Citibank Securities: Real estate policies further optimized, consolidating the decline and stabilizing.

CITIC Securities research report indicates that in August 2025, Beijing and Shanghai successively released real estate market optimization policies, focusing on restrictions on purchases and support for provident fund loans. We believe that further optimization of real estate policies will not only help release short-term demand, but also demonstrate the need to consolidate the market and stabilize it. The policies will not be idle, but will actively introduce relevant measures in combination with the actual situation.