政策支持与资产价格走强，共同支撑楼市信心回暖

Group 1: Market Recovery Signals - The second-hand housing market in key cities in China shows signs of recovery in 2026, with transaction volumes increasing during the traditional off-season and a continuous decline in listings, indicating a balance in supply and demand [1] - In January, Shanghai recorded 22,834 second-hand housing transactions, a year-on-year increase of 24.18%, marking the highest volume for the same period in nearly five years [1] - Beijing's second-hand residential transactions reached 15,000 units in January, maintaining above 15,000 for the second consecutive month since December [1] Group 2: Price Adjustments and Market Dynamics - The increase in second-hand housing transactions is driven by price adjustments, with many properties being sold at lower prices, particularly older and smaller units [2] - In 2025, the proportion of second-hand homes in Shanghai priced below 3 million yuan has been rising, indicating a shift in buyer preferences towards more affordable options [2] - The reduction in total listings of second-hand homes suggests a decrease in selling pressure, as high-value properties are being absorbed by the market [2] Group 3: Policy Support and Market Confidence - The Chinese government continues to implement supportive policies to stabilize the housing market, including extending tax rebates for home exchanges and structural interest rate cuts [2] - The improvement in stock market performance and the wealth effect from rising global asset prices have positively influenced real estate valuations, leading to increased demand for housing [3] - The current positive policy environment, ample liquidity, and inter-market asset price correlations are contributing to a marginal improvement in market expectations and a gradual recovery in transactions [3]