"十五五"规划建议提出，完善促进消费制度机制，清理汽车、住房等消费不合理限制性措施;2025 年12月召开的中央经济工作会议提出"清理消费领域不合理限制措施，释放服务消费潜力"，着力激发有 潜能的消费。 近来，各地住房消费政策进一步优化。这些措施产生了何种影响?助力释放住房消费潜力的政策空 间在哪儿?"新华视点"记者近期走访了多地房地产市场。 一系列政策"松绑" 2025年12月底，北京不再区分首套、二套房商贷利率，下调二套房公积金贷款最低首付比例至 25%;宁夏银川自2026年1月13日起，多子女家庭贷款额度上浮20万至30万元;全国范围内，自2026年1月1 日起，存量个人住房公积金贷款利率统一下调0.25个百分点…… 除优化限购限售政策外，多地因地制宜采取多种措施缩短交易周期、提高交易效率，有效激活了二 手房的流动性。 2025年12月23日，深圳首个在城中村领域试行房票安置的项目落地，首批55户拆迁居民依靠房票安 置、货币补偿等灵活组合方式得到妥善安置。仅一周内，2户选择房票安置的居民就购买了拆迁地附近 的新房，顺利兑现房票。 成都出台政策，自2026年1月1日起，对2024年10月14日(含)前取得 ...

Core Viewpoint - Shenzhen has joined Beijing and Shanghai in relaxing restrictions on the purchase of commercial housing, aiming to stimulate the real estate market and increase housing demand [1][2]. Policy Adjustments - The new policy allows eligible residents, including both local and non-local families who have paid social insurance or income tax for at least one year, to purchase an unlimited number of commercial housing units in specified districts [1]. - Non-local families without the required proof can buy up to two units in certain districts [1]. - In Yantian District and Dapeng New District, there will be no qualification checks for purchasing commercial housing [1]. Corporate Housing Purchases - Enterprises can now purchase commercial housing in Shenzhen to meet employee housing needs, with specific conditions for certain districts [3]. - The policy encourages corporate purchases, particularly in non-core areas, which is expected to boost housing demand in those regions [3]. Housing Credit Policy - The new policy optimizes personal housing credit policies, allowing banks to set interest rates for commercial housing loans without differentiating between first and second homes [3]. Market Conditions - The Shenzhen real estate market has faced pressure, with a significant drop in new housing transactions in August 2023, indicating a challenging environment [4]. - The inventory of new residential properties has increased, leading to a longer absorption period [4]. Market Outlook - Following the relaxation of purchase restrictions, there is an expectation of increased transaction activity in the new housing market, particularly in non-core areas where price competitiveness is high [5]. - The timing of the policy coincides with the traditional peak sales period, which is likely to enhance market confidence and stimulate transactions [5].

消息面上，北京近期发布楼市新政策，明确符合条件家庭在北京市五环外不再限制购房套数，并从从住 房套数认定、可贷款额度、贷款提取等方面加大了住房公积金支持力度。东方证券指出，北京此轮楼市 新政在节奏上超出预期，信号意义明显，深圳、上海限购政策松绑预期提升。 国信证券指出，考虑到当前地产基本面转弱，房价持续下跌，地产股很难有趋势性行情，但北京新政或 是新一轮放松的开始，意味着地产股的博弈窗口有望开启。整体上，房价走势基本决定了地产股中期超 额收益的变化。但2022年至今，地产股超额收益经历了8次较为明显的脉冲，大多来自政策面，且政策 说法越新颖，反应越大。4月和7月中央政治局会议淡化地产，但若房价保持跌幅，可以期待政策"新说 法"。 内房股涨幅居前，截至发稿，建发国际集团(01908)涨4.22%，报18.53港元；华润置地(01109)涨3.51%， 报33.5港元；龙湖集团(00960)涨3.03%，报10.88港元；新城发展(01030)涨2.6%，报2.76港元。 ...