VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 观点 有些二线城市，得房率超1 0 0%也卖不动了 更多热销的新规产品往往是具备核心区域、健全配套、价格实惠、装标升级等多个复合型优势的项目 宁波收储宅地降价3 7 0 0元/㎡出让，竞得方曾是开发商子公司 恒大退市，阵痛未止 恒大退市，清盘工作依然继续，巨额债务终要人买单，留给社会的阵痛远未停止。 同比增长4 . 9倍的城中村改造专项债，正在主投这些城市 城中村改造专项债累计同比增长4 87%，拉动保障性安居工程整体增长33% 宁波城宏置业以1 9 . 3亿元的底价竞得宁波江北区01- 06- 01、06地块 京沪杭房价二次下行后对哪些需求影响更明显 二手成交下行影响"卖旧换新"能力和信心，依托中高端需求支撑的新房承压 京沪深刚需和豪宅新挂牌房源占比稳增 京沪深高端市场热度或将稳中有降 研报 土地| 成交规模延续低位，深圳宝安中心刷新地价纪录（8 . 11 - 8 . 1 7） 第3 3周土地供应规模环比小幅上升、成交建面环比小幅回落。本周 ...

Core Viewpoint - The article emphasizes the ongoing efforts by the central and local governments to stabilize the real estate market through various financial policies and measures aimed at enhancing housing supply and improving existing inventory management [1][7][10]. Policy Trends - The frequency of local "stabilizing market" policy announcements has slightly decreased, with 14 policies released this week, but remains at the annual average level [2]. - There has been an increase in the issuance of comprehensive "stabilizing market" policies, with notable examples such as Fuzhou's 16 new policies supporting real estate project development [2][11]. Supply-Side Management - The optimization of housing provident fund policies has been the most frequently mentioned type of policy, with five mentions this week [3]. - The focus on "supply-side optimization" has significantly increased, with five localities addressing this aspect [3]. - Local governments, including Hainan and Fuzhou, have introduced measures to support the revitalization of existing real estate inventory, including financial support for purchasing existing properties for affordable housing [11][12]. Housing Security - The issuance of special bonds for affordable housing has increased by over 300% compared to the same period in 2024, indicating a strengthened commitment to affordable housing construction [10]. - Localities such as Dongguan and Yancheng have announced new policies to enhance housing security, including the collection of existing commercial housing for use as affordable housing [12]. Recent Policy Announcements - A summary of recent policy announcements includes: - The central bank's commitment to stabilizing the real estate market and improving financial systems [7]. - Dongguan's initiative to collect existing commercial housing for affordable housing [11]. - Fuzhou's reduction of the down payment ratio for affordable housing loans to 15% [11]. - Guangdong's encouragement of old community renovations and allowing for increased building scale [11][12].

2025年8月15日，统计局公布了7月份的全国二手房成交数据： 如上图所示，北京环比下跌1.1%，上海环比下跌0.9%，深圳环比下跌0.9%。 不少投资者认为，股票市场会因为这份数据调整；结果万得全A大涨1.44%，完成反包。 这说明，在微观个体中流行的逻辑其实是错的，物价萎靡的根本原因并不是房价回落，而是，曾经的房地产行业实在是太好了，挤占了其他行业的利润， 形成了债务性通缩（ps：迈克尔-赫德森对债务通缩有很深入的研究）。 也就是说，根本矛盾并不在需求侧，而在于供给侧，一线城市的房租相对于居民平均收入水平实在是太高了。 如果要让中国再通胀，必须把租房的供给曲线恢复弹性，把房租降低下来，整个国家的物价水平才有可能恢复正常。 因此，对于8月15日的市场反馈，正确的解读是：资本市场看到了中国再通胀的希望。 这篇文章，我们将用官方的理论范式来回答中国的再通胀问题： 供给侧管理和需求侧管理是调控宏观经济的两个基本手段。需求侧管理，重在解决总量性问题，注重短期调控，主要通过税收调节、财政支 出、货币信贷等来刺激或抑制需求，进而推动经济增长。供给侧管理，重在解决结构性问题，注重激发经济增长动力，主要通过优化要素配置 和 ...