<p>貝殼-W (02423.HK) +0.660 (+1.448%) 空頭頭寸 $200.44M; 比率 32.243% 報告顯示，2026 年第一季度非 GAAP 淨利潤同比增長 15.7%，達到人民幣 16.1 億元，毛利率達到七個季度的最高點。今天該股開盤上漲 6.85%，一度觸及 49 港元。目前交易價格為 48 港元，上漲 5.31%，成交量為 288.29 萬股，涉及資金 1.4 億港元。</p>
<p>關於貝殼-W (02423.HK) +0.660 (+1.448%) 空頭頭寸 $200.44M; 比率 32.243% (KE Holdings Inc (BEKE.US)) 的最新綜合券商評級、目標價和觀點如下：</p>
<p>券商評級 目標價 關鍵觀點</p>
<p>花旗 買入 HKD68.0 KD73.6/USD24.4 SD26.4</p>
<p>2026 年第一季度各項毛利率均有所改善。四月份二手房交易量創下歷史新高，正面運營槓桿。長期來看，公司預計將轉型為覆蓋整個購房決策週期的綜合服務平台。</p>
<p>高盛 買入 HKD55 KD59/USD21 SD23 2026 年第一季度收益超出預期，毛利率改善，調整後的運營毛利率和淨利率均有所上升。對每股收益增長潛力持積極態度，受益於總交易價值的拐點和 2026 年第二季度運營效率的提升。</p>
<p>摩根大通 超配 HKD47/USD18 2026 年第一季度業績超出預期，展示了在市場低迷期間強大的成本優化能力。調整後的運營毛利率達到七個季度的最高水平。住房租賃和房屋裝修等新業務持續擴大規模和盈利能力。</p>
<p>大和 表現優於大市 --- 2026 年第一季度收入符合預期，毛利率和運營毛利率顯著擴大，推動收益超出預期。預計 2026 年第二季度將通過運營優化進一步改善結構性毛利率。</p>
<p>美銀證券 買入 USD21 SD23 2026 年第一季度利潤超出預期，各業務板塊毛利率均有所擴大。管理層對通過改善運營質量、資源配置和勞動生產率推動結構性毛利率擴張充滿信心。</p>
<p>瑞銀 買入 USD23 2026 年第一季度調整後的淨利潤顯著超出市場預期。總交易價值和收入均超出預期，而二手房和租賃業務的佣金率上升，反映出更強的定價能力。</p>
<p>摩根士丹利 超配 USD20 2026 年第一季度收益顯著超出預期，反映出強勁的盈利表現。</p>
<p>(ad/u)(香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-19 16:25。)(實時流式美國股票報價；除所有場外交易報價外，均至少延遲 15 分鐘。)</p>

貝殼

貝殼-W

<p>貝殼-W 在報告 2026 年第一季度非 GAAP 淨利潤同比增長 15.7% 至人民幣 16.1 億元后，開盤上漲 6.85%，毛利率達到七個季度的最高點。券商給予積極評級，花旗和高盛預計將實現顯著增長和改善的利潤率。該股票目前交易於港幣 48 元，上漲 5.31%。分析師預計新業務擴展和運營效率將持續帶來盈利</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>貝殼-W (02423.HK) +0.660 (+1.448%) 空頭頭寸 $200.44M; 比率 32.243% 報告顯示，2026 年第一季度非 GAAP 淨利潤同比增長 15.7%，達到人民幣 16.1 億元，毛利率達到七個季度的最高點。今天該股開盤上漲 6.85%，一度觸及 49 港元。目前交易價格為 48 港元，上漲 5.31%，成交量為 288.29 萬股，涉及資金 1.4 億港元。</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>關於貝殼-W (02423.HK) +0.660 (+1.448%) 空頭頭寸 $200.44M; 比率 32.243% (KE Holdings Inc (BEKE.US)) 的最新綜合券商評級、目標價和觀點如下：</p>
</div><p>BrokerRatingTPKey Views</p>
<div class="lb-trans"><p>券商評級 目標價 關鍵觀點</p>
</div><p>CitiBuyHKD68.0KD73.6/USD24.4SD26.4</p>
<div class="lb-trans"><p>花旗 買入 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 年第一季度各項毛利率均有所改善。四月份二手房交易量創下歷史新高，正面運營槓桿。長期來看，公司預計將轉型為覆蓋整個購房決策週期的綜合服務平台。</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 買入 HKD55 KD59/USD21 SD23 2026 年第一季度收益超出預期，毛利率改善，調整後的運營毛利率和淨利率均有所上升。對每股收益增長潛力持積極態度，受益於總交易價值的拐點和 2026 年第二季度運營效率的提升。</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 年第一季度業績超出預期，展示了在市場低迷期間強大的成本優化能力。調整後的運營毛利率達到七個季度的最高水平。住房租賃和房屋裝修等新業務持續擴大規模和盈利能力。</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 表現優於大市 --- 2026 年第一季度收入符合預期，毛利率和運營毛利率顯著擴大，推動收益超出預期。預計 2026 年第二季度將通過運營優化進一步改善結構性毛利率。</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>美銀證券 買入 USD21 SD23 2026 年第一季度利潤超出預期，各業務板塊毛利率均有所擴大。管理層對通過改善運營質量、資源配置和勞動生產率推動結構性毛利率擴張充滿信心。</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>瑞銀 買入 USD23 2026 年第一季度調整後的淨利潤顯著超出市場預期。總交易價值和收入均超出預期，而二手房和租賃業務的佣金率上升，反映出更強的定價能力。</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 年第一季度收益顯著超出預期，反映出強勁的盈利表現。</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)(香港股票報價延遲至少 15 分鐘。空頭數據截至 2026-05-19 16:25。)(實時流式美國股票報價；除所有場外交易報價外，均至少延遲 15 分鐘。)</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.

美國銀行

瑞銀集團

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

貝殼-W 開盤上漲 6.9%，因為券商表示其 2026 年第一季度的利潤遠遠超過了預期