华金宏观·双循环周报（第57期）：限购放松，争夺人才，成效几何？

Policy Changes - Second-tier cities have significantly relaxed purchase restrictions to attract high-end talent from advanced industries[2] - Cities like Xi'an and Hangzhou have completely lifted housing purchase limits, accompanied by increased loan limits for families with multiple children[2][9] Market Dynamics - The current population aging trend may lead to a rebalancing of population between first and second-tier cities, affecting housing demand[30] - First-tier cities still face high housing price-to-income ratios, limiting the effectiveness of recent policy relaxations in stimulating demand[9][30] Financial Support Measures - Policies include enhanced housing provident fund support, promotion of "selling old to buy new" initiatives, and adjustments to commercial loan rates[2][9] - The overall marginal decline in housing prices in second-tier cities is more pronounced compared to first-tier cities, which had lower price increases during the last market upcycle[9][30] Economic Implications - The monetary redistribution policies remain strictly controlled, limiting the potential rebound in housing demand[32][34] - The support from MLF and PSL is significantly lower than in previous cycles, indicating a weak stimulus effect on the real estate market[34]