2025Q2公司业绩符合预期 2025Q2公司实现总GTV同比增长4.7%至8787亿元，其中二手房GTV同比增长2.2%至5835亿元、新房 GTV同比增长8.5%至2554亿元，公司α能力持续得到验证。基于稳健的GTV增长，2025Q2公司营收同比 增长11.3%至260亿元；经调整归母净利润达18.2亿元，业绩表现符合预期。 智通财经APP获悉，兴证国际发布研报称，预计贝壳-W(02423)2025/2026/2027年经调整归母净利润分别 为62/74/86亿元，认为公司作为行业龙头，自身α属性强，同时有望受益于地产行业止跌回稳带来的β弹 性，给予买入入评级，截至2025年9月4日收盘价对应2025/2026/2027年PE为26/22/19倍。 兴证国际主要观点如下： Non-GAAP运营费用率同环比下滑 2025Q2公司Non-GAAP运营费用率为16.2%，同比下滑0.3个百分点，环比下滑0.1个百分点；其中Non- GAAP销售费用率同比下滑0.7个百分点，环比下滑0.2个百分点。随着公司更加科学、精细的管理举措 和技术应用落地，该行预计公司的Non-GAAP运营费用率仍有望下滑。 扩大回购额 ...

合肥二手房有新动作。 据了解，贝壳已经关闭了合肥二手房成交价格更新。 此前，贝壳隐藏了成交信息，但好好选房小程序还是能看到，如今贝壳关闭了成交更新，以后成交情况大众就都看不到了。 从好好选房小程序可以看到，成交价格信息确实已经没有更新了。 此前，上海链家（贝壳平台）自2025年8月14日起隐藏了所有二手房成交价，用户无法直接查看历史成交价格。 隐藏成交价可能导致信息不对称，增加交易成本。建议购房者结合多渠道信息，谨慎决策。 PART.03 速看！S1号线迎来关键节点…… 8月22日 合肥新桥机场S1号线 首通段顺利获得单车认证 首列电客车开启正线动车调试 这标志着项目由施工安装阶段 转入动车调试新阶段 这一举措旨在减少房东恐慌情绪，避免因价格波动引发的市场焦虑。虽然成交价被隐藏，但可通过以下方式获取大致信息： 联系经纪人咨询：直接与房源对应的成交经纪人沟通，了解具体成交价格及交易细节。 使用价格筛选法：在贝壳APP或相关平台中，通过逐步缩小价格区间筛选房源，结合挂牌价和市场行情推测成交价。例如，若某 房源挂牌价为2120万，通过多次筛选价格区间，最终确定其成交价在2023-2024万之间。 参考第三方平台：部 ...

Core Viewpoint - Shanghai Lianjia's decision to hide historical transaction prices of second-hand homes aims to stabilize market sentiment amid a declining real estate market [1][3] Group 1: Market Context - The second-hand housing market has been sluggish, with significant price declines in certain areas, prompting Lianjia to take action to alleviate seller anxiety [3] - Shanghai joins 15 other cities, including Beijing and Nanjing, in implementing similar measures to conceal transaction prices [1] Group 2: Implications of Price Concealment - The lack of transparent transaction data may lead to prolonged negotiation periods, as buyers and sellers face information asymmetry [5][7] - Buyers may become more cautious and lower their offers due to the absence of clear pricing information, while some sellers may hold firm on high prices [7] - The average negotiation period has increased by 15%-30% in cities where transaction prices are hidden, with a general decline in transaction success rates [7] Group 3: Market Dynamics and Perception - The removal of publicly available transaction data may fragment market consensus, leading to differing perceptions of "reasonable prices" among buyers and sellers [9] - Sellers may reference peak prices from two years ago, while buyers may look at current new home or rental prices, exacerbating transaction friction [9] Group 4: Information Flow and Accessibility - Despite the concealment of front-end data, intermediaries still possess complete transaction records, indicating that this measure serves more as a psychological intervention rather than a total information blackout [11] - Ordinary buyers face increased costs in obtaining information, often relying on multiple intermediaries or personal connections to ascertain true transaction prices [11] Group 5: Inventory and Future Outlook - As of July 2025, Shanghai's second-hand housing inventory exceeded 180,000 units, with an average absorption period of over 14 months [13] - Future market stabilization may depend on favorable policies such as relaxed purchase restrictions and lower mortgage rates, while ongoing economic uncertainty could hinder recovery efforts [13]

