MB-BEKE@EC2607A

KE.com adjusts talent flow rules, removes broker movement restrictions

Kejian Launches Industry Self-regulation Norms, Requiring Agents to Adhere to 'Neutral Market View'

Goldman Sachs Downgrades KE Holdings to Neutral and Adjusts Financial Projections

Beijing's New Property Market Policy Boosts Market Activity After One Month

GF Securities Provides Rating and Performance Forecast for KE Holdings

KE Holdings repurchased shares worth $3 million

Kejian-W repurchased 589,100 shares for about $3.5 million

Kejian-W repurchased 603,500 shares

KE Holdings repurchased 598,900 shares for approximately 3.5 million USD

CITIC Securities and DBS Maintain Buy Rating and Target Price for KE Holdings

KE Holdings repurchased 615,000 shares

KE.com Issues Internal Notice Reiterating Market Neutrality

Kejian-W repurchased $3.5 million worth of shares

KE Holdings repurchased 609,400 shares for $3.5 million

DBS Analyst Maintains Buy Rating for Ke Holdings A Shares

KE Holdings repurchased 602,200 shares for 3.5 million USD

KE Holdings Inc repurchased about 939,000 shares for about $5 million

Ke Holdings' Beihaohome Real Estate Projects Succeed in Chengdu and Shanghai

Kejian-W repurchased 563,000 shares for $2.999 million

KE Holdings Repurchased Shares Over Two Consecutive Days

HPC HOLDINGS

NEXION TECH

ASIA ENERGY LOG

TOUYUN BIOTECH

BOER POWER

KNOWLEDGE ATLAS

WAI CHUN GROUP

VPOWER GROUP

CCOE

BEKE

02423

CMB International predicts that KE's revenue in the fourth quarter of last year will decline by 28.5% to RMB 22.2 billion, with an expected quarterly non-GAAP net profit of RMB 427 million and a net profit margin of 1.9%. Nevertheless, CMB International is optimistic about KE's technological capabilities and service quality, forecasting that this year's non-GAAP net profit will reach RMB 7 billion, a year-on-year increase of approximately 42%. Therefore, the target price for KE has been raised to $21.8, maintaining a "Buy" rating

AASTOCKS

iShares Residential and Multisector Real Estate ETF

Vanguard Real Estate ETF

Real Est Select Spdr

iShares Global REIT

SPDR Dow Jones Global Real Estate ETF

iShares US Real Estate ETF

Schw Us Reit

WisdomTree New Economy Real Estate Fund

BEKE-W

FlexShares Glbl Quality Real Estate ETF

CITIC International raised KE's target price to $21.8, expecting a profit recovery this year

Goldman Sachs published a research report stating that KE-W benefits from policy support boosting investor confidence and the recent strong performance of the second-hand housing market, driving up its stock price. However, the firm believes that due to KE's valuation becoming reasonable after the recent stock price increase, it has downgraded its rating from "Buy" to "Neutral." Additionally, based on earnings revisions and valuation rolling to the end of 2026, the target price for KE has been adjusted to HKD 49, while the target price for KE's U.S. stock has been adjusted to USD 19

Goldman Sachs: KE's valuation has become reasonable, downgraded to "Neutral"

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CTG DUTY-FREE(01880) rose 7.98%, with a trading turnover 414.8 Million HKD, and a year-to-date rose 22.8%. BEKE-W(02423) rose 7.56%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 25.2%. SANDS CHINA LTD(01928) fell 7.96%, with a trading turnover 1.1 Billion HKD, and a year-to-date fell 11.5%. HORIZONROBOT-W(09660) fell 5.94%, with a trading turnover 2.1 Billion HKD, and a year-to-date fell 3.1%.

Top Gainers & Losers

CTG DUTY-FREE

CHINA OVERSEAS

JIANGXI COPPER

ANTA SPORTS

SANDS CHINA LTD

HORIZONROBOT-W

HUA HONG SEMI

LAOPU GOLD

GALAXY ENT

Top 5 HK Stock Gainers/Losers (>100B) (1.29)

In a report released yesterday, from GF Securities maintained a Buy rating on KE Holdings, Inc. Class A, with a price target of HK$58.37. The company’s shares closed today at HK$47.66.Claim 50% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Currently, the analyst consensus on KE Holdings, Inc. Class A is a Strong Buy with an average price target of HK$54.55.

