其中指出缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限。对非本市户籍居民家庭或成年单身 人士购买外环内住房的，购房所需缴纳社会保险或个人所得税的年限，调整为购房之日前连续缴纳满1 年及以上。符合条件非沪籍居民可在外环内增购1套住房。对在本市缴纳社会保险或个人所得税满3年及 以上的非本市户籍居民家庭或成年单身人士，在执行现有住房限购政策基础上，可在外环内增购1套住 房。 以下为通知原文： 关于进一步优化调整本市房地产政策的通知 为更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展，2月25日，市住房城乡建设管 理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五部门联合印发《关于进一步优化调 整本市房地产政策的通知》（以下简称《通知》），自2026年2月26日起施行。 一、进一步调减住房限购政策 服务宜居安居，促进职住平衡，聚焦满足居民合理住房需求，《通知》明确进一步调减住房限购政策。 2月25日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五 部门联合印发《关于进一步优化调整本市房地产政策的通知》，自2026年2月26日起施行。 一是缩短非沪籍居民购买外 ...

为更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展，2月25日，上海市住房城乡建 设管理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五部门联合印发《关于进一步优 化调整本市房地产政策的通知》(以下简称《通知》)，自2026年2月26日起施行。 三是符合条件的持《上海市居住证》群体可在上海市购买住房。对持《上海市居住证》满5年及以上的 非沪籍居民家庭或成年单身人士，在上海市限购1套住房，无需提供缴纳社保或个税证明。 按照上述规定，非沪籍居民家庭或成年单身人士，自购房之日前在上海市连续缴纳社会保险或个人所得 税满1年及以上的，在外环外购买住房不限套数，在外环内限购1套住房；连续缴纳社会保险或个人所得 税满3年及以上的，在外环内限购2套住房。持《上海市居住证》满5年及以上的，在全市范围内限购1套 住房。 关于住房限购政策相关业务，可拨打房地产交易行业服务热线"962269"具体咨询。 二、优化住房公积金贷款政策 发挥公积金支持住房消费作用，满足缴存人在不同阶段的宜居安居需求，《通知》规定优化住房公积金 政策。 一、进一步调减住房限购政策 服务宜居安居，促进职住平衡，聚焦满足居民合理住房需求， ...

为更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展，2月25日，市住房城乡建设管 理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五部门联合印发《关于进一步优化调 整本市房地产政策的通知》（以下简称《通知》），自2026年2月26日起施行。 进一步调减住房限购政策 服务宜居安居，促进职住平衡，聚焦满足居民合理住房需求，《通知》明确进一步调减住房限购政策。 一是缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限。对非本市户籍居民家庭或成年单身人士 购买外环内住房的，购房所需缴纳社会保险或个人所得税的年限，调整为购房之日前连续缴纳满1年及 以上。 二是符合条件非沪籍居民可在外环内增购1套住房。对在本市缴纳社会保险或个人所得税满3年及以上的 非本市户籍居民家庭或成年单身人士，在执行现有住房限购政策基础上，可在外环内增购1套住房。 三是符合条件的持《上海市居住证》群体可在本市购买住房。对持《上海市居住证》满5年及以上的非 沪籍居民家庭或成年单身人士，在本市限购1套住房，无需提供缴纳社保或个税证明。 按照上述规定，非沪籍居民家庭或成年单身人士，自购房之日前在本市连续缴纳社会保险或个人所得税 满1年 ...

2月25日，为更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发展，2月25日，市住房城 乡建设管理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五部门联合印发《关于进一 步优化调整本市房地产政策的通知》（以下简称《通知》），自2026年2月26日起施行。 进一步调减住房限购政策 服务宜居安居，促进职住平衡，聚焦满足居民合理住房需求，《通知》明确进一步调减住房限购政策。 发挥公积金支持住房消费作用，满足缴存人在不同阶段的宜居安居需求，《通知》规定优化住房公积金 政策。 一是适度提高住房公积金最高贷款额度。将缴存人家庭购买首套住房的公积金贷款最高额度从160万元 提高至240万元，叠加多子女家庭和购买绿色建筑最高贷款额度上浮政策（最高上浮35%），本市公积 金家庭贷款最高额度可达到324万元。对购买第二套住房的最高贷款额度也相应予以提高。 二是优化贷款套数认定。对于已使用过公积金贷款的本市缴存人家庭，在本市无住房或仅有1套住房、 且当前已结清住房公积金贷款的，在本市再次购房时可申请公积金贷款。 三是扩大多子女家庭购房支持范围。公积金贷款支持政策的适用范围从购买首套住房拓展至购买第二套 住房。即 ...

Core Viewpoint - The Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other departments, has issued a notice to further optimize and adjust real estate policies to better meet the housing needs of residents, particularly focusing on easing purchase restrictions for non-local families and supporting multi-child households [1] Group 1: Policy Adjustments - The policy relaxes the purchasing conditions for non-local families, reducing the social security or individual income tax payment duration required for purchasing properties within the Fifth Ring Road from 3 years to 2 years [1] - For purchasing properties outside the Fifth Ring Road, the required payment duration is reduced from 2 years to 1 year for non-local families [1] Group 2: Support for Multi-Child Families - Multi-child families, specifically those with two or more children, are allowed to purchase an additional property within the Fifth Ring Road; local families can buy up to three properties, while non-local families with two years of continuous social security or tax payments can buy up to two properties [1]

