中信证券首席经济学家明明：房价有望迎来止跌回稳

Group 1 - The core viewpoint of the articles emphasizes the positive policy signals for the real estate market, aiming for both short-term stability and long-term institutional construction [1][2] - The State Council's meeting highlighted the need to promote the construction of "good houses" and stabilize the real estate market, indicating a shift towards a new development model that addresses structural supply-demand mismatches [1][2] - Recent statistics show a year-on-year decline in new commercial housing sales area by 2.8% and sales amount by 3.2% in the first four months of 2025, but the decline is less severe compared to the entire year of 2024 [2] Group 2 - The new policies introduced in June aim to improve living conditions and support flexible employment participation in housing provident funds, as well as increase the supply of affordable housing [2] - The National Bureau of Statistics indicated a focus on adapting to significant changes in the real estate market's supply-demand relationship, promoting urban renewal, and enhancing the supply of "good houses" to stimulate housing demand [2][3] - Economic indicators show a recovery in consumption, stable growth in manufacturing and infrastructure investment, and resilient exports, with expectations for economic growth to exceed 5% in the second quarter [3]