通过城中村改造、完整社区规划建设，民生配套短板加快补齐，居民购房需求得以有效激发。据了 解，南宁市鸡村城中村改造项目配套开发的商品房开盘当天几近售罄；柳州市城中村改造带动全市土地 市场回暖，上半年土地购置费同比增长164.4%。（郭亚琼 姚琳尹） 近日，记者从自治区住房城乡建设厅获悉，今年以来，广西"稳楼市"政策持续落地显效，1—7月， 全区新建商品住宅销售面积同比增速5.7%，超过全国平均增速9.8个百分点，增速排名全国第6位。 今年以来，广西通过收购存量商品房、优化安置方式、加大住房消费支持力度等措施，推动商品房 库存持续消化，成为全国第一批完成收购项目落地、第一批获得配售型保障房收购贷款、发放第一份配 售型保障房不动产权证、第一个对收购存量住房实施财政奖补的省区。截至今年6月底，全区共收购存 量商品房2万套，拉动全区商品房销售面积同比增速9.35个百分点；通过推行"房票"安置、"以购代 建"、危旧房改造"拆旧买新"，消化存量商品房40万平方米，全区商品房库存同比下降21.1%。 商品房库存量下降提升了群众的购房信心，刚性和改善性需求不断释放。今年3月，广西新建商品 住宅销售面积同比增速1.4%，为近年来 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize both the real estate and stock markets. The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5][49] - The report highlights the importance of stabilizing the real estate market to boost social expectations and facilitate domestic demand circulation amid uncertainties in external environments, such as ongoing Sino-US trade frictions [5] Market Performance - The Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index increased by 4.5%, the ChiNext Index grew by 8.6%, and the CSI 300 Index went up by 2.4%. The real estate sector (Shenwan) saw an increase of 3.9% [6][9] - In terms of individual stocks, the top five gainers were Wantong Development (+39.4%), Quzhou Development (+33.0%), Electronic City (+32.0%), *ST Nanzhi (+25.0%), and Shahe Shares (+21.2%) [6][9] Data Tracking New Housing Transactions - For the week of August 9-15, 2025, new housing transactions in 42 key cities totaled 141 million square meters, a decrease of 1.4% week-on-week and a year-on-year decline of 20.4% [16] - As of August 15, 2025, new housing transactions in 42 key cities for the month totaled 306 million square meters, down 9.5% month-on-month and down 20.9% year-on-year [20] Second-Hand Housing Transactions - For the week of August 9-15, 2025, second-hand housing transactions in 21 key cities totaled 178 million square meters, an increase of 3.0% week-on-week but a year-on-year decrease of 2.4% [31] - As of August 15, 2025, second-hand housing transactions in 21 key cities for the month totaled 381 million square meters, down 5.5% month-on-month and down 2.1% year-on-year [36] Industry News - From January to July 2025, national real estate development investment reached 535.8 billion yuan, a year-on-year decrease of 12%. The sales area of commercial housing was 51.56 million square meters, down 4% year-on-year [49] - Local policies include Hainan Province encouraging "purchase instead of construction" for resettling relocated residents and Guangzhou releasing new regulations for rural residential construction management [49] Company Announcements - In July 2025, China Jinmao achieved a sales amount of 8.46 billion yuan (up 49% year-on-year), while New Town Holdings reported 1.66 billion yuan (down 52% year-on-year) [52] - China Resources Land reported a sales amount of 13.3 billion yuan (down 14% year-on-year) for July 2025 [52]

8月18日，国务院第九次全体会议（以下简称"会议"）召开。对于房地产领域，会议强调，采取有力措 施巩固房地产市场止跌回稳态势，结合城市更新推进城中村和危旧房改造，多管齐下释放改善性需求。 严跃进认为，当前房地产市场显露出的阶段性特征，要求在政策等层面更加重视改善性需求。 "改善性住房需求包括以小换大、以旧换新等，供给端引导、需求端支持均有助于释放改善性住房需 求。"陈文静分析称，供给端加大高品质住房供给、需求端针对性加大购房支持等举措均有发力空间。 中指研究院政策研究总监陈文静对《证券日报》记者表示，本次会议进一步明确了"止跌回稳"依然是房 地产政策目标，释放了积极信号，有利于稳定市场预期。未来，支持房地产的政策有望进一步发力。 新一轮支持政策有望开启 "稳住楼市"是今年政府工作的重点任务之一。今年以来，中央层面多次强调稳定房地产市场。比如，4 月25日召开的中共中央政治局会议强调，"持续巩固房地产市场稳定态势"；6月13日召开的国务院常务 会议则要求，"更大力度推动房地产市场止跌回稳"。本次会议强调"采取有力措施巩固房地产市场止跌 回稳态势"，再度明确巩固房地产市场止跌回稳态势的政策目标。 上海易居房地产研 ...

