（央视财经《经济信息联播》）9月5日深圳进一步优化调整房地产调控政策后，房地产市场活力明显提升。深圳住建局数据显示，深圳9月一二手住宅网签 7633套，环比涨20.7%。 张先生就是跨城购房团的其中一位，由于此前没有在深圳缴纳社保，没有资格购房，现在想趁着政策赶紧下手。 深圳住建局网签交易数据显示，9月以来，深圳新建商品住宅网签3087套，环比增加43.5%，同比增加32.7%。 深圳房地产新政落地后，进一步释放和激发了刚需和改善型需求。新房市场迅速掀起一股销售热潮，9月以来，深圳各大新楼盘看房人数和认购数量均呈现 大幅增长。 此次深圳楼市新政核心区福田、南山虽限购政策保留，但单身购房资格放宽，推动前海、宝中多个片区刚需入市。非核心区取消社保限制、房贷利率下调， 取消企业购房限制后，深圳龙岗、光明等区域出现多个"跨城购房团"。 转载请注明央视财经 编辑：潘煦 ...

8月25日，上海推出新一轮房地产调控政策，被业内称为"825楼市新政"。"825楼市新政"通过放开外环 外限购措施、降低首付比例、提高公积金贷款额度、放宽商业贷款条件等措施，稳住市场信心、激活交 易需求。 中指研究院上海数据总经理张文静向《证券日报》记者表示，新政实施首月，新房市场反应积极，网签 成交量环比上涨19%。其中外环外成交占全市比重达73.45%，达到年内新高，充分说明政策对外环外市 场的引导作用正在显现。 从二手房市场来看，中指研究院数据显示，新政后首周，房东可议价空间小幅回落，议价空间仍保持高 位波动状态，反映出买卖双方之间的价格博弈依然激烈，市场整体仍处于调整期。 "从成交数据来看，新政出台后首周，上海新房市场立即作出反应，网签成交出现明显小高峰，单周成 交量环比增幅超过30%。随后三周市场逐步回归理性，成交量趋于平稳，但整体仍维持在较高水 平。"张文静表示，与去年同期相比，新房网签基本持平，政策带动下市场韧性显现。 值得一提的是，近几年，上海核心区供地有所增加，带动外环外新房成交占比从2021年的81.5%下滑至 2025年的61.2%，但整体来看，外环外仍是新房供应主要区域，库存面临一定压 ...

新华财经上海9月19日电（谈瑞）9月19日，上海市财政局发布《关于优化调整本市个人住房房产税试点 有关政策的通知》，这一文件并非全新政策，而是对8月25日上海楼市新政中房产税相关内容的细化落 地。 从市场数据来看，上海房地产市场，尤其是外环外市场，仍然面临一定压力。据上海市统计局数据，1- 8月，上海商品房新开工面积963.03万平方米，同比下降28.5%，其中住宅新开工面积510.34万平方米， 下降33.5%；商品房销售面积1027.46万平方米，下降1.0%，住宅销售面积830.37万平方米，下降2.1%。 价格方面，8月上海新房价格环比上涨0.4%，领跑全国主要城市，而二手房价格环比下降1.0%，降幅较 上月扩大0.1个百分点，一二手房市场呈现明显分化。 在此背景下，外环外的新房市场库存压力尤大。据安居客上海在8月底的统计数据，上海外环外库存面 积为561.65万平方米，占比达到了76.6%，去化周期为17.6个月，而同期外环内去化周期仅7.3个月。就 此而言，房产税政策的细化落地，与此前外环外非沪籍家庭不限购等政策形成合力，预计将对市场产生 多方面影响。 从需求端来看，政策直接降低了非沪籍多套房购房 ...

