Citic Construction Investment pointed out that the recent frequent real estate risk incidents, high-frequency data show that new home sales have cooled, the follow-up need to pay attention to the follow-up evolution and related policies. After the financing side is constrained, the difficulties of the sales side further affect the investment willingness and ability of real estate enterprises. The weekly transaction area of 30 cities plummeted from 5.14 million square meters in the first week of July to 2.82 million square meters this week. The downward real estate cycle is expected to continue to depress valuations in the financial and real estate sector and even the A-share sector as a whole. Before the end of the "loan break" incident, follow-up real estate sales, financing and changes in house prices still need to be closely watched. The future "Baojiaolou" and further rescue policies may be introduced one after another, when the relevant sectors and A-share valuations are expected to be boosted.