Group 1 - The core viewpoint indicates that while the second-hand housing market in key cities is experiencing a mild adjustment, the overall recovery trend remains intact [3] - In Beijing, the second-hand housing transactions for the week of August 11-17, 2025, totaled 2,845 units, reflecting a 3.9% decrease from the previous week, with a transaction area of 260,000 square meters, down 5.1% [3] - Shenzhen's second-hand housing market has shown stability with an average monthly transaction volume exceeding 5,000 units in the first half of the year, while Guangzhou's transaction numbers and areas increased by 12.98% and 13.31% year-on-year, respectively [4] Group 2 - Multiple cities have introduced new policies since August to reinforce the stability of the real estate market, such as Shenzhen's cancellation of the "70/90 policy," which will increase the supply of larger units [4] - The current recovery in transactions is partly attributed to homeowners adopting a "price for volume" strategy, with some properties in Beijing seeing price reductions of nearly 10% compared to the same period last year [4] - Despite the increase in transaction volume, there remains downward pressure on prices, with 68 out of 70 major cities reporting a month-on-month decline in second-hand housing prices [7][9] Group 3 - The market is currently in a phase of "policy-driven recovery" and "internal structural adjustment," suggesting that short-term data fluctuations should not be over-interpreted [11] - Recommendations for policy deepening include further loosening purchase restrictions, lowering down payment ratios, and increasing the supply of high-quality housing [11] - The government is encouraged to implement a long-term mechanism to ensure the stability of the real estate market, focusing on both demand and supply sides [11]