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 ...

Monetary Policy Implementation - The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to align with domestic and international economic conditions, ensuring ample liquidity and matching social financing scale and money supply growth with economic growth and price level expectations [1][2][3] - The report highlights the importance of monitoring the execution of monetary policy measures and maintaining a balance in interest and exchange rates to support economic recovery [3][4] Support for Consumption - The report outlines a focus on enhancing financial support for consumption by improving the supply of high-quality services, which is seen as a critical area for stimulating consumer demand [4][5] - It suggests expanding financing channels for consumption, reinforcing credit support, and increasing financial resources for service consumption supply enterprises [4][5] Real Estate Financial System - The report calls for the improvement of the foundational financial system for real estate, emphasizing the need for stable financing and the implementation of policies to support affordable housing [2][3] Policy Coordination - The report stresses the importance of policy coordination among fiscal, employment, and social security measures to enhance consumer capacity and willingness, particularly for low-income groups [5]