报告导读： 上周住房成交回落。9月5日深圳市出台进一步优化调整房地产政策，放松力度 大于京沪，这将有助于引入包括外地购买力在内的市场需求。维持行业"增持"评级。 2025年8月35城月度库存出清周期环比继续回升 ：35城2025年8月可售面积为31387万平，环比上个月0.64%，同比-4.42%。35城2025年8月库存出清周期（按 12个月月均计算）为22.09个月，环比上个月1.89%，同比去年-4.91%。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 上周大中城市成交回落。 9月5日深圳市发布《关于进一步优化调整本市房地产政策措施的通知》。我们认为深圳政策的放松力度大于北京、上海，有助于引 入包括外地购买力在内的市场需求，预计全年市场"止跌回稳"的趋势不变。维持行业"增持"评 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a decline in new housing transaction volume and value, with a year-on-year decrease of 4.0% in sales area and 6.5% in sales value for the first seven months of 2025 [5][14] - The report indicates a continued downward trend in sales data, with July showing a significant drop of 7.8% in sales area and 14.1% in sales value compared to the previous year [5][14] - The report notes that the construction data shows a narrowing decline, with new construction area down 19.4% year-on-year, while completion area decreased by 16.5% [6][20] - The report emphasizes that the investment in real estate development has seen an increasing decline, with a 12.0% drop in investment amount for the first seven months of 2025 [7][24] - The report mentions that the funding available to real estate developers has decreased by 7.5%, with only personal mortgage loans showing a month-on-month increase [7][27] Summary by Sections Sales Data - In the first seven months of 2025, the total sales area of commercial housing was 516 million square meters, down 4.0% year-on-year, with residential sales area down 4.1% [5][14] - The sales value for the same period was 4.96 trillion yuan, a decrease of 6.5% year-on-year, with residential sales value down 6.2% [5][14] Construction Data - The new construction area for the first seven months was 352 million square meters, down 19.4% year-on-year, with residential new construction down 18.3% [6][20] - The completion area was 250 million square meters, down 16.5% year-on-year, with residential completion down 17.3% [6][20] Investment Trends - Real estate development investment for the first seven months was 5.36 trillion yuan, down 12.0% year-on-year, with residential investment down 10.9% [7][24] - The funding available to developers was 5.73 trillion yuan, down 7.5% year-on-year, with domestic loans and personal mortgage loans showing slight increases [7][27] Investment Recommendations - The report suggests that the traditional off-season in July and August will see continued weakness in supply and demand, with a recommendation for strong credit real estate companies that can capture improvement-driven customer demand [8][33] - It also highlights companies benefiting from both residential and commercial real estate recovery, as well as those with high-quality property management services [8][33]

Core Viewpoint - The recent policy change in Beijing allowing unlimited purchases for eligible buyers outside the Fifth Ring Road has led to a significant increase in market activity, with a notable rise in inquiries and viewings of properties [1][3][5]. Market Reaction - Following the policy announcement, there was an immediate response from the market, with some properties recording sales on the same night of the announcement [3]. - On the first day of the new policy, there was a noticeable increase in foot traffic at sales offices, with some locations reporting a 20%-25% rise in visitor numbers [3][5]. - Developers have shown mixed reactions, with some planning to raise prices immediately while others have opted for price reductions to stimulate sales [7][10]. Implications of Policy Change - The policy adjustment is seen as the most significant loosening of restrictions since last year's changes, indicating a shift in the regulatory environment for real estate in Beijing [3][5]. - The majority of new housing supply is concentrated outside the Fifth Ring Road, which is why this area is viewed as a critical market segment [5]. - While the policy may boost transaction volumes, the overall impact on prices remains uncertain, as the market is still characterized by cautious buyer sentiment [7][10]. Buyer Behavior - Increased viewing activity does not necessarily translate to immediate purchases, as many potential buyers remain in a wait-and-see mode regarding the effectiveness of the new policy [5][7]. - The market is experiencing a shift where the focus is on selecting the right property rather than timing the market, emphasizing the importance of property quality over market conditions [10].

Core Insights - Recent changes in real estate policies, including purchase restrictions, loan limits, and resale limitations, are causing uncertainty among potential buyers and sellers [2][3][4] - The relaxation of purchase restrictions in some cities allows buyers with sufficient funds to purchase multiple properties, although conditions vary by location [2] - Loan policies have seen a reduction in down payment requirements and interest rates, benefiting some buyers, but access still depends on individual creditworthiness [2][3] - Resale restrictions aim to stabilize the market by preventing rapid flipping of properties, but they can create challenges for homeowners needing to sell quickly [3][4] - The fluctuating nature of these policies leaves consumers confused about the optimal timing for buying or selling properties [4] Purchase Restrictions - Some cities have eased restrictions, allowing buyers with financial means to purchase multiple properties [2] - Variability in local regulations means that potential buyers must check with local housing authorities for accurate information [2] Loan Policies - Banks are reportedly lowering down payment ratios and interest rates, making it easier for some buyers to secure loans [2] - Individual circumstances, such as credit history and income, still play a significant role in loan approval [2] Resale Limitations - The introduction of resale restrictions aims to curb speculative buying and stabilize property prices [3] - Homeowners may face difficulties if they need to sell their property before the end of the resale restriction period [3] Market Stability - The government is attempting to balance the real estate market by implementing policies that both cool down rapid price increases and stimulate demand when prices decline [3][4] - Consumers are advised to be cautious and consider factors beyond price, such as property quality and location, when making purchasing decisions [4]

