房地产行业动态跟踪：金融支持地产政策出台，四箭齐发彰显支持决心

Investment Rating - The industry investment rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [13]. Core Insights - The report highlights the introduction of four financial support policies for the real estate sector by the People's Bank of China and the financial regulatory authority, demonstrating a strong commitment to support the industry [2]. - The improvement of the personal housing loan interest rate pricing mechanism aims to enhance marketization, allowing for more accurate reflection of market supply and demand, and borrower risk premiums [3]. - The optimization of the minimum down payment ratio for personal housing loans is set to 15% for both first and second homes, emphasizing a city-specific approach to policy implementation [4]. - The increase in the proportion of re-loans for affordable housing aims to incentivize financial institutions to support local state-owned enterprises in acquiring unsold properties for affordable housing [5]. - The extension of certain real estate financial policy deadlines until the end of 2026 reflects the government's ongoing commitment to mitigate risks in the real estate sector and restore market confidence [8]. Summary by Sections Financial Support Policies - Four financial support policies were announced to stabilize the real estate market, including adjustments to housing loan interest rates, down payment ratios, and re-loan provisions for affordable housing [2][4][5]. Housing Loan Interest Rate Mechanism - The new policy allows for adjustments in the interest rate spread over the Loan Prime Rate (LPR) and removes the one-year minimum repricing period for floating-rate loans, facilitating better alignment of existing and new loan rates [3]. Down Payment Ratio - The minimum down payment for personal housing loans is standardized at 15%, with local authorities given the flexibility to implement differentiated policies based on local market conditions [4]. Affordable Housing Support - The re-loan ratio for affordable housing has been increased from 60% to 100%, encouraging financial institutions to support local governments in acquiring unsold properties for affordable housing initiatives [5]. Policy Extensions - The extension of financial policies until the end of 2026 indicates a proactive approach by the government to ensure liquidity in the real estate sector and bolster market confidence [8]. Investment Recommendations - The report suggests focusing on two categories of real estate companies: those expected to recover from difficulties due to policy easing, and those with improved sales expectations following significant land acquisitions in the first half of the year [9].