Core Viewpoint - The Beijing Municipal Commission of Housing and Urban-Rural Development and the Beijing Housing Provident Fund Management Center issued a notification to optimize real estate policies, effective from August 9, 2025, aimed at promoting a stable and healthy real estate market and meeting residents' housing improvement needs [1][2]. Policy Adjustments - The notification allows families meeting the conditions to purchase an unlimited number of properties outside the Fifth Ring Road, including both new and second-hand homes [1][2]. - The previous requirement for non-Beijing residents to have paid social insurance or personal income tax for two years has been maintained for purchasing properties outside the Fifth Ring Road [1]. Support for Single Individuals - The notification states that single adults will be subject to the same purchasing restrictions as families when buying properties in the city [2]. Housing Provident Fund Enhancements - The notification expands the scope of support for first-time homebuyers and increases the loan limits for second homes, allowing for a maximum loan of 100 million yuan for second homes [3][4]. - The minimum down payment for second homes has been standardized to 30%, regardless of location [3]. Loan Calculation Adjustments - The maximum loan amount per year of provident fund contribution has been increased from 100,000 yuan to 150,000 yuan, reducing the time required for borrowers to qualify for loans [4]. - The adjustment allows for a maximum loan of 160 million yuan for first homes when combined with other supportive policies [4]. Market Impact - The notification is expected to stimulate housing demand and boost market confidence, facilitating transactions in both new and second-hand housing markets [5].

2025.08. 08 本文字数：1376，阅读时长大约3分钟 作者 | 第一财 经 孙梦凡 在市场多方期待下，北京终于祭出重磅楼市新政。 8月8日晚间，北京方面发布《关于进一步优化调整本市房地产相关政策的通知》（简称《通知》），官宣五环外不再限制购房套数，自2025年8月9日 起施行。 具体而言，京籍居民家庭、在北京市连续缴纳社会保险或个人所得税满2年及以上的非京籍居民家庭，购买五环外商品住房，将不再不限套数。 购买五环内商品住房的政策不变，京籍家庭五环内限购2套；在北京连续缴纳社会保险或个人所得税满3年及以上的非京籍家庭，五环内限购1套。 值得注意的是，新政并非"五环外彻底解除限购"，放开的是购房套数限制，但非京籍家庭的连续社保、纳税等年限要求并没有变化。 近两年来，北京数次微调楼市政策，比如执行"认房不认贷"、降低首付比例至最低20%、首套房贷款利率3.5%等；在购房资质上，陆续出台了放松通 州"双限"、取消离婚购房限制、五环外可多买一套房、调减非京籍家庭购房社保年限等。 在业内看来，去年北京已出台五环外"加购"一套的政策，本次直接放开购房套数限制，但购房资格并未放开，说明北京购房政策的优化调整依然是" ...

Core Points - Beijing has optimized its real estate policies to better meet the housing improvement needs of residents, allowing families to purchase an unlimited number of properties outside the Fifth Ring Road [1] - The new policies aim to enhance the market mechanism and promote a balance between work and residence [1][4] Policy Adjustments - Families meeting the purchasing conditions can buy an unlimited number of properties outside the Fifth Ring Road, while still adhering to strict purchasing conditions [1] - Single adults are now treated as family units under the purchasing policy, with limits on the number of properties they can buy [1] - The purchasing limit for Beijing residents within the Fifth Ring Road remains at two properties, while non-residents can purchase one property if they have paid social insurance or income tax for three years [1] Housing Fund Adjustments - The criteria for recognizing first-time homebuyers have been expanded, allowing those with a cleared public housing loan record to be classified as first-time buyers [2] - The maximum loan amount for second homes has increased from 60 million to 100 million, with potential additional increases based on specific conditions [2][3] - The minimum down payment for second homes has been standardized to 30%, regardless of location [2][3] - The loan amount available per year of public fund contribution has increased from 10 million to 15 million [2][3] Urban Development and Integration - The new policies align with Beijing's overall urban planning, focusing on enhancing the livability and service capacity of areas outside the Fifth Ring Road [4] - The adjustments are seen as necessary for adapting to the new urban development framework and meeting diverse housing needs [4]

【导读】北京：符合条件家庭五环外不再限制购房套数 中国基金报记者 李智 8 月 8 日，北京市住房和城乡建设委员会、北京住房公积金管理中心联合印发《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 8 月 9 日起施 行。 《通知》明确，符合本市商品住房购买条件的居民家庭，购买五环外商品住房（含新建商品 住房和二手住房）不限套数。 《通知》还加大了住房公积金贷款支持力度，包括由每缴存公积金一年可贷 10 万元提高至可 贷 15 万元、二套房公积金贷款最高额度由 60 万元提高至 100 万元，以及二套房最低首付 款比例统一调整为不低于 30% ，不再区分五环内外等。 五环外不再限制购房套数 加大住房公积金支持力度 《通知》明确，符合本市商品住房购买条件的居民家庭，购买五环外商品住房（含新建商品 住房和二手住房）不限套数。即：京籍居民家庭、在本市连续缴纳社会保险或个人所得税满 2 年及以上的非京籍居民家庭，购买五环外商品住房不限套数。 同时，《通知》明确，对成年单身人士在本市购买商品住房的，按照居民家庭执行限购政 策。 居民家庭购买五环内商品住房的政策不变，京籍居民家庭五环内 ...

