中新网南宁5月7日电 (姚琳尹 林浩)5月7日，广西壮族自治区住房和城乡建设厅介绍，2025年以来，随 着首付降低、利率下调、购房促销活动持续加码，广西房地产市场活力得到有效激发，今年一季度，广 西商品房销售面积达714.6万平方米，同比回升23.8个百分点，楼市回稳态势显现。 图为购房者在南宁市不动产登记中心办理相关业务。姚琳尹 摄 在新房市场回暖的同时，广西二手房市场交易同样活跃。连日来，南宁市不动产登记中心人头攒动，办 理业务的民众络绎不绝。现场带客户办理二手房过户手续的某地产公司区域经理覃昂说："今年南宁市 二手房交易量比往年大幅提升，大多是改善型购房者。" 为帮助消费者购房，广西推动二手房"带押过户"服务模式，明确存在抵押的房产，在不提前还清贷款的 情况下可办理不动产过户、重新抵押并发放新的贷款，实现用购房款还旧贷款，最大限度保障当事各方 合法权益和不动产转移登记安全，帮助房屋买卖双方降低交易成本。 今年一季度，广西二手房成交面积300.26万平方米，同比上涨43.14%；成交总金额146.73亿元，同比上 涨32.10%。其中，二手住房成交面积283.8万平方米，同比上涨41.03%；成交金额14 ...

证券研究报告 房贷利率有望重启下行，优化城改和 收储空间 华泰研究 2025 年 5 月 07 日│中国内地 动态点评 5 月 7 日，央行、金融监管总局、证监会在国新办发布会上宣布一揽子金融 政策，其中涉及房地产的增量政策主要包括降准降息、公积金贷款和结构性 货币政策工具利率下调、房地产融资制度改革和 REITs 入通等，总体上符合 4 月政治局会议对于"用好用足适度宽松的货币政策"和房地产相关表述的 定调。我们预计增量政策的逐步落地有望巩固房地产市场"止跌回稳"的趋 势，后续需要关注财政政策和北上深房地产调控政策是否能够匹配发力。 公积金贷款利率调整落地，结合降准降息有望打开商贷利率下调空间 25 年 3 月国务院《提振消费专项行动方案》提出"实施降低住房公积金贷 款利率"，本次会议正式下调公积金贷款利率 0.25pct，将 5 年期以上首套房 公积金利率从 2.85%下调至 2.6%，预计每年节省居民公积金贷款利息支出 超 200 亿元。再结合本次会议提出的降准（下调存款准备金率 0.5pct）、降 息（下调政策利率 0.1pct），我们预计有望重新打开增量商业银行房贷利率 的下行空间。根据贝壳的数据， ...

Group 1 - The core viewpoint of the news is that the Guangzhou real estate market showed significant activity during the May Day holiday, with a notable increase in both transaction volume and visitor numbers compared to the previous year [1][2] - From May 1 to May 5, the total net signed area of new commercial housing in Guangzhou reached 79,900 square meters, a 4.6% increase from the same period last year, with residential net signed area at 70,100 square meters, reflecting a 35.9% year-on-year growth [1] - The number of visits to major residential projects during the holiday was 31,466, with a daily average visit increase of 181.8% compared to the pre-holiday period, and the number of units subscribed reached 2,093, with a daily average subscription increase of 244.7% [1] Group 2 - The current trend in the Guangzhou real estate market indicates stable transaction prices, with both entry-level and high-end properties seeing active sales [2] - The average registration price of new residential properties in April was 47% higher than the market transaction price for the same month, indicating developers' confidence in pricing during the holiday [2] - During the holiday, many developers offered discounts while maintaining stable prices, with properties priced below 3.5 million yuan performing well, and the proportion of properties priced between 5 million and 10 million yuan significantly higher than the average from January to April [2]

证券研究报告 | 固收点评报告 | | --- | hyzqdatemark 2025 年 05 月 07 日 降准降息落地，债市利好或出尽 ——5 月 7 日金融监管国新办新闻发布会点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 源引金融活水 润泽中华大地 图表 2：2025 年初以来同业存单利率走势 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 4页 图表 1：2025 年初以来，DR001 及 DR007 利率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 资料来源：同花顺 iFinD、华源证券研究所 图表 3：各期限国债收益率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 事件：5 月 7 日国新办新闻发布会上监管推出一揽子金融政策支持稳市场稳预期。 联系人 降准降息落地。为落实 4 月下旬政治局会议部署，应对高关税对经济的潜在冲击，5 月 7 日金融监管层在国新办新闻发布会上推出了一揽子金融政策，将助力经济稳增 ...

21世纪经济报道记者李莎 北京报道5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场 稳预期"有关情况。会上明确，将推出多项增量政策，稳楼市是重要的着力点，其中下调政策利率、降 低公积金利率、完善与房地产发展新模式相适配的系列融资制度等关注度颇高。 在降低利率方面，中国人民银行行长潘功胜在会上表示，将下调政策利率0.1个百分点，预计带动贷款 市场报价利率（LPR）同步下行约0.1个百分点；降低个人住房公积金贷款利率0.25个百分点，五年期以 上首套房利率由2.85%降至2.6%，其他期限利率同步调整，预计每年将节省居民公积金贷款利息支出超 过200亿元。 金融监管总局局长李云泽在发布会上表示，加快出台与房地产发展新模式相适配的系列融资制度，包括 房地产开发、个人住房、城市更新等贷款管理办法，指导金融机构继续保持房地产融资稳定，有效满足 刚性和改善性住房需求，强化对高品质住房的资金供给。 另外，在业内人士看来，会上提出的降低存款准备金率0.5个百分点、将保障性住房再贷款等结构性货 币政策工具利率下调0.25个百分点等，也有助于持续巩固房地产市场稳定态势。 首套公积金贷款利率降至2.6% 潘功胜谈到， ...

