房地产：一线城市楼市政策点评：北上广深响应中央精神，政策打出组合拳

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report highlights that the four first-tier cities (Beijing, Shanghai, Guangzhou, and Shenzhen) have quickly responded to the central government's directives by implementing supportive real estate policies, demonstrating a strong commitment to stabilize the market [2] - Guangzhou has completely lifted purchase restrictions, making it the first first-tier city to do so, although the short-term impact on demand may be limited due to previously lenient policies [2] - Shenzhen's policy adjustments, including the relaxation of purchase restrictions and down payment ratios, are expected to significantly boost transaction volumes, particularly in the second-hand housing market [2] - Shanghai's measures, while less aggressive than Shenzhen's, are aimed at improving transaction conditions, especially for larger second-hand homes, as the urgency for new housing policy adjustments is lower due to recent price stability [2] - Beijing's policy changes are the most conservative among the first-tier cities, maintaining stricter purchase requirements for non-local residents compared to other cities [2] Summary by Sections Policy Changes - Shanghai has relaxed external ring purchase restrictions and reduced down payment ratios, with the minimum down payment for first-time homebuyers lowered to 15% and for second homes to 25% [1] - Shenzhen has eliminated transfer restrictions on commercial housing and reduced the minimum down payment for first and second homes to 15% and 20%, respectively [1] - Guangzhou has removed all purchase restrictions, allowing residents and non-residents to buy homes without qualification checks [1] - Beijing has introduced eight new policies, including a reduction in the minimum down payment for first-time buyers to 15% and for second homes to 20% [1] Market Impact - The report anticipates that the policy changes will lead to a stabilization and potential increase in market activity across the first-tier cities, with varying degrees of impact based on the extent of policy relaxation [2] - The overall sentiment is that these measures are aimed at promoting market recovery and preventing further declines in housing prices [2] Industry Data - The real estate industry comprises 114 listed companies, with a total market value of approximately 1.384 trillion yuan (13844.47 billion) and a circulating market value of about 1.274 trillion yuan (12741.3 billion) [3] - The average price-to-earnings ratio for the industry is reported at -29.64 [3]