中央定调转向，部委及地方快速响应

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [7]. Core Insights - On September 29, the central bank implemented a series of policies including lowering existing mortgage rates, reducing the minimum down payment for second homes, and increasing the proportion of central bank funding support for affordable housing loans. This is expected to improve market expectations and stabilize the market [4][7]. - The adjustment of the pricing mechanism for commercial personal housing loans allows for changes in mortgage rates based on the Loan Prime Rate (LPR) and removes the one-year minimum repricing cycle limit. This is anticipated to lead to a batch adjustment of existing mortgage rates by October 31, 2024 [4][7]. - Major cities like Shanghai, Shenzhen, and Guangzhou have quickly responded with policy adjustments, including the cancellation of purchase restrictions in Guangzhou and the reduction of down payment ratios in Shanghai and Shenzhen [4][7]. Summary by Sections Policy Changes - The central bank's new policies include: 1. Further improvement of the pricing mechanism for commercial personal housing loans. 2. Reduction of the minimum down payment for second homes to 15%. 3. Increasing the proportion of central bank funding for affordable housing loans from 60% to 100%. 4. Extension of financial policies until the end of 2026 [4][7]. Market Impact - The rapid implementation of these policies is expected to boost market confidence and stabilize the real estate market. The anticipated adjustments in mortgage rates and down payment requirements are likely to positively impact the supply-demand structure in the real estate market [4][7]. City-Specific Adjustments - Shanghai's new policies include: 1. Cancellation of the distinction between ordinary and non-ordinary housing. 2. Reduction of the minimum down payment for first homes to 15% and for second homes to 25%. 3. Adjustment of the exemption period for personal housing value-added tax to 2 years [4][8]. - Guangzhou has fully canceled all purchase restrictions, while Shenzhen has also made significant adjustments to its real estate policies [4][8].