高层定调已指明方向：放弃幻想，买好房子

Core Insights - The recent high-level meeting did not signal a "flood of stimulus" or a "surge in housing prices," but rather indicated a pragmatic approach to stabilize the market using structural measures instead of broad-based incentives [3] Real Estate Market Dynamics - The "housing ticket 2.0" policy has evolved from a "region-specific" model to a "city-wide" exchange, significantly boosting home purchase funding and inventory turnover in cities like Xiamen, where over 10 billion yuan was mobilized in just four months [4] - The focus on high-quality housing supply reflects market realities, with the proportion of improved housing transactions in first-tier cities reaching 58% in Q1 2025, while demand for basic housing has decreased to 32% [5] - Land policy adjustments in cities like Beijing and Hangzhou aim to enhance the quality of housing, with developers increasingly targeting high-end products, as evidenced by a 74.4% premium in land auctions [6] Market Segmentation and Challenges - The disparity in asset performance is evident, with core assets appreciating while peripheral assets struggle, as seen in Shanghai's new home prices rising by 8% to over 120,000 yuan per square meter, while suburban properties saw a 15% price drop [7] - The market is experiencing a "pseudo-recovery" in first-tier cities, with significant fluctuations in new home sales, while third and fourth-tier cities face severe challenges, such as a 38-month inventory turnover period in some regions [8] - The introduction of supportive policies, such as housing subsidies for families and graduates, aims to stimulate demand, but the overall economic environment, including rising unemployment rates, continues to suppress purchasing intentions [9] Investment Strategies - Investors are advised to focus on core assets that retain value while being cautious of peripheral properties that may become liabilities [9] - Utilizing available policy incentives, such as housing tickets and subsidies, can provide financial relief and enhance purchasing power [9] - The current market emphasizes the importance of liquidity, as assets that cannot be quickly liquidated may pose significant risks [9]