行业点评报告：新七条、松限购、促改善

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The new "Hushiqiao" policy issued on February 25, 2026, represents a significant enhancement over the previous 2024 policy, aiming to systematically lower the barriers to home purchasing, enhance purchasing power, and reduce replacement costs to better meet rigid and improvement housing demands [1][2] - The policy is expected to stimulate short-term demand release, boost market confidence, and increase activity, particularly through the relaxation of purchasing qualifications in the outer ring, which may lead to a resurgence in both second-hand and new home transactions during the "small spring" period [1][2] - Structural impacts are anticipated, with core areas and improvement products benefiting the most, as the relaxation of purchase restrictions is likely to support price stability and liquidity in central urban areas and mature suburban districts [2] - The policy will facilitate market circulation and repair the "sell one buy one" replacement chain, targeting improvement customers through relaxed public housing loan recognition and property tax exemptions, thus promoting a healthy linkage between the first and second-hand housing markets [2] Summary by Sections Policy Comparison - The 2026 policy significantly reduces the social security duration required for non-local buyers in the outer ring from "5 years" to "1 year" and allows eligible non-local buyers to purchase an additional property [5] - The new policy introduces a housing purchase channel for holders of residence permits who have held them for over 5 years, allowing them to buy one property citywide without needing social security or tax proof [5] Credit and Public Fund Policies - The new policy raises the maximum public fund loan limit for first-time buyers from 1.6 million to 2.4 million, with potential increases up to 3.24 million for families with multiple children [6] - It optimizes the recognition of loan counts, allowing families with settled public fund loans and owning one or fewer properties to apply for public fund loans again [6] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Elasticity Priority - Local state-owned enterprises and real estate companies that will directly benefit from the recovery of regional market activity, with high business concentration and maximum performance and valuation elasticity [3] 2. Stable Leaders - Resource-based real estate companies with a strong brand presence and quality land reserves in Shanghai, expected to benefit from overall market recovery and accelerated new home sales [3] 3. Valuation Recovery - National real estate companies with strong operations, as the policy is expected to improve overall industry expectations and drive valuation recovery for quality firms [3]