<h2>股票回购与资本管理信号</h2>
<p>贝壳（KE Holdings，股票代码：BEKE）最近确认截至 2026 年 1 月 2 日的 A 类股票数量约为 33.7 亿股，并详细说明了在 11 月至 1 月初之间进行的大规模市场回购，突显了其积极的资本管理。</p>
<p>请查看我们对贝壳的最新分析。</p>
<p>贝壳的股票目前交易价格为 17.32 美元，年初至今股价回报率为 7.85%，过去一年总股东回报率为 5.77%，但五年总股东回报率下降了 75.02%，这表明长期持有者的经历与近期买入者截然不同。最近的回购和短期股价的积极走势，包括 30 天股价回报率为 4.34%，暗示在 90 天股价回报率为 5.25% 较弱后，市场情绪有所回暖。</p>
<p>如果最近的回购让你思考其他资本可能如何运作，现在可能是扩大搜索范围的好时机，寻找那些快速增长且内部持股比例高的股票。</p>
<p>在回购活跃且贝壳交易价格为 17.32 美元的情况下，考虑到内在价值差距和分析师的目标价格溢价，关键问题是这是否反映了一个被低估的机会，还是市场已经预期了更强劲的增长。</p>
<h2>最受欢迎的叙述：15% 低估</h2>
<p>与最后收盘价 17.32 美元相比，最受关注的叙述将其公允价值锚定在 20.37 美元，指出了一个依赖于特定增长和利润率预期的实质性估值差距。</p>
<p><em>贝壳通过快速扩展其高利润、经常性服务业务（如家居装修、家具和租赁服务）来实现收入多元化。这些非交易性收入现在占总销售额的 41%，减少了周期性波动，并在平台成熟时支持更稳定的收入和更高的综合利润率。公司对运营效率的增强关注，包括集中采购、人工智能驱动的流程改进和商业模式创新，已经在细分市场利润率（尤其是在家居装修和租赁方面）上取得了显著改善。这为可持续的利润率扩张和未来更强劲的收益铺平了道路。</em></p>
<p>阅读完整叙述。</p>
<p>想知道适度的收入增长、上升的收益、利润率提升和减少的股票数量如何共同影响公允价值差距吗？完整叙述将逐一解析每个动态部分，包括收益概况和利润倍数，这些都需要协调一致才能使该估值合理。</p>
<p><strong>结果：公允价值为 20.37 美元（低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，这取决于中国的房地产市场不会在多年内保持疲软，以及贝壳能够在不侵蚀盈利能力的情况下管理新服务的成本上升。</p>
<p>了解贝壳叙述的关键风险。</p>
<h2>估值的另一种角度</h2>
<p>如果你从 20.37 美元的公允价值锚点上退一步，看看市场今天实际支付的价格，贝壳的市盈率为 40.3 倍。这远高于美国房地产行业的 29.7 倍和同行平均的 27.7 倍，也高于我们认为的公允比例 26.5 倍。</p>
<p>简单来说，当前价格要求你支付一个溢价倍数。我们的公允比例表明，市场可能会向更低的水平移动，这引发了你究竟能承受多少执行或增长风险的问题。</p>
<p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/104b3479-fd00-4011-a0d0-1d77bec733a7/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/104b3479-fd00-4011-a0d0-1d77bec733a7/chart/pe-multiple-vs-industry"/></p>
<p>截至 2026 年 1 月的 NYSE:BEKE 市盈率</p>
<h2>自建贝壳叙述</h2>
<p>如果你查看数字并得出不同的结论，或者希望测试自己的假设，你可以在几分钟内使用 “按你的方式” 构建一个符合你观点的版本。</p>
<p>进行贝壳研究的一个很好的起点是我们的分析，强调了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>如果贝壳引起了你的关注，不要止步于此。使用定制筛选器快速发现其他符合你的风格和风险承受能力的机会。</p>
<ul>
<li>通过查看这 886 只基于现金流的低估股票，寻找潜在的错误定价，这些股票可能为你愿意承担的风险提供更多价值。</li>
<li>通过扫描这 25 只塑造人工智能如何进入日常商业和消费者的 AI 便士股票，提前把握重大技术变革。</li>
<li>通过审查这 80 只与数字资产、区块链基础设施和相关服务相关的加密货币和区块链股票，抓住快速发展的主题。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买卖任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

