5i5j(SZ:000560)2023-05-30 09:21Group 1: Market Overview - The long-term growth trend of the domestic stock housing market is optimistic, with a transaction scale of approximately 5 trillion in 2022, expected to exceed 10 trillion by 2030, surpassing new housing transactions [1] - Currently, the stock housing transaction scale accounts for about 30% of the total housing transaction scale in China, while this proportion is around 80% in overseas markets, indicating significant room for improvement [1] - The current liquidity rate of stock housing in China is about 1%, compared to 4% in the United States, suggesting potential for increased transaction volume [1] Group 2: New Housing Business Impact - The new housing business is not expected to negatively impact the stock housing business, as the focus is on first-tier and new first-tier cities where new housing supply is stabilizing [2] - The increase in the number of listings in the second-hand housing market is attributed to a natural growth due to longer transaction cycles and some sellers preemptively listing their properties [2] - Despite a recent market pullback, the overall market is expected to see a steady recovery in transaction volume compared to last year [2] Group 3: Commission Policy and Service - The company has consistently adhered to government policies regarding commission rates, implementing a tiered fee structure based on total price, which aligns with recent government directives [2] - The overall impact of the latest commission policy on the company is considered minimal, and the company will continue to uphold its service philosophy of treating customers as equals [2]