Core Viewpoint - The recent implementation of housing fund management policies across various cities aims to support the housing needs of flexible employment individuals and stabilize the real estate market [1][5]. Group 1: Policy Implementation - Zhaoqing City has introduced a management method for housing funds to enhance support for flexible employment individuals' housing needs [1]. - Multiple cities, including Beijing, Tianjin, Xi'an, and Suzhou, have rolled out policies to stabilize the housing market, focusing on optimizing housing fund policies and promoting housing exchanges [1][2]. - The Hainan Provincial Housing and Urban-Rural Development Department has announced measures to revitalize existing real estate land and properties, utilizing housing fund returns for public rental housing [3]. Group 2: Market Conditions - In July, the real estate market showed signs of weakness, with a 4.0% year-on-year decline in new residential sales area [2]. - The number of cities experiencing falling housing prices has increased, indicating that the market is still undergoing significant adjustments [2][5]. - The trend of stabilizing the real estate market is expected to continue, supported by ongoing policy efforts [5][6]. Group 3: Demand and Supply Adjustments - Cities are actively using housing funds to lower the threshold for home purchases, thereby stimulating housing consumption [3]. - Hefei City has relaxed the processing time for converting commercial loans to public housing loans, aiming to support reasonable loan demands [3]. - Suzhou City has adjusted the down payment ratio for housing fund loans to 15% for first or second homes, catering to both rigid and improved housing demands [3]. Group 4: Future Outlook - Experts believe that the foundation for market stabilization remains solid, with a focus on reducing home purchase costs and encouraging demand [6]. - There is a need for continued policy efforts to manage the supply of second-hand housing and improve the overall market environment for new homes [6].

整体来看，政策对新房市场带动作用较为明显，二手房市场相对较为温和。 中指研究院指数研究部总经理曹晶晶表示，本次北京楼市新政有利于提振市场预期，推动住房需求加快 释放。预计随着时间的推进，市场交易活跃度将提升。从全国来看，当前，推动市场止跌回稳仍是房地 产政策核心目标。未来，上海、深圳有望跟进北京楼市新政，根据市场运行情况进一步优化限购等政 策。 部分新房到访量提升 新政出台后，北京房地产市场整体活跃度有所提升。从安居客线上数据来看，新增用户15天至30天返回 率相比新政前有5%以上的增加。安居客线上用户通过电话咨询数量近一周环比增长31%，新房咨询量 日均水平与本月前10天相比提高24.4%，与7月份相比提高33.1%，与去年8月份相比提高7.2%。 58安居客研究院院长张波在接受《证券日报》记者采访时表示，线上数据的活跃说明新政本身在一定程 度上激发了潜在购房者对房源的持续关注，用户从"一次性浏览"转向"多次主动获取信息"。购房者活跃 度提升，积极对比区域、户型、价格等信息，并关注公积金组合贷计算等细节。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 张芗逸 北京楼市新 ...

本报记者 张芗逸 北京楼市新政已落地满一周。 8月8日，北京市住房和城乡建设委员会（以下简称"北京市住建委"）、北京住房公积金管理中心联合印发《关于进一步优 化调整本市房地产相关政策的通知》，明确一系列楼市新政，自8月9日起施行。 过去一周，《证券日报》记者持续关注北京楼市动向，通过密集走访了解到，新政出台首周市场整体运行平稳，购房者看 房的活跃度有所提升，但成交相对谨慎，市场观望情绪仍然浓厚。 整体来看，政策对新房市场带动作用较为明显，二手房市场相对较为温和。 全方位提振住房消费 新政出台后，北京房地产市场整体活跃度有所提升。从安居客线上数据来看，新增用户15天至30天返回率相比新政前有 5%以上的增加。安居客线上用户通过电话咨询数量近一周环比增长31%，新房咨询量日均水平与本月前10天相比提高24.4%， 与7月份相比提高33.1%，与去年8月份相比提高7.2%。 58安居客研究院院长张波在接受《证券日报》记者采访时表示，线上数据的活跃说明新政本身在一定程度上激发了潜在购 房者对房源的持续关注，用户从"一次性浏览"转向"多次主动获取信息"。购房者活跃度提升，积极对比区域、户型、价格等信 息，并关注公积金组 ...

【环球网财经综合报道】近期，全国多地持续优化住房公积金政策。8月15日，海南省住房和城乡建设厅等部门发布通知，明确结合本地区实 际需求，稳妥有序推进收购存量商品房用作保障性住房、城中村和危旧房改造安置房，同时继续利用住房公积金增值收益收购存量商品住房房 源用作公共租赁住房，在盘活存量资产的同时强化住房保障功能。 中指研究院监测显示，上半年各地累计调整公积金政策近150条，主要方向包括提高贷款额度、优化住房套数认定、延长还款期限、支持提取 公积金用于首付、支持异地互认互贷等，政策优化聚焦刚需刚改群体核心需求。（陈十一） 近日，苏州发布《关于进一步扩大住房公积金使用范围的通知》，自9月1日起正式施行。新政允许缴存人及其配偶每年提取一次住房公积金支 付自住住房物业费，提取额不超过当年实际支付的物业费用，进一步扩大公积金使用范围，减轻居民住房相关支出压力。 北京近日从四方面加大公积金支持力度，包括优化首套房认定标准；提高二套房贷款额度并降低首付比例；提高年度缴存公积金可贷额度；支 持提取公积金支付首付款的同时申请公积金贷款。 ...

