Ping an Securities report pointed out that the decline in sales of the top 100 housing enterprises narrowed in June, reflecting the control of the epidemic and the gradual emergence of policy effects. With the continued efforts of the policy in the second half of the year, real estate is expected to recover slowly under stability, especially in high-energy cities with good fundamentals, the real estate sector is also expected to meet the fundamentals of the market. The development plate suggests that high-credit enterprises with superior sales and investment should be the first to benefit from the recovery of the industry, such as Poly Development, China Overseas Land & Investment, China Merchants Shekou, Vanke A, Jindi Group, Binjiang Group, Tianjian Group and so on. In terms of diversification, with the moderate recovery of real estate, concerns about the growth and independence of property management are expected to be alleviated, and the valuation of leading property enterprises is expected to be repaired. It is recommended to pay attention to Country Garden Services Holdings, Poly property, investment surplus, Metro service, Xingsheng business and so on. At the same time, it is suggested that we should pay attention to the investment opportunities of the real estate industry chain.