Core Viewpoint - The new real estate policy implemented in Shenzhen aims to optimize and adjust housing purchase regulations, leading to a significant increase in the second-hand housing market activity, particularly in the Luohu district [1][4]. Group 1: Policy Changes - The Shenzhen Housing and Construction Bureau and the People's Bank of China Shenzhen Branch jointly issued a notification on September 6 to further optimize the city's real estate policies [1]. - Several districts, including Yantian and Dapeng New District, have lifted purchase restrictions, allowing residents and eligible non-residents to buy an unlimited number of properties in specific areas [1][4]. Group 2: Market Impact - Following the implementation of the new policy, the second-hand housing market in Shenzhen has shown a continuous upward trend, with a 45% increase in transaction volume from September 6 to 11 compared to the previous six days [1][4]. - Luohu district experienced the most significant growth, with a staggering 109% increase in second-hand housing transactions during the same period [1][4]. Group 3: Regional Performance - Other districts such as Longhua, Yantian, and Futian also saw substantial increases in second-hand housing transactions, with growth rates exceeding 50% [4]. - Specifically, transaction volumes in Baoan and Longgang districts increased by 43% and 39%, respectively, indicating a broad positive impact across multiple areas [4].

Core Viewpoint - Shenzhen has implemented new real estate policies aimed at optimizing housing purchase restrictions and credit policies, which are expected to stimulate housing demand and improve market sentiment [2][3]. Policy Adjustments - The new policy redefines housing purchase zones into three categories: central urban areas, suburban areas, and rural areas, with significant changes in purchase restrictions for both residents and non-residents [3]. - Non-residents with at least one year of social security or tax payments can now purchase two properties in suburban areas, while those without such proof can buy two in rural areas, and there are no restrictions in rural areas [3][7]. - Single residents of Shenzhen can now purchase two properties in central urban areas, an increase from one [3][7]. Credit Policy Changes - The mortgage interest rate pricing mechanism has been adjusted, eliminating the distinction between first and second homes, allowing for more flexible loan terms [3][4]. - The minimum down payment for first homes remains at 15%, while for second homes, it is set at 20% [6]. Market Response - Following similar policy adjustments in Beijing and Shanghai, Shenzhen's new measures are expected to enhance housing sales, particularly in suburban areas [3]. - Recent data indicates that after policy changes in Beijing and Shanghai, new and second-hand housing transaction volumes have shown slight improvements, with Beijing experiencing a 9% and 10% increase respectively, and Shanghai seeing a 25% increase [3]. Investment Opportunities - The real estate and property management sectors are recommended for active investment consideration, as the A/H real estate sectors have shown some performance, although absolute valuation levels remain low [4].

Group 1 - The core viewpoint of the notification is to optimize and adjust real estate policies in Shenzhen to better meet the housing needs of residents and promote a stable and healthy real estate market [1] Group 2 - Residents eligible to purchase commercial housing in specified districts can buy an unlimited number of properties, while non-local residents without proof of social insurance or tax payment are limited to two properties [1][2] - Single adults are subject to the same housing purchase restrictions as resident families [2] Group 3 - Enterprises and institutions can purchase commercial housing to address employee housing needs, with specific conditions for purchases in certain districts [3] Group 4 - Personal housing loan policies are adjusted so that banks will no longer differentiate between first and second home loans in terms of interest rate pricing [4]

1. Report Industry Investment Ratings - Stock index: Bullish [1] - Treasury bonds: Sideways [1] 2. Core Views of the Report - The A - share market has shown a "narrowing" trend since September, with high trading congestion in individual themes. Short - term corrections are normal due to factors like profit - taking. In the long run, the dovish stance of the Fed and expectations of multiple interest rate cuts this year will benefit the A - share market. Shanghai's housing policy adjustments and the implementation of the national child - rearing subsidy system will also have a positive impact. Liquidity - driven market trends will continue with obvious structural features and accelerated sector rotation [1]. - On Wednesday, Treasury bond futures closed with gains across different tenors. The central bank conducted 229.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 150.8 billion yuan due to 379.9 billion yuan of reverse repurchase maturities. After continuous declines in August, the bond market adjustment is basically in place, but the strong performance of the equity market due to anti - involution expectations is negative for long - term bonds. Short - term bonds are expected to remain stable, while long - term bonds will see increased volatility [1][2] 3. Summary by Relevant Catalogs 3.1 Daily Price Changes 3.1.1 Stock Index Futures | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,949.0 | 2,992.8 | - 43.8 | - 1.46% | | IF | 4,430.0 | 4,481.2 | - 51.2 | - 1.14% | | IC | 6,788.8 | 6,896.2 | - 107.4 | - 1.56% | | IM | 7,142.6 | 7,251.4 | - 108.8 | - 1.50% | [3] 3.1.2 Stock Indexes | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | Shanghai Composite 50 | 2,961.0 | 2,992.9 | - 31.9 | - 1.07% | | CSI 300 | 4,459.8 | 4,490.5 | - 30.6 | - 0.68% | | CSI 500 | 6,868.5 | 6,961.7 | - 93.2 | - 1.34% | | CSI 1000 | 7,206.9 | 7,313.9 | - 107.0 | - 1.46% | [3] 3.1.3 Treasury Bond Futures | Variety | 2025 - 09 - 03 | 2025 - 09 - 02 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.45 | 102.41 | 0.036 | 0.04% | | TF | 105.73 | 105.57 | 0.155 | 0.15% | | T | 108.16 | 107.96 | 0.205 | 0.19% | | TL | 117.15 | 116.68 | 0.47 | 0.40% | [3] 3.2 Market News - China's RatingDog Services PMI in August was 53, up from 52.6 in the previous month. The RatingDog Composite PMI was 51.9, up from 50.8 in the previous month [4] 3.3 Chart Analysis 3.3.1 Stock Index Futures - The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the trends of their respective monthly basis [6][7][9][10][11] 3.3.2 Treasury Bond Futures - The report includes charts of the trends of Treasury bond futures main contracts, Treasury bond spot yields, basis, inter - term spreads, cross - variety spreads, and funding rates [14][16][17][18] 3.3.3 Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates of the US dollar and euro against the RMB, as well as the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [21][22][23][25][27]

