KE Holdings Inc. (02423) has provided a robust response amid market discussions about its organizational changes. On March 31, the company conducted a single-day share repurchase of approximately $12 million, marking the highest level in nearly two years. Repurchase volume for the month of March surged by 115% year-over-year. In the first quarter, cumulative repurchases reached $195 million, a 40% increase compared to the same period last year. This substantial capital investment directly reflects management's confidence in the ongoing strategic upgrade. In response to market speculation about whether KE Holdings is moving away from transaction-based services, inquiries were made to members of the company’s transformation management committee. A relevant representative clarified that the company is not reducing its focus on transactions but is upgrading its strategy in response to fundamental shifts in consumer demand. The new model aims to "strengthen transaction certainty services and enter the blue ocean of community living services," thereby reinforcing its transaction advantages while embracing new opportunities and growth areas. By leveraging AI-driven solutions and business model restructuring, the company is transforming its traditional "transaction facilitation" services into higher-value decision support for home buyers and sellers, enhancing transaction certainty. This shift also helps agents evolve from "information intermediaries" into "trusted expert service providers," better meeting the evolving needs of both parties. At the same time, KE Holdings will deeply integrate businesses such as home renovation and leasing, transitioning from a single-transaction model in property sales to creating value across the entire residential lifecycle. This approach is expected to drive more frequent service interactions and transaction linkages. In the view of some market observers, this round of strategic transformation by KE Holdings is aimed at strengthening the foundation of its transaction services, deepening its business moat, and enhancing the company's cyclical resilience and operational stability.