一、假期租赁需求热度同比下降10%，挂牌租金较节前上涨1% 根据58安居客研究院的监测数据，2025年国庆假期期间，40个重点城市的租赁平均挂牌租金约为38.1元/平方米/月，较假 期前一周（即9月底）上涨了约1%。 一线城市的整体挂牌租金表现相对较好。具体来看，北京、深圳和广州的挂牌价格较节前分别小幅上涨了1.5%、2.3%和 3%，而上海的租赁挂牌价格则小幅下降了1.8%。与此同时，在毕业季表现相对突出的热点二线城市，近期市场却呈现 出供需转淡的趋势。假期期间，杭州、成都、合肥、西安及武汉等城市的挂牌租金普遍较国庆节前小幅下跌了1%-2%。 今年国庆假期时长较长，受假期旅行出游热潮的冲击，全国40个重点城市的线上租赁找房需求热度较去年同期下滑约 10%。同时，假期内线上租赁需求的活跃度相比节前也减少了近两成。具体来看，仅个别城市租赁线上需求热度同比上 涨，多数城市线上需求活跃度下降。 | 排序 | 城市 | 同比变化 | 排序 | 城市 | 同比变化 | | --- | --- | --- | --- | --- | --- | | 1 | 南昌 | 12.8% | 21 | 沈阳 | -9.0% | | ...

《住房租赁条例》于9月15日正式实施。那么，目前，无锡市的房屋租赁市场的特点是什么？纠纷矛盾 集中在哪里？又该如何化解？ 无锡中院9月17日举行新闻发布会，就无锡房租租赁合同纠纷的审判和调研情况进行发布和解读。相关 结果显示，商业租赁纠纷占比较大，金额较多，处理起来比较复杂，法院将创新举措逐步化解。 据统计，近三年来，无锡全市法院立案受理房屋租赁合同纠纷案件数量持续增长，且增长幅度较大，显 示受经济市场环境及不可抗力等因素的影响，无锡的房屋租赁市场也受到较大冲击，很多潜在的问题逐 步爆发，给审判工作带来了较大压力。 商业租赁方面，近年来商铺个体经营以及综合体、写字楼等楼宇经济受不可抗力及市场环境因素影响较 大，由此引发的商业租赁中减免租金、提前解约等诉讼纠纷明显增多。此外，商业体租赁中还涉及高额 的物业费及宣传推广等费用，对于此类费用的交纳和减免也容易产生争议。 此外是厂房租赁。厂房租赁案件中除常见的因拖欠租金引发争议外，还有一类较大的争议即是拆迁利益 补偿问题，主要表现为租赁合同履行因拆迁而受阻，承租人因提前解除合同产生损失，合同双方就拆迁 补偿金额如何分配难以达成一致，此类纠纷往往涉及的金额较大，双方争议 ...

（记者 曾健辉） 截至发稿，交控科技市值为47亿元。 每经头条（nbdtoutiao）——"史上最丑"与"丑上最薄"：iPhone 17系列背后的新战事 每经AI快讯，交控科技（SH 688015，收盘价：25.01元）9月10日晚间发布公告称，交控科技股份有限 公司拟与第一大股东北京市基础设施投资有限公司的全资子公司北京交控硅谷科技有限公司签订房屋租 赁合同，承租交控硅谷产权房产一处，租期五年。承租价格参照具有相关资产评估业务资质的评估机构 北京中天华资产评估有限责任公司出具的评估结果协商后确定。承租期间租金、物业费总额不超过 23,736.88万元。 2024年1至12月份，交控科技的营业收入构成为：铁路和船舶和航空航天和其他运输设备制造业占比 99.77%，其他业务占比0.23%。 ...

格隆汇9月10日丨交控科技(688015.SH)公布，公司拟与第一大股东北京市基础设施投资有限公司（以下 简称"京投公司"）的全资子公司北京交控硅谷科技有限公司（以下简称"交控硅谷"）签订房屋租赁合 同，承租交控硅谷产权房产一处，租期五年。承租价格参照具有相关资产评估业务资质的评估机构评估 价格协商确定，承租期间租金、物业费总额不超过2.37亿元（不含保证金：1,169.15万元）。本次交易 为公司续租日常生产经营办公场所，公司于2020年7月15日披露的《关于公司与北京交控硅谷科技有限 公司签署房屋租赁合同暨关联交易公告》显示，公司承租该房产5年期间租金总额不超过2.18亿元（含 物业费），其中含免租期7个月。剔除免租期的影响，本次续租与上次承租租金无重大差异。 ...

