[CITIC Securities: It is recommended that investors actively embrace the new cycle of real estate and be optimistic about development companies and leading brokerage companies] On October 3, CITIC Securities released a research report stating that in recent months, rents in first-tier cities have increased month-on-month, and benefiting from policy measures, more and more second-hand projects have achieved supply and rent over rent. This situation in first-tier cities is very similar to the situation in Hong Kong at the end of 2024, and is a strong signal that housing prices have bottomed out. The policy is committed to reducing the burden of home ownership on residents. Compared with renting, buying a house has become more and more cost-effective. It is recommended that investors actively embrace the new cycle of real estate and be optimistic about development companies and leading brokerage companies.