HTSC research reports indicate that according to Yihan data, in September, the monthly sales amount of the top 100 real estate companies decreased by 38.1% year-on-year, a larger decline than the 10% widening in August. The cumulative sales amount from January to September decreased by 34.1% year-on-year, a narrower decrease of 3.9% compared to January to August. New home sales in September experienced adjustments. From September 29 to 30, new real estate policies were successively introduced in the four major first-tier cities. We believe that the rapid implementation of the new policies in the first-tier cities is a positive start. The new policies are expected to lead to the early stabilization of the real estate industry in first-tier cities, helping to stabilize the market and expectations. As of September 29, the ke holdings 50-city new home/second-hand home transaction volume KMI indices were 43.3/39.5, with increases of +16%/+17% respectively compared to the previous period. Forward-looking indicators show a recent warming trend in the transactions of new and second-hand homes, and it is recommended to monitor the effects of the new policies.