Core Viewpoint - The focus of the real estate market should shift towards establishing a new financing system that aligns with the new development model of real estate, rather than merely relying on interest rate cuts and reserve requirement ratio reductions [3][4][10]. Financing System and New Model - The recent announcement emphasizes the need for a financing system that supports the new real estate model, marking a significant shift from passive financial support to proactive adaptation of financing mechanisms [10][11]. - The new real estate model is expected to be established from the funding and institutional levels, indicating a long-term mechanism for stability in the real estate market [16]. Characteristics of the New Real Estate Model - The traditional model of "high leverage + high turnover + high expectations" is deemed unsuitable for the current market, necessitating a transition to a new model that stabilizes the market without excessive stimulation [19][20]. - The new model will not focus on broad market stimulation but rather on maintaining a stable foundation through structural tools, such as a dual system of commercial and affordable housing [22][23]. Market Dynamics and Future Outlook - The real estate market is expected to experience "slow growth + stability + structural adjustment," with continued demand in core urban areas and a focus on affordable housing [24][25]. - Recent policies are seen as a prelude to further measures aimed at reinforcing market stability, with significant adjustments in public housing loan rates and other financing tools [26][27]. Local Government Initiatives - Various cities are beginning to implement policies to acquire second-hand homes as part of their affordable housing strategies, indicating a broader trend towards institutionalized financing for housing [33][34]. - The potential for a structured financing approach in the acquisition of second-hand homes could provide strong confidence to the market [36]. Conclusion on Market Sentiment - The core of the current policy is not to "restart the old game" but to "initiate a new order," focusing on stabilizing the market and rebuilding buyer confidence through structural support [37][38]. - The future opportunities in the real estate market will not be about overall growth but rather about structural adjustments, emphasizing the importance of location and property characteristics in investment decisions [43].