Core Viewpoint - The People's Bank of China announced a reduction in personal housing provident fund loan rates by 0.25 percentage points, lowering the 5-year and above first home rate from 2.85% to 2.6%, which is expected to reduce housing costs for residents and stimulate the real estate market [1][2][3]. Group 1: Interest Rate Adjustments - The reduction in the housing provident fund loan rate is part of a broader strategy to narrow the interest rate gap between provident fund loans and commercial loans, enhancing the effectiveness of the provident fund policy [2][3]. - The policy rate was also lowered by 0.1 percentage points, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [2]. Group 2: Impact on Housing Market - The reduction in loan rates is anticipated to alleviate the high actual mortgage rates faced by residents, which is crucial for stabilizing the real estate market [3]. - As of April 2025, the sales area of commercial housing in 30 major cities decreased by 1.7% year-on-year, but the decline has narrowed compared to the end of 2024, indicating a potential stabilization in the market [4]. Group 3: Financial Support for Real Estate - The approval amount for "white list" loans in the real estate sector has increased to 6.7 trillion yuan, reflecting efforts by financial institutions to support the financing needs of real estate companies [4]. - The central bank is expected to continue implementing supportive policies for the real estate sector, aiming to balance supply and demand in the housing market [4].

广东省人民政府办公厅发布关于印发广东省提振消费专项行动实施方案的通知，有序减少消费限制。用 好房地产调控自主权，督促指导各地全面梳理现行购买、转让、信贷、定价等方面的限制性措施，因城 施策进行取消或调整，促进房地产市场止跌回稳。鼓励广州、深圳进一步放宽车辆购买限制， 增发购 车指标，引导深圳推行"久摇不中"个人可直接申领普通车指标的做法，推动汽车等消费由购买管理向使 用管理转变。保障各类经营主体平等参与社会集团采购，不得变相设置所有制、商户评级等采购门槛。 支持大型商贸企业在完善相关审批许可手续后利用自有场地进行外摆促销，适当允许车辆停靠、增加夜 间停车位和出租车候车点。 ...

Core Insights - The data from Guangzhou's Housing and Urban-Rural Development Bureau indicates a significant increase in the number of visits and purchases of new residential properties during the May Day holiday period compared to pre-holiday levels [1] Group 1: Visitor and Purchase Metrics - From May 1 to May 5, the number of visits to major new residential projects in Guangzhou reached 31,466 groups, representing a daily average increase of 181.8% compared to the pre-holiday average [1] - The number of property purchases during the same period was 2,093 units, with a daily average increase of 244.7% compared to the pre-holiday average [1] - Year-on-year comparisons show that the number of visits to new residential projects increased by 30%, while the purchase volume rose by 73% [1] Group 2: Transaction Volume - During the May Day holiday, the total area of new residential property transactions in Guangzhou was 79,900 square meters, reflecting a 4.6% increase compared to the same holiday period in 2024 [1] - Specifically, the area of new residential property signed online was 70,100 square meters, which represents a year-on-year growth of 35.9% [1]

Group 1 - The real estate sector in both Hong Kong and A-shares experienced a significant rally on May 7, with notable stock price increases for companies such as Jin Hui Holdings (up 21.9%) and Zhongliang Holdings (up 7.06%) [1] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, expected to inject approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [2] - The reduction in personal housing provident fund loan rates by 0.25 percentage points is projected to save residents over 20 billion yuan annually in interest, supporting rigid housing demand and stabilizing the real estate market [2] Group 2 - Following the "May Day" holiday, there was a surge in property subscriptions in various cities, with Shenzhen seeing a 23.89% year-on-year increase in new housing subscriptions during the holiday [3] - The introduction of high-quality projects in major cities like Beijing, Shanghai, and Hangzhou is expected to stimulate demand for improved housing and facilitate market recovery in May [3] - Major financial institutions are increasingly optimistic about the Chinese real estate market, with reports indicating a favorable policy environment and potential recovery in core cities [3]

业 研 究 建筑材料 4 月地产销售热度回落，预期后续政策走强 投资要点： 本周观点 行 业 定 期 报 告 央行副行长在国新办新闻发布会上披露，一季度个人住房贷款增 2200 亿，同比多增超 2000 亿；武汉发布九条购房新政，重点提及加大金融支持 力度，加大"以旧换新"收购力度，二孩、三孩家庭在武汉市范围内购买 新建商品房的，分别发放 6 万元、12 万元购房补贴；南京房票新政正式出 台，有效期 2 年；广州南沙率先落地买房送学位，南沙区房源超市首批 1 亿元房源上架，推进房票安置模式；重庆发布《提振消费专项行动实施方 案（征求意见稿）》，提出要多渠道筹资建保障性及租赁住房，推进城中 村和危旧房改造； 昆明 5 月 6 日起上调住房公积金贷款最高额度，双缴存 人家庭从 80 万上调至 100 万；四川遂宁宣布自 5 月起主城区购买自住住房 的双缴存人最高公积金贷款额度提升至 100 万；广东韶关住房公积金最高 贷款额度提升至 80 万。短期来看：1）稳增长压力下，4 月政治局会议再 次强调稳地产；2）全球贸易战升级背景下，扩内需和促投资的迫切性进一 步提升；3）万科风险逐步释缓，地产信用底部修复利好建材板 ...