房地产行业分析：商贷利率再调整，一线城市限购放松，全面助力市场止跌回稳

Investment Rating - The report indicates a positive outlook for the real estate industry, suggesting that recent policy changes will help stabilize the market and boost confidence among buyers [1][4]. Core Insights - The adjustment of commercial loan interest rates and the relaxation of purchase restrictions in first-tier cities are expected to support market recovery and stimulate transaction volumes [1][2]. - The unification of the minimum down payment ratio for first and second homes to no less than 15% signals a reduction in the upfront costs for purchasing a second home, which may enhance buyer demand [2][3]. - The increase in the re-loan ratio for financial institutions to 100% for purchasing unsold properties as affordable housing is anticipated to facilitate the liquidation of existing inventory and improve cash flow for real estate companies [4]. Summary by Sections Section 1: Loan Rate Adjustments - The People's Bank of China has optimized the pricing mechanism for commercial housing loans, allowing for more flexible negotiations on interest rates and repricing cycles, which enhances the responsiveness of loan rates to market conditions [1]. Section 2: Down Payment and Purchase Restrictions - The recent policy changes eliminate the distinction between first and second home purchases regarding down payment ratios, which is expected to invigorate the market, particularly in first-tier cities where restrictions have been relaxed [2][3]. Section 3: Financial Support for Unsold Properties - The adjustment to the re-loan ratio for financial institutions aims to encourage the acquisition of unsold properties for affordable housing, thereby aiding in the reduction of inventory and supporting the overall market liquidity [4]. Section 4: Market Sentiment and Future Outlook - The timing of these policy announcements before the National Day holiday is likely to enhance market sentiment and stimulate demand, although the sustainability of this positive trend will depend on ongoing buyer confidence and the implementation of supportive policies [4].