房地产：沪穗深限购松绑落地，降首付、降税费同步跟进

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - Recent policy changes in Shanghai, Guangzhou, and Shenzhen reflect a significant easing of restrictions in the real estate market, including adjustments to purchase limits, down payment ratios, and tax policies [2][5] - The new policies are expected to stimulate the second-hand housing market, leading to a stabilization and potential increase in housing prices as older properties are sold off [5] Summary by Sections Shanghai - Social security requirement for purchasing homes in the outer ring is reduced to 1 year for non-local families and single individuals [3] - First-time homebuyers now have a minimum down payment of 15%, while second-time buyers have a minimum of 25% or 20% in differentiated policy areas [3] - The exemption period for value-added tax on housing sales is reduced from 5 years to 2 years [3] Shenzhen - Social security requirement for purchasing homes in four districts is reduced to 1 year, with no requirement for other areas [4] - First-time homebuyers have a down payment of 15%, and second-time buyers have a down payment of 20% [4] - The exemption period for value-added tax on housing sales is also reduced from 5 years to 2 years [4] Guangzhou - The city has fully lifted purchase restrictions, allowing for greater flexibility in the housing market [5] Investment Recommendations - The report suggests that the synchronized introduction of financial and regulatory policies in major cities indicates a stronger-than-expected regulatory stance, which is likely to boost market sentiment and lead to a quicker recovery in housing prices [5]