Core Viewpoint - The article discusses the new policy issued by Beijing's housing authorities aimed at optimizing the real estate market to better meet residents' housing needs and promote a balanced living and working environment. The policy will take effect on August 9, 2025, and includes changes to housing purchase restrictions and increased support for housing provident fund loans. Group 1: Housing Purchase Policy Adjustments - Families meeting certain criteria can purchase an unlimited number of homes outside the Fifth Ring Road, which includes both new and second-hand properties. This applies to Beijing residents and non-residents who have paid social insurance or income tax in the city for over two years [2] - The purchase policy for homes within the Fifth Ring Road remains unchanged, with Beijing residents limited to two homes and non-residents limited to one home if they have paid social insurance or income tax for over three years [2] Group 2: Housing Provident Fund Support Enhancements - The policy expands the scope of first-home provident fund loans, allowing applicants with no housing in Beijing but one cleared provident fund loan nationwide to be recognized as first-time homebuyers. This change can reduce the down payment by up to 600,000 yuan and monthly payments by up to 253 yuan for a 4 million yuan home [3][4] - The maximum loan amount for second-home provident fund loans is increased from 600,000 yuan to 1 million yuan, with potential increases of up to 400,000 yuan for eligible borrowers [4][5] - The minimum down payment ratio for second-home loans is standardized to 30%, eliminating the previous distinction between properties inside and outside the Fifth Ring Road [5] - The amount that can be borrowed per year of provident fund contribution is raised from 100,000 yuan to 150,000 yuan, allowing borrowers to access loans more quickly [5] - The policy allows for the simultaneous withdrawal of provident fund for down payments while applying for loans, facilitating the purchasing process for new homes [5]

为促进北京市房地产市场平稳健康发展，更好满足居民改善性住房需求，有效发挥市场机制作用，坚持 首都城市战略定位，落实好城市总体规划，8月8日，北京市住房和城乡建设委员会、北京住房公积金管 理中心联合印发《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 8月9日起施行。 一、《通知》明确符合条件家庭在本市五环外不再限制购房套数 北京城市总体规划实施以来，五环外平原新城地区宜居宜业水平和综合承载力显著提升，为了更好地满 足居民改善性住房需求，促进职住平衡，《通知》明确，符合本市商品住房购买条件的居民家庭，购买 五环外商品住房（含新建商品住房和二手住房）不限套数。即： 京籍居民家庭、在本市连续缴纳社会 保险或个人所得税满2年及以上的非京籍居民家庭，购买五环外商品住房不限套数。同时，《通知》明 确，对成年单身人士在本市购买商品住房的，按照居民家庭执行限购政策。 居民家庭购买五环内商品住房的政策不变，京籍居民家庭五环内限购2套，在本市连续缴纳社会保险或 个人所得税满3年及以上的非京籍居民家庭五环内限购1套。 二、《通知》从四方面加大了住房公积金支持力度 （一）扩大首套房公积金贷款支持范围。 ...

为更好满足居民改善性住房需求，北京再一次对房地产政策作出优化。8月8日，北京市住房和城乡建设 委员会、北京住房公积金管理中心联合印发《关于进一步优化调整本市房地产相关政策的通知》，提出 符合本市商品住房购买条件的居民家庭购买五环外商品住房不限套数，扩大首套房公积金贷款支持范围 等政策，有效发挥市场机制作用，更好地促进职住平衡。 五环以外不再限制购房套数 转自：北京日报客户端 需要提醒的是，居民家庭购买五环内商品住房的政策不变，京籍居民家庭五环内限购2套，在本市连续 缴纳社会保险或个人所得税满3年及以上的非京籍居民家庭，五环内限购1套。 公积金优化首套房认定标准 为加大住房公积金支持力度，通知扩大了首套房公积金贷款支持范围。对借款申请人在本市无住房但全 国范围内有1笔已结清公积金贷款记录的，由此前认定为二套房，调整为认定为首套房。以房屋总价400 万元，公积金贷款100万、贷款年限30年为例，由二套住房贷款调整为首套房后，首付款最高减少60万 元，月供最高减少253元。 在二套房公积金贷款最高额度方面，通知明确，由60万元提高至100万元，大力支持改善性住房需求。 如借款人满足适用公积金支持建筑绿色发展、支持多 ...

