房地产处在新旧模式转换时期，二手房替代作用不断增强

Group 1 - The core viewpoint is that the second-hand housing market in China is showing signs of recovery, with a 4.7% year-on-year increase in transaction area from January to October, and second-hand homes accounting for 45% of total transactions [1][2] - Major cities such as Shanghai, Shenzhen, Chongqing, Nanjing, Changzhou, and Dongguan have seen over a 10% year-on-year increase in second-hand housing transaction area [1] - Analysts suggest that as the housing market transitions to a stock era, the role of second-hand homes as a substitute for new homes is becoming increasingly significant [2] Group 2 - The Chinese government has been actively implementing supportive policies to stimulate rigid and improved housing demand, contributing to a stabilization in the real estate market [2] - Despite fluctuations in the real estate market, the effectiveness of these policies is evident, with a narrowing decline in commodity housing sales and ongoing inventory reduction [2] - The spokesperson from the National Bureau of Statistics indicated that the real estate market is in a transitional phase, requiring time for adjustment, and emphasized the need for a new development model for the sector [4]