Core Viewpoint - The company has approved a guarantee limit of up to 4 billion yuan for its subsidiaries for the year 2025, with 2.24 billion yuan specifically allocated for its wholly-owned subsidiary, Beijing Wo Ai Wo Jia [1] Group 1: Guarantee Details - On December 26, 2025, Beijing Wo Ai Wo Jia signed a maximum comprehensive credit contract of 70 million yuan with Jiangsu Bank Beijing Branch, with a credit term until December 17, 2026 [1] - The company has provided a maximum joint liability guarantee for this credit contract [1] Group 2: Financial Impact - Following this guarantee, the actual amount guaranteed by the company for Beijing Wo Ai Wo Jia is 1.589 billion yuan, which is within the approved limit [1] - The total external guarantee balance for the company and its subsidiaries is 2.226 billion yuan, accounting for 23.72% of the most recent audited net assets [1]

每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 （记者 王晓波） 每经AI快讯，世联行（SZ 002285，收盘价：3.11元）12月23日晚间发布公告称，公司第六届第二十六 次董事会会议于2025年12月23日在公司会议室召开。会议审议了《关于制定 <职工董事选任制度> 的议 案》等文件。 2025年1至6月份，世联行的营业收入构成为：房地产中介服务业占比56.39%，其他行业占比43.61%。 截至发稿，世联行市值为62亿元。 ...

贝壳-W(02423)发布公告，于2025年12月19日斥资300万美元回购56.04万股。 ...

证券日报网讯12月18日，世联行（002285）在互动平台回答投资者提问时表示，公司主要为IDC客户提 供基础物业、设施运维、空间管理等支持服务，暂不涉及算力芯片的采购。 ...

【1】北京市住建委：多部门联合约谈抖音等平台， 清理违规房地产信息 12月17日，北京市住建委发布消息，为切实加强网络生态治理，坚决遏制房地产领域网络乱象，近日会 同市委网信办、市公安局等部门，对抖音、小红书、贝壳、58同城、闲鱼、链家、我爱我家、麦田等互 联网平台进行联合约谈。约谈内容显示，部分自媒体账号存在在网络上发布和传播唱衰北京楼市、制造 市场恐慌、散布不实信息、虚假房源引流等违规信息问题，严重扰乱市场秩序。多部门要求各平台立即 开展全面自查，及时下架违规信息、处置违规账号，并加快建立完善常态化行业内容内审机制。 【5】机构：前11月房地产企业债券融资总额同比增加10.5% 12月17日，中指研究院发布数据显示，2025年1—11月，房地产企业债券融资总额为5502.8亿元，同比 增加10.5%。从融资结构来看，房地产行业信用债融资3202.0亿元，同比微增2.9%，占比58.2%；海外债 融资161.5亿元，同比增长141%，占比2.9%；ABS融资2139.3亿元，同比增长19%，占比38.9%。 北京商报记者 王寅浩 李晗 12月17日，北京市人民政府新闻办公室召开"一张蓝图绘到底 建设国际一流 ...

格隆汇12月18日丨世联行(002285.SZ)在投资者互动平台表示，公司主要为IDC客户提供基础物业、设施 运维、空间管理等支持服务，暂不涉及算力芯片的采购。 ...

微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 本文字数：656，阅读时长大约2分钟 来源 | 长安街知事 据北京市住建委微信公众号"安居北京"17日消息，为切实加强网络生态治理，坚决遏制房地产领域 网络乱象，12月5日，北京市住房城乡建设委会同市委网信办、市公安局等部门，对抖音、小红书、 贝壳、58同城、闲鱼、链家、我爱我家、麦田等互联网平台进行联合约谈。 会议指出，部分自媒体账号存在在网络上发布和传播唱衰北京楼市、制造市场恐慌、散布不实信息、 虚假房源引流等违规信息问题，严重扰乱市场秩序。会议要求各平台立即开展全面自查，及时下架违 规信息、处置违规账号，并加快建立完善常态化行业内容内审机制。 截至12月12日，在相关部门督导下，58同城、抖音、小红书、闲鱼、贝壳等网站平台已累计自查清 理各类违法违规和不良信息1.7万余条；处置放大市场波动、贩卖焦虑、臆测政策、传播虚假内容博 取流量、误导预期促成交的违规 ...