二手房成交价到底能不能公开？ 《每日经济新闻》记者注意到，与杭州、合肥、北京等城市一样，8月14日起，链家网、链家APP、贝壳将上海区域的二手房成交价等信息下架，具体成 交价格需询问相应经纪人。 但目前，上海中原地产官网仍然可以查询历史成交价格、户型、面积、成交日期等信息。 上海链家信息前后对比 而买家只能通过上海链家某个小区首页的"*月挂牌均价""*月成交均价"来了解整个小区的价格趋势。 | 成交时间 | 面积 | 成交价 | 房源情况 | | --- | --- | --- | --- | | 2025/02/06 | 101.15平 | 960万 | 2室2厅 / 南 / 中层(13层) | | 2025/01/20 | 74.93平 | 688万 | 1室2厅 / 南 / 中层(13层) | | 2024/10/23 | 148.96平 | 1330万 | 3室2厅 / 南 / 中层(13层) | | 2024/08/11 | 74.61平 | 724万 | 2室1厅 / 南 / 低层(15层) | | 2024/07/07 | 75.21平 | 720万 | 2室2厅 / 南 / 高层(15层) | ...

Core Insights - Shanghai Lianjia has officially hidden all historical transaction prices for second-hand homes, following similar actions in 15 other cities including Wuhan, Hefei, Nanjing, and Beijing [1] Group 1: Market Changes - The current backend system allows agents to query transaction prices, but users cannot access this information on the front end [1] - In addition to transaction prices being hidden, landlords' price adjustment details are also not visible; users can only see "price change" records without specifics on increases or decreases [11] Group 2: Market Implications - The primary aim of this measure is to alleviate landlords' panic, as seeing neighbors' properties continuously drop in price can create anxiety [11] - However, the lack of transparency may increase transaction costs and exacerbate distrust between buyers and sellers [11] - Future discussions on housing prices will lack fair transaction screenshots as a basis, which is crucial for forming price consensus [11] - Buyers and sellers may have to rely on regional intermediaries for transaction information or repeatedly inquire about prices to facilitate transactions [11]

二手房成交价到底能不能公开？ 《每日经济新闻》记者注意到，与杭州、合肥、北京等城市一样，8月14日起，链家网、链家APP、贝壳将上海区域的二手房成交价等信息下架，具体成 交价格需询问相应经纪人。 但目前，上海中原地产官网仍然可以查询历史成交价格、户型、面积、成交日期等信息。 上海链家信息前后对比 而买家只能通过上海链家某个小区首页的"*月挂牌均价""*月成交均价"来了解整个小区的价格趋势。 章鹏（化名）最近正在四处看房，他通过微信向每经记者表示："没有实际成交价参考当然不好，我计划买房，会观察成交价的变化。只看全小区月均成 交单价没用，不同户型楼栋楼层有较大差异。" | 成交时间 | 面积 | 成交价 | 房源情况 | | --- | --- | --- | --- | | 2025/02/06 | 101.15平 | 960万 | 2室2厅 / 南 / 中层(13层) | | 2025/01/20 | 74.93平 | 688万 | 1室2厅 / 南 / 中层(13层) | | 2024/10/23 | 148.96平 | 1330万 | 3室2厅 / 南 / 中层(13层) | | 2024/08/11 ...

智通财经记者 计思敏 8月14日，智通财经在上海链家官网查询发现，其外网未显示各小区二手房源的历史成交价格；同时， 贝壳找房平台上，各小区历史成交的房源也同步显示为"暂无成交价"。 公开信息显示，在此之前，链家已在北京、武汉、合肥、南京、杭州等多个城市取消了二手房成交价的 显示功能。 智通财经同时查询了上海其他中介平台，发现太平洋房屋有部分房源显示成交价格，还有一些房源则显 示"暂无价格"。对此，太平洋房屋方面回应称，没有实际成交价的房源来自网签成交记录，并非该公司 成交的房源。而上海中原地产则一直未提供历史成交价格的查询功能。 根据网上房地产数据统计，7月上海二手房（含商业）累计成交19337套，环比有所下跌。从价格来看， 多位经纪人反馈目前仍处在以价格换取成交的阶段。 上海中原地产二手住宅价格指数显示，7月二手房价格指数环比下跌1.82%，已连续下跌3个月。尽管当 前成交量不算低，但高挂牌总量给了购房者充足选择空间。相对而言，市中心次新房议价空间趋于稳 定，仅受淡季因素影响短期略有扩大。 多位上海链家经纪人表示，并未收到公司关于这一调整的相关通知。不过他们提到，若买家想了解最新 的成交价格，可直接向经纪人 ...

