CICC issued an article stating that on the morning of October 17, the State Information Office held a press conference to introduce the situation relating to promoting the steady and healthy development of the real estate market. The transformation of 1 million units of monetized resettlement in urban villages may help accelerate the release of demand, but the pace of implementation of the policy remains to be seen. The expansion of the “white list” support amount for this project will help further mitigate delivery risks, and the market is still looking forward to further incremental measures to “stop the decline and stabilize the real estate market”. The sector may fluctuate or intensify in the short term, but consideration of policies is still in the process of being strengthened. We believe that real estate stocks may still be in the layout period for some time to come. In terms of stock selection, along with market concerns that may balance policy expectations with fundamental verification, we believe that priority should be given to leading companies that have the potential to restore development investment and still have some room to increase their market share in the long term; if subsequent policies exceed expectations, they can take the opportunity to invest in more flexible targets.

CICC issued an article stating that on the morning of October 17, the State Information Office held a press conference to introduce the situation relating to promoting the steady and healthy development of the real estate market. The transformation of 1 million units of monetized resettlement in urban villages may help accelerate the release of demand, but the pace of implementation of the policy remains to be seen. The expansion of the “white list” support amount for this project will help further mitigate delivery risks, and the market is still looking forward to further incremental measures to “stop the decline and stabilize the real estate market”. The sector may fluctuate or intensify in the short term, but consideration of policies is still in the process of being strengthened. We believe that real estate stocks may still be in the layout period for some time to come. In terms of stock selection, along with market concerns that may balance policy expectations with fundamental verification, we believe that priority should be given to leading companies that have the potential to restore development investment and still have some room to increase their market share in the long term; if subsequent policies exceed expectations, they can take the opportunity to invest in more flexible targets.