2025.12. 12 中指研究院研究报告认为，在房地产方面，"稳楼市"依然是2026年政策目标，各项政策措施有望继 续落实，包括优化北上深等城市限制性政策、收购存量商品房、创新金融和土地政策支持城市更新等 方面，房地产作为最大的内需之一，2026年在扩大内需方面仍将发挥重要作用。 广开首席产业研究院高级研究员 王运金 则表示 ， 稳定房地产市场 既要防范和化解房企的流动性风 险，增强其持续经营能力，也要降低购房者的财务与市场风险，降低银行贷款不良率。 在有力有序防范化解重点领域风险的部分，金融监管总局会议还部署了化解地方政府债务风险、推进 中小金融机构减量提质等工作。 本文字数：1107，阅读时长大约2分钟 作者 | 第一财经 杜川 "稳楼市"政策目标不变。 12月12日，金融监管总局召开会议，传达学习中央经济工作会议精神。当天，全国金融系统工作会 议在京召开，中共中央政治局委员、中央金融委员会办公室主任何立峰强调，要继续着力做好防范化 解地方中小金融机构风险、房地产企业涉金融风险、地方政府融资平台金融债务风险工作，严控增 量、妥处存量、严防"爆雷"，严厉打击非法金融活动。 金融监管总局会议提出支持稳定房地 ...

Core Viewpoint - The meeting of the National Financial Supervision Administration emphasizes the importance of supporting the achievement of the 2026 economic and social development goals, while effectively managing financial risks and stabilizing the real estate market [1] Group 1: Economic Development Goals - The meeting aims to provide strong financial support for the successful initiation of the 14th Five-Year Plan [1] - There is a focus on ensuring orderly prevention and resolution of risks in key areas [1] Group 2: Risk Management - The administration is committed to prioritizing risk prevention, addressing existing risks, and preventing new risks from emerging [1] - A strict adherence to the principle of not allowing any major financial failures is emphasized [1] Group 3: Support for Real Estate Market - The meeting highlights the need to stabilize the real estate market and enhance the role of urban real estate financing coordination mechanisms [1] - There is a call to assist in constructing a new model for real estate development [1] Group 4: Financial Institutions - Guidance is provided for banking and insurance institutions to actively resolve financial debt risks associated with local government financing platforms, following market-oriented and legal principles [1]

内房股早盘普涨，截至发稿，融信中国(03301)涨5.92%，报0.161港元；世茂集团(00813)涨4.83%，报 0.217港元；雅居乐集团(03383)涨3.28%，报0.315港元；富力地产(02777)涨3.03%，报0.68港元；融创中 国(01918)涨2.27%，报1.35港元。 消息面上，12月10日至11日，中央经济工作会议在北京举行。会议确定，明年经济工作抓好以下重点任 务。坚持守牢底线，积极稳妥化解重点领域风险。着力稳定房地产市场，因城施策控增量、去库存、优 供给，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革，有序推动"好房子"建 设。加快构建房地产发展新模式。积极有序化解地方政府债务风险，督促各地主动化债，不得违规新增 隐性债务。优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险。 浙商证券（601878）分析师在接受采访时表示："2024年12月政治局会议对地产所在段落开头的表述 是'有效防范化解重点领域风险，牢牢守住不发生系统性风险底线'，此次会议为'坚持守牢底线，积极稳 妥化解重点领域风险'，化解风险的表述一个是'有效防范'，一个是'积极稳妥 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft announcement regarding the pilot launch of Commercial Real Estate Investment Trusts (REITs) to promote high-quality development in the REITs market and enhance the capital market's ability to support the real economy [1][3]. Group 1: Regulatory Framework - The announcement outlines requirements for fund managers, custodians, due diligence, application materials, and commercial real estate [1]. - Fund managers must have robust investment management, asset operation, internal control, and risk management systems in place [2]. - The commercial real estate assets held by the REITs must align with national strategies, development plans, and industry policies, ensuring clear ownership and stable cash flow [2]. Group 2: Operational Responsibilities - Fund managers are required to actively manage the operation of commercial real estate and ensure compliance with legal and regulatory standards [2]. - Professional institutions involved must adhere to relevant regulations and provide necessary services to support the healthy development of the commercial real estate REITs market [2]. Group 3: Implementation Process - The CSRC will refine the announcement based on public feedback and proceed with the necessary procedures for implementation [3].

Core Viewpoint - Dongguan's new real estate policy aims to stimulate demand and optimize supply through various measures, including subsidies for homebuyers and increased loan limits for first and second homes [2][3][4] Demand-Side Measures - A temporary home purchase subsidy of up to 30,000 yuan will be provided for buyers who complete the contract signing and tax payment by March 31, 2026 [2] - The recognition criteria for first-time homebuyers have been expanded to include the specific town or district of the property, increasing the coverage of loan benefits [3] - The maximum loan amount for both first and second homes has been raised to 1.5 million yuan, easing the financial burden on residents [3] Supply-Side Measures - Dongguan will adjust land supply mechanisms to better match land availability with market inventory, promoting a dynamic balance between supply and demand [4] - The city will simplify processes for converting existing commercial properties to new uses, enhancing the functionality of existing assets [4] - Administrative approval services for real estate projects will be optimized, including measures like market-based pricing and streamlined registration processes to reduce financing costs for businesses [4] Implementation Timeline - The new real estate policies will take effect from September 25, 2025, with supporting details to be released soon to ensure smooth implementation [4]

Core Insights - The National Committee of the Chinese People's Political Consultative Conference (CPPCC) is conducting research to promote a new model for real estate development, focusing on adapting to significant changes in supply and demand dynamics in the real estate market [2][3] Group 1: Research Activities - The research team, led by Gao Yunlong, visited Shandong from September 8 to 12, engaging with local governments, industry associations, and enterprise representatives to understand the province's experiences in real estate development [2] - The team conducted field visits in cities such as Qingdao, Rizhao, and Jinan, focusing on affordable housing, urban village renovations, and urban public infrastructure construction [2] Group 2: Policy Implementation - The research team acknowledged Shandong's efforts in implementing central government policies, emphasizing the importance of stabilizing the real estate market, meeting diverse housing needs, and advancing foundational institutional reforms [2][3] - The team highlighted the necessity of enhancing the systematic effectiveness of policy implementation to boost market expectations and unlock housing demand potential [3] Group 3: Future Directions - The CPPCC aims to address prominent issues in the real estate market through in-depth research and collaboration, promoting a stable, healthy, and high-quality development of the real estate sector [3] - The focus will be on revitalizing existing assets, optimizing new developments, and supporting quality enterprises to foster a positive financial and real estate cycle [3]

Group 1 - The core viewpoint of the article emphasizes the importance of urban development in China, highlighting the achievements and future directions as outlined in the Central Urban Work Conference [2][3][4] - The meeting identified the overall requirements for urban work, focusing on high-quality development, innovation, livability, and resilience in modern urban planning [3][5][6] Group 2 - The meeting outlined seven key tasks for urban work, including optimizing urban systems, fostering innovative cities, enhancing livability, promoting green and low-carbon cities, ensuring safety and resilience, cultivating civilized cities, and developing smart cities [5][6][7] - The transition from rapid urbanization to stable development is emphasized, with a focus on improving existing urban quality rather than expanding [4][5] Group 3 - The article discusses the need for a comprehensive leadership structure and effective execution of urban policies to ensure successful implementation of urban development strategies [6][7] - It highlights the necessity of adapting urban development concepts to be more people-centered and efficient, with a focus on governance and coordination [4][5]