来源：市场资讯 （来源：地产冲冲冲） 核心观点：新房成交面积环比增加，完善房地产金融基础性制度 本周我们跟踪的68城新房成交同比下降，环比增加，20城二手房成交面积同环比下降。土地成交面积同比增加，溢价率环比下降。本周央行提出，着力推 动保障性住房再贷款等金融政策措施落地见效，持续巩固房地产市场稳定态势，完善房地产金融基础性制度，助力构建房地产发展新模式。我们认为，在 各项促进房地产市场止跌回稳政策作用下，今年以来我国房地产市场整体朝着止跌回稳的方向迈进，在止跌回稳的过程中，房价仍可能存在小幅度震荡， 期待后续在政策作用下，房地产市场进一步稳定。在更加积极的财政政策、适度宽松的货币政策下，存量收储及城中村改造工作有望加速推进，改善现有 住房供求关系，加快止跌回稳进程，维持行业"看好"评级。 政策端：中央实施货币宽松政策，完善房地产金融基础性制度 中央层面：中国人民银行：发布 2025 年第二季度中国货币政策执行报告，要求落实落细适度宽松的货币政策，根据国内外经济金融形势和金融市场运行 情况，把握好政策实施力度和节奏，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，持续营造适 ...

Core Viewpoint - The new policy on the acquisition of existing residential properties shows significant relaxation compared to previous regulations, which is expected to resolve previous bottlenecks in the process [1][11]. Summary by Sections Policy Changes - The government has introduced greater autonomy for local governments regarding the acquisition of existing residential properties, including flexibility in acquisition subjects, pricing, and usage [1][3][11]. - The government work report has expanded the scope of guaranteed housing refinancing, allowing for a broader range of funding sources for property acquisition [1][10]. Pricing Issues - Previously, the acquisition price was mandated to be based on replacement cost, which was approximately half of the market price, leading to reluctance from developers to sell [3][4]. - The new policy allows local governments to negotiate acquisition prices that are higher than replacement costs but lower than market prices, potentially alleviating previous pricing barriers [3][4][6]. Acquisition Models - The relaxation of restrictions on acquisition subjects and purposes is expected to lead to more diversified acquisition models, allowing for participation from various market entities beyond local state-owned enterprises [6][7][11]. - The government has emphasized the priority of using acquired properties for affordable housing, urban village redevelopment, and other community needs [6][11]. Funding Sources - The expansion of the guaranteed housing refinancing program is anticipated to provide a richer array of funding sources for property acquisition, including residential, commercial, and other types of properties [9][10]. - Local governments are encouraged to utilize special bonds, with a proposed allocation of 4.4 trillion yuan for various projects, including the acquisition of existing residential properties [11].