According to the CITIC Securities Research Report, overall, although marginal changes in policy are minor, it shows a clear attitude of supporting real estate demand. Policies continue to accumulate, and we anticipate that their marginal impact will not be small. The real estate industry was still operating at its bottom in the first quarter of 2024, but there are signs of improvement in some indicators. It is expected that the gradual liberalization of purchase restrictions and falling interest rates on mortgage loans will boost market confidence and help the real estate market in core cities stabilize in the second quarter. High dividends in the property services sector have become the main line of investment, and the characteristics of stable revenue, profitability, and cash inflows have been recognized by investors.
中信证券：地产政策边际变化小 但累积影响预计不小
CITIC Securities: Marginal changes in real estate policies are small, but the cumulative impact is expected to be significant
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