CITIC Securities: In the first week after the new policy, the transaction volume of new and second-hand homes in Beijing increased month-on-month.

CITIC Construction Investment Securities' real estate industry weekly report points out that in the first week after the new policy, new home sales in Beijing increased by 5.1% month-on-month, and second-hand home sales rose by 9.8%, showing a good market performance. This week, a total of five residential land parcels were transacted in Beijing, among which the Shijingshan Pingguoyuan parcel had a premium rate of 23% and the Haidian Sijiqing parcel had a premium rate of 14%. The remaining three parcels were sold at base price, indicating a clear differentiation in the land auction market. The scarce land resources in core areas still possess strong resilience against declines and capital attraction during the adjustment period. Among the companies acquiring land, besides state-owned enterprises, the Liaoning private enterprise Yingsheng has entered Beijing to secure land, reflecting a marginal improvement in market confidence.