新一轮楼市利好来了，核心一二线城市已拉开帷幕

Core Viewpoint - The Chinese government is emphasizing the importance of localized and precise real estate policies to stabilize the housing market, with a focus on implementing existing measures effectively in the second half of the year [2] Group 1: Policy Adjustments - The Ministry of Housing and Urban-Rural Development has indicated the need for cities to utilize their autonomy in real estate regulation, promoting tailored policies to enhance the effectiveness of implementation [2] - Beijing has introduced a new action plan to optimize housing consumption, which includes measures to support the use of housing provident funds for down payments and loans [2] - A total of over 340 measures have been introduced nationwide in the first half of the year, focusing on optimizing provident fund policies, providing purchase subsidies, and adjusting land supply [5] Group 2: Market Performance - The overall real estate market has shown stability, with both new and second-hand housing transactions increasing year-on-year, particularly in first-tier cities like Beijing, Shanghai, and Shenzhen [5] - The market is expected to perform positively in the first half of 2025, but achieving a full recovery will require more substantial efforts and time [5] Group 3: Consumer Confidence - The primary challenge in the housing market is consumer confidence, which is influenced by income levels and future expectations regarding property prices [5] - To stimulate demand, it is essential to enhance urban attractiveness, improve project functionality, and increase policy support [7] - The focus should shift from merely rescuing projects to addressing consumer demand by lowering living costs and alleviating concerns about property delivery [7] Group 4: Market Segmentation - A differentiated market trend is anticipated, where "good cities + good properties" will present structural opportunities, particularly in first-tier and strong second-tier cities [9] - Continued policy support is necessary for a comprehensive market recovery, with adjustments needed for restrictive policies and potential reductions in mortgage rates [7][9]