加大购房贷款支持力度一直是各地公积金政策的重点。如近日，天津拟出台公积金贷款新政，拟将首套 房和第二套房贷款最高限额分别由100万元、50万元提高至120万元、100万元。又如11月，佛山出台楼 市新政，将配售型保障房公积金贷款的首付比例下调至最低15%。此外，信阳、徐州、常州、黄冈、洛 阳、驻马店、南京等多地也有相关政策推出。 与之前相比，各地公积金贷款政策更加精细化。如云南针对性上浮多子女家庭公积金贷款额度，二孩、 三孩家庭购置首套房和二套房，公积金贷款额度分别上浮20%、30%；黄冈购买新房现房的，公积金贷 最高贷款额度上浮20%；上海购买符合条件的新建绿色建筑住房的，公积金最高贷款额度上浮15%。另 外，多地继续优化公积金贷款住房套数认定标准。 除了购房之外，多地也在加大公积金对居民租房的支持力度。如近日石家庄提高租房提取额度，将年度 租房提取上限从1.5万元/人上调至1.8万元/人，符合备案要求的，其提取额度进一步升至2.1万元/人，两 个以上子女家庭年度提取额可进一步提至2.4万元/人。今年以来，佛山、六安、杭州、安阳等地也有类 似政策出台。 各地正在密集优化公积金政策。 近日，石家庄出台公积金新 ...

今年以来，各地公积金在加大对居民住房支持力度、扩大政策覆盖范围、推进异地互认等方面动作频 频。 各地正在密集优化公积金政策。 近日，石家庄出台公积金新政，提高租房提取额度，年度累计提取金额最高2.4万元/人；增加支付物业 费的提取项目，每人每年最高提取2000元；取消"商转公"不动产权证"两年"的限制条件，并优化房屋套 数认定标准。 根据中指研究院不完全统计，截至12月22日，2025年以来各地公积金优化政策约270条。该机构预计， 2026年政策优化的趋势将延续。 前不久中央经济工作会议召开，将深化住房公积金制度改革纳入明年房地产工作的重点任务。这意味着 这一长期被忽视的民生金融工具正被赋予助力稳定房地产市场、构建房地产发展新模式的新使命，也意 味着2026年公积金政策优化空间将进一步打开。 对此，中国社会科学院研究员、国家未来城市实验室副主任王业强向21世纪经济报道记者表示，这标志 着公积金制度从地方性技术调整升级为国家层面的系统性改革工程。公积金制度的改革潜力，核心在于 打破"属地封闭、功能单一"的结构性桎梏，向多功能、跨区域、全周期的综合保障平台演进，有望成为 构建房地产发展新模式的核心支点。 公积金 ...

（原标题：能抵物业费、大病支出、装电梯，年内270条公积金新政密集落地） 资料图 21世纪经济报道记者李莎 报道 各地正在密集优化公积金政策。 近日，石家庄出台公积金新政，提高租房提取额度，年度累计提取金额最高2.4万元/人；增加支付物业 费的提取项目，每人每年最高提取2000元；取消"商转公"不动产权证"两年"的限制条件，并优化房屋套 数认定标准。 根据中指研究院不完全统计，截至12月22日，2025年以来各地公积金优化政策约270条。该机构预计， 2026年政策优化的趋势将延续。 前不久中央经济工作会议召开，将深化住房公积金制度改革纳入明年房地产工作的重点任务。这意味着 这一长期被忽视的民生金融工具正被赋予助力稳定房地产市场、构建房地产发展新模式的新使命，也意 味着2026年公积金政策优化空间将进一步打开。 对此，中国社会科学院研究员、国家未来城市实验室副主任王业强向21世纪经济报道记者表示，这标志 着公积金制度从地方性技术调整升级为国家层面的系统性改革工程。公积金制度的改革潜力，核心在于 打破"属地封闭、功能单一"的结构性桎梏，向多功能、跨区域、全周期的综合保障平台演进，有望成为 构建房地产发展新模式的 ...

据新华社报道，12月16日，中央财办有关负责人接受媒体采访时提到，要以构建新模式为牵引推动房地产高质量发展，包括改革完善房地产开发、融资、销 售等基础制度，合理把握房地产发展新模式各项基础制度出台时机，深化住房公积金制度改革。 此前，中央经济工作会议强调"着力稳定房地产市场"，提出因城施策控增量、去库存、优供给。这释放出"防风险、稳预期、促转型"的清晰信号，为处于深 度调整期的房地产市场指明了政策路径。 时代周报记者梳理发现，过去五年来中央经济工作会议涉房地产内容来看，"稳楼市"是不变的核心内容。 全国房地产经理人联盟理事邓浩志对时代周报记者指出，今年中央经济工作会议关于房地产的内容，提出"因城施策控增量、去库存、优供给"，具体操作上 提出"收购存量商品房重点用于保障性用房""公积金制度改革"等，而且这两项表述在最近五年中央经济工作会议中首度出现。 图源：图虫创意 接下来，如何"稳楼市"？ 住房和城乡建设部部长倪虹在12月16日发表的署名文章提到，建立"人、房、地、钱"要素联动机制，根据人口变化合理确定住房需求，科学安排土地供应、 引导配置金融资源，实现以人定房、以房定地、以房定钱，促进房地产市场供需平衡、结 ...

