Core Insights - The housing provident fund system is set to undergo reforms in 2025, aiming to enhance its role in expanding domestic demand and stabilizing the market, benefiting more contributors and better meeting housing needs [1] - The housing provident fund will continue to support residents in purchasing homes, with policies in place to increase loan limits and optimize processes for converting commercial loans to provident fund loans [1] - The reform is expected to provide greater support for housing consumption, particularly in urban renewal and improving living conditions [1] Group 1 - The number of contributors to the housing provident fund is projected to reach 176.29 million by 2024 [1] - The housing provident fund will expand its funding usage to include flexible employment workers, with 23 new pilot cities added, increasing the total to 36 cities [2] - By the end of 2024, over 1 million flexible employment workers are expected to contribute to the housing provident fund, with 240,000 already utilizing it for housing [2] Group 2 - In 2024, 81.27 million people are expected to withdraw from the housing provident fund, representing 46.10% of contributors [3] - The fund can be used for both home purchases and rentals, with a significant increase in withdrawals for rental purposes [3] - The total balance of the housing provident fund is projected to reach 10.93 trillion yuan by the end of 2024, with various cities exploring its use for public services like property fees and elevator installations [3][4] Group 3 - The efficiency of housing provident fund services is expected to improve through enhanced data governance and standardized service levels [4]

Core Viewpoint - The expansion of the housing provident fund system to include flexible employment workers is a significant step towards ensuring their housing rights and improving social equity [1][2]. Group 1: Policy Implementation - The city of Hengshui has introduced a dual-track contribution model for flexible employment workers, allowing them to contribute to the housing provident fund with flexible amounts and the option for partial withdrawals [1]. - The central economic work conference has called for deepening reforms in the housing provident fund system, extending its coverage from urban areas to rural towns to support more flexible contributors [1]. - Cities like Cangzhou and Shijiazhuang are implementing supportive policies, such as loans for self-built housing and voluntary contributions for flexible employment workers [1][2]. Group 2: Benefits and Incentives - Contributing to the housing provident fund provides benefits such as low-interest loans for home purchases and the ability to withdraw funds for rent [1]. - Shijiazhuang has introduced subsidy measures for flexible employment workers, including a 100 yuan subsidy for those who open accounts and maintain contributions for six months [2]. - Hengshui has launched various support policies, including contribution subsidies and special assistance for recent graduates [2]. Group 3: Accessibility and Convenience - Flexible employment workers have a high demand for convenient online services due to their unpredictable work schedules [2]. - Multiple cities have established both online and offline channels for housing provident fund transactions, allowing workers to manage their accounts through apps and official WeChat accounts [2]. Group 4: Implementation and Responsibility - Effective implementation of these policies is crucial, with local governments urged to enhance accountability and refine processes to ensure that the benefits reach flexible employment workers [3].

Core Viewpoint - The housing provident fund system in China is set for reform in 2024, aiming to enhance its role in stimulating domestic demand and stabilizing the market, benefiting more contributors and better meeting housing needs [1] Group 1: Housing Provident Fund Contributions and Reforms - In 2024, the number of contributors to the housing provident fund is expected to reach 176.29 million [1] - The central economic work conference in 2025 will propose deepening reforms of the housing provident fund system, elevating successful local experiences to a national level [1] Group 2: Support for Housing Purchases - The housing provident fund will continue to support residents in purchasing homes, with policies in place to increase loan limits and optimize processes for converting commercial loans to provident fund loans [1] - The fund is expected to adapt to support housing consumption throughout its lifecycle, including renovations and improvements to living conditions [1] Group 3: Expansion of Fund Usage - The housing provident fund's usage will expand beyond just employees to include flexible workers, with 23 new pilot cities added in 2024, increasing the total to 36 [2] - By the end of 2024, over 1 million flexible workers are expected to contribute to the fund, with 240,000 already utilizing it for housing [2] Group 4: Increased Support for Renters - In 2024, 81.27 million people are projected to withdraw from the housing provident fund, representing 46.10% of contributors, with a significant increase in withdrawals for rental purposes [3] - The fund will focus on supporting new citizens and young people in renting homes, alongside policies to ease down payment burdens for home purchases [3] Group 5: Broader Applications in Livelihood Areas - By the end of 2024, the total balance of the housing provident fund is expected to reach 10.93 trillion yuan [3] - Various cities are exploring the use of the fund for additional livelihood expenses, such as property fees and elevator installations in existing residential buildings [3] Group 6: Service Efficiency Improvements - There is a strong emphasis on enhancing the convenience and efficiency of housing provident fund services through improved data governance and standardized service levels [4]