二、重点城市租赁市场收益率表现 一、全国40城租赁市场景气度概况 根据安居客租赁市场景气度指数显示，8月全国40城的租赁市场景气度指数为72.4。随着夏季毕业租赁旺季逐渐步入尾声，市场景气度指数较上月略有下 降。本月，随着租赁供需活跃度的小幅减少，市场挂牌租金也呈现环比微幅回落。相较于去年同期，今年毕业季的租赁市场表现较为温和，8月的市场表 现优于同期水平。 在供需方面，8月新增租赁挂牌房源量较上月小幅下降3%，新增供应的活跃度有所减弱。同时，受毕业季需求集中释放的影响，本月租赁线上需求热度环 比下降7%。同时，前期市场活跃度较高的一二线城市，本月供需环比回落更为显著。此外，挂牌房源的去化周期保持稳定，在新增供需放缓的情况下， 以价换量助力房源加速去化。 根据安居客监测的数据显示，7月10个重点城市的挂牌租金收益率均呈现同比上升态势。总体来看，重点城市的挂牌租金收益率整体呈现出小幅增长趋 势。具体而言，多数城市因房价下行，导致其挂牌租金收益率被动提升；而另一些城市，如广州、深圳及成都，则因挂牌租金同比回升，进而带动其挂牌 租金收益率同比上涨。 一线城市中，7月北京的挂牌租金收益率达到了2.2%，而广州则达到了 ...

Group 1 - The company intends to sign a lease agreement with a related party for a property in Hangzhou, with a total rental fee of RMB 2.3269 million for a three-year term [1][2] - The related party, Donghe Commerce, is controlled by the daughter of the company's actual controller, which constitutes a related party transaction under the Shenzhen Stock Exchange rules [1][2] - The board of directors approved the lease agreement, with independent directors unanimously agreeing to submit the proposal for board review [1][5] Group 2 - The lease agreement is not classified as a major asset restructuring and does not require approval from relevant authorities [2] - The rental price is based on market rates for similar properties in the area, ensuring fairness and reasonableness [2][3] - The rental terms include a monthly payment structure, a security deposit of RMB 10,000, and the lessee is responsible for utility costs [3][4] Group 3 - The transaction aims to meet the daily operational needs of the company's subsidiary and will not significantly impact the company's financial status or independence [4][5] - The company has previously engaged in related transactions totaling RMB 20.9039 million, all of which followed the necessary approval procedures [4][5] - Independent directors confirmed that the lease transaction is a normal business activity and does not harm the interests of the company or its shareholders [5]

Core Viewpoint - Beike (BEKE.US/02423.HK) has reported steady performance in its latest financial results, despite underperforming compared to the broader market in both Hong Kong and the US this year [1][2] Group 1: Financial Performance Highlights - Total Gross Transaction Value (GTV) reached 1.72 trillion yuan in the first half of 2025, a year-on-year increase of 17.3%, with existing home GTV growing by 13.7% and new home GTV by 26.0%, significantly above industry averages [6] - Net revenue for the first half of the year was 49.3 billion yuan, reflecting a year-on-year growth of 24.1%, indicating improved monetization capabilities [7] - Non-real estate transaction services are increasingly contributing to revenue, with home decoration and rental services generating 7.5 billion yuan and 10.7 billion yuan respectively, marking year-on-year increases of 16.5% and 85.2% [8] Group 2: Business Growth and Network Expansion - The number of Beike stores reached 60,500, and the number of agents increased to 558,000, enhancing the platform's ecosystem and competitiveness [10] - The share buyback program has been robust, with 394 million USD in American Depositary Shares repurchased in the first half of the year, and a total of 2.02 billion USD since the program's initiation, representing 10.3% of the total shares before the buyback [11] Group 3: Market Expectations and Valuation Discrepancies - The market continues to value Beike primarily as a "real estate transaction platform," overlooking its transformation into a comprehensive "residential service ecosystem," which has significant value [14] - Short-term fluctuations in profitability have overshadowed long-term structural improvements, with healthy operating cash flow indicating strong core business performance [16][17] - The market has underestimated the efficiency gains from Beike's investments in AI and technology, which are crucial for enhancing service delivery and operational efficiency [18] Group 4: Market Sentiment and Future Outlook - The current bull market in Hong Kong and A-shares has led to increased recognition of Beike's growth potential, with several institutions issuing buy ratings and target prices indicating substantial upside [4][20] - Recent capital inflows into Beike's stock suggest a positive market sentiment, with a notable increase in holdings from Hong Kong Stock Connect [23]

