Huatai Securities: Policies empower the long-term development of the real estate industry and provide valuation repair space for the sector.

Huatai Securities pointed out that the "15th Five-Year Plan" proposes to focus on the construction of a new real estate model and empower industry development from a long-term perspective. With "good houses" becoming the industry standard, the differentiation in product capabilities may be further amplified, driving a reshaping of the competitive landscape for companies. As for investment targets, we continue to recommend "good credit, good city, good product" real estate stocks and leading property management companies with stable dividends and performance.