[Huatai Securities: Real estate stocks may be moving towards "mid-term logic"] On October 19, Huatai Securities believes that real estate stocks are beginning to move toward "mid-term logic." The market generally regards the 8.28 New Deal as a negative for the supply side, while Huatai Securities believes that supply contraction and the formation of structural "supply and over-renting" are creating conditions for a wider range of housing prices to stabilize. The market has responded relatively fully to the August 28 policy, and the impact of the detailed rules will gradually weaken in the future. Huatai Securities believes that in 2027, the transaction volume of the national real estate market is expected to reach a new level, housing prices in more cities will bottom out, and real estate companies that adapt to the new model will usher in a new cycle.