China Galaxy Securities stated that from December 24 to 25, the national Housing and Urban-Rural Development work conference was held in Peking, where the work of 2024 was summarized, and the key tasks for 2025 were outlined. These tasks include persistently promoting the stabilization of the real estate market and pushing for the establishment of a new model for real estate development. The meeting proposed the key tasks for 2025, reiterated the importance of stabilizing the real estate market, and suggested continuing to expand the urban village reconstruction scale based on an additional 1 million units. We believe that with the advancement of policies, the effects may gradually become evident, and industry valuations are likely to rise further. We think that leading real estate companies demonstrate excellent operational management capabilities and possess a funding advantage, which may further increase their market share.