从上世纪90年代开始推行，这几十年来，是国家调整房地产政策的重要工具。全国公积金缴存 余额，到2024年底，涨到了10.9万亿元。这么大一笔钱躺在账上，效能还有提升空间，确实是 到了改革的时候了。 最近，公积金制度改革火上了热搜，住建部说了， 正在研究扩大住房公积金使用范围，深入 推进灵活就业人员参加住房公积金制度试点。 公积金制度实行这么多年，跟我们大家的钱 包、买房计划都息息相关。想必你也很关心，未来的公积金制度要改革，到底要怎么改？对你 我有啥影响？ 就在2025年12月，近十年来中央经济工作会议第一次出现了"深化住房公积金制度改革"这句 话。紧接着，全国住房城乡建设工作会议提了7次公积金，要让公积金"更好发挥作用"。 这背 后的信号很明显——公积金要升级了，不是小修小补，而是动真格的改革。 那么，公积金为什么是"调控神器"？ 首先，它直接连着大家的住房需求，政策一变，市场马 上就能感受到。其次，它覆盖的人特别多，而且能同时影响买房的人和卖房的人，所以特别适 合做精细化的调整。 再加上，地方政府在政策上很有自主权，所以能根据自己城市的情况， 快速出招，做到"因城施策"。 为什么最近公积金改革的呼声这么高 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 张芗逸 住房公积金是支持合理住房消费、促进房地产市场平稳运行的重要抓手，也是加强民生保障的重要环 节。 2026年开年以来，多地从放宽住房公积金提取要求、提高"商转公"贷款比例限额、支持灵活就业人员参 与等角度发力，优化住房公积金政策。 例如，银川市人民政府办公室1月5日发布的《银川市促进房地产市场平稳健康发展若干措施》提出，强 化住房公积金政策支持，并明确"因城施策支持公积金贷款购买新建商品房""缴存人可提取住房公积金 用于个人及其配偶、父母、子女等直系亲属购买住房及支付所购住房所缴纳的契税"等具体措施。 严跃进表示，住房公积金制度改革要与今年着力稳定房地产的工作进行结合，也要与房地产市场上出现 的新需求相结合，更好地发挥住房公积金的政策导向作用。 厦门于1月7日优化调整住房公积金提取和贷款政策，提出"关于购买、建造、翻建、大修自住住房提 取。增加提取时间要求、取消频次限制、调整提取金额；增加房产多次交易提取限制；明确再交易住房 多人购房和省内异地购房提取条件"等举措。 四川省人民政府1月9日发布的《关于推动城市高质量发展的 ...

四川省人民政府1月9日发布的《关于推动城市高质量发展的实施意见》提出，"支持灵活就业人员缴 存、提取、使用住房公积金"。 广东省住房政策研究中心首席研究员李宇嘉对《证券日报》记者表示，2026年以来，各地住房公积金政 策聚焦降首付、提额度、扩范围、优提取、促流转等方面进行优化，除了降低住房消费成本、门槛外， 还将住房公积金从传统的买房、租房扩展至居家、社区生活、提升居住品质等方面，顺应了房地产市场 存量时代对存量盘活、居住品质提升的需求。 上海易居房地产研究院副院长严跃进在接受《证券日报》记者采访时表示，深化住房公积金制度改革既 是住房公积金本身的需要，也是符合房地产发展新模式的要求。 住房公积金是支持合理住房消费、促进房地产市场平稳运行的重要抓手，也是加强民生保障的重要环 节。 2026年开年以来，多地从放宽住房公积金提取要求、提高"商转公"贷款比例限额、支持灵活就业人员参 与等角度发力，优化住房公积金政策。 例如，银川市人民政府办公室1月5日发布的《银川市促进房地产市场平稳健康发展若干措施》提出，强 化住房公积金政策支持，并明确"因城施策支持公积金贷款购买新建商品房""缴存人可提取住房公积金 用于个人及其 ...

