JP-BEKE@EC2602A

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

GUANZE MEDICAL

PCPD

STARCOIN GROUP

HUILI RES

TIMES UNI GP

MANY IDEA CLOUD

WALNUT CAP

SILKWAVE INC

HUA LIEN INT'L

WAI CHUN GROUP

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02423

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The Hang Seng Index Company announced the latest quarterly review results, with CATL, LAOPU GOLD, and CMOC being included in the Hang Seng Index constituent stocks, increasing the total to 90 stocks, while Zhongsheng Group was removed. In the case of the Hang Seng China Enterprises Index, BEKE and HORIZONROBOT-W were included, while China Resources Beer and Mengniu Dairy were removed, maintaining a total of 50 constituent stocks. There were no changes in the constituent stocks of the Tech Index

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HORIZONROBOT-W

BEKE-W

LAOPU GOLD

CMOC

CATL

Huaan Yifu Gold ETF

The Hang Seng Index quarterly review reveals that CATL, LAOPU GOLD, and CMOC have turned blue, increasing the number of blue-chip stocks to 90

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Hang Seng Indexes Company announced that in the quarterly review results up to December 31, 2025, the Hang Seng China Enterprises Index will add BEKE-W and HORIZONROBOT-W, while removing CHINA RES BEER and Mengniu Dairy. The total number of constituent stocks will remain at 50, and all changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026

AASTOCKS

Hang Seng China Enterprises Index

HSCEI ETF

Penghua CSI Alcoholic Drink ETF

MENGNIU DAIRY

CHINA RES BEER

Mengniu Dairy

In the "Quarterly Review," the Hang Seng China Enterprises Index includes BEKE-W and HORIZONROBOT-W while excluding CHINA RES BEER and Mengniu Dairy

09888

TCOM

BIDU

BEKE

The NASDAQ Golden Dragon China Index initially closed down 2.9%. Among popular Chinese concept stocks, Tencent Music initially closed down 10%, Trip.com fell 6%, KE dropped 5.8%, Bilibili, Baidu, CSI Solar, and YUM China fell over 4%, Alibaba dropped 3.4%, Atour rose 1.2%, and Century Internet rose 3.7%

Wallstreetcn

BIDU-SW

Invesco Golden Dragon China

Trip.com

Tencent Music

Global X E-commerce ETF

BABA 2x Long Daily ETF - GraniteShares

Guotai MSCI China A ESG General ETF

YUM China

Roundhill China Dragons ETF

NASDAQ Golden Dragon China Index

Baidu

ALI HEALTH

BILIBILI-W

YUM CHINA

CSI Solar

Alibaba

KraneShares 2x Long BABA Daily ETF

Yinhua MSCI China A ETF

BABA-W

Bilibili

Direxion FTSE China Bull 3X

TRIP.COM-S

TME-SW

XLRE

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

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

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

HUA HONG SEMI

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

"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.

KUAISHOU-W

SKB BIO-B

INNOVENT BIO

GWMOTOR

XPENG-W

CHERY AUTO

PETROCHINA

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

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

OpenAI

Destiny Tech100

Citigroup

BIDU-SWR

XPeng

INTEL-T

BTQ Tech

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

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

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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

BEKE: Is there still hope?

JP-BEKE@EC2602A(19817.HK)

The Hang Seng Index quarterly review reveals that CATL, LAOPU GOLD, and CMOC have turned blue, increasing the number of blue-chip stocks to 90

In the "Quarterly Review," the Hang Seng China Enterprises Index includes BEKE-W and HORIZONROBOT-W while excluding CHINA RES BEER and Mengniu Dairy

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"