人民财讯9月26日电，中国人民银行货币政策委员会召开2025年第三季度例会，会议指出，要引导大型 银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行资本实力，共同维护金 融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇大文章"，加力支持科技 创新、提振消费、小微企业、稳定外贸等，做好"两重""两新"等重点领域的融资支持。用好证券、基 金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好 支持民营经济发展壮大的金融服务，充分发挥支持小微企业融资协调工作机制作用，进一步打通中小微 企业融资的堵点和卡点。着力推动已出台金融政策措施落地见效，加大存量商品房和存量土地盘活力 度，巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展新模式。切实推进金 融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 ...

Core Viewpoint - The Ministry of Housing and Urban-Rural Development of the Communist Party of China emphasizes the need for reform and development in the housing and real estate sectors, aiming for breakthroughs in addressing existing contradictions and issues [1] Group 1: Reform and Development - The ministry plans to deepen reform efforts and utilize reform thinking to resolve issues in housing, real estate, urban construction, and the construction industry [1] - There is a commitment to implement important reform tasks as outlined by the central government [1] Group 2: Focus on People and Community - The ministry stresses the importance of a people-centered approach, aiming to enhance community living conditions through the development of good houses, neighborhoods, and urban areas [1] - Continuous efforts will be made to stabilize the real estate market and establish a new model for real estate development [1] Group 3: Urban Renewal and Industry Transformation - The ministry will persist in urban renewal initiatives and promote the transformation and upgrading of the construction industry [1] - There is a focus on achieving high-quality development in housing and urban-rural construction sectors [1] Group 4: Risk Management - The ministry aims to enhance risk awareness and strengthen bottom-line thinking to improve risk management capabilities [1] - There is a specific focus on preventing and mitigating safety risks in the housing and urban-rural construction sectors [1]

Group 1 - The core viewpoint of the article emphasizes the commitment of the Ministry of Housing and Urban-Rural Development to implement the central inspection rectification requirements and enhance political responsibility in the housing sector [1][2] - The Ministry has established a leadership group to oversee the rectification process, with the Minister taking overall responsibility and other members actively engaging in problem recognition and resolution [2] - The Ministry aims to integrate the rectification efforts with personnel selection, internal inspections, and the implementation of the 20th Central Committee's decisions to ensure comprehensive progress [2] Group 2 - The Ministry is focused on preventing and mitigating real estate risks by adapting to new market conditions and promoting high-quality development in the sector [3] - Specific measures include implementing policies to stabilize the real estate market, enhancing local government autonomy in regulation, and ensuring the protection of homebuyers' rights [3] - Collaboration with financial regulatory bodies aims to improve project financing mechanisms and ensure compliance with pre-sale fund regulations [3] Group 3 - The Ministry is enhancing safety management in the housing sector by developing regulations for the entire lifecycle of buildings and conducting regular safety inspections [4][5] - Initiatives include updating aging gas pipelines, improving urban drainage systems, and ensuring the safety of public infrastructure [5] Group 4 - The Ministry is working on the healthy development of the industry by promoting new urban infrastructure and addressing quality issues in residential construction [6] - Efforts are being made to tackle corruption and improve the quality of construction projects, alongside promoting the construction of safe and sustainable housing [6][7] Group 5 - The Ministry is committed to improving housing security and has set a target to construct 1.802 million units of affordable housing by 2024 [7] - The focus is on rectifying market order in real estate and construction sectors, enhancing service quality, and addressing illegal practices [8] Group 6 - The Ministry is implementing institutional reforms to optimize internal operations and enhance communication with relevant departments [9] - There is a strong emphasis on strict party governance and anti-corruption measures, with ongoing training and education for party members [11][15] Group 7 - The Ministry is prioritizing the selection and training of capable leaders and strengthening grassroots party organizations to enhance overall governance [12][19] - Continuous improvement of the rectification process is planned, with a focus on long-term effectiveness and institutionalization of the results [17][18]

Group 1 - The central theme of the article is the implementation of the inspection and rectification work by the Ministry of Housing and Urban-Rural Development, emphasizing the importance of political responsibility and the need for high-quality development in the housing sector [2][4][18] - The Ministry has established a leadership group to oversee the rectification process, with the Minister taking overall responsibility and other members actively participating in problem recognition and implementation [2][3] - The Ministry aims to integrate the rectification efforts with ongoing reforms and development tasks, ensuring that the feedback from the inspection is addressed in a comprehensive manner [3][4] Group 2 - Key issues identified in the inspection include the need to mitigate real estate risks and promote high-quality development in the sector, with a focus on adapting to new market conditions and enhancing regulatory frameworks [4][5] - The Ministry is collaborating with relevant departments to ensure that local governments, real estate companies, and financial institutions fulfill their responsibilities, particularly in safeguarding housing delivery and protecting buyers' rights [5][6] - There is a strong emphasis on improving safety management in the housing sector, including the establishment of safety regulations and regular inspections of aging buildings and infrastructure [6][7] Group 3 - The Ministry is committed to addressing public concerns regarding housing quality and safety, implementing measures to enhance construction quality and tackle corruption within the sector [7][9] - Efforts are being made to promote sustainable urban development, including the construction of resilient urban infrastructure and the renovation of old neighborhoods [8][9] - The Ministry is also focused on improving housing security, with plans to construct 1.802 million units of affordable housing in 2024 [8][9] Group 4 - The article outlines the Ministry's commitment to long-term rectification efforts, emphasizing the importance of strategic planning and legal reforms to support high-quality development in the housing sector [15][16] - The Ministry aims to strengthen its organizational structure and enhance the capabilities of its workforce, ensuring that leadership is effective and responsive to the challenges in the housing and urban development sectors [20][21] - Continuous improvement and institutionalization of rectification outcomes are prioritized, with a focus on maintaining momentum in addressing unresolved issues and fostering a culture of accountability [21]