中指研究院认为，当前地方政策基本已"应出尽出",今年以来各地出台超560条楼市政策，政策调控频次 虽有所减少，但更加精准。中指研究院研究主管陶淑茹表示，短期房地产政策预计将继续聚焦推动市场 止跌回稳，如购房限制性政策、降低购房成本等方面或继续优化。市场端，临近年末房企促销力度加 大，同时核心城市优质新盘预计将有所增加，市场情绪或有所修复。 对于二手房市场，在广东省住房政策研究中心首席研究员李宇嘉看来，考虑到挂牌量在高位，新房"好 房子"的竞争优势比较突出，对二手房市场的影响还存在。因此，预计二手住房价格环比继续承压。不 过，近期的市场迹象是，业主大尺度降价出售的意愿下降，挂牌量攀升开始缓解，售转租的比例上升， 法拍房清仓率开始攀升。另外，随着投资于人、以人为本的新型城镇化等各项政策落地实施，新市民、 年轻人在本地落地扎根的积极性上升，对低总价、区位优的二手住房需求上升，全国及重点城市二手房 交易连续两年上升，二手房同环比跌幅扩大的趋势会缓解。 乐有家研究中心的数据显示，11月深圳一二手住宅网签总量为7116套，环比上涨3.9%。深圳贝壳研究 院院长肖小平表示，11月市场成交活跃度是政策红利、城市利好与市场规律 ...

Core Insights - The report from Caitong Securities highlights Beike's "one body, three wings" strategy, showcasing significant platform integration potential and growth elasticity in new sectors such as home decoration and housing rental [1] - The home decoration industry in China has a large market size exceeding 3 trillion yuan in 2022, with a projected compound annual growth rate of 8.1% from 2025 to 2030, potentially reaching over 7 trillion yuan by 2030 [1] - Beike's rental business, particularly the "Shengxin Rent" service, has shown rapid growth, with over 590,000 managed housing units as of June 30, 2025, representing an 88% year-on-year increase [2] Home Decoration Industry - The home decoration market is characterized by low concentration and a fragmented enterprise landscape, providing Beike with an opportunity to leverage its scale advantages for industry consolidation [1] - The company's early entry into the home decoration sector, including partnerships and acquisitions, has led to a positive operational cycle in core high-energy cities [1] Rental Business - The core competitiveness of the "Shengxin Rent" business model lies in service quality and asset operation efficiency, with a focus on standardizing service processes and enhancing operational collaboration with housing transaction services [2] - The rental business has achieved significant revenue growth, with 10.7 billion yuan in revenue for the first half of 2025, an 85% year-on-year increase, and an improvement in profit margin from -1.0% in 2023 to 7.6% [2]

Core Viewpoint - In November 2025, Shanghai's second-hand housing transactions increased by 24% month-on-month, reaching the highest level since May, with a total of 22,943 units sold [1] Group 1: Market Performance - The market is primarily driven by demand for low-priced homes, with properties priced below 3 million yuan accounting for 60% of transactions [1] - 90% of neighborhoods in Shanghai have reduced listing prices, but signs of price stabilization are emerging [1] - The number of neighborhoods with high-frequency transactions increased by 21% month-on-month in September, with 45% of neighborhoods experiencing price increases, up 4% from the previous month [1] Group 2: Buyer Sentiment - The bargaining space has narrowed to 15%, the lowest level since 2024, indicating a more rational buyer sentiment [1] - In September 2025, 47% of essential housing neighborhoods saw price increases, up 6 percentage points month-on-month, contributing to the overall market stabilization [1] Group 3: Regional Insights - In key areas like Fengxian and Jinshan, second-hand housing transactions increased by 15% and 21% month-on-month, respectively [1] - The "8.25" policy continues to stimulate demand for essential housing, with the cancellation of purchase restrictions outside the outer ring and the unification of mortgage rates for first and second homes [1] - Transactions in areas outside the outer ring grew by 16%, surpassing the citywide average [1]