宏观研究 证 券 研 究 报 告 进一步关注公积金提取数据，2024 年用于租房、老旧小区改造的增速较高， 同比分别达到 33%、147%，详见正文。 ❖ 二、近期政策如何定调？ 近期，政策密集提及"深化住房公积金制度改革"，2025 年 12 月中央经济工 作会议提及"深化住房公积金制度改革，有序推动'好房子'建设"，此后， 全国住房城乡建设工作会议、求是《改善和稳定房地产市场预期》均有提及。 【宏观快评】 四问公积金制度改革 ❖ 核心观点 本文关注公积金制度改革。2025 年 12 月中央经济工作会议提及"深化住房公 积金制度改革"，据人民日报，住房公积金制度改革要"让大家贷得到、用得 顺这笔钱，从而住得上更好的房子"。后续关注四个方面：一是提高公积金资 金管理效能，当前公积金账户存款利率仅 1.5%，人民日报称"效能还有提升 空间"，关注后续措施；二是继续提高贷款额度；三是可能继续扩大灵活就业 人员试点范围，2024 年已有 36 城开展试点，关注是否扩围至全国；四是各地 或延续此前方向，继续扩大公积金使用范围，支持公积金支付房租与物业费、 提高租房提取额度、扩大公积金异地互认等。 ❖ 一、公积金情况简 ...

中国人民银行原行长戴相龙今日（1月11日）在第三十届（2026年度）中国资本市场论坛上提及，有观 点提出为提高住房公积金利用率，可用一部分住房公积金投资资本市场。戴相龙认为现在住房公积金滚 存结余约10万亿元，是因为用途受限，跨市不可调度运用。因此，要改革住房公积金制度，扩大用途， 扩大调剂，提高利用率，不宜用于对资本市场的投资。(智通财经 高萍） ...

Group 1 - The core viewpoint of the articles highlights the recent policy adjustments in various cities aimed at stimulating housing demand through housing provident fund and home purchase subsidies [1][3][4] - Xiamen City has optimized its housing provident fund policies, increasing the loan limit by 250,000 yuan for families with multiple children applying for housing loans [1] - Shenyang City has announced a new round of housing provident fund loan policy optimizations, including extending the minimum down payment ratio and increasing the maximum loan limit for converting commercial loans to public loans from 60% to 80% of the property price [1][2] Group 2 - The adjustments in housing provident fund policies are part of a broader reform initiative, with expectations for more systematic changes across various regions, including expanding the usage of housing provident funds and supporting flexible employment [3] - The introduction of home purchase subsidies is being emphasized, with local governments encouraged to implement various subsidy programs based on housing inventory conditions [3][4] - The overall aim of these policies is to stabilize the real estate market and improve buyer sentiment, with expectations for further policy optimizations throughout 2026 [4]

近期，公积金制度改革成为监管部门频繁提及的话题。 2025年12月召开的中央经济工作会议指出，深化住房公积金制度改革。在近10年的中央经济工作会议公报中，这是公积金首次被单独提及。 当月下旬，全国住房城乡建设工作会议召开，并提出"更好发挥住房公积金作用""深化住房公积金制度改革"。该会议还透露，我国累计发放住 房公积金个人住房贷款6.5万亿元，支持缴存人提取9.4万亿元住房公积金用于住房消费。 2026年1月2日，《求是》杂志发表题为《改善和稳定房地产市场预期》的文章，再度强调"深化住房公积金制度改革"。 在楼市中长期发展空间巨大、短期市场继续调整、稳楼市政策仍待加力的背景下，这些表态释放出的信号意义值得关注。 1月8日，《人民日报》发表题为《中央"点名"住房公积金，释放什么信号？》的文章指出，公积金很可能要迎来改革大动作。文章从公积金的 用途、问题、提升空间，以及我国住房发展的现实需要入手，提出公积金改革的总体目标——"让大家贷得到、用得顺这笔钱，从而住得上更 好的房子。" 调控"利器" 住房公积金是指国家机关、企事业单位、社会团体及其在职职工缴存的长期住房储金。作为中国住房保障制度改革创新的重要成果，公积 ...