Tip Ranks

KE Holdings, Inc. Class A (2423) Gets a Buy from GF Securities

KE Holdings (NYSE:BEKE) has confirmed its Class A share count at approximately 3.37 billion and has engaged in significant share buybacks, indicating strong capital management. Currently trading at $17.32, the stock shows a 7.85% year-to-date return but a 75.02% decline over five years. Analysts suggest a fair value of $20.37, indicating the stock may be undervalued. The company is diversifying its revenue through high-margin services, which now account for 41% of total sales. However, the stock trades at a P/E of 40.3x, above industry averages, raising concerns about growth risks.

Simplywall

KE Holdings (NYSE:BEKE) Valuation Check As Ongoing Share Buybacks Signal Confidence

In a report released yesterday, from Southwest Securities maintained a Buy rating on KE Holdings, Inc. Class A, with a price target of HK$55.08.Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential In a report released on January 7, DBS also maintained a Buy rating on the stock with a HK$52.09 price target.

KE Holdings, Inc. Class A (2423) Receives a Buy from Southwest Securities

KE Holdings Inc. (NYSE: BEKE) experienced a significant surge in options trading, with investors purchasing 42,919 put options, marking a 672% increase from the average daily volume. The stock rose 1.8% to $17.36, with a market cap of $19.75 billion. Analysts have mixed ratings, with a consensus of "Moderate Buy" and an average target price of $23.30. Institutional investors have also increased their stakes in the company, which operates a technology-driven real estate services platform in China.

Market Beat

KE Target of Unusually High Options Trading (NYSE:BEKE)

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Bank of America Securities' latest investment ratings and target prices for Chinese internet stocks are as follows: Alibaba - Buy, target price HKD 176; Alibaba Health - Buy, target price HKD 6.56; Autohome - Neutral, target price HKD 57; Baidu - Buy, target price HKD 148; Bilibili - Buy, target price HKD 242; JD HEALTH - Buy, target price HKD 75; JD.com - Buy, target price HKD 149; KE - Buy, target price HKD 52; Kuaishou - Buy, target price HKD 82; Meituan - Neutral, target price HKD 103 to HKD 106; NetEase - Buy, target price HKD 259; Pinduoduo - Neutral, target price USD 140; Tencent - Buy, target price HKD 780; Tencent Music - Neutral, target price HKD 82; Trip.com - Buy, target price HKD 667; Tuhu - Buy, target price HKD 22; Vipshop - Buy, target price USD 23.6; Weibo - Underperform, target price HKD 68

JD HEALTH

JD.com

JD-SW

Baidu

BIDU-SW

"Big Banks" Bank of America’s latest investment ratings and target prices for Chinese internet stocks

Ben Wong from DBS has maintained a Buy rating on KE Holdings, Inc. Class A (2423) with a price target of HK$52.09. The analyst consensus for the stock is Strong Buy, with a price target consensus of HK$54.31. Wong has an average return of 4.2% and a 47.22% success rate on his stock recommendations, focusing on the Real Estate sector.

KE Holdings, Inc. Class A (2423) Gets a Buy from DBS

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KUAISHOU-W(01024) rose 11.09%, with a trading turnover 9.9 Billion HKD, and a year-to-date rose 15.1%. SKB BIO-B(06990) rose 7.84%, with a trading turnover 419.7 Million HKD, and a year-to-date rose 10.1%. GWMOTOR(02333) fell 6.15%, with a trading turnover 580.4 Million HKD, and a year-to-date fell 7.3%. CTG DUTY-FREE(01880) fell 4.96%, with a trading turnover 419.3 Million HKD, and a year-to-date fell 2.9%.

- The Hang Seng Index rose 0.03%, with a year-to-date increase of 2.8%, while the Hang Seng Tech Index gained 0.09%, accumulating a 4.1% rise this year.  
- Kuaishou-W (01024) experienced an 11.09% gain with a trading volume of 9.9 billion HKD, marking a year-to-date increase of 15.1%.  
- Conversely, Great Wall Motor (02333) decreased by 6.15% and China National Pharmaceutical (01880) dropped 4.96%, with year-to-date declines of 7.3% and 2.9%, respectively.

