China Securities Co., Ltd. research report pointed out that in May, the sales of the top 100 real estate companies reached 354.8 billion yuan, an increase of 4.3% month-on-month. This increase is only better than the two years of 2017 and 2023 in the past seven years, and the market still shows a weak recovery trend. On a year-on-year basis, sales decreased by 35.4%, a decrease of 11.6 percentage points from last month. The performance of key cities has slightly improved, and the year-on-year decline in the transaction volume of first and second-hand houses in May has narrowed. The scale of real estate enterprise bond financing in May was 20.45 billion yuan, a decline on both a year-on-year and month-on-month basis. On May 17th, multiple ministries and commissions issued real estate support policies, including reducing the down payment ratio, cancelling the lower limit of personal housing loan interest rate, lowering the housing provident fund loan interest rate, and setting up a 300 billion yuan guarantee housing re-loan and other measures. Hangzhou and Xi'an cancelled restrictions on purchases, while Shenzhen and Shanghai optimized restriction policies. The relaxation of policies is expected to provide support for demand, and core cities and second-hand housing markets are expected to recover first.