Core Viewpoint - The A-share real estate sector has experienced a significant rally, reflecting market confidence in policy support and structural opportunities within the industry [1] Group 1: Policy and Market Dynamics - The Central Economic Work Conference emphasized stabilizing the real estate market, focusing on "controlling increments, reducing inventory, and optimizing supply" [1] - The conference also highlighted the importance of deepening housing provident fund reforms as a key measure to stabilize the market, with over 260 related policies introduced since 2025 [2] - The financing environment is showing signs of improvement, with a narrowing decline in domestic loans to 2.5%, despite a year-on-year drop of 11.9% in funds available to real estate developers [2] Group 2: Industry Trends and Transformations - The concept of "good housing" was introduced, focusing on safety, sustainability, and smart attributes to meet diverse needs, indicating a shift towards refined construction practices [3] - The demand for real estate services is expected to grow due to the activation of existing housing transactions and quality improvement needs, benefiting companies like World Union [4] - The construction and building materials sector is anticipated to see demand upgrades driven by the "good housing" initiative and urban renewal projects, positively impacting orders for related materials [4] Group 3: Benefiting Sectors - The real estate service sector is likely to benefit from the ongoing demand for housing brokerage and property management services, particularly as policies shift towards converting existing housing into affordable options [4] - The home appliance and furniture sectors are expected to experience growth due to the rising demand for improved living quality, with a notable increase in the share of smart and elderly-friendly products [4]

Summary of Conference Call on Real Estate Market Industry Overview - The conference call primarily discusses the real estate market in China and Hong Kong, focusing on policy changes and market trends for 2025 and beyond [1][2]. Key Points and Arguments 1. Policy Direction and Stability - The Central Economic Work Conference emphasizes the need to stabilize the real estate market, indicating that the goal of stopping the decline in 2024 was not fully achieved. The focus has shifted to long-term stability strategies [2][3]. - Future policies will likely include city-specific measures, inventory reduction, and supply optimization to stabilize the market. This includes encouraging the purchase of existing properties for affordable housing [3][4]. 2. Potential Policy Measures - Possible measures may involve relaxing restrictions on home purchases and loans, as well as using monetary tools like interest rate cuts to lower mortgage costs [4][6]. - The implementation of a mortgage interest subsidy policy is anticipated, although not explicitly mentioned during the conference. This could help reduce home buying costs [6][7]. 3. Urban Renewal and Housing Fund Reforms - Urban renewal efforts will focus on high-quality improvements, enhancing living conditions, and transforming old neighborhoods into attractive communities [5]. - Reforms to the housing provident fund will expand coverage to flexible employment workers and allow funds to be used for renovations, improving accessibility and efficiency [5]. 4. Hong Kong Real Estate Market Trends - The Hong Kong real estate market is in a recovery phase, with private residential prices increasing by 0.4% month-on-month and 1.1% year-on-year in October. The market has seen a continuous rise for five months [8]. - Despite a 27% year-on-year decline in new residential transactions, the cumulative transaction volume for new and second-hand homes has increased by approximately 17% [8]. - Rental prices for private residences in Hong Kong have shown a year-on-year increase of 4%, with most residential properties generating positive cash flow due to rental yields exceeding mortgage rates [8]. 5. Economic Indicators and Future Outlook - Retail sales in Hong Kong grew by 7% year-on-year in October, indicating a gradual recovery in the retail sector [3][8]. - The future trajectory of the Hong Kong market is heavily dependent on the U.S. Federal Reserve's interest rate decisions, which could further influence mortgage rates and market recovery [8]. Additional Important Insights - The effectiveness of mortgage interest subsidies, such as those implemented in Changchun, shows that while they can boost transaction volumes, they may not significantly prevent price declines [7]. - The focus on urban renewal and housing fund reforms indicates a shift towards improving living standards and accessibility in the housing market, which could have long-term positive effects [5][6]. This summary encapsulates the key discussions and insights from the conference call regarding the real estate market, highlighting the anticipated policy changes and market trends for 2025.

Investment Rating - The industry investment rating is maintained as "Buy" [3][8]. Core Insights - The report highlights significant declines in transaction volumes for both new and second-hand homes in major cities, driven by high base effects and moderate policy impacts [2][8]. - The central economic work conference has outlined future real estate policies focusing on city-specific measures, inventory reduction, and encouraging the acquisition of existing housing for affordable housing [8]. Summary by Sections Market Performance - Over the past twelve months, the real estate sector has shown a relative performance of -27% compared to the CSI 300 index [4][5]. - In December, the average daily transaction volume for second-hand homes in Beijing dropped by 30.2% year-on-year, while new homes saw a 57% decline [5]. Transaction Data - In Shanghai, second-hand home transactions decreased by 18% year-on-year, while new home transactions increased by 16% [5]. - Shenzhen experienced a 45% year-on-year decline in second-hand home transactions and a 76% drop in new home transactions [6]. Policy Outlook - The report emphasizes the need for further policy measures to stabilize the housing market, particularly in light of the high transaction base from the previous year [8]. - Key areas of focus include the acquisition of existing homes and reforms to the housing provident fund system, which are expected to stimulate demand [8]. Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and those benefiting from increased second-hand home transaction ratios, such as Poly Developments and I Love My Home [8].

