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。 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。 除了直接提 ...

Core Viewpoint - The article emphasizes the need to stabilize the real estate market in China through targeted policies and measures, focusing on inventory reduction, supply optimization, and the promotion of affordable housing initiatives [1]. Group 1: Policy Measures - The Ministry of Housing and Urban-Rural Development stresses the importance of city-specific policies to control supply, reduce inventory, and optimize housing supply [1]. - There is a push for the acquisition of existing commercial housing for use as affordable housing, relocation housing, dormitories, and talent housing [1]. - The article highlights the need for a quality improvement initiative for housing and the orderly promotion of "good housing" construction [1]. Group 2: Financing and Development - The article discusses the role of the "white list" system for real estate projects to support reasonable financing needs of real estate companies [1]. - It calls for city governments to effectively utilize their autonomy in real estate regulation, adjusting policies to support both rigid and improved housing demands [1]. - The article proposes a new model for real estate development, emphasizing the establishment of a project company system and a main bank system for financing [1]. Group 3: Sales and Consumer Protection - The promotion of a "see it, buy it" approach in property sales aims to fundamentally mitigate delivery risks [1]. - For those continuing with pre-sales, there will be a focus on regulating pre-sale fund supervision to protect the legal rights of homebuyers [1]. Group 4: Community and Service Improvement - The article mentions the deepening of housing provident fund system reforms and the implementation of property service quality enhancement actions [1]. - It explores new operational models for community organizations, including coordination between community committees, homeowners' committees, and property service companies [1]. - The article advocates for a "property service + life service" model to promote property services directly into households [1].

Core Viewpoint - The national housing and urban-rural construction work conference emphasized the need to implement a "see and buy" system for commercial housing sales to fundamentally prevent delivery risks [1] Group 1: Housing Sales Regulations - The conference advocates for the promotion of the current housing sales system to ensure transparency and reduce risks associated with property delivery [1] - For those continuing with pre-sales, there will be a focus on regulating pre-sale fund supervision to protect the legitimate rights and interests of homebuyers [1] Group 2: Housing Fund and Property Services - There will be a deepening of the reform of the housing provident fund system to enhance its effectiveness [1] - An initiative to improve property service quality will be implemented, exploring new operational models under the leadership of community party organizations, residents' committees, and property service companies [1] - The conference encourages the integration of property services with lifestyle services, promoting the concept of "property services into households" [1]

Core Viewpoint - The National Housing and Urban-Rural Development Work Conference emphasizes stabilizing the real estate market through targeted policies and measures to manage supply and demand effectively [1] Group 1: Policy Measures - The Ministry of Housing and Urban-Rural Development, led by Minister Ni Hong, focuses on city-specific strategies to control new supply, reduce inventory, and optimize supply [1] - There is a push for utilizing existing land through urban renewal and village redevelopment, including acquiring existing commercial housing for affordable housing and other uses [1] - The government aims to enhance the quality of housing supply and implement a housing quality improvement project to promote the construction of "good houses" [1] Group 2: Financing and Sales - The conference highlights the importance of the "white list" system for real estate projects to support reasonable financing needs of real estate companies [1] - Local governments are encouraged to utilize their autonomy in real estate regulation to adjust policies that support both rigid and improved housing demands [1] - The introduction of a main bank system for real estate financing and a shift towards selling existing homes to mitigate delivery risks are also emphasized [1] Group 3: Institutional Reforms - The reform of the housing provident fund system is set to deepen, aiming to improve service quality in property management [1] - New operational models are being explored for community organizations and property service companies under the leadership of community party organizations [1] - The initiative to integrate property services with daily life services aims to enhance the overall living experience for residents [1]

记者丨李莎 编辑｜ 周上祺 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。 公积金使用范围拓宽 今年以来，各地公积金在加大对居民住房支持力度、扩大 ...

证券研究报告 | 行业定期报告 2025 年 12 月 21 日 11 月推盘未售去化周期较 10 月上升 ——样本城市周度高频数据全追踪 周期/房地产 一、核心要点 图 1：样本城市新房及二手房网签面积同比（截至 12 月 18 日） 挂牌价调涨占比：2025 年 11 月，12 个样本城市挂牌价调涨房源占比从 10 月 的 5.5%下降 0.1 PCT 至 5.4%，同比降幅较 10 月收窄 7.0 PCT 至-48.6%。 周观点：（一）2025 年中央经济工作会议对房地产市场的定调从过去的"更大 力度推动房地产市场止跌回稳"变为"着力稳定房地产市场"。"高质量推进 城市更新"、"深化住房公积金制度改革"、"有序推动'好房子'建设"等 表述值得关注，后续或可关注专项债和专项借款等金融工具进一步支持城市更 新，以及住房公积金贷款利率进一步调降、额度进一步提高和住房公积金用途 拓宽等可能性。行业基本面下政策的边际变化可能以及针对未来的压力测试或 依然是资本市场关注的要点。（二）判断净租金回报率与按揭利率之差收窄是 推动新房及二手房的合计总需求筑底的关键观察点；重视在供应缩量预期、供 给品质优化以及购房者画像 ...

