Group 1 - The core viewpoint is that the recovery of the real estate market is influenced by five key signals, primarily driven by the overall economy rather than the real estate sector itself [2] - The first signal is the economy emerging from a deflationary period, indicating that economic recovery is essential for the real estate market to rebound [2] - The second signal focuses on residents' income expectations, highlighting that demand issues stem from a lack of confidence in future employment and income rather than just financial constraints [4] Group 2 - The third signal emphasizes urbanization driven by employment, noting that true urbanization is a transformation of living conditions rather than merely expanding city boundaries [5] - The fourth signal discusses land becoming a scarce commodity, warning against artificial expansion of mega-cities and advocating for restrictions on land auctions to address oversupply in the real estate market [7] - The fifth signal pertains to restoring the financial attributes of real estate, which include mortgage financing, asset pricing, and wealth storage, as the decline in investment consumption has significantly impacted property sales [8] Group 3 - The sixth signal identifies the liquidity of the secondary housing market as a leading indicator of real estate trends, suggesting that revitalizing this market could shift expectations and improve the overall market outlook [10]

Group 1 - The core viewpoint emphasizes that changes in retail sales growth are primarily influenced by residents' income levels and future income expectations rather than supply-demand dynamics in the consumer goods or services market [1][2] - It is essential to incorporate expected factors into macroeconomic analysis, moving beyond traditional supply-demand models to address the complexities of the current economic situation [1] - Long-term expectations of future income are significantly influenced by the trajectory of the distribution system, not just economic conditions [1] Group 2 - The discussion on improving the distribution system highlights the need for a coordinated system encompassing primary distribution, redistribution, and tertiary distribution, along with increased regulatory measures through taxation, social security, and transfer payments [1][2] - The focus of the redistribution system should be on individual residents rather than corporate intermediaries, and it is crucial to regulate wealth accumulation mechanisms that increasingly affect income distribution [2] - The recommendation for the "14th Five-Year Plan" period is to conduct analyses that are more aligned with China's realities, emphasizing reforms and opening up as fundamental to driving economic growth [2]