Core Viewpoint - The report from Huatai Securities indicates that the national real estate market in April 2025 shows continued pressure on the investment side, while the financing whitelist mechanism is alleviating the funding pressure on real estate companies. The year-on-year decline in housing prices has narrowed, and seasonal declines in transaction volumes are observed, with core cities performing better [1] Investment and Financing - The investment side of the real estate industry continues to face certain pressures [1] - The financing whitelist mechanism is effectively easing the financial strain on real estate companies [1] Market Performance - Year-on-year decline in housing prices has narrowed [1] - Seasonal decline in transaction volumes is noted, with core cities showing superior performance [1] Recommendations - Huatai Securities remains optimistic about the recovery pace of core cities, particularly first-tier cities [1] - The report recommends real estate stocks that possess the "three good" logic: good credit, good city, and good product [1] - Property management companies with stable dividends and performance are also expected to benefit from the market stabilization [1]