[Ping An Securities: The introduction of this interest discount policy is expected to further reduce the cost of residents’ home ownership and increase the willingness of first-time home buyers to enter the market] On September 29, Ping An Securities believes that the average transaction price of new commercial housing nationwide in 2025 will be 9,527 yuan/square meter, and the total price calculated based on 120 square meters will be 1.14 million, meeting the conditions of no more than 1.5 million yuan. It is expected that this interest discount can cover most first-time home purchase households, especially low-energy urban groups with greater pressure to sell. The introduction of this interest discount policy is expected to further reduce residents' home ownership costs and increase the willingness of first-time homebuying families to enter the market. Combined with the short-term supply reduction caused by existing home sales, it is expected to further accelerate the removal of existing inventory and accelerate the stabilization of the property market. Be optimistic about real estate companies with strong capital, operations and product capabilities.