Citic Sec released a research report stating a 'buy' rating for Ke Holdings (02423). The company benefits from a series of policy combinations that stabilize the first-tier city housing prices, and the recovery of GTV is likely to drive significant revenue growth for the company. However, the company's costs are relatively sticky, and the bank predicts limited growth.

The report mentions that the company's two wings of business have crossed the breakeven point, which will help further reduce the overall cyclicality of the company's business in the future. Compared to industrial internet companies, the company has a broader stage, while compared to platform internet companies, the company's moat is obviously wider. In addition, as the company's Hong Kong stock trading volume gradually increases, the bank expects the company to enter the Hong Kong Stock Connect list in the fourth quarter of 2024.