本报记者 陈潇 8月15日，海南省住房和城乡建设厅等部门联合发布《关于进一步优化调整有关调控政策的通知》（以下简称"《通 知》"）。该《通知》从盘活存量商品房、加大房地产市场财税金融支持、满足引进人才住房需求、优化审批等方面推出一揽 子举措。 业内人士指出，本轮政策是兼顾短期去库存与长期稳预期的"组合拳"，针对当前库存结构性压力和区域分化问题，释放 了"稳楼市"信号。 具体来看，在盘活存量商品房方面，《通知》主要提及收购存量商品房，盘活商服用地和商办用房，优化被征迁居民的安 置方式等内容。 在收购存量商品房等方面，《通知》明确提出，结合地区实际需求，稳妥有序推进收购存量商品房用作保障性住房、城中 村和危旧房改造安置房。 "本次政策明确支持商服用地'商改住'，支持商服用地调整为安居房、租赁住房用地，并支持符合条件的商办用房转为租赁 住房、安居房，有利于更好地盘活存量商办项目，预计未来更加细化的配套政策将进一步落地。"陈文静表示。 与此同时，《通知》还提及鼓励"以购代建""房票安置"等多项举措。海南省统计局最新公布数据显示，2025年上半年海南 全省成交新房建筑面积475.48万平方米，总金额达约791.6亿元。 ...

Economic Policy and Market Outlook - The Politburo meeting on July 30 provided a framework for economic policies for the second half of the year and the next five years, focusing on the impacts on the real estate market, stock market, and commodity prices [1] - The absence of explicit mentions of "real estate" in the meeting's communiqué suggests a nuanced approach to housing market stability, indicating that while the government has not abandoned the goal of stabilizing housing prices, the current phase of the real estate cycle complicates policy implementation [5] - The stock market has shown a significant rebound, with the Shanghai Composite Index rising over 30% since last year, and the meeting emphasized the need to enhance the attractiveness and inclusivity of domestic capital markets [7] Interest Rate and Monetary Policy - The meeting did not explicitly mention "timely interest rate cuts," which raises questions about the likelihood of further monetary easing; however, the context of improving economic indicators suggests that aggressive monetary policy may not be necessary at this time [3] - The shift from a "prudent" to a "moderately accommodative" monetary policy indicates a potential for interest rate cuts to lower financing costs, especially if external economic pressures increase [3] Commodity Prices and Supply Chain Dynamics - Recent rebounds in commodity prices are contingent on supply-demand dynamics, and the government's focus on regulating competition aims to prevent disorderly price increases without necessarily expanding demand [10] - The meeting highlighted the need for capacity governance in key industries, including steel and automotive, to optimize supply and eliminate excess capacity, which could influence commodity price trends [10][11] Fiscal Policy and Economic Recovery - The meeting underscored the importance of fiscal policy in driving economic recovery, with a noted increase in macro leverage ratios, particularly in government sectors, indicating a reliance on government spending to stabilize the economy [14] - The government's capacity for further fiscal expansion remains significant compared to other economies, suggesting that proactive fiscal measures will be essential in countering economic contraction and boosting confidence [14]

Core Insights - The real estate market in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen experienced a collective decline in transaction volumes in July, with Shanghai seeing a drop exceeding 40% in new home sales [1][6][9] - Factors contributing to this downturn include extreme heat, typhoon impacts, the fading effects of previous policies, and a stalemate in price expectations between buyers and sellers [1][9] - Experts suggest that a recovery in transaction volumes for both new and second-hand homes may not occur until September [1][10] Second-hand Housing Market - In Beijing, second-hand home transactions fell to 12,784 units in July, a 15.6% decrease from June and 17.9% lower than the same month in 2024 [3] - Shanghai's second-hand home transactions dropped to 19,337 units, a 7% decrease from June and a 5% decline year-on-year [4] - Guangzhou reported 8,962 second-hand home transactions, down 9.39% from June and 10.68% year-on-year [4] - Shenzhen was an exception, with a 3.4% increase in second-hand home transactions, totaling 4,656 units [4] New Housing Market - The new housing market saw even more significant declines, with Shanghai's new home sales dropping by 40.6% in July, totaling 341,000 square meters [6] - Guangzhou's new home transactions fell by 25% to 4,874 units, with a 46.9% decrease in new supply [6] - Shenzhen's new home sales decreased by 24.1%, with a total of 1,441 units sold [7] Market Analysis - July is traditionally a slow month for real estate, compounded this year by extreme weather and a lack of strong policy support [9] - The market is currently characterized by a price standoff between buyers and sellers, leading to reduced transaction activity [3][9] - Despite the downturn, the overall transaction volumes remain above critical thresholds, indicating some resilience in the market [10] - Future market activity is expected to depend on the introduction of new policies and the resolution of current price expectations [12]