Huatai Securities: Marginal improvement in volume and price, paying attention to opportunities in real estate stocks.

Huatai Securities research report states that March real estate data shows marginal improvement in sales volume and prices, with housing prices entering a positive phase. Especially in first-tier cities, the rebound in prices signals a gradual recovery of market confidence. Huatai Securities believes that although investment is still bottoming out, the spontaneous market recovery increases the sustainability of housing price improvement, and also brings opportunities for real estate stock layout. Key recommendations: companies with lighter historical burdens or healthier cash flows to prepare for a new round of expansion; companies with low valuations and adequate provision for impairment; companies with a presence in regions where prices are in the positive phase; companies engaged in stock trading and the back-end of the real estate chain.