【#北京调整住房限购政策#】#放宽非京籍家庭购房条件##支持多子女家庭住房需求# 为促进房地产市 场平稳健康发展，更好满足居民刚性住房需求和多样化改善性住房需求，现就进一步优化调整房地产相 关政策通知如下： 一、非本市户籍居民家庭购买五环内商品住房的，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2年及以上；购买五环外商品住房的，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、对二孩及以上的多子女居民家庭（包括本市户籍和非本市户籍居民家庭），在执行现有住房限购政 策基础上，可在五环内再多购买一套商品住房。 三、各银行业金融机构根据北京地区市场利率定价自律机制要求和本机构经营状况、客户风险状况等因 素，在利率定价机制安排方面不再区分首套住房和二套住房，合理确定每笔商业性个人住房贷款的具体 利率水平。 四、借款申请人使用公积金贷款购买二套住房的，最低首付款比例不低于25%。 关政策通知如下： 一、非本市户籍居民家庭购买五环内商品住房的，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2年及以上；购买五环外商品住房的，缴纳社会保险或个人所得税的年限，调整为购房 ...

《通知》明确，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机制要 求和本机构经营状况、客户风险状况等因素，在利率定价机制安排方面不再区分首套住房和二套住房， 合理确定每笔商业性个人住房贷款的具体利率水平。关于住房贷款相关业务，可向经办银行具体咨询。 《通知》明确，加大公积金支持住房消费力度，调整二套住房公积金贷款最低首付比例，对借款申请人 （含共同申请人）使用公积金个人住房贷款购买二套住房的，最低首付款比例由不低于30%调整为不低 于25%。《通知》还提出，为进一步优化营商环境，提升房地产投资效率，调整招拍挂拿地的房地产开 发项目立项方式，由市区分级核准调整为区级备案。 北京市住房城乡建设委、市发展改革委、人民银行北京市分行、北京住房公积金管理中心等4部门联合 印发《关于进一步优化调整本市房地产相关政策的通知》，自2025年12月24日起施行。 《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化调整住房限购政 策。一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行 的"3年"调减为"2年";购买五环外商品住房的，由现行的"2 ...

据北京市住房和城乡建设委员会消息，12月24日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、北京住房公积金管理中心等4部门 联合印发《关于进一步优化调整本市房地产相关政策的通知》（以下简称《通知》），自2025年12月24日起施行。 《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化调整住房限购政策。 一是放宽非京籍家庭购房条件。 将非京籍 家庭购买五环内商品住房的社保或个税缴纳年限，由现行的"3年"调减为"2年";购买五环外商品住房的，由现行的"2年"调减为"1年"。 二是支持多子 女家庭住房需求。 二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍多子女家庭，可在五环内购买3套商品住房；在京连续2年 缴纳社保或个税的非京籍多子女家庭，可在五环内购买2套商品住房。 《通知》明确，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机制要求和本机构经营状况、客户风险状况等因 素，在利率定价机制安排方面不再区分首套住房和二套住房，合理确定每笔商业性个人住房贷款的具体利率水平。关于住房贷款相关业务，可向经 办银行具体咨询。 《通知》还提出，为进一步 ...

Core Viewpoint - Beijing is implementing measures to stabilize the real estate market in response to the central economic work conference, with new policies set to take effect on December 24, 2025 [1][3]. Group 1: Housing Purchase Policy Adjustments - The new policy relaxes home purchase conditions for non-Beijing residents, reducing the social security or tax payment requirement from 3 years to 2 years for purchasing homes within the Fifth Ring Road, and from 2 years to 1 year for homes outside the Fifth Ring Road [1][3]. - Families with two or more children will be allowed to purchase additional homes; Beijing residents can buy up to 3 homes within the Fifth Ring Road, while non-Beijing families with 2 years of social security or tax payments can buy 2 homes [1][3]. Group 2: Housing Credit Policy Enhancements - The policy optimizes personal housing credit by removing the distinction between first and second home loans in the interest rate pricing mechanism, allowing banks to set rates based on market conditions and individual risk factors [4]. - The minimum down payment for second home loans using public housing funds is reduced from 30% to 25% [2][4]. Group 3: Real Estate Development Process Improvements - The approval process for real estate development projects is being streamlined, shifting from city-level approval to district-level filing to enhance the investment environment and efficiency [2][4].

