[Shenwan Hongyuan commented on the interest discount policy for residents' home purchase loans: mortgage interest discounts focus on the rigid demand for the first home, and demand policies are exerting force under the contraction of supply] On September 29, Shenwan Hongyuan commented that the mortgage interest discounts focus on the rigid demand for the first home, and the demand policy is exerting force on the supply contraction, maintaining the "optimistic" rating. Shen Wanhongyuan believes that the existing home sales system is a major reform of the real estate development model; the supply of new homes will shrink significantly after the New Deal, and the number of second-hand home listings will peak and fall in the mid-term, which will jointly promote the resonance of the property market supply downwards, but demand will still have strong support to promote the improvement of supply and demand relations. At the same time, the National Standing Committee will clearly study and introduce stabilization of real estate in September. The policy and finance ministries and commissions have issued interest discount policies for home purchases, and demand-side policies have begun to take effect due to the contraction of the supply side. This will further strengthen the establishment of the bottom of housing prices in core cities such as Shanghai. Although the operations of real estate companies will be under periodic pressure, the stabilization of housing prices in core cities and the decline of land prices will help high-quality enterprises to raise their profit bottoms and gradually reveal their value. In addition, second-hand houses are increasingly replacing new houses, and the increase in penetration rate is beneficial to intermediary companies.