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SKB BIO-B

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PETROCHINA

Top 5 HK Stock Gainers/Losers (>100B) (1.5)

KE Holdings Inc. has granted 1,217,241 restricted share units (RSUs) to 66 employees under its 2020 Share Incentive Plan. The grants, approved on January 1, 2026, are subject to acceptance by the recipients, who are not directors or substantial shareholders. The grants are governed by the terms of the incentive plan and respective award agreements. This announcement was published via EDGAR by KE Holdings Inc.

Reuters

KE Holdings Grants 1.2 Million RSUs to 66 Employees

KE Holdings Inc. (NYSE:BEKE) reached a new 52-week low of $15.26 during trading, closing at $15.9380. Analysts have mixed ratings on the stock, with Weiss Ratings maintaining a "hold" rating, while UBS downgraded it to "neutral" with a $19 price target. The stock has a market cap of $18.19 billion and a PE ratio of 38.14. Institutional investors hold 39.34% of the stock, with notable increases in holdings from Hudson Bay Capital and others. Despite a "Moderate Buy" rating, analysts suggest other stocks may be better investments.

KE (NYSE:BEKE) Reaches New 52-Week Low  - Here's What Happened

KE Holdings Inc. has granted 1,217,241 restricted share units (RSUs) to eligible participants under its 2020 Share Incentive Plan. The RSUs are awarded at no purchase price, with the closing price of the company’s Class A shares at HK$41.50 prior to the grant. Vesting is subject to individual award agreements. This announcement is for informational purposes only and should not be considered financial or legal advice.

KE Holdings Grants Restricted Share Units to Eligible Participants

Today’s Key News Recap

1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

Intel

Disc Medicine

SIASUN

Morgan Stanley

Integra Group (Russia) Sponsored GDR RegS

Integral Acquisition  1

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HESAI-W

Hesai

OpenAI

Destiny Tech100

Citigroup

Tencent Music

BIDU-SWR

XPeng

INTEL-T

BTQ Tech

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

Integral Acquisition 1 - Unit

INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

Baidu HK SDR 10to1

XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap

Conference Minutes

The following are the minutes of the $Beike (BEKE.US) FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Beike: Is There Really Still Hope?&#34; 1. Review of Core Financial Data Performance Overview: Total revenue was RMB 23.1 billion, a year-on-year increase of 2.1%; gross margin was 21.4%, a year-on-year decrease of 1.3 percentage points, mainly due to the decrease in the proportion of new home business revenue (which has a high contribution rate) and the decline in the contribution rate of the new home business itself...

Kimball Electron

Accenture

ONLINE OFFLINE

Ameriprise Financial

BEKE (Minutes): How to Reduce Costs and Increase Efficiency is the Absolute Focus

Financial Analysis

Leading domestic housing intermediary--$KE(BEKE.US) announced its Q3 2025 results on the evening of November 10th before the US stock market opened. Overall, the performance can be summarized as &#34;not good, but not as bad as feared.&#34; Additionally, due to the recent significant pullback in the company's stock price, the low expectations implied by the relatively low stock price have led to some bottoming out and recovery. Specifically: 1. Revenue is still supportive, but profits are deeply underwater: In terms of overall performance, although the core intermediary business revenue experienced negative growth in the sluggish real estate market, it was offset by the strong performance of the slightly &#34;bloated&#34; rental business...

SBC Medical

Hope Bancorp

SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

BEKE: Is there still hope?

