Trump has recently launched a combined offensive on real estate issues. On one hand, he aims to restrict Wall Street capital from buying and selling single-family homes; on the other hand, he has invested $200 billion in cash to acquire mortgage-backed securities, indirectly lowering mortgage rates.

This combination has caught the attention of investors familiar with China's real estate policies—suppressing housing price speculation while avoiding a hard landing for the real estate market, and simultaneously signaling stability to the financial markets. In simple terms, it's a different version of "housing is for living, not for speculation."

The suppression and support measures are progressing simultaneously. What is the underlying logic? Regulators are clearly walking a tightrope: they need to prevent financial risks while maintaining the basic stability of asset prices. This could have ripple effects on the liquidity environment of the crypto market, Federal Reserve policy expectations, and even global asset allocation. Continuous monitoring is warranted.