它关乎每一扇窗的朝向、每一个家庭重大财产的配置，更关乎一个普通人对生活安稳与尊严的想象。 房子，是城市给予人的庇护，也是无数奋斗故事最终落脚的地方。 马继洲与唐国秀是上海链家的经纪人，他们虽分处不同门店，却在同一座城市的脉搏中并肩前行。 在大城市安家，从来不是一件简单的事。 唐国秀的日常，则扎根在社区的不起眼细节里。她相信，语言的温度会改变结果，真诚的陪伴能化解防 备。对她而言，服务不是一次成交，而是一段被信任托付的关系。 在城市的万家灯火背后，这些平凡而坚定的人，正默默守护着他人的安家之梦，也在一步步走向属于自 己的未来。 马继洲的世界，是数据、流程与反复校准的严谨。对他来说，专业不是冷静的计算，而是一种责任—— 让每一次决策都经得起时间回看。 ...

在大城市安家，从来不是一件简单的事。 它关乎每一扇窗的朝向、每一个家庭重大财产的配置，更关乎一个普通人对生活安稳与尊严的想象。 在城市的万家灯火背后，这些平凡而坚定的人，正默默守护着他人的安家之梦，也在一步步走向属于 自己的未来。 马继洲与唐国秀是上海链家的经纪人，他们虽分处不同门店，却在同一座城市的脉搏中并肩前行。 马继洲的世界，是数据、流程与反复校准的严谨。对他来说，专业不是冷静的计算，而是一种责任 ——让每一次决策都经得起时间回看。 唐国秀的日常，则扎根在社区的不起眼细节里。她相信，语言的温度会改变结果，真诚的陪伴能化解 防备。对她而言，服务不是一次成交，而是一段被信任托付的关系。 房子，是城市给予人的庇护，也是无数奋斗故事最终落脚的地方。 ...

日期：2025年12月19日 核心观点： ➢ 25年政策力度整体平淡，26年可能迎来政策组合拳。自去年9.24至今，已经持续五个季度没有出现强刺激的地产政策。我们理解主要是因为 今年的出口较为强劲，全年的经济增长任务完成情况较好，地产端的宽松政策可能延后。在此背景下，今年下半年以来房价，尤其是二手房 价加速下行，亟需等待政策托底。 而就在近期举行的12月中央经济工作会议，明确了对26年房地产工作的要求是"着力稳定房地产市场"；并提出房 地产政策方向，包括因城 施策控增量、去库存、优供给，鼓励收储、深化公积金制度改革、推动"好房子"建设；此外，在货币政策工具方面，提到"灵活高效运用 降准降息"。 26年政策重点关注：1）降息、房贷贴息。其本质是降低购房者实际利率，收敛与净租金回报率的差距以重塑房价的底部支撑，阻断下行螺旋。 26年降息预期提升，但"灵活高效运用"也可能预示下降空间较为有限；房贷贴息的关键则在于幅度与周期长度。2）深化公积金改革。在商 贷收缩的情况下，公积金作为另一重要购房资金渠道，若能更在使用用途、资金管理等方面突破，并更大范围推广，公积金池剩余资金或可 撬动房地产市场加速企稳回升。3）核心城市 ...

Core Viewpoint - The 2025 Henan Province Housing and Urban-Rural Development System Employee Skills Competition and the Second Provincial Real Estate Agent Skills Competition will take place from November 4 to 5, aiming to enhance the professional capabilities of real estate agents and promote the industry's professional development [1]. Group 1 - The event is organized by the Henan Provincial Department of Housing and Urban-Rural Development and other local associations, highlighting its significance in testing the professional skills of real estate agents [1]. - The "Zhengzhou First Representative Team," composed of top talents from new brokerage brands, will compete, showcasing their extensive experience and deep understanding of the Zhengzhou real estate market [3]. - The competition includes four core segments: theoretical examination, case analysis, live presentations, and team quizzes, covering essential scenarios in real estate brokerage services [7]. Group 2 - The competition serves as a platform for real estate agents to demonstrate their skills and aims to elevate the service standards within the industry, ultimately benefiting consumers in Henan [7]. - The emphasis on professional capability is underscored by the belief that quality service in the real estate industry relies on the expertise of its practitioners [5]. - The event is seen as an opportunity to set industry benchmarks and encourage more professionals to aspire to excellence, thereby enhancing the overall service quality in the real estate sector [7].

Core Insights - The recent "2025 Community Good Neighbor Festival" organized by the leading real estate brokerage company, I Love My Home, aimed to enhance community engagement and provide real estate services while promoting a better community environment [1] Group 1: Community Engagement Activities - The "Community Review" initiative was launched in Beijing to encourage residents to provide feedback on their living conditions, collecting 3,680 reviews that highlighted positive aspects such as harmonious neighbor relationships and convenient transportation [3] - The festival included various community welfare activities, such as real estate lectures and practical workshops, to bring convenience and warmth to residents [3] Group 2: Social Responsibility and Service Model - The festival is part of I Love My Home's 25-year commitment to community service, extending its "Good Neighbor Service" model, which encompasses real estate consulting, convenience services, community integration, and care [5] - During the event, "Public Real Estate Corners" were established in 100 communities, providing one-on-one professional services to 15,000 residents, addressing key concerns about real estate transactions [5] Group 3: Comprehensive Community Support - I Love My Home has built a service network through nearly 800 community stores, offering a range of convenience services and fostering community interaction through various activities [6] - Over the past three years, the company has provided services to over 100,000 families and organized more than 1,000 community events, distributing care packages and gifts to enhance community well-being [6]

