Core Viewpoint - The Chinese real estate market is experiencing a significant policy shift aimed at stabilizing the market and promoting healthy development, marking a new phase of "clear operation" [1] Market Recovery Signs - Data from the first nine months of 2025 shows a notable reduction in the year-on-year decline of national commercial housing sales area, decreasing from 13% in 2024 to around 4% [2] - First-tier cities have seen new home prices increase for two consecutive months, while second-tier cities experienced their first month-on-month price growth since June 2023 [2] - The land market is showing increased activity, with a significant narrowing of the year-on-year decline in land acquisition fees, indicating a gradual recovery of market confidence [2] Policy Measures - The recent real estate policy adjustments are characterized as a "combination punch," focusing on "four cancellations, four reductions, and two increases" to activate market potential [2] - "Four cancellations" include the removal of purchase, sale, and price restrictions, greatly enhancing market purchasing power [4] - "Four reductions" involve lowering down payment ratios, reducing existing mortgage rates, guiding new mortgage rates down, and alleviating home purchase tax burdens, directly lowering home buying costs [4] - "Two increases" focus on increasing the supply of affordable housing and providing necessary financial support to real estate companies, ensuring basic housing needs are met while allowing market entities to survive and develop [4] Special Debt Policy - The special debt policy for 2025 amounts to 4.4 trillion yuan, with a significant portion allocated for land storage and acquisition of existing commercial housing, addressing the current inventory backlog [7] - The central bank has increased the support ratio for affordable housing re-loans to 100%, further reducing acquisition costs and accelerating inventory reduction [7] White List Mechanism - The "white list" special loan mechanism has been enhanced, with over 5.6 trillion yuan in loans approved by September 2025, significantly improving the actual loan disbursement rate [9] - This mechanism focuses on supporting the extension of existing credit for real estate companies and financing new projects, particularly prioritizing "guaranteed delivery" projects, stabilizing market expectations and protecting buyers' rights [9] Urban Village Renovation - Urban village and dilapidated housing renovations have been elevated to a critical level, becoming a key driver for releasing housing demand [9] - The renovation scope has expanded from 35 major cities to 300 prefecture-level cities, with an additional one million monetary settlement quotas expected to stimulate substantial housing demand [9] Demand-Side Policies - Demand-side policies have been actively adjusted, including changes to down payment ratios, promotion of "old-for-new" policies, and extension of home purchase subsidy periods, effectively lowering entry barriers for homebuyers [10] - The cancellation of ordinary residential standards has significantly reduced tax burdens for homeowners, exemplified by a potential tax saving of 700,000 yuan for a 10 million yuan second-hand home in Beijing [10] New Development Model - The policy adjustments signal a transition in the real estate market from "high leverage" to "high quality" development, integrating quality, safety, green, and smart elements into housing construction [11] - Local governments are promoting demonstration projects and new construction techniques, aiming to establish a comprehensive safety management system for the entire lifecycle of housing [11] Market Outlook - The real estate market is expected to stabilize and potentially rebound in the second half of 2025, with Fitch Ratings predicting a reduction in the annual sales area decline to below 5% [13] - The liquidity of real estate companies is anticipated to improve, with state-owned enterprises likely to benefit first [13] - Despite challenges such as high inventory and mismatched supply and demand, the ongoing policy efforts are expected to drive industry transformation and sustainable development [13]

"白名单"是中证协对网下专业机构投资者过往参与首发证券网下询价和申购业务情况进行分类管理的声 誉管理机制，并非对金融机构的综合业务评价，也不代表中证协对网下专业机构投资者未来经营情况和 业务开展情况的综合判断。"白名单"不得用于广告、宣传、营销等商业目的。 本报讯记者杨毅报道近日，中国证券业协会(以下简称"中证协")发布2024年网下专业机构投资者"白名 单"，博时基金、大成基金等21家网下专业机构投资者入围名单。 同时，"白名单"分类管理情况供相关监管部门、自律组织等在分类监管、自律管理等工作中参考使用。 为切实推动资本市场高质量发展，提升网下投资者报价的合理审慎性，中证协将不断加强网下投资者分 类管理，从声誉约束起步，逐步发挥"白名单"机制在引导网下投资者规范报价、延长持股期限等方面的 作用。 中证协表示，下一步，将持续加强网下投资者自律管理，维护新股网下发行秩序，提高网下投资者报价 行为的规范性，构建优胜劣汰的网下投资者生态环境。 中证协表示，随着股票发行注册制改革深入推进，网下投资者队伍结构不断优化，对网下投资者参与首 次公开发行证券网下发行业务的综合能力水平提出了更高的要求，为适应改革要求，中证协按 ...