降低购房门槛、增加购房套数、提高公积金贷款额度……2月25日，上海市住房城乡建设管理委、市房 屋管理局、市财政局、市税务局、市公积金管理中心等五部门联合印发《关于进一步优化调整上海市房 地产政策的通知》（以下简称《通知》），自2026年2月26日起施行。《通知》围绕多项住房需求展 开，涉及非沪籍家庭（含成年单身人士，下同）购置外环内住房，社保缴纳年限调整为1年；对于满3年 社保的非沪籍家庭，允许在外环内增购1套住房；上海购买首套房公积金贷款最高可贷240万元等。 具体来看，《通知》指出，缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限。对非上海市户籍 居民家庭或成年单身人士购买外环内住房的，购房所需缴纳社会保险或个人所得税的年限，调整为购房 之日前连续缴纳满1年及以上。 激活非沪籍购房需求 服务宜居安居，促进职住平衡，聚焦满足居民合理住房需求，《通知》明确进一步调减住房限购政策。 上海易居房地产研究院副院长严跃进表示，此次上海公积金贷款的条件进一步放宽，即落实"认房不认 贷"。他指出，上海楼市新政前，若公积金贷款次数满两次，后续购房将不予办理公积金贷款。上海楼 市新政后，只要无住房或仅有1套住房，且公积金已 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - There are five reasons to be bullish on the glass main contract, including rigid cost support, double verification of technical support, rising policy expectations, clear signal of capital layout, and significant valuation advantages [3][4] - For stock index futures, the trend is good, with small - cycle adjustments sufficient. As long as the Shanghai Composite Index does not fall below the 3910 - 3920 support range, continue to buy on dips [6] - The overall trend of the three major A - share indexes is to rise first and then fall. Except for the Shanghai Composite Index, the Shenzhen Component Index and the ChiNext Index perform well in the afternoon [7] - For the gold market, due to increased volatility in the entire precious metal market, it is advisable to participate with caution [10] - For iron ore, with the commissioning of the Simandou project, the expectation of loose supply is further fermented. The demand side is weak, and it should be treated with a wide - range oscillation strategy, buying low and selling high [12][13] - For glass, the bottom has stabilized recently, and it is advisable to maintain a long - buying strategy [15] - For methanol, as of December 24, 2025, the total inventory of Chinese methanol ports is 141.25 million tons, with an increase of 19.37 million tons from the previous period. The market in the sales area is strong under multiple positive factors [18] - For pulp, as of December 25, 2025, the inventory of mainstream Chinese pulp ports is 190.6 million tons, a decrease of 8.7 million tons from the previous period, a month - on - month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks, and it is judged to be in an oscillatory state [21] 3. Summary by Related Catalogs 3.1 Reasons for Being Bullish on Glass Main Contract - Cost support: The entire industry is in a loss, leading to cold repair of production capacity. The daily average output has dropped to 154,500 tons, and the cost side provides strong support [3] - Technical support: The 1015 - 1025 point range has withstood multiple tests, becoming a short - term strong defense. The lower track of the weekly Bollinger Band is rising, narrowing the long - term downward space [3] - Policy expectations: The "guaranteeing the completion of pre - sold housing" policy supports long - term demand, and the optimization of real - estate regulation releases positive signals, with policy dividends expected to gradually reach the completion end [3] - Capital layout: The recent open interest has increased steadily, and long - position funds have actively intervened, injecting momentum into price rebound [4] - Valuation advantages: The contract price is at a low level since June, close to the cost line, with a prominent profit - loss ratio. Technical signals such as the enlargement of the MACD red column and the imminent golden cross of short - term moving averages indicate high cost - effectiveness for bottom - fishing [4] 3.2 Technical Analysis of Different Futures - Stock index futures: The trend is good, with small - cycle adjustments sufficient. As long as the Shanghai Composite Index does not fall below the 3910 - 3920 support range, continue to buy on dips [6] - Gold: The entire precious metal market has increased volatility, so it is advisable to participate with caution [10] - Iron ore: With the commissioning of the Simandou project, the expectation of loose supply is further fermented. The demand side is weak, and it should be treated with a wide - range oscillation strategy, buying low and selling high [12][13] - Glass: The bottom has stabilized recently, and it is advisable to maintain a long - buying strategy. The daily melting volume has continued to decline slightly, and inventory has accumulated this week. The main drivers are policy - side stimulus and supply - side clearance [15][16] - Methanol: As of December 24, 2025, the total inventory of Chinese methanol ports is 141.25 million tons, with an increase of 19.37 million tons from the previous period. The market in the sales area is strong under multiple positive factors [18] - Pulp: As of December 25, 2025, the inventory of mainstream Chinese pulp ports is 190.6 million tons, a decrease of 8.7 million tons from the previous period, a month - on - month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks, and it is judged to be in an oscillatory state [21]