CITIC Securities: The Central Economic Work Conference proposed to "focus on stabilizing the real estate market," indicating a clear attitude towards stabilizing the housing market.

CITIC Securities' research report believes that in November, the sales area of national commercial housing decreased by 17.3% year-on-year, with a decrease of 1.5 percentage points compared to October, indicating a significant sales decline. The pressure of declining house prices continues, with second-hand residential prices in 70 large and medium-sized cities showing a monthly decline for three consecutive months from September to November; the number of cities with a month-on-month increase in new residential prices is relatively small. The Central Economic Work Conference proposed to "focus on stabilizing the real estate market", continuing the previous policy direction with a clear attitude towards stabilizing the property market; a more active fiscal policy and moderately loose monetary policy are also expected to promote economic growth and stabilize the real estate market. In November, single-month investment and completion of construction face significant downward pressure, and the future trend depends on policy support to stabilize sales.