Core Viewpoint - The real estate market in China is showing signs of stabilization, with a narrowing decline in housing prices and sales, driven by targeted policies implemented by local governments [1][2]. Policy Effectiveness - The macroeconomic policies aimed at regulating the real estate market have shown significant effects, with a reduction in the year-on-year decline of new residential sales prices across first, second, and third-tier cities [1]. - In June, the year-on-year decline in new residential sales prices for first, second, and third-tier cities narrowed by 0.3, 0.5, and 0.3 percentage points respectively compared to the previous month [1]. - The year-on-year decline in second-hand residential sales prices in second and third-tier cities also narrowed, with reductions of 0.3 and 0.2 percentage points respectively [1]. Market Trends - The overall trend indicates a stabilization in the real estate market, with new housing sales area and value experiencing a narrowing decline, suggesting a potential bottoming out [2]. - In the first half of the year, the national new residential sales area decreased by 3.5%, a reduction of 15.5 percentage points compared to the same period last year, while sales value fell by 5.5%, narrowing by 19.5 percentage points [2]. - The transaction volume in the real estate market has improved, particularly in the second-hand housing sector, which has seen an increase compared to the previous year [2]. Future Support Policies - It is anticipated that real estate support policies will be further intensified in the second half of the year, focusing on increasing the acquisition of affordable housing and expediting loan disbursements for key projects [3]. - There is an expectation for a potential reduction in mortgage rates in line with policy interest rate adjustments [3].

Group 1 - The core viewpoint of the articles indicates that the real estate market in China is showing signs of improvement, with a narrowing decline in both sales volume and sales value compared to previous periods [1][2][3] - In the first half of the year, the sales area of new commercial housing reached 45,851 million square meters, a year-on-year decrease of 3.5%, but the decline has narrowed by 15.5 percentage points compared to the same period last year [1] - The sales value of new commercial housing was 44,241 billion yuan, down 5.5%, with the decline narrowing by 19.5 percentage points year-on-year [1] Group 2 - The number of cities with rising new residential sales prices increased to 14 in June, with Shanghai and Changsha showing the largest month-on-month increases of 0.4% [1] - The average sales prices of new residential properties in first, second, and third-tier cities fell by 1.4%, 3.0%, and 4.6% year-on-year, respectively, but the declines were smaller than in previous months [2] - Real estate companies are progressing in debt reduction, with funds in place for real estate development down 6.2% year-on-year, but the decline has narrowed significantly compared to last year [2] Group 3 - The inventory of unsold commercial housing decreased to 76,948 million square meters by the end of June, marking a reduction of 479 million square meters from the end of May [2] - Core cities are continuing to optimize real estate policies, including adjustments to housing fund loan policies to better meet the reasonable housing needs of buyers [3] - It is expected that local governments will actively implement policies to stimulate the real estate market in the second half of the year [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Insights - The report highlights that the Ministry of Housing and Urban-Rural Development is committed to stabilizing the real estate market, with new policies being introduced in Hainan and Guangdong to facilitate the conversion of commercial loans to provident fund loans [9][16] - The report notes a decline in both new and second-hand housing transactions, with first-hand housing transactions down by 40.8% year-on-year and second-hand housing transactions down by 13.7% year-on-year [7][36] - The report emphasizes the importance of financially stable leading real estate companies, suggesting that investors focus on firms like Yuexiu Property, China Merchants Shekou, Poly Developments, and others that can effectively respond to market fluctuations [9] Summary by Sections 1. Weekly Market Review - The real estate index increased by 0.29%, while the CSI 300 index rose by 1.54%, indicating underperformance of the real estate sector compared to the broader market [6][14] 2. Industry Fundamentals - In the week of June 27 to July 3, a total of 39,921 first-hand homes were sold across 38 key cities, reflecting a year-on-year decrease of 40.8% and a month-on-month increase of 3.1% [7][22] - The total area sold was 4.553 million square meters, with a year-on-year decrease of 33.3% and a month-on-month increase of 21% [7][22] - For second-hand homes, 18,203 units were sold, down 13.7% year-on-year and 10.9% month-on-month, with a total area of 178.6 million square meters sold [36][47] 3. Company Announcements - Poly Developments reported a signed area of 152.33 million square meters in June 2025, a decrease of 26.20% year-on-year, with a total signed amount of 290.11 billion yuan, down 30.95% [20][21] - China Merchants Shekou and Yuexiu Property also reported declines in their sales figures for June 2025, with year-on-year decreases of approximately 29.4% and 39.7% respectively [20][21]