HTSC research reports pointed out that on July 2nd, the June second-hand housing transaction data in first-tier cities have been released. The data showed that the monthly transaction volume of second-hand housing in first-tier cities has risen to a nearly three-year high, with the second-hand residence transaction volume in Shenzhen reaching a new high in 38 months. In addition, Ke Holdings' data showed that in June, the discount rate of the transaction price in first-tier cities compared to the listing price has somewhat narrowed, releasing some bullish signals. The maintenance of the volume of second-hand housing is the key to stabilize the price, while the stabilization and warming up of the transaction volume and price in first-tier cities are expected to promote market confidence repairing and bottoming out as soon as possible, which will provide valuation repair space for the sector. We are bullish on high-quality real estate enterprises with sufficient reserves and stable operations in core cities.