HTSC released a research report stating that on June 26th, Beijing released new real estate policies, including adjusting the minimum down payment ratio and interest rate floor for commercial housing loans, adjusting the minimum down payment ratio for housing provident fund loans, supporting the improvement of housing needs for families with multiple children, and organizing the 'replace the old with the new' housing activities. Similar to Shenzhen, this Beijing policy optimization mainly reflects the credit side and does not involve purchase restrictions. The bank believes that the implementation of this Beijing policy is a response to the 517 policy, reflecting the regulatory authorities' clear demand for 'stable real estate' on the operational level, and is expected to promote the repair of confidence in the real estate market and bottom out as soon as possible, providing valuation repair space for the sector.