On December 11, Gelonghui reported that CMB International published a Research Report indicating that recent channel surveys have revealed a release of pent-up rigid housing demand, while investment demand has nearly disappeared. Therefore, it is believed that the current recovery in the mainland real estate market mainly stems from the support of rigid demand and replacement demand, which is more in line with the country's long-term development goals for the Real Estate Industry. The bank predicts that the total sales of new homes this year will drop by 20% year-on-year to 7.4 trillion yuan, and then drop by 11% to 7 trillion yuan next year, with second-hand housing transaction volumes reaching 7.1 trillion and 7.5 trillion yuan respectively. Looking ahead, the market still expects that the effects of the policies that have been introduced will take time to manifest, but overall, the market is moving towards healthy development and maintains an 'outperforming the market' outlook on the domestic real estate Industry. The bank suggests that investors pay attention to property companies with strong commercial operating capabilities, including CHINA RES LAND, SEAZEN, and LONGFOR GROUP, believing that KE Holdings, as the absolute leader, will benefit long-term from the increase in the Turnover Ratio of second-hand homes, while also being Bullish on the long-term development of property management stocks, focusing on CHINA RES MIXC, GREENTOWN SER, POLY PPT SER, BINJIANG SER, and WANWU CLOUD.