范为：房地产“止跌回稳”是渐进式复苏

Core Viewpoint - The real estate market is at a critical juncture of deep adjustment and policy easing, indicating a gradual soft landing rather than a rapid reversal [1][2][3] Policy Signals and Market Response - Recent policy adjustments, including the relaxation of purchase restrictions in multiple cities, signal a strong commitment to stabilize the real estate market [1][4] - The current phase is characterized by a transition from "policy bottom" to "market bottom," with a solid foundation being built for market recovery through ongoing policy support [3][4] - Core cities are showing early signs of stabilization in transaction volumes, while lower-tier cities are still in the process of bottoming out, reflecting a gradient recovery [3][4] Demand and Supply Dynamics - The policy focus is on demand-side recovery, aiming to stimulate reasonable housing demand and improve market expectations [2][5] - The current policy measures are designed to activate demand, optimize inventory, and guide expectations, thereby providing strong support for price stabilization [5][6] - Challenges remain on both supply and demand fronts, with lingering liquidity pressures on some real estate companies and cautious income expectations among residents [6][8] Strategic Transformation for Real Estate Companies - Real estate companies must adopt a strategic transformation to navigate the current cycle, emphasizing a shift from high-leverage development to high-efficiency operations [9][10] - Companies are encouraged to refine their business models, focusing on becoming stable suppliers in the affordable housing sector or premium developers in the market [9][10] - Emphasizing product and service value is crucial, with a focus on green, healthy, and smart housing solutions to enhance brand loyalty and customer engagement [9][14] REITs and Financing Models - The acceleration of REITs issuance is providing diversified financing channels, reducing reliance on traditional bank credit and promoting asset securitization [10][12] - REITs have enhanced investor participation and market stability, contributing to the overall confidence in the real estate sector [13][14] - The shift towards REITs is facilitating the recycling of existing assets and improving asset turnover efficiency, creating a positive feedback loop for investment [12][13]