CITIC Securities' research report indicates that there will be a small peak in real estate policy in the near future, and regional and structural recovery of the market is possible, starting from core cities such as Shanghai and Beijing. The threat of asset impairment faced by development enterprises will be eased, and the normal business order of residential service enterprises can also be guaranteed. There is still a wide range of policy space for various places in terms of price limits, household registration, interest rates, and fiscal subsidies. Beijing's implementation of rate reduction and down payment is helpful for other places to further liberate their thinking, introduce policies, and enhance residents' confidence in the sustainability of policies, actively releasing self-occupation demand.