Huatai Securities: The increment policy window of the real estate industry is gradually opening, focusing on real estate companies' layout in core cities.

Huatai Securities research report points out that as we enter the second quarter, the incremental policy window for the real estate industry is gradually opening. Combined with more proactive macro policies and more proactive fiscal policy orientations, it is necessary to pay attention to the pace of policy implementation. Looking ahead, considering the greater policy flexibility in first-tier cities, it is more optimistic about the recovery pace of core cities represented by first-tier cities, as well as the valuation repair of real estate companies with reserves or newly acquired resources in corresponding regions.