BEKE-W (02423) rose more than 3% again. As of writing, the stock was up 3.28%, trading at HK$46.6 with a turnover of HK$279 million. Recently, multiple major cities have intensively introduced new property market policies. Shenzhen and Guangzhou notably enhanced provident fund support, while Tianjin focused on acquiring existing housing stock. Additionally, data shows Shanghai's secondary housing transactions reached 28,742 units in April, a ten-year high for the period. Beijing's transaction volume also hit a five-year peak for the same timeframe. Industrial Securities noted that April's secondary market performance remained robust despite the traditionally slow season. Further policy adjustments are anticipated to help core cities stabilize first, with effects spreading to more areas. Huachuang Securities indicated that BEKE-W, as a leading real estate intermediary platform, maintains high market share through industry-leading strong management control. By 2026, cost reduction and efficiency improvements in its intermediary business are expected to show quarterly results, combined with profitability from leasing and home renovation services, which should drive a recovery in non-GAAP net profit.