Report Investment Rating - The investment rating for the steel industry in the black building materials sector is "Oscillating with a Bullish Bias" [3] Core View - The current market has weak supply and demand with no prominent contradictions. It is expected that steel mill production will continue to operate at a low level, and the increase in demand during the off - season is limited. The screw and coil futures prices are expected to continue to fluctuate, with the resistance level for rebar at 3200 and the support level at 3030. Short - term operations are recommended [3] Summary by Relevant Catalog Market Review - Rebar and hot - rolled coils closed higher during the night session on Wednesday [3] Important Information - Beijing has further optimized and adjusted the housing purchase restriction policy, including relaxing the conditions for non - Beijing household registration families to purchase houses, allowing multi - child families to buy an additional house within the Fifth Ring Road, and adjusting mortgage and provident fund loan policies [3] - According to CISA data, in mid - December, the average daily output of crude steel from key steel enterprises was 1.845 million tons, a 1.3% decrease from the previous period. The steel inventory was 16.01 million tons, an 8.6% increase from the previous ten - day period and a 2.6% increase from the same period last month [3] - The US government announced on the 23rd that it will impose tariffs on Chinese chips in 2027, ending a trade investigation initiated by the previous Biden administration. However, it will not impose additional tariffs on Chinese chips for at least 18 months [3] - This year, the State Grid will complete fixed - asset investment of over 650 billion yuan, a record high [3] Market Logic - The current market has weak supply and demand with no prominent contradictions. Steel mill production is expected to remain at a low level, and demand growth in the off - season is limited [3] Trading Strategy - Short - term operations are recommended [3]

Market Performance - The equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.53% and 1.04% respectively, while the CSI 300 and CSI 500 rose by 0.29% and 1.31% [1] Individual Stock Performance - The top five gainers in the real estate sector were Hualian Holdings, Daming City, Rongfeng Holdings, Sunshine Co., and Jingji Zhino, with increases of 9.95%, 5.78%, 4.97%, 4.90%, and 4.49% respectively [2] - The largest decliners included Zhongtian Service, Sanxiang Impression, Shilianhang, Beichen Real Estate, and Xindazheng, with decreases of -3.06%, -2.05%, -1.93%, -1.66%, and -1.26% respectively [2] Industry News - Chengdu successfully sold 7 residential land parcels, generating revenue of 1.494 billion yuan. The total land area was 193,000 square meters, with a planned construction area of 303,400 square meters [3] - Zhengzhou successfully auctioned 3 residential land parcels for a total price of 1.025 billion yuan, with the most notable parcel sold at a floor price of 7,320 yuan per square meter, achieving a premium of 22.4% [3] Housing Policy Adjustments - Beijing has optimized housing purchase restrictions, reducing the social security or tax payment duration for non-Beijing households from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside [4] - The policy supports multi-child families, allowing them to purchase additional properties under certain conditions [4] - The minimum down payment for second-home loans using public housing funds has been adjusted from 30% to 25% [5]

Core Viewpoint - Beijing's government has introduced new policies to stabilize the real estate market, effective from December 24, 2025, aimed at meeting residents' housing needs and improving the investment environment [1][3]. Group 1: Housing Purchase Policy Adjustments - The policy relaxes home purchase conditions for non-Beijing residents, reducing the social security or tax payment requirement from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside [3]. - Families with two or more children can purchase additional properties; Beijing residents can buy up to 3 homes within the Fifth Ring Road, while non-Beijing residents with 2 years of social security or tax payments can buy 2 homes [3]. Group 2: Housing Credit Policy Changes - The new guidelines optimize personal housing credit policies, allowing banks to set interest rates for housing loans without differentiating between first and second homes, based on market conditions and client risk [3]. - The minimum down payment for second home purchases using housing provident fund loans is reduced from 30% to 25% [3]. Group 3: Real Estate Development and Investment Environment - The notification proposes changes to the land acquisition process for real estate development projects, shifting from city-level approval to district-level filing to enhance investment efficiency [4].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11] Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.53% and 1.04% respectively on December 24, 2025 [3] - The report notes significant individual stock performances, with top gainers including Hualian Holdings (up 9.95%) and Daming City (up 5.78%), while notable decliners include Zhongtian Services (down 3.06%) and Sanxiang Impression (down 2.05%) [4] - Recent policy adjustments in Beijing aim to optimize housing purchase conditions, including reduced social security or tax payment requirements for non-local families and support for multi-child families in purchasing additional properties [7][8] Market Performance - On December 24, 2025, the real estate sector index rose by 0.67%, indicating a positive sentiment in the market [3] - Chengdu successfully sold seven residential land parcels for a total of 1.494 billion yuan, while Zhengzhou sold three residential plots for a total of 1.025 billion yuan, reflecting active land transaction activities [5][6] Policy Changes - The Beijing government has implemented new housing purchase policies effective December 24, 2025, which include easing restrictions for non-local families and enhancing support for families with multiple children [7][8]

Core Viewpoint - Beijing has announced adjustments to its housing purchase policies to better meet the housing needs of residents, including easing restrictions for non-local families and supporting families with multiple children [1][2]. Group 1: Policy Adjustments - The requirement for non-local families to purchase housing within the Fifth Ring Road has been reduced from a social insurance or personal income tax payment period of 3 years to 2 years [2]. - For purchasing housing outside the Fifth Ring Road, the requirement has been reduced from 2 years to 1 year [2]. - Families with two or more children can purchase an additional property within the Fifth Ring Road, in addition to existing housing purchase policies [2]. Group 2: Financial and Regulatory Changes - Banks will no longer differentiate between first and second home loans in terms of interest rate pricing, allowing for more flexible loan terms based on market conditions and individual risk profiles [2][3]. - The minimum down payment for using public housing funds to purchase a second home is set at 25% [3]. - The approval process for real estate development projects will shift from city-level to district-level registration to optimize the business environment [3].