Guolonghui November 12th | Influenced by the continuous decline of mainland real estate in the Hong Kong stock market, Fangdd Network and Ke Holdings fell by 4.5% and 1.5% respectively before the market opened. In terms of news, local hidden debts are being bundled and transformed into a comprehensive debt combination, indicating the end of the debt reform. HTSC believes that the underlying logic of this debt transformation strategy reflects more of a "risk prevention" rather than a "strong stimulus" approach. With the current escalation of external geopolitical risks, external demand may face further pressure; the market expects the next fiscal policy to focus more on real estate alleviation, expanding consumer demand, and helping to repair the balance sheets of local governments, enterprises, and residents.