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 report maintains a "Positive" investment rating for the real estate industry, particularly focusing on the first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen [1]. Core Insights - The first-tier cities have quickly responded to the central government's directives by implementing supportive real estate policies, demonstrating a strong commitment to stabilizing the market [2]. - Guangzhou has completely lifted purchase restrictions, making it the first city among the first-tier to do so, although the impact on short-term 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, especially in the second-hand housing market [2]. - Shanghai's measures, while less aggressive than Shenzhen's, are aimed at improving transaction conditions, particularly for larger second-hand homes [2]. - Beijing's policy changes are the most conservative among the first-tier cities, maintaining stricter purchase requirements for non-local residents [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 now at 15% and for second homes at 25% [1]. - Shenzhen has eliminated transfer restrictions for 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, lowering 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 of the real estate market, with varying degrees of impact across the first-tier cities [2]. - The overall sentiment is that these measures will help in promoting market recovery and improving transaction volumes in the short term [2]. Industry Statistics - 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 stands at -29.64, indicating ongoing challenges within the sector [3].