CITIC Securities: Bullish on real estate companies and intermediaries that are competitive in core competition tracks, with moderate leverage and scale, and have brand effects.

CITIC Construction Investment is optimistic about real estate companies and intermediary companies that have competitiveness, moderate leverage ratios, and moderate scale in the core track, as well as brand effects. In the short term, under policy stimuli, the volume of second-hand housing transactions in Shanghai has picked up, which is conducive to the stabilization of the real estate market in terms of both volume and price. In the long term, the business of Chinese real estate companies will continue to tilt towards operational businesses, and the imbalance in the housing structure in core cities will still create development conditions for development businesses.