控增量、去库存、优供给丨2026年我国房地产市场供给侧三大重点解读

Core Viewpoint - The recent Central Economic Work Conference emphasizes a policy of "controlling increment, reducing inventory, and optimizing supply" in the real estate sector, with a focus on adapting strategies to local conditions [1][2]. Group 1: Policy Implementation - The policy of "controlling increment" is essential for stabilizing the market, as the real estate market exhibits significant regional characteristics and varying supply-demand dynamics across different areas [1]. - Experts suggest that local governments should implement precise controls based on core data such as population trends, housing inventory, and second-hand housing listings, adhering to the principle of "people-land-housing-money" coordination [1][2]. - The shift to a stock-dominated real estate market is a necessary trend, with the majority of demand now coming from improvement needs, which are typically met through a "buy-sell" replacement model [2]. Group 2: Inventory Reduction - The key to "reducing inventory" lies in achieving a basic balance between supply and demand, addressing the mismatch between excess stock and effective housing demand [2]. - Measures to control new real estate land supply in cities with excess inventory and to encourage the renovation of old housing can significantly alleviate supply-demand conflicts and stabilize market expectations [2][3]. Group 3: Supply Optimization - The initiative to acquire existing residential properties for use as affordable housing can quickly reduce market inventory while also broadening the supply channels for affordable housing, thus achieving dual breakthroughs in "reducing inventory" and "supplying guarantees" [3]. - The focus on optimizing supply aims to enhance housing quality and better meet the diverse needs of different demographic groups, with an emphasis on improving the precision and effectiveness of housing guarantees [3][4]. - The integration of "controlling increment, reducing inventory, and optimizing supply" forms a complete logical chain for the supply-side reform of the real estate sector, aiming for a dynamic balance in market supply and demand [4].