According to research reports by China International Capital Corporation, the current real estate policies are being implemented with greater intensity than previous cycles, and the corresponding total demand has stabilized to some extent. The market's confidence in the turning point of the real estate cycle has significantly increased. However, it is also necessary to recognize that under the new situation of the real estate industry, the structure of first and second-hand houses is evolving rapidly, and the total supply pressure of new and second-hand houses is prominent. The inertia of the real estate cycle has increased, so we should have sufficient patience while waiting for the turning point to arrive. Currently, the market is in a stage of policy competition while waiting for basic fundamentals to stabilize in certain regions. We believe that this stage will see frequent opportunities for trading with medium-term and short-term perspectives, and investment should be made opportunistically by selecting symbols with high valuation and price-performance ratio, as well as strong operational resilience.