信号强烈，2025房地产完全明牌了！国家首次明确稳住楼市

Group 1 - The 5-year LPR has remained at 3.5% for five months, leading to a significant reduction in banks' net interest margins, which now stand at 1.42%, below the 1.8% warning line [1] - Economic data shows a steady GDP growth of 5.4% in Q1, 5.2% in Q2, and 4.8% in Q3, indicating a stable economic environment despite the banking sector's struggles [3] - The real estate market has shifted from a rescue phase to a stabilization phase, with the central bank's language changing from "promoting recovery" to "consolidating stability" [3][5] Group 2 - The nationwide inventory of unsold residential properties is at 769 million square meters, with a land inventory turnover period of 54 months, indicating a significant oversupply [5] - In 2025, the national residential land supply plan was cut by 20%, with second-tier cities seeing a 30% reduction, reflecting a strategy to control land supply and prevent market bubbles [5][7] - Local governments are implementing various strategies to reduce inventory, such as housing vouchers and acquiring existing properties for rental purposes [7][9] Group 3 - The real estate market is experiencing a split, with first-tier cities seeing new home sales increase while third-tier cities face a nearly 20% drop in second-hand home prices [9] - Demand has shifted to a selective model, with buyers favoring properties with good amenities and locations, leading to a change in developers' strategies towards quality over quantity [11] - The logic of home buying has evolved, with rental yields now comparable to mortgage rates, indicating a shift from speculative investment to durable consumer goods [13]