例如，安徽蚌埠市人民政府发布消息，12月11日起，首批通过收购存量商品房转化的保障性租赁住房在 和煦幸福城小区正式启动配租申请，标志着该市第一批"收存转保"房源正式投入使用。截至目前，蚌埠 全市已累计收购和煦幸福城、大禹家园、水岸花都等项目存量商品房660套，实现销售面积7.7万平方 米，销售投资2.95亿元。 中指研究院有关负责人表示，鼓励收购存量商品房将成为消化库存的重点举措。强调用于保障性住房等 合理用途，在用途上也给了一定灵活性，扩大用途范围将有助于激发市场主体的参与积极性。 "保障性住房系列工作重心有所调整，即更多倾向于商品房去库存工作；存量商品房的工作也要发生重 心变化，即重点用于支持保障性住房等。"上海易居房地产研究院副院长严跃进表示，除了聚焦消化房 企的商品房库存外，二手房挂牌量难消化的问题也不能忽视。 广东省住房政策研究中心首席研究员李宇嘉分析称，目前，新市民、人才群体对保障性租赁住房的需求 增加，初创人群对租住和办公融合的空间需求增加，但相关供给不足，迫切需要盘活存量来解决，过去 囿于资金来源、资金平衡、对象选择等，落地项目比较少，预计2026年有望在资金上有所突破，落地项 目会明显增加。 ...

近日，广州再次发布房源征集通告，进一步加大收购存量商品房用作保障性住房的力度，明确收购房源建 筑面积原则上在90平方米以下且优先选取整栋或独立单元未售楼栋项目。 业内人士认为，广州持续推进收购存量商品房用作保障性住房，也表明收购存量商品房工作将进一步落实。 另据中指研究院不完全统计，今年5月以来，四川、浙江、山东、湖南相继落地发行专项债券用于收购存量商 品房用作保障性住房，目前累计发行约37亿元相关专项债券。 广州加大存量房收购力度 11月18日，广州安居集团发布《关于持续推进收购存量商品房用作保障性住房等房源的征集通告》称，为进一 步加大收购力度，现面向社会持续公开征集符合条件房源。 多地引入专项债用于收购存量房 征集范围是广州市行政区域内房地产企业的存量商品房房源，房源所属项目周边交通便利、配套设施较为齐 全。 征集条件包括：一是资产负债和法律关系清晰；二是已取得竣工联合验收意见书或项目纳入保交房攻坚战且主 体已经封顶、剩余工程量不大的在建未售商品房；三是房屋建筑面积原则上在90平方米以下；四是房源权属清 晰可交易，不存在查封登记、异议登记等限制；存在抵押等权利限制的房源，应取得相关权利人书面同意；五 是 ...

Core Insights - In April, the average price of new residential properties in 100 cities was 16,764 yuan per square meter, showing a month-on-month structural increase of 0.14% and a year-on-year increase of 2.50% [1] - First-tier cities saw a month-on-month increase in new home prices, with Shanghai and Hangzhou leading the gains at 0.61% and 0.95% respectively [1] - The second-hand housing market in core cities remains active, but with a high listing volume, the trend of "price for volume" is prevalent, leading to a month-on-month decrease of 0.69% in average second-hand residential prices across 100 cities [2] New Housing Market - New housing prices in first-tier cities increased by 0.37% month-on-month, with Shanghai's price increase driven by new improvement projects [1] - Second-tier cities experienced a month-on-month increase of 0.10%, with Hangzhou's new home prices rising by 0.95% [1] - Third and fourth-tier cities saw a month-on-month decrease of 0.11% in new housing prices [1] Second-Hand Housing Market - The second-hand housing market in first-tier cities showed a month-on-month price decrease of 0.36%, with Shanghai's decline narrowing to 0.32% due to improved buyer demand [2] - Second-tier cities experienced a month-on-month decrease of 0.77% in second-hand housing prices, influenced by increased listing volumes [2] - Third and fourth-tier cities saw a month-on-month decrease of 0.73%, with some cities experiencing declines exceeding 1% [2] Market Outlook - The Central Research Institute indicates that policies aimed at stabilizing the real estate market are expected to continue, with urban renewal becoming a key driver for housing consumption [2] - Support for the acquisition of existing properties is anticipated to increase, along with measures to alleviate financial pressures on real estate companies [2] - The market is expected to maintain recovery in May, driven by ongoing policy efforts and increased supply of quality housing, although a differentiated market landscape will persist [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The Politburo meeting on April 25 emphasized the importance of implementing more proactive macro policies, including potential interest rate cuts and maintaining liquidity to support the real economy. The inclusion of "commodity housing acquisition policy" in the meeting's summary indicates an increasing importance of government storage as a macro-control tool [10][11] - The report highlights the need for urban renewal actions and optimizing commodity housing acquisition policies, suggesting that future real estate policies will continue to focus on both demand and supply sides [11] - The report notes that the real estate sector is a key component of domestic demand, which is expected to gain further importance amid external pressures [10] Summary by Sections Market Review - The weekly performance of the Shenwan Real Estate Index showed a decline of 1.3%, underperforming the CSI 300 Index by 1.69 percentage points, ranking 30th among 31 Shenwan first-level industries [13] New and Second-hand Housing Transactions - In the past week, new housing transaction area across 30 cities was 1.68 million square meters, a month-on-month increase of 11.5% but a year-on-year decrease of 18.3%. First-tier cities accounted for 469,000 square meters, with a month-on-month increase of 6.4% and a year-on-year decrease of 26.0% [23] - The total transaction area for second-hand housing in 14 sample cities was 2.447 million square meters, with a month-on-month increase of 0.4% and a year-on-year increase of 22.6% [32] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons: the policy response to the economic fundamentals is expected to be stronger than in previous cycles, real estate serves as an early economic indicator, and the competitive landscape is improving, favoring leading state-owned enterprises and quality real estate companies [4] - Recommended companies include: - H-shares: Greentown China, Jianfa International Group, China Resources Land, China Overseas Development, Yuexiu Property - A-shares: Binjiang Group, China Merchants Shekou, Poly Developments, Huafa Group, Jianfa Shares [4]