Judging from the pre-disclosure of the semi-annual report performance of real estate enterprises, the overall performance of the real estate industry has further declined, and the industry is still in the process of bottoming out. Huatai Securities believes that in the process of bottoming, it is difficult to see the inflection point in the overall performance of real estate companies during the year. However, it is worth noting that the transaction volume of second-hand houses in first-tier cities has stood on the boom and bust line since March, and the second-hand housing prices in the north showed signs of stopping falling in June.