【#北京调整住房限购政策#】#放宽非京籍家庭购房条件##支持多子女家庭住房需求# 为促进房地产市 场平稳健康发展，更好满足居民刚性住房需求和多样化改善性住房需求，现就进一步优化调整房地产相 关政策通知如下： 一、非本市户籍居民家庭购买五环内商品住房的，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2年及以上；购买五环外商品住房的，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、对二孩及以上的多子女居民家庭（包括本市户籍和非本市户籍居民家庭），在执行现有住房限购政 策基础上，可在五环内再多购买一套商品住房。 三、各银行业金融机构根据北京地区市场利率定价自律机制要求和本机构经营状况、客户风险状况等因 素，在利率定价机制安排方面不再区分首套住房和二套住房，合理确定每笔商业性个人住房贷款的具体 利率水平。 一、非本市户籍居民家庭购买五环内商品住房的，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2年及以上；购买五环外商品住房的，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、对二孩及以上的多子女居民家庭（包括本市户籍和非本市户籍居 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 12月24日，北京市住房城乡建设委、市发展改革委、人民银行北京市分行、北京住房公积金管理中心等 4部门联合印发《关于进一步优化调整本市房地产相关政策的通知》（以下简称《通知》），自2025年 12月24日起施行。《通知》明确，为更好满足居民刚性住房需求和多样化改善性住房需求，进一步优化 调整住房限购政策。一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴 纳年限，由现行的"3年"调减为"2年";购买五环外商品住房的，由现行的"2年"调减为"1年"。二是支持多 子女家庭住房需求。二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍多子女家 庭，可在五环内购买3套商品住房；在京连续2年缴纳社保或个税的非京籍多子女家庭，可在五环内购买 2套商品住房。《通知》明确，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率 定价自律机制要求和本机构经营状况、客户风险状况等因素，在利率定 ...

Core Viewpoint - The new real estate policy implemented in Shenzhen aims to optimize and adjust housing purchase regulations, leading to a significant increase in the second-hand housing market activity, particularly in the Luohu district [1][4]. Group 1: Policy Changes - The Shenzhen Housing and Construction Bureau and the People's Bank of China Shenzhen Branch jointly issued a notification on September 6 to further optimize the city's real estate policies [1]. - Several districts, including Yantian and Dapeng New District, have lifted purchase restrictions, allowing residents and eligible non-residents to buy an unlimited number of properties in specific areas [1][4]. Group 2: Market Impact - Following the implementation of the new policy, the second-hand housing market in Shenzhen has shown a continuous upward trend, with a 45% increase in transaction volume from September 6 to 11 compared to the previous six days [1][4]. - Luohu district experienced the most significant growth, with a staggering 109% increase in second-hand housing transactions during the same period [1][4]. Group 3: Regional Performance - Other districts such as Longhua, Yantian, and Futian also saw substantial increases in second-hand housing transactions, with growth rates exceeding 50% [4]. - Specifically, transaction volumes in Baoan and Longgang districts increased by 43% and 39%, respectively, indicating a broad positive impact across multiple areas [4].

Core Viewpoint - Shenzhen has implemented new real estate policies aimed at optimizing housing purchase restrictions and credit policies, which are expected to stimulate housing demand and improve market sentiment [2][3]. Policy Adjustments - The new policy redefines housing purchase zones into three categories: central urban areas, suburban areas, and rural areas, with significant changes in purchase restrictions for both residents and non-residents [3]. - Non-residents with at least one year of social security or tax payments can now purchase two properties in suburban areas, while those without such proof can buy two in rural areas, and there are no restrictions in rural areas [3][7]. - Single residents of Shenzhen can now purchase two properties in central urban areas, an increase from one [3][7]. Credit Policy Changes - The mortgage interest rate pricing mechanism has been adjusted, eliminating the distinction between first and second homes, allowing for more flexible loan terms [3][4]. - The minimum down payment for first homes remains at 15%, while for second homes, it is set at 20% [6]. Market Response - Following similar policy adjustments in Beijing and Shanghai, Shenzhen's new measures are expected to enhance housing sales, particularly in suburban areas [3]. - Recent data indicates that after policy changes in Beijing and Shanghai, new and second-hand housing transaction volumes have shown slight improvements, with Beijing experiencing a 9% and 10% increase respectively, and Shanghai seeing a 25% increase [3]. Investment Opportunities - The real estate and property management sectors are recommended for active investment consideration, as the A/H real estate sectors have shown some performance, although absolute valuation levels remain low [4].