Beike 3Q25 Quick Interpretation: Overall, Beike's performance this quarter can be summarized as &#34;not good, but not as bad as feared.&#34; Due to the recent general decline in U.S. stocks, the company's share price has also retreated by more than 15%, hitting bottom and recovering amid low expectations &amp; stock prices. 1) In terms of financial performance, total revenue for the quarter grew approximately 2% year-on-year, largely in line with expectations. Although the gross profit margin declined year-on-year, leading to a decrease in gross profit by 200 million (-4% yoy), the expectation was lower at -7%. Facing industry headwinds, the company timely reduced its expenses, with total operating expenses down approximately 2% year-on-year (about 80 million). As a result, the final operating profit only declined by slightly over 100 million year-on-year, better than market expectations. The market's main focus, adjusted net profit was 1.29 billion, down nearly 500 million from the same period last year (the decline was larger than operating profit, mainly due to lower SBC expenses this quarter). Although it is clearly not good in absolute terms, it is still much better than the market expectation of 1 billion adjusted profit. 2) In terms of operating indicators, this quarter the transaction volume of existing homes and new homes grew 6% and declined 14% year-on-year, respectively. The transaction situation of existing homes was consistent with market expectations, but new homes were worse. As policy benefits nearly fade and gradually enter last year's high base period, the real estate transaction situation is generally within the expected range of poor performance. 3) In terms of monetization, since the monetization rate of existing homes and new homes is still declining year-on-year, the revenue growth rate of both businesses is negative (in line with market expectations). However, from a quarter-on-quarter perspective, the monetization rate has actually stabilized and rebounded, which is not a bad news. Similarly, although the contribution gross profit margin of new home and existing home businesses (calculated by contribution profit/GTV) also declined year-on-year, it was generally stable from a quarter-on-quarter perspective. 4) Among other businesses, the housing rental business performed well, partially offsetting the decline in performance of core traditional businesses. This quarter, rental income continued to grow significantly by 45% year-on-year, much better than expected. Meanwhile, the contribution gross profit margin of the rental business also continued to rise slightly by 0.3 percentage points quarter-on-quarter, offsetting the year-on-year decline in core business profits. $KE(BEKE.US) $BEKE-W(02423.HK)

The following is the $KE(BEKE.US) FY25 Q2 earnings call minutes. For earnings interpretation, please refer to the article &#34;贝壳: The Real Estate Market Cools Again, Can Beijing and Shanghai's 'Relaxation of Purchase Restrictions' Turn the Tide?&#34; 1. Review of Key Financial Information 1. Shareholder Return Plan: As of the end of June 2025, the company has repurchased $2 billion worth of shares, accounting for approximately 10.3% of the total outstanding shares before the repurchase plan began. The Board of Directors has approved an increase in the authorization amount for the new share repurchase plan to $5 billion, with an extension planned until August 31, 2028...

BEKE (Minutes): Will eliminate and optimize inefficient stores and agents in Beijing and Shanghai

$KE(BEKE.US) announced its Q2 2025 earnings before the U.S. stock market opened on the evening of August 26. Overall, the performance was relatively mediocre, with revenue growth slowing as expected and profits slightly underperforming expectations, lacking any standout features. Specifically: 1. In terms of large numbers, due to the renewed cooling of the domestic real estate market in the second quarter, Beike's total revenue growth rate declined to 11% year-on-year, which was completely in line with expectations. The new home and innovative business segments performed relatively well, but the existing home business was weaker. However, in terms of profits, although the profit margin improved compared to the previous quarter, market expectations were higher, as the gross margin was 1 percentage point lower than expected...

BEKE: The real estate market cools again, can Beijing and Shanghai's 'relaxation of purchase restrictions' turn the tide?