Group 1 - The Federal Reserve's first interest rate cut since December 2024 breaks a 9-month period of rate stability, significantly impacting the global economic landscape and providing a crucial opportunity for China to boost consumption, particularly in the real estate market [1] - The Fed's rate cut allows for greater flexibility in China's monetary policy, reducing capital outflow pressure and enabling the central bank to utilize tools like reserve requirement ratio cuts and interest rate reductions to stimulate investment and consumption [1] - Lower financing costs for real estate developers and reduced mortgage rates for homebuyers are expected to directly stimulate demand in the real estate market, which is capital-intensive [1] Group 2 - Government departments are encouraged to take proactive measures to leverage the Fed's rate cut to stimulate the consumption market, including issuing consumption vouchers and enhancing social security systems to boost consumer confidence [2] - Major cities like Beijing, Shanghai, and Shenzhen are easing real estate policies, with a focus on developing a new model for real estate growth, supported by the Central Urban Work Conference [2] - Financial institutions are advised to cautiously increase credit to real estate companies and lower mortgage rates to alleviate repayment pressure on homebuyers, while local governments should tailor policies to stabilize housing prices and promote supply-demand balance [2]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][46] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.5%, the Shenzhen Component Index by 2.6%, the ChiNext Index by 2.1%, and the CSI 300 by 1.4%, while the real estate sector (Shenwan) increased by 6.0% [6][9] - The top five stocks in terms of growth were Shoukai Co. (+57.0%), Suning Universal (+47.1%), Wolong New Energy (+28.1%), Xinda Zheng (+24.5%), and Heimu Dan (+20.9%) [6][9] Data Tracking New Housing Transactions - In the week of September 6-12, 2025, new housing transactions in 42 key cities totaled 1.54 million square meters, a decrease of 9.6% from the previous week [15] - For September up to the week of September 12, new housing transactions totaled 2.72 million square meters, an increase of 14.1% month-on-month but a decrease of 3.2% year-on-year [19] Second-Hand Housing Transactions - In the week of September 6-12, 2025, second-hand housing transactions in 21 key cities totaled 1.96 million square meters, an increase of 13.5% from the previous week [29] - For September up to the week of September 12, second-hand housing transactions totaled 3.38 million square meters, an increase of 15.6% month-on-month and 21.5% year-on-year [33] Industry News - The Ministry of Housing and Urban-Rural Development issued guidelines to improve the quality of administrative law enforcement in housing construction [46] - The State Council emphasized the importance of high-quality completion of the 14th Five-Year Plan, with measures to enhance the convenience of real estate registration [46] - The report highlights that Guangdong Province has designated Guangzhou and Shenzhen as pilot cities for modular construction, with a trial period until the end of 2028 [46] Company Announcements - In August, New Town Holdings reported a sales amount of 1.58 billion yuan (down 37% year-on-year), while China Jinmao reported 9.077 billion yuan (up 46.5% year-on-year) [50] - China Jinmao's revenue for the first half of 2025 was 25.11 billion yuan, an increase of 14% year-on-year, with a net profit of 1.09 billion yuan, up 8% year-on-year [50]

Group 1: Economic Overview - The National Bureau of Statistics reported that the real estate market is stabilizing, with policies implemented to promote housing demand and reduce inventory [1][20] - In the first eight months of 2025, new residential sales area decreased by 4.7% year-on-year, with sales revenue down by 7.3% [2][11] - The new housing transaction scale remains at a seasonal low, but some cities like Chongqing and Kunming have shown year-on-year increases in transaction volume [3][8] Group 2: Price Trends - In August 2025, the price decline of new residential properties continued to narrow, with first-tier cities experiencing a 0.1% month-on-month decrease [6][8] - Year-on-year, first-tier cities saw a 0.9% drop in new residential prices, with Shanghai showing a 5.9% increase [6][7] - The second-hand housing market also saw price declines, with first-tier cities down 3.5% year-on-year, but the decline is narrowing [7][8] Group 3: Construction and Investment - From January to August 2025, the construction area of residential properties fell by 9.6%, while new construction area dropped by 19.5% [11][14] - Real estate development investment decreased by 12.9% year-on-year, with a notable decline in the frequency of high-quality land sales in major cities [17][20] - The market is expected to see marginal improvements in new construction area as inventory structures improve and urban renewal progresses [11][20] Group 4: Policy Impact - Recent policy measures have been introduced to stabilize the real estate market, including easing purchase restrictions in major cities [7][20] - The government emphasizes the need for urban renewal and improving housing supply to meet demand [1][20] - The ongoing support for high-quality product supply and local incentives is expected to help stabilize new housing prices and improve transaction volumes [20]