Core Insights - The relaxation of housing purchase restrictions in Beijing and Shanghai marks a significant shift in China's overall housing policy, indicating a potential easing of restrictions nationwide [4][16] - The adjustments in policies are primarily aimed at stimulating the real estate market, which has been experiencing a downturn, particularly in major cities [4][16] Policy Changes - Beijing has allowed families meeting certain criteria to purchase an unlimited number of homes outside the Fifth Ring Road, while Shanghai has similarly lifted restrictions for individuals and families who have paid social insurance for at least one year [2][3] - The "沪六条" policy in Shanghai includes measures to reduce housing purchase limits, optimize housing provident funds, and improve personal housing loans, which collectively enhance the cost-effectiveness of home buying [5][12] Market Reactions - Following the announcement of the "沪六条," there was a notable increase in inquiries about new homes, although responses varied among real estate agents regarding actual sales activity [11][12] - The real estate market in Shanghai is experiencing a duality, with new home prices rising by 5.8% year-on-year, while second-hand home prices have seen a slight decline of 1.3% [6][8] Buyer Segments - The policy changes are expected to benefit different buyer segments, including first-time homebuyers, those looking to upgrade their living conditions, and investors seeking asset allocation options [12][14] - The demand for properties in the outer ring areas is anticipated to increase, particularly in regions with good infrastructure and amenities [16] Future Outlook - Analysts suggest that the ongoing relaxation of purchase restrictions in major cities like Beijing and Shanghai is likely to continue, driven by the need to address the current supply-demand imbalance in the housing market [16][17] - The overall sentiment in the real estate market remains cautious, with the potential for further policy adjustments depending on market performance and economic conditions [4][16]

Core Viewpoint - The Shanghai government has announced a series of policy adjustments aimed at optimizing the real estate market to better meet residents' housing needs and promote stable development, effective from August 26, 2025 [1] Group 1: Housing Purchase Policy Adjustments - The housing purchase limit will be reduced, allowing eligible residents to buy an unlimited number of homes outside the outer ring road, while limiting purchases to two homes within the inner ring road for local residents [2] - Non-local residents can also purchase unlimited homes outside the outer ring road if they have paid social insurance or income tax in Shanghai for over one year, and are limited to one home within the inner ring road if they have paid for over three years [2] Group 2: Housing Provident Fund Policy Optimization - The maximum loan amount for housing provident fund loans will be increased by 15% for those purchasing new green buildings, with the first loan limit raised from 1.6 million to 1.84 million yuan, and for families with multiple children, it will increase from 1.92 million to 2.16 million yuan [3] - The second loan limit will also be increased from 1.3 million to 1.495 million yuan [3] - Residents can withdraw their provident fund to pay for the down payment of new homes, and this withdrawal will not affect their loan limit [3] Group 3: Personal Housing Loan Interest Rate Mechanism - The interest rate pricing mechanism for commercial personal housing loans will be optimized, eliminating the distinction between first and second homes, allowing banks to set rates based on market conditions and individual risk factors [4] Group 4: Property Tax Policy Adjustments - Non-local residents purchasing their first home will be exempt from property tax, while for second homes and beyond, a tax exemption of 60 square meters per person will be applied after calculating the total housing area [6] - This property tax policy will take effect from January 1, 2025 [6]

Core Viewpoint - The Shanghai Municipal Housing and Urban-Rural Development Committee has issued a notification to optimize and adjust real estate policies, including reducing housing purchase restrictions, optimizing housing provident fund policies, and improving personal housing loan conditions [1][2]. Group 1: Housing Purchase Restrictions - The new policy significantly relaxes housing purchase restrictions, allowing non-local single individuals and families who meet a one-year social insurance requirement to purchase an unlimited number of homes outside the outer ring of Shanghai [1]. - Previously, local residents were limited to purchasing two homes within the city, while non-local families could only buy one home outside the outer ring after one year of social insurance contributions, and one home inside the inner ring after three years [1]. Group 2: Housing Provident Fund Policies - The notification includes an increase in the maximum loan amount for housing provident funds, with the first home loan limit rising from 1.6 million yuan to 1.84 million yuan, and for families with multiple children, it increases from 1.92 million yuan to 2.16 million yuan [2]. - The second home loan limit has been raised from 1.3 million yuan to 1.495 million yuan [2]. - The policy allows for the withdrawal of housing provident funds to pay for the down payment on new homes, and this withdrawal will not affect the calculation of the housing loan limit [2].