Core Viewpoint - The Central Economic Work Conference emphasizes stabilizing the real estate market and implementing policies tailored to individual cities to control supply, reduce inventory, and improve housing quality, while encouraging the acquisition of existing homes for affordable housing [3][6][9]. Group 1: Economic Strategy - The conference outlines eight key tasks for economic work in 2026, with a focus on domestic demand and the construction of a robust domestic market, highlighting the importance of real estate in expanding domestic demand [6]. - The need to clear unreasonable restrictions in the consumption sector, particularly in housing, is noted, with expectations for adjustments in purchase restrictions in major cities like Beijing, Shanghai, and Shenzhen [6][4]. Group 2: Real Estate Market Stability - The real estate sector has seen a significant decline in investment, with a year-on-year drop from 9.8% at the beginning of the year to 14.7% by October [7]. - The conference stresses the importance of stabilizing the real estate market, with specific measures to control supply, reduce inventory, and encourage the acquisition of existing homes for affordable housing [7][8]. Group 3: Housing Supply and Policy Reform - The focus on affordable housing and the reform of the housing provident fund system is highlighted as a key direction for future development, linking the acquisition of existing homes with the promotion of affordable housing [9][10]. - The conference indicates that local government special bonds will continue to play a significant role in acquiring idle land and existing homes, with over 4,800 plots of land and a total amount exceeding 650 billion yuan earmarked for acquisition [9]. Group 4: Future Directions - The new model for real estate development will focus on a dual-track system, balancing supply and demand policies to ensure healthy market development, including the introduction of rental and sale-type affordable housing [10]. - The ongoing reform of the housing provident fund system is expected to continue, with over 260 new policies introduced this year, aiming to enhance loan limits and flexibility in usage [10][11].

Group 1 - The central economic work conference emphasized stabilizing the real estate market, implementing city-specific policies to control supply, reduce inventory, and improve quality, while encouraging the acquisition of existing residential properties for affordable housing [2][4] - The conference identified "domestic demand as the main driver" and highlighted the importance of real estate in expanding domestic demand, with expectations for continued policy support in 2026 [3][4] - The conference noted the need to address unreasonable restrictions in the consumption sector, particularly in housing, with potential adjustments to purchase restrictions in major cities [3][4] Group 2 - The conference outlined eight key tasks for economic work in 2026, with a focus on stabilizing investment and increasing central budget investment to stimulate private investment and promote urban renewal [4] - Data from the National Bureau of Statistics indicated a continuous decline in real estate development investment, with a year-on-year drop from 9.8% at the beginning of the year to 14.7% in the first ten months [4] - The conference highlighted the urgency of reducing inventory in the real estate sector, with the inventory cycle for new residential properties in 100 cities reaching 27.4 months, significantly exceeding the reasonable range of 14 months [5] Group 3 - The conference emphasized the importance of affordable housing and reforming the housing provident fund system, linking the acquisition of existing properties to the development of affordable housing [6][7] - Local government special bonds have played a significant role in acquiring idle land and existing properties, with over 4,800 parcels of land targeted for acquisition and a total amount exceeding 650 billion yuan [6] - The conference proposed a new development model for real estate, focusing on a dual-track system that balances supply and demand policies to ensure healthy market development [7][8] Group 4 - The reform of the housing provident fund system is expected to continue, with over 260 new policies introduced this year, focusing on increasing loan limits and flexibility in usage [8] - Shenzhen has implemented new regulations to optimize the withdrawal policies for housing provident funds, supporting employees involved in old housing renovation projects [8]

(文/孙梅欣 编辑/张广凯） 据新华社消息，12月10日至11日召开的中央经济工作会议总结2025年经济工作，分析当前经济形势，部 署2026年经济工作。 其中涉及房地产相关要求提到，坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产市场，因 城施策控增量、去库存、优供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改 革，有序推动"好房子"建设。加快构建房地产发展新模式。积极有序化解地方政府债务风险，督促各地 主动化债，不得违规新增隐性债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性 债务风险。 这也是2024年要求"持续用力推动房地产市场止跌回稳"以来，在中央经济工作会议上再一次提出"稳楼 市"的要求。 相较于去年的经济工作表述，今年对房地产的工作部署更加深化和具体，将"化解风险"、"稳定市 场"、"因城施策"、"去库存"、"好房子"、"公积金"等具体方面进行了强调。 具体到房地产各项重点工作来看，在稳定市场方面，不同能级的城市其作用也有所不同。 张波认为，从大方向来看，一线城市去库存的压力相对较小，但在优化供给层面，需要积极填补改善型 需求缺口："通过优化供地结构，减少 ...