CITIC Securities: Secondary Home Sales Beat Expectations, Q4 Outlook More Positive

The signal here is resilience in the resale market even as the holiday comparison base was already elevated, which matters because secondary transactions are typically the cleaner read on genuine owner-to-owner demand rather than developer-driven activity. The brokerage's more constructive Q4 framing implies it sees this momentum carrying past the holiday window, though the year-on-year jump partly reflects the calendar timing of the holidays. The open question is whether the sequential improvement holds once seasonal support fades, and whether it broadens beyond the resale segment.