Beike 2Q25 Quick Interpretation: Overall, Beike's performance this quarter was relatively mediocre. Total revenue was generally in line with market expectations, but profits were slightly lower, lacking any standout features. Specifically: 1) In terms of large numbers, affected by the cooling of the domestic real estate market in the second quarter, the total revenue growth rate slowed to 11%, consistent with expectations. New home and innovative businesses were relatively strong, but the existing home business was weaker. In terms of profit, both gross profit and operating profit were slightly below expectations. The adjusted net profit exceeded expectations mainly due to investment income and lower taxes. 2) By segment, due to the weakening of the second-hand housing market in major cities, the GTV of existing homes this quarter only increased by 2% year-on-year, and revenue even decreased by 8%, showing poor performance. However, the new home business benefited from the company's market share increase, with transaction volume and revenue both growing by 9% year-on-year against the trend. The innovative business, led by strong growth in the rental business (up 78% year-on-year), also slightly exceeded expectations in actual revenue. 3) On the gross profit side, due to the increased proportion of low-margin rental business in the structure, and the commission ratio of transaction intermediary business rising year-on-year, the overall gross profit margin of the company significantly narrowed by 6 percentage points year-on-year, dragging down gross profit by 13%. However, from a quarter-on-quarter perspective, the gross profit margin of rental and transaction intermediary businesses slightly improved compared to the previous quarter. It can only be said that the market's expected improvement was somewhat overestimated. 4) In terms of expenses, due to the continued increase in the number of stores, market expectations were for a significant increase in expense spending. However, the actual total operating expenses only increased by 3% year-on-year, partially offsetting the impact of the gross profit margin decline. Therefore, although the final profit was slightly below expectations, the actual 4.1% OPM showed a significant improvement from the previous quarter's low of 2.5%.$KE(BEKE.US) $BEKE-W(02423.HK)

Below is the earnings call $KE(BEKE.US) FY25 Q1 Minutes. For the earnings review, please refer to &#34;As Long as You Survive the Roller Coaster of the Property Market, the Leading Shell is Fine&#34;. 1. Review of Key Earnings Information 2. Detailed Content of the Earnings Call 2.1 Key Information from Management Statements 1. Strategic Focus Areas Home Renovation Business: Advancing product design and project management capabilities, with the average monthly orders per project manager increasing by 156% year-over-year. Rental Services: Managing over 500,000 rental properties...

TAL Edu

Shell (Minutes): If the property market worsens in Q3, there may be more supportive policies.

Due to the clash with Alibaba's earnings on Thursday night, Dolphin has supplemented the earnings review of $KE(BEKE.US) released on the same day. Overall, the growth performance for the quarter was better than expected, but the old issue of increasing revenue without increasing profit that started last season has not been resolved. Total revenue increased by 42%, but adjusted net profit grew by 0% year-on-year. The specific points are as follows: 1. The core of the core stock housing business saw a 28% year-on-year increase in GTV this quarter, with the policy dividend still lingering. Compared to the expected 24% growth, it is also a good beat. According to the research by Beike Research Institute, the national second-hand housing transaction volume increased by 17% over the same period...

As long as you endure the real estate market's 'roller coaster', Longyi Beike will be fine

BEKE delivered solid performance this quarter, but its stock price still fell, reflecting lingering macro uncertainties in the property market.Due to overlapping with Alibaba's earnings release last night, we'll briefly comment on BEKE's performance first and provide a detailed analysis later.Overall, thanks to property support policies since late last year, the company's key metrics including GTV, revenue, and profit this quarter all exceeded expectations.However, in terms of stock price reaction, BEKE had already declined significantly before the earnings release, showing profit-taking tendencies. Although the better-than-expected results did cause a short-term rally, the stock eventually fell again. This is mainly because BEKE's performance remains heavily dependent on macro property market uncertainties, while recent high-frequency data shows both YoY and MoM declines in April and early May property transactions. Therefore, the solid Q1 results indeed presented a potential selling opportunity.From the earnings perspective, the main weakness was the QoQ decline in combined commission rates for both new and existing home transactions. Contributing factors include the growing proportion of non-self-operated business in revenue structure, possibly due to regulatory considerations, but also reflecting the prevailing &#34;volume over price&#34; trend. The company has been promoting transactions through commission discounts.The result is that while profits were better than more conservative expectations, on an absolute trend basis, adjusted net profit merely stayed flat YoY despite 37% total revenue growth. The problem of revenue growth without corresponding profit growth that emerged last quarter hasn't been reversed.$KE(BEKE.US)$BEKE-W(02423.HK)

MB-BEKE@EC2607A(18954.HK)

CITIC International raised KE's target price to $21.8, expecting a profit recovery this year

Goldman Sachs: KE's valuation has become reasonable, downgraded to "Neutral"

Top 5 HK Stock Gainers/Losers (>100B) (1.29)

KE Holdings, Inc. Class A (2423) Gets a Buy from GF Securities

KE Holdings (NYSE:BEKE) Valuation Check As Ongoing Share Buybacks Signal Confidence