[Huatai Securities: Optimistic about the recovery of volume and price in the real estate market in key cities and regions] Huatai Securities' research report pointed out that the land market on the investment side has warmed up, and the year-on-year decline in completion has narrowed, while the pressure on new construction reflects that real estate companies are still mainly focusing on destocking. In addition, the year-on-year decline in funds in place for real estate companies has narrowed, and the month-on-month recovery has been obvious, reflecting that the cash flow pressure of real estate companies has been alleviated to a certain extent. We are optimistic about the recovery of volume and price in the key urban regional market, as well as the valuation repair of real estate companies with reserves or newly acquired resources in the corresponding regions. At the same time, property management companies with stable performance and cash flow are also expected to benefit from the market's stabilization.
