<p>贝壳-W (02423.HK) +0.660 (+1.448%) 空头头寸 $200.44M; 比率 32.243% 报告显示，2026 年第一季度非 GAAP 净利润同比增长 15.7%，达到人民币 16.1 亿元，毛利率达到七个季度的最高点。今天该股开盘上涨 6.85%，一度触及 49 港元。目前交易价格为 48 港元，上涨 5.31%，成交量为 288.29 万股，涉及资金 1.4 亿港元。</p>
<p>关于贝壳-W (02423.HK) +0.660 (+1.448%) 空头头寸 $200.44M; 比率 32.243% (KE Holdings Inc (BEKE.US)) 的最新综合券商评级、目标价和观点如下：</p>
<p>券商评级 目标价 关键观点</p>
<p>花旗 买入 HKD68.0 KD73.6/USD24.4 SD26.4</p>
<p>2026 年第一季度各项毛利率均有所改善。四月份二手房交易量创下历史新高，正面运营杠杆。长期来看，公司预计将转型为覆盖整个购房决策周期的综合服务平台。</p>
<p>高盛 买入 HKD55 KD59/USD21 SD23 2026 年第一季度收益超出预期，毛利率改善，调整后的运营毛利率和净利率均有所上升。对每股收益增长潜力持积极态度，受益于总交易价值的拐点和 2026 年第二季度运营效率的提升。</p>
<p>摩根大通 超配 HKD47/USD18 2026 年第一季度业绩超出预期，展示了在市场低迷期间强大的成本优化能力。调整后的运营毛利率达到七个季度的最高水平。住房租赁和房屋装修等新业务持续扩大规模和盈利能力。</p>
<p>大和 表现优于大市 --- 2026 年第一季度收入符合预期，毛利率和运营毛利率显著扩大，推动收益超出预期。预计 2026 年第二季度将通过运营优化进一步改善结构性毛利率。</p>
<p>美银证券 买入 USD21 SD23 2026 年第一季度利润超出预期，各业务板块毛利率均有所扩大。管理层对通过改善运营质量、资源配置和劳动生产率推动结构性毛利率扩张充满信心。</p>
<p>瑞银 买入 USD23 2026 年第一季度调整后的净利润显著超出市场预期。总交易价值和收入均超出预期，而二手房和租赁业务的佣金率上升，反映出更强的定价能力。</p>
<p>摩根士丹利 超配 USD20 2026 年第一季度收益显著超出预期，反映出强劲的盈利表现。</p>
<p>(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-19 16:25。)(实时流式美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。)</p>

贝壳

贝壳-W

<p>贝壳-W 在报告 2026 年第一季度非 GAAP 净利润同比增长 15.7% 至人民币 16.1 亿元后，开盘上涨 6.85%，毛利率达到七个季度的最高点。券商给予积极评级，花旗和高盛预计将实现显著增长和改善的利润率。该股票目前交易于港币 48 元，上涨 5.31%。分析师预计新业务扩展和运营效率将持续带来盈利</p>

