中国房地产市场：政策巨变引航止跌回稳，转型升级曙光初现 曾经作为中国经济增长引擎的重要支撑，房地产行业近年来却步履维艰。然而，随着2025年9月一系列 重磅政策的密集出台，中国房地产市场调控思路发生了颠覆性的转变，清晰地勾勒出"明牌运行"的新范 式，这无疑为稳定市场预期、促进行业健康发展注入了里程碑式的动力。 市场回暖迹象初露，政策效力显现 此次房地产政策调整可谓"组合拳"出击，在"四个取消、四个降低、两个增加"的框架下，全面激活市场 潜力： "四个取消"： 破除限购、限售、限价的藩篱，取消普通住宅与非普通住宅的标准界定，极大释放了市 场购买力。 "四个降低"： 降低首付比例，下调存量房贷利率，同步引导新发放房贷利率走低，并减轻购房税费负 担，直接降低了购房成本，激发了刚需和改善性需求。 "两个增加"： 加大保障性住房供给，并为房企提供必要的金融支持，在满足基本住房需求的同时，也 为市场主体提供了生存与发展的空间。 专项债新政：化解库存，重塑供需 在众多新政中，专项债新政尤为亮眼。2025年高达4.4万亿元的专项债规模，其中相当一部分将用于土 地收储和收购存量商品房。这一举措精准地对准了当前市场面临的库存积压 ...

Core Insights - The overall fiscal revenue in China for the first half of 2025 was approximately 11.56 trillion yuan, showing a year-on-year decline of 0.3%, with tax revenue decreasing by 1.2% and non-tax revenue increasing by 3.7% [1][3] - The fiscal expenditure for the same period reached 14.13 trillion yuan, reflecting a year-on-year growth of 3.4%, with central government expenditure growing by 9% and local government expenditure increasing by 2.6% [1][4] Revenue Breakdown - Major tax revenues included domestic value-added tax at 3.64 trillion yuan (up 2.8%), corporate income tax at 2.49 trillion yuan (down 1.9%), and personal income tax at 794.5 billion yuan (up 8%) [3][4] - Export tax rebates amounted to 1.27 trillion yuan, marking an increase of 11.6% [3] Expenditure Analysis - Key expenditure categories included social security and employment at 2.45 trillion yuan (up 9.2%), education at 2.15 trillion yuan (up 5.9%), and health spending at 1.1 trillion yuan (up 4.3%) [4][5] - The government accelerated the issuance and utilization of bond funds, with 2.43 trillion yuan spent on various government bonds, leading to a 30% increase in government fund budget expenditure [5] Debt Issuance - The issuance of national bonds reached 7.88 trillion yuan in the first half of 2025, a year-on-year increase of 35.28%, marking the highest issuance scale for the same period historically [7] - The average issuance interest rate was 1.52%, down by 43 basis points compared to the previous year [7] Special Bonds and Consumption Support - Special long-term bonds issued totaled 555 billion yuan, with a focus on supporting state-owned banks' core capital [7][9] - The central government allocated 300 billion yuan in special long-term bond funds to support consumption, with significant growth in retail sales of home appliances and communication equipment [8][9] Local Government Debt Management - The issuance of local special bonds reached 2.16 trillion yuan, a 45% increase year-on-year, with a portion allocated for existing projects [11] - The implementation of a new policy for special bonds allows for greater flexibility and efficiency in fund issuance and usage [11]