8月8日晚，北京市住房和城乡建设委员会、北京住房公积金管理中心联合印发《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8月9日起施行。 居民家庭购买五环内商品住房的政策不变，京籍居民家庭五环内限购2套，在北京市连续缴纳社会保险 或个人所得税满3年及以上的非京籍居民家庭五环内限购1套。 在最低首付款比例方面，《通知》明确，将二套房公积金贷款最低首付款比例，由购买五环内住房不低 于35%、购买五环外住房不低于30%，统一调整为不低于30%，不再区分五环内外。 一、《通知》明确符合条件家庭在北京市五环外不再限制购房套数 （三）提高每缴存公积金一年可贷额度。《通知》明确，由每缴存公积金一年可贷10万元提高至可贷15 万元。借款人申请120万元贷款，由原需要缴存公积金11年零1个月，降低为缴存7年零1个月。如借款人 满足适用公积金支持建筑绿色发展、支持多子女家庭购房等政策的条件，还能享受贷款额度上浮的政策 优惠，最多上浮40万元，首套住房最高可贷款160万元。 北京城市总体规划实施以来，五环外平原新城地区宜居宜业水平和综合承载力显著提升，为了更好地满 足居民改善性住房需求，促进职住平衡 ...

Group 1: Company Overview - Chongqing Yukaifa Co., Ltd. was established on December 2, 1978, and listed on the Shenzhen Stock Exchange on July 12, 1993, being the first real estate developer in Chongqing and the only state-owned listed real estate developer in the city [2][4]. Group 2: Fundraising Projects - The company plans to raise no more than 640 million yuan for projects including Grammy City, Guanjin He Mansion Phase I, and Nanyue Tianchen Phase I and II, along with supplementary working capital [3][4]. - The fundraising amount was adjusted from a maximum of 700 million yuan to 640 million yuan after reassessment of community commercial properties and kindergartens [3]. Group 3: Market Conditions - In 2025, Chongqing implemented various policies to optimize the real estate market, including adjustments to housing transaction management and support for housing "old-for-new" exchanges, which have boosted confidence among stakeholders [4]. Group 4: Financial Performance - The company experienced a decline in both revenue and net profit in 2024. However, in the first half of 2025, it reported a significant improvement in operating performance due to a non-recurring gain of 240 million yuan from the transfer of a 1% stake in Chongqing Langfu Real Estate Co., Ltd. [5]. - The forecast for the net profit attributable to shareholders for the first half of 2025 is between 175 million yuan and 225 million yuan [5]. Group 5: Strategic Direction - The company aims to position itself as a city development and operation service provider, focusing on a business model centered around "residential + commercial" [6][7]. - To mitigate the seasonal and cyclical nature of the real estate business, the company is diversifying into supporting and expanding businesses, including exhibition services, asset management, property management, and area development, with a future operational model of "development + operation" [7].

Fixed Income Research - The report indicates that the overall issuance guidance rates for credit bonds have mostly decreased, with a change range of -5 BP to 2 BP [2] - The issuance scale of credit bonds has increased on a month-on-month basis, with net financing amounts for medium-term notes and short-term financing bonds rising, while corporate bonds, company bonds, and targeted tools saw a decrease [2] - In the secondary market, the transaction amount of credit bonds has increased, with all varieties showing growth; however, credit bond yields have risen by 4-14 BP [2] - The report suggests that despite the recent yield adjustments, the conditions for a trend reversal in credit bonds remain insufficient, but the support from insufficient supply and strong demand may lead to a potential decline in yields [2] - The report emphasizes a cautious yet optimistic approach to current configurations and trading strategies, focusing on the trends in interest rate bonds and the coupon value of individual bonds [2] Industry Research - In the steel sector, prices have rebounded, leading to some replenishment intentions downstream, with macro "anti-involution" news positively impacting steel prices [5] - The aluminum market is expected to experience price fluctuations due to insufficient fundamental support, with attention on the outcomes of the July Politburo meeting and US-China trade negotiations [5] - Lithium prices have been positively influenced by "anti-involution" news, but there is still significant pressure from oversupply, necessitating caution regarding speculative demand [5] - The rare earth sector has seen a significant increase in exports, with June exports rising by 32.02% month-on-month, indicating potential for further price strength due to improving export demand [5] - The report maintains a "positive" rating for the steel industry and the non-ferrous metals sector, highlighting specific companies for potential investment [6]