Core Insights - The company reported a 11% year-on-year revenue growth in Q2 2025, primarily driven by the growth in its secondary business segments [1] - The total transaction value (GTV) reached 878.7 billion yuan, with a year-on-year increase of 5% and a quarter-on-quarter increase of 4% [1] - Adjusted net profit decreased by 32% year-on-year but improved by 30% quarter-on-quarter, indicating a mixed performance in profitability [1] Revenue Breakdown - The revenue contributions from various segments are as follows: existing housing (26%), new housing (33%), home decoration and furnishing (18%), rental services (22%), and emerging businesses (2%) [1] - The existing housing business saw a transaction total of 583.5 billion yuan, with a year-on-year increase of 2% and a quarter-on-quarter increase of 1% [2] - The new housing business outperformed the market with a transaction total of 255.4 billion yuan, reflecting a year-on-year growth of 9% [2] Profitability Metrics - The adjusted net profit margin was 7.0%, down 4.5 percentage points year-on-year but up 1.0 percentage point quarter-on-quarter [1] - The gross profit margin was 21.9%, showing a year-on-year decline of 6.0 percentage points but a quarter-on-quarter increase of 1.2 percentage points [1] - The contribution profit margin for the existing housing business improved to 39.9%, up 1.8 percentage points quarter-on-quarter [2] Business Performance - The company had 61,000 stores and 558,000 agents by the end of Q2 2025, with active store and agent ratios of 97% and 88%, respectively [2] - The home decoration and furnishing business generated 4.6 billion yuan in revenue, a year-on-year increase of 13% [2] - The rental services segment saw a significant revenue increase of 78% year-on-year, totaling 5.7 billion yuan [2] Future Outlook - The company slightly adjusted its profit forecast for 2025-2026, expecting adjusted net profits of 6.3 billion yuan and 7.1 billion yuan, respectively [3] - The expected earnings per share for 2025 and 2026 are 1.77 yuan and 2.00 yuan, corresponding to price-to-earnings ratios of 23.9 and 21.2 times [3]

Core Viewpoint - The company reported its mid-year performance for 2025, showing a revenue increase but a decline in net profit, indicating mixed financial health and ongoing challenges in profitability [1][4]. Financial Performance - In H1 2025, the company achieved a revenue of 49.34 billion yuan, a year-on-year increase of 24.1%, while net profit was 2.16 billion yuan, down 7.3% [1]. - Adjusted net profit for H1 2025 was 3.21 billion yuan, reflecting a 21.3% decline year-on-year [1]. - Total transaction volume reached 1.7224 trillion yuan, up 17.3% year-on-year [1]. - For Q2 2025, revenue was 26.01 billion yuan, an 11.3% increase, but net profit fell 31.2% to 1.31 billion yuan [1]. Margin and Cost Analysis - The gross margin for H1 2025 was 21.3%, down 5.4 percentage points year-on-year, but Q2 showed a slight recovery with a gross margin of 21.9% [1]. - Operating expense ratio improved to 18% in H1 2025, down 3.7 percentage points year-on-year, with Q2 at 17.8% [1]. Share Buyback and Confidence - The company spent approximately 394 million USD on a share buyback plan, representing 1.7% of the total shares issued as of the end of 2024 [1]. - The buyback authorization was increased from 3 billion USD to 5 billion USD, with the plan extended to August 31, 2028, reflecting confidence in future growth [1]. Real Estate Brokerage Performance - In H1 2025, the total transaction volume for existing homes was 1.1638 trillion yuan, a 13.7% increase, with net income of 13.59 billion yuan, up 4% [2]. - The contribution profit margin for real estate brokerage was 39%, down 7.1 percentage points year-on-year due to rising fixed salary costs [2]. New Home Sales and Monetization - New home transaction volume reached 487.6 billion yuan in H1 2025, a 26% increase, with net income of 16.69 billion yuan, up 29.9% [2]. - The monetization rate for new homes was 3.42%, slightly up from the previous year [2]. Non-Real Estate Business Growth - Non-real estate business revenue accounted for 38.6% of total revenue in H1 2025, a 3.8 percentage point increase year-on-year [3]. - Home decoration and rental services showed significant growth, with home decoration revenue at 7.51 billion yuan, up 16.5%, and rental services revenue at 10.76 billion yuan, up 85.2% [3].

机构：申万宏源研究 研究员：袁豪/陈鹏 公司25Q2 实现净收入260.1 亿元，同比+11.3%；毛利润57.0 亿元，同比-12.5%；归母净利润13.0 亿元， 同比-31.2%；经调后归母净利润18.2 亿元，同比-32.4%。公司25Q2毛利率21.9%，同比-6.0pct；销售 +管理+研发费用率合计17.7%，同比-1.4pct；归母净利率5.0%，同比-3.1pct；经调后归母净利率7.0%， 同比-4.5pct。截至25Q2 末，公司现金、现金等价物、受限资金和短期投资合计531 亿元，同比-11.1%。 25Q2 一二手房经纪GTV 实现稳健增长，货币化率相对稳定。2025Q2 公司存量房交易额5,835 亿元，同 比+2.2%；其中链家、贝联GTV 占比37%、63%；二手房收入67 亿元，同比-8.4%；贡献利润26.8 亿 元，同比-22.9%；贡献利润率39.9%，同比-7.5pct；链家、贝联货币化率分别为2.53%、0.38%，环比持 平、+0.02pct；GTV 增速较收入更高源于贝联贡献占比更高，贝联GTV 增幅可观，但与平台服务费等 激励性减免相抵消，推动贝联收入持平。新 ...