Core Viewpoint - Shanghai has announced new real estate policies aimed at optimizing housing purchase conditions for residents, including reducing housing purchase restrictions and enhancing housing fund policies, effective from August 26, 2025 [1][2][8]. Group 1: Housing Purchase Restrictions - The new policy allows eligible resident families to purchase an unlimited number of homes outside the outer ring road, including both new and second-hand properties [3][9]. - Shanghai residents and single adults can buy unlimited homes outside the outer ring, while they are limited to two homes within the inner ring [3][9]. - Non-Shanghai residents can purchase unlimited homes outside the outer ring if they have paid social insurance or income tax in Shanghai for at least one year; those with three years of contributions can buy one home within the inner ring [3][9]. Group 2: Housing Fund Policy - The policy increases the maximum loan amount for housing funds, with the first home loan limit raised from 1.6 million to 1.84 million yuan, and for families with multiple children, it can go up to 2.16 million yuan [4][11]. - It allows residents to withdraw housing funds to pay for the down payment of new homes, and this withdrawal does not affect the calculation of their loan limits [11][12]. Group 3: Personal Housing Loan Interest Rates - The policy optimizes the pricing mechanism for personal housing loans, eliminating the distinction between first and second home loans, allowing banks to set rates based on market conditions and individual risk profiles [6][12]. Group 4: Property Tax Policy - The policy states that eligible non-Shanghai resident families will be exempt from property tax on their first home purchase, while for second and subsequent homes, a tax exemption of 60 square meters per person will apply [5][15]. - This property tax exemption will take effect from January 1, 2025, for qualifying buyers [7][15].

Core Viewpoint - The Shanghai government has announced a series of policy adjustments aimed at optimizing the real estate market, including reducing housing purchase restrictions, enhancing housing provident fund policies, and improving personal housing loan conditions, effective from August 26, 2025 [1][2][3] Group 1: Housing Purchase Restrictions - The policy reduces housing purchase restrictions, allowing eligible resident families to buy an unlimited number of homes outside the outer ring road, while limiting purchases to two homes within the inner ring road [1] - For non-local resident families, those who have paid social insurance or individual income tax in Shanghai for over one year can buy unlimited homes outside the outer ring road, and those with over three years of contributions can purchase one home within the inner ring road [1] Group 2: Housing Provident Fund Policy - The policy increases the maximum loan amount for housing provident fund loans by 15% for buyers of new green buildings rated two stars or above, raising the first loan limit from 1.6 million to 1.84 million yuan, and for families with multiple children, from 1.92 million to 2.16 million yuan [2] - The second loan limit is increased from 1.3 million to 1.495 million yuan [2] - The policy allows for the withdrawal of housing provident fund to pay for the down payment of new pre-sale properties and supports the "withdraw and loan" option without affecting the loan limit calculation [2] Group 3: Personal Housing Loan Policy - The policy optimizes personal housing loan conditions by allowing banks to set interest rates without differentiating between first and second homes, based on market rate pricing and individual risk assessments [2] Group 4: Property Tax Adjustments - The policy states that non-local resident families purchasing their first home will be exempt from property tax, while for second homes, a tax exemption of 60 square meters per person will be applied after calculating the total housing area [3] - This property tax exemption will take effect from January 1, 2025, for eligible buyers [3]

Core Viewpoint - Shanghai has announced new real estate policy measures aimed at optimizing housing purchase conditions and reducing costs for homebuyers, including adjustments to purchase limits and housing fund policies [1][2][3] Group 1: Housing Purchase Policy Adjustments - The new policy allows eligible resident families to purchase an unlimited number of homes outside the outer ring road, while single adults will follow the same purchasing limits as resident families [1][2] - Non-local resident families and single adults who have paid social insurance or income tax in Shanghai for over one year can also buy an unlimited number of homes outside the outer ring road, with limits on purchases within the inner ring based on their duration of residency [2] Group 2: Housing Fund Policy Enhancements - The policy increases the maximum loan amount for housing funds, with the first loan limit raised from 1.6 million to 1.84 million yuan, and for families with multiple children, it can go up to 2.16 million yuan [3] - Homebuyers can now withdraw housing funds to pay for down payments on new homes, and this withdrawal will not affect their loan limits [3] - For eligible non-local families purchasing their first home, property tax will be temporarily exempted, with specific exemptions for subsequent purchases based on total housing area [3]