HTSC stated that in December, the Central Economic Work Conference once again clarified the 'de-inventory' path for land and existing housing stock, and related policies are expected to be implemented more quickly. Considering the situation of urban investment land acquisition since the real estate adjustment, the backdrop of urban investment debt transformation and transition, as well as the practical difficulties, it is believed that local governments will prioritize the acquisition, replacement, or adjustment of plans for idle land or existing housing stock developed by urban investment companies within the system, which faces relatively less resistance. Urban investment companies are expected to take this opportunity to improve inventory pressure and transition. In line with the historical trend of urban investment debt transformation and transition, urban investment companies are expected to optimize their balance sheets and accelerate their transition process through stockpiling in the future. Focusing on the listed companies, urban investment companies in the real estate sector are in a de-inventory state, but some may bear certain responsibilities in stabilizing the land market. Two potential directions for considering urban investment opportunities from land stockpiling are: 1. For companies that acquired a lot of land from 21 to 24H1 and primarily focus on real estate, opportunities from stockpiling can be considered from the perspective of optimizing the balance sheet and strengthening the main business; 2. For companies that have acquired little or no land, opportunities from stockpiling existing real estate resources can be considered from the perspective of accelerating transition.