贝壳-W

贝壳

<p>KE Holdings（NYSE:BEKE）已确认其 A 类股票数量约为 33.7 亿，并进行了大量股票回购，显示出强大的资本管理能力。目前股价为 17.32 美元，年初至今回报率为 7.85%，但五年内下降了 75.02%。分析师建议的公允价值为 20.37 美元，表明该股票可能被低估。公司正在通过高利润率的服务多元化收入，这些服务目前占总销售额的 41%。然而，该股票的市盈率为 40.3 倍，高于行业平均水平，这引发了对增长风险的担忧</p>

<h2>Share repurchases and capital management signal</h2>
<div class="lb-trans"><h2>股票回购与资本管理信号</h2>
</div><p>KE Holdings (BEKE) recently confirmed its Class A share count at about 3.37 billion as of January 2, 2026, while detailing substantial on-market repurchases between November and early January that highlight active capital management.</p>
<div class="lb-trans"><p>贝壳（KE Holdings，股票代码：BEKE）最近确认截至 2026 年 1 月 2 日的 A 类股票数量约为 33.7 亿股，并详细说明了在 11 月至 1 月初之间进行的大规模市场回购，突显了其积极的资本管理。</p>
</div><p>See our latest analysis for KE Holdings.</p>
<div class="lb-trans"><p>请查看我们对贝壳的最新分析。</p>
</div><p>KE Holdings shares currently trade at $17.32, with a 7.85% year to date share price return and a 5.77% total shareholder return over the past year, but a 75.02% total shareholder return decline over five years suggests long term holders have experienced a very different journey to recent buyers. Recent buybacks and the positive short term share price moves, including a 4.34% 30 day share price return, hint that sentiment has firmed after a weaker 90 day share price return of 5.25%.</p>
<div class="lb-trans"><p>贝壳的股票目前交易价格为 17.32 美元，年初至今股价回报率为 7.85%，过去一年总股东回报率为 5.77%，但五年总股东回报率下降了 75.02%，这表明长期持有者的经历与近期买入者截然不同。最近的回购和短期股价的积极走势，包括 30 天股价回报率为 4.34%，暗示在 90 天股价回报率为 5.25% 较弱后，市场情绪有所回暖。</p>
</div><p>If the recent buybacks have you thinking about where else capital might be working hard, it could be a good moment to broaden your search with fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果最近的回购让你思考其他资本可能如何运作，现在可能是扩大搜索范围的好时机，寻找那些快速增长且内部持股比例高的股票。</p>
</div><p>With buybacks active and KE Holdings trading at $17.32 alongside an indicated intrinsic value gap and analyst price target premium, the key question is whether this reflects a mispriced opportunity or whether markets already expect stronger growth.</p>
<div class="lb-trans"><p>在回购活跃且贝壳交易价格为 17.32 美元的情况下，考虑到内在价值差距和分析师的目标价格溢价，关键问题是这是否反映了一个被低估的机会，还是市场已经预期了更强劲的增长。</p>
</div><h2>Most Popular Narrative: 15% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：15% 低估</h2>
</div><p>Compared to the last close at $17.32, the most followed narrative anchors its fair value around $20.37, pointing to a material valuation gap that hinges on specific growth and margin expectations.</p>
<div class="lb-trans"><p>与最后收盘价 17.32 美元相比，最受关注的叙述将其公允价值锚定在 20.37 美元，指出了一个依赖于特定增长和利润率预期的实质性估值差距。</p>
</div><p><em>KE Holdings is diversifying revenue through rapid expansion of its high margin, recurring service businesses such as home renovation, furniture, and rental services. These non transactional revenues now comprise 41% of total sales, reducing cyclicality and supporting more stable revenue and higher blended margins as the platform matures. The company's enhanced focus on operational efficiency, including centralized procurement, AI led process improvements, and business model innovation, has already yielded tangible improvements in segment margins (notably in home renovation and rental). This signals a path to sustainable margin expansion and stronger future earnings.</em></p>
<div class="lb-trans"><p><em>贝壳通过快速扩展其高利润、经常性服务业务（如家居装修、家具和租赁服务）来实现收入多元化。这些非交易性收入现在占总销售额的 41%，减少了周期性波动，并在平台成熟时支持更稳定的收入和更高的综合利润率。公司对运营效率的增强关注，包括集中采购、人工智能驱动的流程改进和商业模式创新，已经在细分市场利润率（尤其是在家居装修和租赁方面）上取得了显著改善。这为可持续的利润率扩张和未来更强劲的收益铺平了道路。</em></p>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how moderate revenue growth, rising earnings, margin gains, and shrinking share count all feed into that fair value gap? The full narrative walks through each moving part, including the earnings profile and profit multiple that need to line up for this valuation to make sense.</p>
