The Guotai Junan Research Report points out that without speculation on housing, housing will gradually be de-financialized, and eventually enter a demand-driven commodity attribute cycle. Although it is uncertain how the real estate industry will eventually adjust, the policy of not speculating on housing confirms that housing will eventually return to commercial attributes rather than capital goods, restructure a more reasonable volume-price relationship, and return to the path of growth with a healthy attitude. Choosing a low-leverage company is still the core. We will continue to suggest the direction of restructuring, and continue to recommend park companies and leading real estate companies.