Group 1 - The real estate market in key cities has entered a stable phase after a brief period of activity, with a focus on the construction of "good houses" and the introduction of new regulations [1][2] - In May, major cities like Beijing, Shanghai, and Guangzhou saw an increase in both second-hand and new housing transactions, while Shenzhen experienced a slight decline month-on-month but still showed year-on-year growth [2] - The introduction of new regulatory projects has positively impacted short-term sales, with high-demand for new housing projects that optimize design and increase usable area [2][3] Group 2 - Despite a 10.8% year-on-year decline in sales for the top 100 real estate companies in the first five months, land acquisition increased by 28.8%, indicating a more cautious and focused strategy on high-certainty projects [4] - As the mid-year performance push approaches, real estate companies are expected to enhance their marketing and promotional efforts to accelerate cash flow [4][6] - The policy environment remains supportive, with expectations for further reductions in mortgage rates and tax rates, as well as measures to stimulate the market in various cities [6][7]