We are very happy to be meeting everyone tomorrow at the private investment class. Here are three announcements regarding the private investment class: 1. Change of venue. Due to an increase in participants from半夏投资, the number of attendees has grown from 200 to 350. The originally booked venue is no longer large enough. The location for Li Bei's offline private investment class has been changed to the Shanghai Jinjiang汤臣洲际大酒店, located at No. 777 Zhangyang Road, Pudong New Area, Shanghai, in the汤臣堂厅 on the second floor. 2. There are now 20 newly available spots. The organizer arranged the venue seating based on the previously registered 350 people. However, some半夏 investors had last-minute cancellations, and a few paid participants also canceled their registrations. As a result, 20 spots have become available. If you were previously interested in registering but were unsuccessful, you can sign up today. Simply scan the QR code on the poster at the end of this article. 3. I originally wanted to dress up nicely for the lecture, wearing high heels and a dress. But yesterday, I wore high heels to an out-of-town meeting and ended up with blisters on my feet by the evening. Tomorrow, I will have to wear comfortable flats and long pants to the class. I am considering bringing a dress and shoes to change into for the group photo session.

An explanation regarding Xiaohongshu (XHS): I opened a Xiaohongshu account two days ago, but it was suspended just three hours later for two weeks. Based on analysis, it was likely because someone left a comment asking for my opinion on real estate. I replied: "It will most likely bottom out within two quarters. I will post a video explanation next week when I'm less busy, and also publish an article on my official account." Because of the phrase "official account," Xiaohongshu deemed it as违规引流 (violating rules by diverting traffic). I haven't used the platform much before and was unaware of this restriction. I find it quite frustrating; isn't this a typical monopolistic behavior? I have received many private messages that I cannot reply to; it's not that I am being impolite. Please understand, and for the time being, refrain from sending me private messages on Xiaohongshu.

My views on real estate: Many people are concerned about this topic. There isn't time for a long article today, so I will briefly share my thoughts. Over the past two years, the core issue in the real estate market has been the continuous and significant increase in the supply of second-hand homes. However, this trend has reversed over the last two months; the number of listings has started to decline consistently, and the rate of price decline for second-hand homes has begun to narrow. Considering evidence from various aspects, I believe it is highly probable that the real estate market will bottom out within two quarters. This will be followed by a decade-long upward cycle. While the industry's scale may not return to its historical peak, and price increases may not be substantial within three years, the stock price increases for several related companies could be enormous. I will discuss this topic with everyone during the offline class this weekend. When I have time next week, I will publish an article and a video on my official account. Attached is a short video clip from an interview with券商中国 from two weeks ago.

Disclaimer: The views expressed in this article represent only the author's personal thoughts and investment records at the time of writing. The author reserves the right to moderately revise these views based on market conditions, new information, etc. Fund management is a dynamic process that requires continuous appropriate adjustments according to changes in policies, prices, fundamentals, etc. Investing involves risks, and caution is advised when entering the market. The author's views or outlooks on the market, industries, investment targets, funds, etc., are for readers' reference only and should not be considered as any form of investment advice, promise, implication, or inducement. Any evaluations of countries, regions, societies, economies, industries, companies, etc., mentioned in the article are solely for academic discussion; please do not take them out of context.

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