<div class="lb-trans"><p>想知道适度的收入增长、上升的收益、利润率提升和减少的股票数量如何共同影响公允价值差距吗？完整叙述将逐一解析每个动态部分，包括收益概况和利润倍数，这些都需要协调一致才能使该估值合理。</p>
</div><p><strong>Result: Fair Value of $20.37 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 20.37 美元（低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, this hinges on China’s housing market not staying weak for years, as well as on KE Holdings managing rising costs in newer services without eroding profitability.</p>
<div class="lb-trans"><p>然而，这取决于中国的房地产市场不会在多年内保持疲软，以及贝壳能够在不侵蚀盈利能力的情况下管理新服务的成本上升。</p>
</div><p>Find out about the key risks to this KE Holdings narrative.</p>
<div class="lb-trans"><p>了解贝壳叙述的关键风险。</p>
</div><h2>Another angle on valuation</h2>
<div class="lb-trans"><h2>估值的另一种角度</h2>
</div><p>If you step away from that $20.37 fair value anchor and look at what the market is actually paying today, KE Holdings trades on a P/E of 40.3x. That sits well above the US Real Estate industry at 29.7x and the peer average at 27.7x, and it also stands higher than our fair ratio of 26.5x.</p>
<div class="lb-trans"><p>如果你从 20.37 美元的公允价值锚点上退一步，看看市场今天实际支付的价格，贝壳的市盈率为 40.3 倍。这远高于美国房地产行业的 29.7 倍和同行平均的 27.7 倍，也高于我们认为的公允比例 26.5 倍。</p>
</div><p>Put simply, the current price asks you to pay a premium multiple. Our fair ratio suggests the market could move toward a much lower level, which raises the question of how much execution or growth risk you are really comfortable carrying.</p>
<div class="lb-trans"><p>简单来说，当前价格要求你支付一个溢价倍数。我们的公允比例表明，市场可能会向更低的水平移动，这引发了你究竟能承受多少执行或增长风险的问题。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中找到答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/104b3479-fd00-4011-a0d0-1d77bec733a7/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/104b3479-fd00-4011-a0d0-1d77bec733a7/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:BEKE P/E Ratio as at Jan 2026</p>
<div class="lb-trans"><p>截至 2026 年 1 月的 NYSE:BEKE 市盈率</p>
</div><h2>Build Your Own KE Holdings Narrative</h2>
<div class="lb-trans"><h2>自建贝壳叙述</h2>
</div><p>If you look at the numbers and reach a different conclusion, or prefer to test your own assumptions, you can build a version that fits your view in a few minutes with Do it your way.</p>
<div class="lb-trans"><p>如果你查看数字并得出不同的结论，或者希望测试自己的假设，你可以在几分钟内使用 “按你的方式” 构建一个符合你观点的版本。</p>
</div><p>A great starting point for your KE Holdings research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>进行贝壳研究的一个很好的起点是我们的分析，强调了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>If KE Holdings has sharpened your focus, do not stop here. Use tailored screeners to quickly spot other opportunities that fit your style and risk comfort.</p>
<div class="lb-trans"><p>如果贝壳引起了你的关注，不要止步于此。使用定制筛选器快速发现其他符合你的风格和风险承受能力的机会。</p>
</div><ul>
<li>Target potential mispricings by checking out these 886 undervalued stocks based on cash flows that may offer more value for the risk you are willing to take.</li>
<li>Ride major technology shifts early by scanning these 25 AI penny stocks that shape how artificial intelligence reaches everyday businesses and consumers.</li>
<li>Tap into fast moving themes by reviewing these 80 cryptocurrency and blockchain stocks that are tied to digital assets, blockchain infrastructure, and related services.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过查看这 886 只基于现金流的低估股票，寻找潜在的错误定价，这些股票可能为你愿意承担的风险提供更多价值。</li>
<li>通过扫描这 25 只塑造人工智能如何进入日常商业和消费者的 AI 便士股票，提前把握重大技术变革。</li>
<li>通过审查这 80 只与数字资产、区块链基础设施和相关服务相关的加密货币和区块链股票，抓住快速发展的主题。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买卖任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

贝壳控股（NYSE:BEKE）估值检查：持续的股票回购显示出信心