房地产行业：重磅！央行多项利好政策落地，将带来哪些影响？

Investment Rating - The report indicates a positive outlook for the real estate industry following the recent monetary policy adjustments by the central bank, including interest rate cuts and reserve requirement ratio reductions [2][5][23]. Core Insights - The central bank's recent measures, including a 0.5 percentage point reduction in the reserve requirement ratio, are expected to inject approximately 1 trillion yuan into the financial market, enhancing liquidity and supporting economic stability [2][5]. - The average reduction in existing mortgage rates is projected to be around 0.5 percentage points, benefiting approximately 50 million households and reducing annual interest expenses by about 150 billion yuan [11][23]. - The unification of the minimum down payment ratio for first and second homes to 15% is anticipated to lower the barriers for home purchases, particularly in high-priced cities [12][16]. Summary by Sections Monetary Policy Adjustments - The central bank has lowered the 7-day reverse repo rate from 1.7% to 1.5%, which is expected to lead to a decrease in various market benchmark rates, including the Loan Prime Rate (LPR) [5][23]. - Further reductions in the reserve requirement ratio may occur, with potential additional cuts of 0.25 to 0.5 percentage points by the end of the year [5][9]. Housing Market Support - The average mortgage rate for new loans has decreased to around 3.2%, with some cities seeing rates below 3%, which is expected to stabilize housing prices [7][23]. - The central bank's guidance for banks to adjust existing mortgage rates to align with new loan rates is aimed at reducing the financial burden on borrowers [11][23]. Financial Support for Real Estate - The approval of over 5,700 projects under the "white list" financing mechanism has facilitated 1.43 trillion yuan in financing, supporting the delivery of over 4 million housing units [21][23]. - The extension of the "Financial 16 Measures" and the operational loans for commercial properties until the end of 2026 is expected to alleviate financial pressures on real estate companies [20][23]. Land and Inventory Management - The central bank is exploring policies to support the acquisition of existing land by enterprises, which could help alleviate financial pressures on real estate companies [19][23]. - The increase in the central bank's funding support for affordable housing loans from 60% to 100% is expected to enhance the scale of commercial bank loans and accelerate the inventory reduction process [20][23].