Fangzheng Securities research report points out that in the third quarter of 2024, real estate fund holdings have significantly improved, but still remain underweight. The core fact of the sector being undervalued and under-held has not changed. Additionally, the recent fundamental improvement supports the continued rebound of the sector with a solid foundation and logic. Key target sectors to focus on: 5i5j holding group, seazen holdings, gemdale corporation, longfor group. Furthermore, it is recommended to pay attention to: 1) Second-hand housing: 5i5j holding group, KE Holdings-W; 2) Dual-drive of commercial operation and real estate development: seazen holdings, longfor group, China res land; 3) Property management companies with high dividends and healthy cash flows: greentown ser, China res mixc; 4) Pure development enterprises in first and second-tier cities: China merchants shekou industrial zone holdings, China overseas, C&D Intl Group, Poly Developments and Holdings Group.