Core Viewpoint - The current real estate cycle in China is entering a "deep water zone," with a more optimistic outlook for the recovery pace in core cities represented by first-tier cities [1] Group 1: Market Adjustment - Since mid-2021, the Chinese real estate market has undergone a significant adjustment, completing a certain volume of correction [1] - The supply side has experienced a rapid clearing process, indicating that the real estate cycle has entered a bottoming phase [1] Group 2: Sales and Price Trends - From mid-2025, the year-on-year growth rate of commodity housing transaction volume has gradually narrowed, with monthly annualized sales area remaining at a low level [1] - The sales area growth rate and land market have shown bottoming characteristics since Q2, suggesting that the transaction volume in the current adjustment phase may have already reached its "bottom" [1] - Although housing prices are still in the process of bottoming out, the decline in prices has narrowed since September, indicating a potential for gradual recovery in the real estate market [1] Group 3: Future Outlook - The comprehensive recovery of the real estate market is not yet here, but there is a relative optimism for the recovery pace in core cities represented by first-tier cities [1]