Zhongyuan Securities said that under the impact of the epidemic, the pressure to stabilize growth increased, and the relaxation of the real estate sector intensified: on May 20, the central bank further cut 15 BP of five-year LPR to 4.45%, the largest reduction in more than five-year LPR since the establishment of the new LPR mechanism. Superimposing the previous regulatory authorities "the first set of housing commercial personal housing loan interest rate adjustment" policy, mortgage interest rates will have more room to decline. At present, the credit contraction in the real estate sector is relatively significant, and transactions in the secondary market continue to decline. It is expected that after the resumption of production and work, the effectiveness of the new real estate policy will gradually show, driving real estate investment to rebound, forming a pattern of economic bottom for the whole year in the second quarter.