Core Viewpoint - The report from China International Capital Corporation (CICC) highlights a new policy from Beijing's housing authorities that allows eligible families to purchase an unlimited number of residential properties outside the Fifth Ring Road starting from August 9, 2025, which may create investment opportunities in the real estate and property management sectors [1] Group 1: Policy Changes - The Beijing Municipal Commission of Housing and Urban-Rural Development and the Beijing Housing Provident Fund Management Center issued a notice to optimize and adjust real estate policies [1] - From August 9, 2025, eligible families can buy an unlimited number of commercial housing units outside the Fifth Ring Road [1] - Single adults will be subject to the same housing purchase restrictions as families [1] Group 2: Market Outlook - Despite the current weak performance of the industry fundamentals, the Politburo meeting has maintained a stable stance on real estate policies [1] - The current valuations in the real estate sector show resilience, suggesting potential for improvement in overall market liquidity, which could drive the sector forward [1]

中金公司研报表示，2025年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发布《关 于进一步优化调整本市房地产相关政策的通知》，宣布自2025年8月9日起，符合条件的居民家庭在五环 外购买商品住房不限套数，成年单身人士按照居民家庭执行商品住房限购政策，并对公积金贷款的套数 认定、贷款额度、最低首付比例等进行调整。关注地产及物管板块投资机会。尽管近期行业基本面表现 偏弱，政治局会议对地产政策取态平稳，但考虑到当前估值具备韧性，未来整体市场流动性改善或对板 块有潜在驱动。 ...