总结与展望 | 政策：持续稳定市场，政策须优化加力（2025H1）

Core Viewpoint - The real estate market is gradually stabilizing and developing healthily under continuous policy regulation, with significant policy advancements since the second quarter of 2025 aimed at stabilizing the market, promoting transformation, and preventing risks [1][2][19]. Policy Implementation - The Central Political Bureau meeting has defined a new phase of "stabilizing the market," indicating that the real estate market has entered a new stage of supply-demand balance, with reduced year-on-year declines in new housing and land transaction volumes [2][3]. - The meeting outlined three core tasks: enhancing urban renewal, constructing a new development model with high-quality supply, and optimizing inventory policies to mitigate market risks [3][4]. Urban Renewal and Inventory Management - Urban renewal is prioritized to activate demand through the transformation of existing stock, with plans to expand the scale of urban village and dilapidated housing renovations, aiming to release potential rigid housing demand [3][4]. - The optimization of policies for acquiring existing housing stock as affordable housing is crucial for balancing supply and demand, with a significant increase in the frequency of land acquisition announcements by local governments [4][8]. Financial Environment and Local Policies - The financial environment for real estate remains supportive, with a series of financial policies introduced to lower costs, expand demand, and stabilize expectations [1][19]. - In the first half of 2025, 130 provinces and cities issued 362 market stabilization policies, focusing on optimizing housing fund policies, stimulating housing demand through subsidies, and enhancing the supply of affordable housing [13][16]. Market Dynamics and Future Outlook - The anticipated acceleration of urban renewal and land acquisition policies is expected to alleviate inventory pressure and help achieve a new dynamic balance in supply and demand in the real estate market [1][19]. - The focus on high-quality housing supply and the development of a new model for the real estate industry is expected to drive the sector towards high-quality development [3][21].