<p>BEKE-W (02423.HK) +0.660 (+1.448%)  Short selling $200.44M; Ratio 32.243%  reported a 15.7% YoY increase in 1Q26 non-GAAP net profit to RMB1.61 billion, with gross margin reaching a seven-quarter peak. The stock opened 6.85% higher today and once hit HKD49. It is now trading at HKD48, up 5.31%, with turnover of 2.8829 million shares, involving HKD140 million.</p>
<div class="lb-trans"><p>贝壳-W (02423.HK) +0.660 (+1.448%) 空头头寸 $200.44M; 比率 32.243% 报告显示，2026 年第一季度非 GAAP 净利润同比增长 15.7%，达到人民币 16.1 亿元，毛利率达到七个季度的最高点。今天该股开盘上涨 6.85%，一度触及 49 港元。目前交易价格为 48 港元，上涨 5.31%，成交量为 288.29 万股，涉及资金 1.4 亿港元。</p>
</div><p>The latest consolidated broker ratings, TPs and views on BEKE-W (02423.HK) +0.660 (+1.448%)  Short selling $200.44M; Ratio 32.243%  (KE Holdings Inc (BEKE.US) ) are as follows:</p>
<div class="lb-trans"><p>关于贝壳-W (02423.HK) +0.660 (+1.448%) 空头头寸 $200.44M; 比率 32.243% (KE Holdings Inc (BEKE.US)) 的最新综合券商评级、目标价和观点如下：</p>
</div><p>BrokerRatingTPKey Views</p>
<div class="lb-trans"><p>券商评级 目标价 关键观点</p>
</div><p>CitiBuyHKD68.0KD73.6/USD24.4SD26.4</p>
<div class="lb-trans"><p>花旗 买入 HKD68.0 KD73.6/USD24.4 SD26.4</p>
</div><p>Margins improved across the board in 1Q26. April secondary home transaction volume hit a record high with positive operating leverage. In the long term, the company is expected to transform into a comprehensive service platform covering the entire housing purchase decision cycle.</p>
<div class="lb-trans"><p>2026 年第一季度各项毛利率均有所改善。四月份二手房交易量创下历史新高，正面运营杠杆。长期来看，公司预计将转型为覆盖整个购房决策周期的综合服务平台。</p>
</div><p>G SachsBuyHKD55KD59/USD21SD231Q26 earnings beat expectations on improved margins, adjusted operating margin and net margin. Positive on EPS growth potential driven by a total transaction value inflection point and operating efficiency improvement in 2Q26.</p>
<div class="lb-trans"><p>高盛 买入 HKD55 KD59/USD21 SD23 2026 年第一季度收益超出预期，毛利率改善，调整后的运营毛利率和净利率均有所上升。对每股收益增长潜力持积极态度，受益于总交易价值的拐点和 2026 年第二季度运营效率的提升。</p>
</div><p>JPMOverweightHKD47/USD181Q26 results beat forecasts, demonstrating strong cost optimization capability during market downturns. Adjusted operating margin reached a seven-quarter high. New businesses such as housing rental and home renovation continued to expand in scale and profitability.</p>
<div class="lb-trans"><p>摩根大通 超配 HKD47/USD18 2026 年第一季度业绩超出预期，展示了在市场低迷期间强大的成本优化能力。调整后的运营毛利率达到七个季度的最高水平。住房租赁和房屋装修等新业务持续扩大规模和盈利能力。</p>
</div><p>DaiwaOutperform---1Q26 revenue met expectations, while significant expansion in gross margin and operating margin drove earnings above forecasts. Expects further structural margin improvement from operating optimization in 2Q26.</p>
<div class="lb-trans"><p>大和 表现优于大市 --- 2026 年第一季度收入符合预期，毛利率和运营毛利率显著扩大，推动收益超出预期。预计 2026 年第二季度将通过运营优化进一步改善结构性毛利率。</p>
</div><p>BofASBuyUSD21SD231Q26 profit exceeded expectations, with gross margin expansion across all business segments. Management is confident in structural margin expansion driven by improvements in operating quality, resource allocation and labor productivity.</p>
<div class="lb-trans"><p>美银证券 买入 USD21 SD23 2026 年第一季度利润超出预期，各业务板块毛利率均有所扩大。管理层对通过改善运营质量、资源配置和劳动生产率推动结构性毛利率扩张充满信心。</p>
</div><p>UBSBuyUSD231Q26 adjusted net profit significantly beat market expectations. Total transaction value and revenue both exceeded forecasts, while commission rates for secondary housing and rental businesses increased, reflecting stronger pricing power.</p>
<div class="lb-trans"><p>瑞银 买入 USD23 2026 年第一季度调整后的净利润显著超出市场预期。总交易价值和收入均超出预期，而二手房和租赁业务的佣金率上升，反映出更强的定价能力。</p>
</div><p>M StanleyOverweightUSD201Q26 earnings significantly surpassed expectations, reflecting strong profit performance.</p>
<div class="lb-trans"><p>摩根士丹利 超配 USD20 2026 年第一季度收益显著超出预期，反映出强劲的盈利表现。</p>
</div><p>(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-19 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>(ad/u)(香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-19 16:25。)(实时流式美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。)</p>
</div>

BEKE-W  Opens 6.9% Higher as Brokers Say 1Q26 Profit Far Exceeds Forecasts

AASTOCKS News

花旗

高盛

摩根大通

Daiwa Securities Group Inc.

美国银行

瑞银集团

摩根士丹利

CITIGROUP INC 6.250 NON CUM SER II PFD WI

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

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

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

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

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

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

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

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

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

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

贝壳-W 开盘上涨 6.9%，因为券商表示其 2026 年第一季度的利润远远超过了预期