According to research reports from Sinolink Securities, the new real estate policy in Beijing has been released, completing the implementation of new policies in all four first-tier cities. In the short term, this is expected to contribute to the increase of market activity. In the medium and long term, the restoration of fundamentals and continuous improvement of market expectations may require the implementation of acquisition and storage to form physical quantities as soon as possible, and promote the market to reach a new balance between supply and demand at the next level. The report recommends focusing on the layout of first-tier and core second-tier cities, with a main focus on improving products and having continuous land acquisition capabilities for real estate companies such as China Overseas Land & Investment Ltd., Country Garden, China Resources Land Ltd., and Poly Real Estate Group Co., Ltd. Secondly, it recommends Ke Holdings, a property agent platform with core competitiveness benefiting from the continuous implementation of bullish policies and improvement of the first and second-hand property market activity.