Huatai Securities: The bottom of the current real estate market is becoming clearer, pay attention to investment opportunities in high-quality real estate companies and property management enterprises.

Huatai Securities pointed out that the post-holiday new home transactions decreased year-on-year, but the second-hand housing market welcomed the strongest "early spring" in three years. Prices stabilized before the holiday, with first-tier cities relatively strong. Forward-looking indicators show that demand for second-hand homes is still high, and the attitude of owners listing their properties is stabilizing. However, bargaining rates between buyers and sellers are widening, and it will take time for price expectations to recover. The effectiveness of targeted policies to support the real estate market has been verified, with a significant increase in the proportion of transactions for small units. Prices are expected to bottom out first, while the first link in the replacement chain is being opened up, accumulating momentum for the stabilization of the real estate market. The bottom of the current real estate market is gradually becoming clear, and attention should be paid to investment opportunities from high-quality real estate companies and property management enterprises.