Group 1 - The core viewpoint of the notification is to optimize and adjust real estate policies in Shenzhen to better meet the housing needs of residents and promote a stable and healthy real estate market [1] Group 2 - Residents eligible to purchase commercial housing in specified districts can buy an unlimited number of properties, while non-local residents without proof of social insurance or tax payment are limited to two properties [1][2] - Single adults are subject to the same housing purchase restrictions as resident families [2] Group 3 - Enterprises and institutions can purchase commercial housing to address employee housing needs, with specific conditions for purchases in certain districts [3] Group 4 - Personal housing loan policies are adjusted so that banks will no longer differentiate between first and second home loans in terms of interest rate pricing [4]

1. Report Industry Investment Ratings - Stock index: Bullish [1] - Treasury bonds: Sideways [1] 2. Core Views of the Report - The A - share market has shown a "narrowing" trend since September, with high trading congestion in individual themes. Short - term corrections are normal due to factors like profit - taking. In the long run, the dovish stance of the Fed and expectations of multiple interest rate cuts this year will benefit the A - share market. Shanghai's housing policy adjustments and the implementation of the national child - rearing subsidy system will also have a positive impact. Liquidity - driven market trends will continue with obvious structural features and accelerated sector rotation [1]. - On Wednesday, Treasury bond futures closed with gains across different tenors. The central bank conducted 229.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 150.8 billion yuan due to 379.9 billion yuan of reverse repurchase maturities. After continuous declines in August, the bond market adjustment is basically in place, but the strong performance of the equity market due to anti - involution expectations is negative for long - term bonds. Short - term bonds are expected to remain stable, while long - term bonds will see increased volatility [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes 3.1.1 Stock Index Futures | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,949.0 | 2,992.8 | - 43.8 | - 1.46% | | IF | 4,430.0 | 4,481.2 | - 51.2 | - 1.14% | | IC | 6,788.8 | 6,896.2 | - 107.4 | - 1.56% | | IM | 7,142.6 | 7,251.4 | - 108.8 | - 1.50% | [3] 3.1.2 Stock Indexes | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | Shanghai Composite 50 | 2,961.0 | 2,992.9 | - 31.9 | - 1.07% | | CSI 300 | 4,459.8 | 4,490.5 | - 30.6 | - 0.68% | | CSI 500 | 6,868.5 | 6,961.7 | - 93.2 | - 1.34% | | CSI 1000 | 7,206.9 | 7,313.9 | - 107.0 | - 1.46% | [3] 3.1.3 Treasury Bond Futures | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.45 | 102.41 | 0.036 | 0.04% | | TF | 105.73 | 105.57 | 0.155 | 0.15% | | T | 108.16 | 107.96 | 0.205 | 0.19% | | TL | 117.15 | 116.68 | 0.47 | 0.40% | [3] 3.2 Market News - China's RatingDog Services PMI in August was 53, up from 52.6 in the previous month. The RatingDog Composite PMI was 51.9, up from 50.8 in the previous month [4] 3.3 Chart Analysis 3.3.1 Stock Index Futures - The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the trends of their respective monthly basis [6][7][9][10][11] 3.3.2 Treasury Bond Futures - The report includes charts of the trends of Treasury bond futures main contracts, Treasury bond spot yields, basis, inter - term spreads, cross - variety spreads, and funding rates [14][16][17][18] 3.3.3 Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [21][22][23][25][27]