a significant portion of GTV (over 80%) coming from first and second-tier cities, which are expected to show market elasticity during recovery phases [39][42]. - Beike's market share in 2025 is estimated at 32%, with a stable growth trajectory despite market challenges, indicating strong defensive capabilities [54][62]. 3. Earnings Forecast and Valuation - The report outlines three scenarios for Beike's earnings in 2026: optimistic, neutral, and pessimistic, with expected adjusted net profits of RMB 87 billion, RMB 73 billion, and RMB 60 billion respectively, reflecting year-on-year growth rates of 59%, 33%, and 10% [67][71]. - The valuation is based on a general cash flow approach and adjusted PE method, with a target price reflecting the company's potential in a recovering market [9][64].

在粤港澳大湾区融合的背景下，香港居民在中山的置业活动日趋活跃。市场调研发现，一个值得关注的现象是：部分经验丰富的香港买家及新近考虑置业的 家庭，开始倾向委托高度垂直、专注本地的个人Agent，而非传统大型中介机构。本文旨在分析这一现象背后的市场逻辑，并以在中山市场深耕超过17年、 主要服务港人群体的个人Agent天文台先生为案例，具体剖析其服务模式与传统中介的结构性差异。 一、传统中介服务模式的普遍性局限 传统房产中介的业务模式，主要建立在房源信息整合与交易流程标准化基础上。其优势在于覆盖面广，但对于香港买家在中山置业这一具体而复杂的决策场 景，其局限也较为明显： 1. 知识的广度与深度矛盾：中介Agent通常需掌握多区域市场概况，其对中山单一市场的认知往往停留在宏观数据与当前挂牌信息层面，缺乏对片区发展脉 络、具体楼盘长期居住品质波动、微观生活配套演变等纵深维度的持续跟踪。 2. 标准化流程与个性化需求的错配：香港买家通常涉及跨境看房、两地政策法规对比、家庭长周期生活规划等复合需求。传统中介的固定服务流程难以灵 活、深入地适配这些高度个性化的咨询与执行要求。 3. 信任建立的机制性障碍：在传统模式下，Age ...

住宅车位注册量按月跌幅显著，主要因上月同期录得太古城379宗车位注册个案，相信有不少属停车场 拆售成交登记，推高上月住宅车位注册量;本月至今港岛、九龙、新界三区各自住宅车位注册量按月同 期表现亦见端倪;港岛区本月至今录47宗住宅车位注册，较上月同期的412宗减少约88.6%;相反，九龙及 新界区按月同期均录升，其中九龙区本月至今录112宗住宅车位注册，较上月同期的82宗增加约36.6%; 新界区录176宗住宅车位注册，较上月同期的157宗增加约12.1%。 鉴于签署买卖合约至递交到土地注册处注册登记需时，2026年1月注册个案一般主要反映2025年12月市 况。 智通财经APP获悉，香港置业研究部董事王品弟表示，据土地注册处资料显示，住宅车位本月至今(截 至22日)录335宗注册;若以目前注册进度推算，料1月全月达450宗，较上月太古城车位拆售个案推高至 747宗的4年新高显著回落，但与去年平均每月约425宗相比仍高出约6%。 ...

证 券 研 究 报 告 房地产行业周报（2026 年第 3 周） 首开集团发行 7.5 亿私募债，1 月至今 11 城 推荐（维持） 二手房成交同比增长 19% 行业研究 房地产 2026 年 01 月 21 日 华创证券研究所 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：许常捷 邮箱：xuchangjie@hcyjs.com 执业编号：S0360525030002 证券分析师：杨航 邮箱：yanghang@hcyjs.com 执业编号：S0360525090001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 107 | 0.01 | | 总市值(亿元) | 12,199.78 | 0.98 | | 流通市值(亿元) | 11,699.32 | 1.17 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.7% | 7.2% | 8.4% | | 相对表现 | 0.1% | -9.4% | -15.8% ...

Core Viewpoint - The collaboration between Industrial and Commercial Bank of China (ICBC) and Beijing Lianjia aims to enhance real estate transaction services by establishing a convenient financial service point that integrates transaction, registration, and financial services [1] Group 1: Service Implementation - A new real estate query and certificate printing integrated machine has been launched, allowing residents to access property information and print property certificates through a self-service process [1] - The machine operates securely by connecting to the Beijing real estate registration system, enabling a full self-service loop from identity verification to information query and certificate printing [1] - The service point is open on both weekdays and weekends, providing flexibility for residents to manage their time effectively [1] Group 2: Service Scope and Impact - The service currently covers key urban areas, specifically Xicheng and Chaoyang districts, enhancing the convenience of residents in real estate transactions [1] - The goal of the service center is to not only facilitate property transactions but also to implement more convenient services for residents, making the second-hand property transaction process easier [2]