The real estate sector, which rebounded significantly in the early stage, has recently been adjusted. In the eyes of many fund managers interviewed, the valuation recovery trend of the real estate sector may come to an end temporarily. Before the turning point of the real estate policy really arrives, obtaining absolute returns through swing trading is the best strategy. According to the recent survey results of HFT Fund: the sales situation of real estate projects in February this year was generally better than that in the fourth quarter of last year, and the situation of both volume and price falling has been alleviated. "The expectations of home buyers have begun to change subtly with the reduction of reserve requirement ratio and the easing of local policies. With all factors combined together, transactions have shown a certain degree of warming up." In addition, the "Notice of the General Office of the State Council on Actively and Steadily Promoting the Reform of the Household Registration Management System" published recently was also interpreted by the market as having a positive impact on the real estate market. HFT Fund believed that in the future, the relaxation of real estate industry policies might affect the logic of the entire market. With the change of logic, the real estate industry and even related investment goods industries will be affected. Regarding this, Zhang Xufeng, a fund manager of Tiantai Fund, believed that "the rise of real estate stocks last week was not entirely due to the adjustment of Shanghai's real estate policies. Policies were just icing on the cake. The current sales recovery is fundamental, because there is still real demand for housing, and developers are indeed reducing prices to recover funds. However, real estate policies will not be relaxed in the short term, mainly because the central government does not want the market expectations to rise and lead to price rebound."