Group 1 - The current context suggests that the recent easing of housing market measures in first-tier cities may have limited impact, with an increasing likelihood of policymakers enhancing support [1] - Historically, rising policy expectations tend to drive stock prices up, indicating a tactical opportunity before the end of the year [1] - Since July 2025, the performance of Chinese real estate has outperformed the market by 2% [1] Group 2 - The best risk-reward opportunities are seen in non-distressed private enterprises like Longfor Group and small to medium-sized state-owned enterprises such as China Jinmao and China Overseas Property [1] - For investors preferring large-cap state-owned enterprises, the fundamental top picks are China Resources Land and China Resources Mixc Life, while China Overseas Development may offer more upside potential as a laggard [1] - If simply benchmarked against the peak in October 2024, the industry could have an upside potential of 15% to 20% [1]