CITIC Construction Investment pointed out that recent real estate sales are still on a weak recovery trend, which has a certain relationship with the current improvement in China's economic operation, which is mainly restorative, endogenous motivation is not strong, and demand is still insufficient. The central bank, NDRC and other departments have recently emphasized supporting rigid and improved housing demand, and easing policies for high-energy cities have also continued to be introduced. We believe that with the continuous advancement of the new real estate development model and the continuous improvement of the external environment and domestic demand, it is inappropriate to be overly pessimistic about sales in the real estate industry and continue to be optimistic about investment opportunities for high-quality enterprises.