Core Viewpoint - Shanghai Lianjia and Beike have officially hidden all historical transaction prices of second-hand houses in Shanghai, following similar actions in over ten cities including Wuhan, Hefei, Nanjing, and Beijing [2][6]. Company Summary - The transaction prices for all second-hand houses in Shanghai are now displayed as "no transaction price available" on the Lianjia and Beike apps, while details such as area and floor information remain visible [6]. - The largest brokerage firm in Shanghai, Lianjia, holds a market share of 70% in listings and approximately 25% in transactions [6]. Industry Summary - The decision to hide transaction prices may lead to more nuanced price negotiations between buyers and sellers, especially in a market where prices are declining [7]. - The lack of transparency in transaction prices could exacerbate information asymmetry, weakening the bargaining power of both buyers and sellers, and potentially leading to a loss of trust in the market [7]. - Since July 1, Lianjia has implemented a new service model separating agents' roles to focus solely on either buyers or sellers, which has raised concerns about service transparency [7].

Core Viewpoint - The company is undergoing significant strategic changes in response to evolving market conditions in the Shanghai real estate sector, particularly focusing on separating tenant and landlord services, which will impact the roles of its employees and the overall business model [1][3][24]. Group 1: Strategic Adjustments - The company has decided to enhance services for property owners, leading to a new role (M role) that focuses solely on landlord interactions, which constitutes over 20% of the workforce [3][11]. - The distribution of business for regular agents has been adjusted, reducing the proportion of time spent on landlord interactions from 20% to 10%, potentially leading to a decline in income for these agents [3][15]. Group 2: Market Dynamics - Despite stable transaction volumes in the second-hand market, the average transaction price has decreased, indicating a shift towards older and smaller properties, which affects the company's revenue [5][6]. - The number of second-hand listings has increased significantly, from 100,000 five years ago to over 170,000 now, necessitating more time for agents to match clients with properties [6][8]. Group 3: Future Implications - The company anticipates that the changes will lead to employee turnover, as some may not adapt to the new roles or may feel dissatisfied with the adjustments [15][24]. - A potential shift in the commission structure is expected, moving from a model of 2% for clients and 1% for landlords to 1% for clients and 2% for landlords, reflecting the increasing difficulty in selling properties [16][23]. - The competitive landscape for other real estate agencies may be severely impacted, as they rely on lower commission rates compared to the company, which could lead to many smaller agencies struggling to survive [20][23].

她叫张学艳,是北京链家大兴首邑溪谷店的一名房产经纪人,也是该公司评选出的"社区专家"。 初入房产行业 然而卖房工作也不是件容易事,起初张学艳连续数月都没有开单,心急、迷茫充斥着她的内心,好在她把这 些情绪都化为了行动——打电话,到小区里去找人聊天,想尽办法找房源、找客户。终于,她在入职后的第 8个月开单了。她说能为客户找到满意的家,真的非常开心。 成为"社区专家" 随着消费者对房产交易服务需求的不断提高,北京链家率先推动经纪人服务模式革新。在2021年,链家通 过多个衡量标准,对全市2万多名经纪人进行考核,选拔出了1500多位"社区专家",张学艳就是其中一位。 "社区专家"的标准是"专业强、懂社区、善合作"。而彼时的张学艳已经是一名经验丰富、业务领先 的"老房产经纪人"了。她不仅对服务的首邑溪谷、旭辉紫郡、康泰园和康盛园等周边小区户型相当熟 悉,而且对各小区的情况、变化、优缺点都"了如指掌"。 "除了提供有价值的信息,有质量地陪看也非常重要。"张学艳说,很多客户都是首次来大兴置业,对房子的 户型、物业服务、周边环境,以及商场、学校、医院等配套都非常关心。这时就需要"社区专家"发挥作 用,为客户提供更加细致、更 ...