证券研究报告 | 行业定期报告 2025 年 12 月 14 日 新房网签面积同比降幅收窄，二手房网签面积同比降幅扩大 推荐（维持） ——样本城市周度高频数据全追踪 周期/房地产 一、核心要点 图 1：样本城市新房及二手房网签面积同比（截至 12 月 11 日） 资料来源：Wind、房管局、招商证券等 表 1：样本城市新房及二手房网签面积同比（截至 12 月 11 日） | 新房（12 | 月 | 1 日-12 月 | 11 日） | 二手房（12 | 月 | 1 日-12 月 | 11 日） | | --- | --- | --- | --- | --- | --- | --- | --- | | 城市能级 | 同比 | 较 | 11 月 | 城市能级 | 同比 | 较 | 11 月 | | 样本城市 | -30% | -收窄 | +5 PCT | 样本城市 | -34% | -扩大 | -19 PCT | | （39 城） | | | | （16 城） | | | | | 一线城市 | -31% | -收窄 | +10 PCT | 一线城市 | -32% | -扩大 | -7 PCT | | （4 城） ...

Group 1: Economic Policy Directions - The meeting proposed five new "musts," which are an iteration of last year's five "musts," reflecting a deeper understanding of economic work[16] - Fiscal policy continues to be described as "more proactive," focusing on improving fiscal revenue, maintaining debt intensity, and optimizing expenditure structure[18] - Monetary policy remains "appropriately loose," with an emphasis on policy effectiveness, balancing between broad money supply and credit[22] Group 2: Key Economic Tasks - Expanding domestic demand remains the top priority, with expectations for a "rural and urban resident income increase plan" and efforts to stabilize investment[24] - Risk prevention in key areas, particularly in real estate, focuses on stabilizing housing prices and improving supply-demand dynamics, with "deepening housing fund system reform" as a major highlight for next year[28]

继中央经济工作会议提出"着力稳定房地产市场"后，山东省率先出手。 12月12日，山东省发布了《关于住房"以旧换新"的指导意见》，其中提出，丰富"换新"模式，拓宽旧房 处置途径，多措并举降低换房成本等。 对于出台新政的原因，山东省住建厅相关负责人表示，旨在通过机制创新、政策支持和服务优化，打通 新房与二手房市场壁垒，缩短交易周期，降低置换成本，激发住房消费活力。 中指研究院预计，各地去库存政策将继续落位，如收购存量商品房、加大购房补贴力度促需求、推动住 房"以旧换新"等，增加改善性住房供给、优化住房供给空间和产品结构等或是优化供给的重要方向。 山东发布"以旧换新"指导意见 12月12日，山东省住建厅等10个部门联合发布了《关于住房"以旧换新"的指导意见》。《指导意见》共 包含6部分、15条具体措施，系统构建了支持住房"以旧换新"的政策框架。 一是丰富"换新"模式，提升置换效率。明确提出"卖旧换新""收旧换新""拆旧换新"三种模式。支持房地 产经纪机构提供"帮卖"服务并引入"兜底收购"机制；鼓励各类主体市场化收购二手房；在符合规划和安 全要求前提下，探索城镇老旧住房原拆原建更新路径，新增公共设施不计容积率。 二是 ...

本报记者 张芗逸 对于明年经济工作重点任务，日前在京举行的中央经济工作会议明确提出，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。 上海易居房地产研究院副院长严跃进表示，会议提出了着力稳定房地产市场的两种方式，"因城施策控增量、去库存、优 供给"，是从土地端及土地与商品房关系出发；"鼓励收购存量商品房重点用于保障性住房"则倾向于商品房去库存工作，两者 均聚焦库存去化。 会议要求"深化住房公积金制度改革，有序推动'好房子'建设"。近年来，住房公积金政策已成为各地支持房地产发展的重 点政策，中指研究院数据显示，2025年以来全国各地出台的公积金优化政策超260条。 严跃进表示，当前，住房公积金制度改革空间大，资金充裕，应积极用足用好公积金政策。关键在于要探索将其与房地产 市场去库存、惠民生等工作相结合，如让公积金在首付支持上进一步发力，尽量覆盖购房首付成本并做好配套工作。 张波预计，2026年将推进住房公积金贷款额度优化、异地办理流程简化等创新，降低刚需群体的购房资金门槛。另外，住 房公积金可突破仅在买房租房住房层面的使用限制，更好发挥住房公积金作用。 当前，房地产 ...