[Fu Peng: The Primary Task for the Middle-Aged Group is Not Investment, but Deleveraging, Paying Off Mortgages, and Maintaining Cash Flow] According to a report by Jinse Finance on August 31, citing Phoenix Finance, economist Fu Peng provided a clear prioritization regarding the asset allocation of middle-aged households: the first step for this group is not investment, but rather deleveraging, paying off mortgages, and maintaining cash flow. There is no need to rush into devising various asset allocation plans, as investment is not the top priority at the moment. The priority should be repaying mortgages, securing employment, and ensuring the safety of household cash flow. When discussing the current real estate market and home-buying decision-making logic, Fu Peng made a clear distinction between two completely different decision-making frameworks: one for essential self-occupancy and another for property investment. For those purchasing homes out of necessity, he stated bluntly: the primary attribute of buying a home for essential needs is living in it, so don’t always worry about whether it will appreciate in value. He pointed out that the real estate industry in the past benefited from the acceleration of urbanization and demographic growth dividends, which belonged to the 'expansion era.' The logic of home-buying expanded layer by layer from city centers to suburbs, and from first-tier cities to third- and fourth-tier cities. Now, the core driving factors of population and urbanization have come to an end, and the real estate market has officially entered the 'contraction era.'