China Securities News Agency, April 10, China Industrial Securities Co.Ltd(601377) : taking history as a mirror, the current real estate is in "loose policy + downward fundamentals", the deduction probability of the real estate market is still in the first stage, and it is expected to continue to obtain absolute and excess returns. At present, the data of real estate sales and house prices are still deteriorating. At the same time, cities have successively reduced the mortgage interest rate and liberalized the purchase and loan restriction policies. Under the downward pressure of the economy, the policy is still increasing, and the real estate market is expected to continue. Moreover, historically, the improvement of fundamental data is not the selling point of real estate stocks. In the period of "maintaining loose policy + improving fundamentals" in the second stage, the performance is not inferior to that in the first stage. The month on month ratio of house prices in 70 large and medium-sized cities is a relatively good observation index. The market of real estate stocks is expected to continue before and at the initial stage of the month on month ratio of house prices.
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