Core Viewpoint - The report from Caitong Securities maintains a "Buy" rating for Beike-W (02423), projecting revenue growth from 103.3 billion yuan in 2025 to 130.6 billion yuan in 2027, driven by the company's leading position in the real estate brokerage market and expansion into diversified businesses like home decoration and furniture [1][2]. Group 1 - The company holds a solid leading position in the brokerage sector, with significant growth potential in the second-hand housing market [2]. - The company's second-hand housing transaction volume is expected to grow by 13.7% year-on-year to 1.1638 trillion yuan in the first half of 2025, contributing to a 4.0% increase in second-hand housing revenue to 13.6 billion yuan [2]. - The market share of the company's new housing business has been steadily increasing, reaching 12.6% as of June 30, 2025, with a prepaid commission model reducing accounts receivable risk [2]. Group 2 - The company is expanding its three wings of business, creating new growth opportunities, particularly in the home decoration sector, which is characterized by a vast market potential [2]. - The home decoration industry in China has historically lacked large-scale enterprises due to its non-standardized, low-frequency, and bulk nature, but the company aims to leverage its brokerage business's customer acquisition advantages and strong brand effect to address trust issues in the traditional home decoration market [2].

Group 1 - The core viewpoint of the report is that the company, Beike-W (02423), is expected to benefit from the vast potential of China's second-hand housing market, maintaining a "buy" rating with projected revenues of 103.3 billion, 117.1 billion, and 130.6 billion yuan for 2025-2027 [1] - The company is anticipated to achieve Non-GAAP net profits of 7.4 billion, 8.8 billion, and 10.8 billion yuan for the same period, indicating profit elasticity due to diversification into home decoration and furniture businesses [1] - The company's leading position in the real estate brokerage sector is solid, with a significant growth potential in the second-hand housing business, which is expected to stabilize first in the current industry cycle [1] Group 2 - The company is expanding its three wings of business, particularly in the home decoration sector, which is seen as a second growth curve due to the vast market space in China [2] - The home decoration industry has historically lacked large-scale enterprises due to its non-standardized, low-frequency, and bulk nature, but the company aims to leverage its brokerage business to reduce customer acquisition costs and enhance brand effect [2] - The company's standardized capabilities and operational model are expected to effectively address trust issues in the traditional home decoration industry, positioning it well for future integration [2]

Core Insights - The company maintains a strong position in the brokerage sector, with significant growth potential in the second-hand housing market and a steady increase in market share for new housing [1] - The company's second-hand housing transaction volume increased by 13.7% year-on-year to 1,163.8 billion yuan in the first half of 2025, leading to a 4.0% rise in second-hand housing business revenue to 13.6 billion yuan [1] - The market share for new housing transactions reached 12.6% as of June 30, 2025, with a prepaid commission model reducing accounts receivable risk [1] Business Expansion - The company is exploring new growth opportunities through its "three wings" business strategy, particularly in the home decoration sector, which has significant market potential [1] - The home decoration industry has historically struggled to develop large-scale enterprises due to its non-standardized, low-frequency, and bulk nature [1] - The company leverages its extensive brokerage business to achieve low customer acquisition costs and strong brand effects, aiming to address trust issues in the traditional home decoration industry [1] Financial Projections - Revenue forecasts for the company are projected at 103.3 billion yuan, 117.1 billion yuan, and 130.6 billion yuan for 2025, 2026, and 2027, respectively [2] - Non-GAAP net profit estimates for the same period are 7.4 billion yuan, 8.8 billion yuan, and 10.8 billion yuan [2] - The company is expected to benefit from the broad market potential in the second-hand housing sector and its diversified business expansion, maintaining a "buy" rating [2]

Core Insights - Beike (BEKE.US) shares rose over 3% to $18.16 following the release of its financial report for the first half of 2025, which showed a total transaction volume of 1.7224 trillion yuan, a year-on-year increase of 17.3% [1] - The company reported a net income of 49.3 billion yuan, reflecting a year-on-year growth of 24.1%, while net profit was 2.162 billion yuan, slightly down from 2.333 billion yuan in the same period last year [1] Industry Context - The performance of Beike in the first half of 2025 is influenced by two main factors: on a macro level, the overall transaction volume in China's real estate market remained stable, although the market entered an adjustment phase in the second quarter [1] - On a micro level, Beike welcomed several large and medium-sized real estate brokerage brands, leading to an increase in active stores to 58,664, which is over 32% year-on-year growth, and active agents reached 491,573, marking a growth of over 19% [1]

Core Viewpoint - I Love My Home (我爱我家) reported a net profit of 38.4 million yuan for the first half of 2025, marking a 30.8% increase year-on-year, and a non-net profit of 49.9 million yuan, up 213.89% year-on-year, demonstrating resilience in a challenging industry environment [1] Group 1: Business Strategy - The company focuses on core city operations, emphasizing a "precision farming" approach, which has become increasingly significant amid macroeconomic and policy challenges [2] - I Love My Home has deepened its presence in key cities like Beijing, Shanghai, and Hangzhou for over 20 years, with a total of 859,000 second-hand housing listings across 10 cities as of August 7, 2025 [2] - The company has maintained a strong market share in major cities, with continuous growth in Shanghai and stable positions in Beijing and Hangzhou [2][3] Group 2: Management Team - The management team at I Love My Home is experienced, with an average tenure exceeding 10 years, providing stability and insight during market fluctuations [4] - Many leaders have over 15 years of experience in key cities, having risen from frontline positions, which fosters a strong alignment with the company's culture and strategic goals [4] Group 3: Talent Development - The company invests continuously in talent development, viewing agents as core assets, which supports its resilience during industry adjustments [5][6] - I Love My Home has established a robust talent pipeline with clear selection and evaluation standards, ensuring high-quality personnel across various management levels [6] - Initiatives like the "Spark Plan" and leadership academy are in place to cultivate future leaders and maintain organizational vitality [6]