Policy Level: Continuous Easing and Strong Support - Major cities like Beijing, Shanghai, and Shenzhen are leading the policy changes in the real estate sector, with significant adjustments to housing purchase restrictions and support for low-income housing [2][3][4] - Beijing's policy changes, such as lifting purchase limits outside the Fifth Ring, have resulted in increased market activity and improved market expectations [2] - Shanghai's new measures focus on affordable housing and optimizing housing credit, reducing the financial burden on homebuyers [2][4] Central Government's Direction - The Central Urban Work Conference has set a clear direction for the future of the real estate market, emphasizing the need for a new development model [4][5] - The focus is on a dual-track system of "market + guarantee" to address housing needs across different income groups, with reforms in pre-sale systems, land use, and tax regulations [4][5] Market Level: Stabilization and Divergence - After September, some cities have shown signs of market stabilization, particularly in first and second-tier cities, driven by policies like reduced down payments and lower mortgage rates [8][11] - In Beijing, new home transaction volumes have increased, with a notable rise in both new and second-hand home sales [8][11] - However, significant market divergence remains, with first and second-tier cities recovering faster than third and fourth-tier cities, which face higher inventory pressures [12][13] Industry Level: Active Transformation and New Paths - Real estate companies are actively seeking transformation, moving towards diversified and sustainable business models beyond traditional property development [13][14] - Companies are increasingly involved in affordable housing projects, long-term rental housing, and urban renewal initiatives, which align with social responsibilities and policy support [14][16] - The focus on green and smart building practices is growing, with companies adopting energy-efficient designs and advanced technologies to enhance living experiences [16] Future Outlook - The real estate market is entering a new development phase following the central government's policy adjustments and local implementations [17][18] - Continuous collaboration among government, enterprises, and society is essential to ensure healthy market development, with an emphasis on balanced policies to prevent market volatility [17][18]

（原标题：住建部部长倪虹：希望国资央企深入实施城市更新行动 推动构建房地产发展新模式） 人民财讯9月12日电，9月11日，国务院国资委党委和中央企业党委（党组）开展理论学习中心组联学。 国务院国资委党委书记、主任张玉卓主持联学。住房城乡建设部党组书记、部长倪虹应邀作专题辅导报 告。 倪虹在辅导报告中分析了当前城市工作面临的新形势新挑战新机遇，介绍了贯彻落实中央城市工作会议 精神的重点举措。他表示，中央企业有力支撑了城镇化建设、城市民生福祉改善、城市科技水平提升和 人居领域对外开放合作，在助力城市发展方面成效显著，希望国资央企牢固树立和践行人民城市理念， 准确把握当前和今后一个时期城市工作的总体要求，主动适应城市发展阶段新变化，认真落实党中央关 于城市工作的新部署，深入实施城市更新行动，推动构建房地产发展新模式，打造"中国建造"升级版， 走出一条中国特色城市现代化新路子。 ...

Group 1: Market Challenges - The national real estate development investment decreased by 11.2% year-on-year in the first half of 2025, with residential investment down by 10.4% [3] - New construction area saw a significant decline, with total new housing starts down by 20.0% and residential starts down by 19.6% [3] - The real estate development climate index was only 93.60 in June, indicating substantial downward pressure on the market [3] Group 2: Policy Responses - The government is implementing a series of targeted policies to stabilize the real estate market, emphasizing the importance of a new development model for sustainable growth [5] - The central bank reduced the reserve requirement ratio by 0.5 percentage points, releasing 1 trillion yuan in long-term liquidity, and lowered the 5-year LPR to 3.5% [6] - Plans for constructing 1.72 million units of various types of affordable housing in 2025 aim to address housing difficulties for new citizens and young people [6] Group 3: Financial Measures - The average interest rate for existing home loans is expected to decrease by approximately 0.5 percentage points, benefiting around 50 million households and saving them about 150 billion yuan in interest [7] - The government is promoting the "保交楼" initiative, which has successfully delivered 2.46 million homes, to stabilize market confidence [12][16] Group 4: Future Outlook - The real estate market is transitioning from a focus on growth to a balanced approach of maintaining both inventory and new supply, with significant potential demand remaining [14] - The emphasis on quality, stability, and sustainable development marks a shift in the real estate sector, necessitating close attention to policy changes and market dynamics [16]