Core Viewpoint - The central economic work conference emphasizes the need to stabilize the real estate market in 2025, focusing on policies to control new supply, reduce inventory, and improve supply quality [1][2]. Group 1: Market Conditions - The real estate market in China is entering a critical phase of deep adjustment and structural reshaping in 2025, with the total unsold residential property area reaching 75.606 million square meters as of the end of October, marking an 8-month consecutive decline [2]. - The key to stabilizing the market lies in inventory reduction, which remains a priority for the current "stabilize the real estate market" strategy [2]. Group 2: Inventory Management Strategies - The strategy for inventory reduction focuses on "optimizing existing stock and controlling new supply," with an emphasis on encouraging the acquisition of existing residential properties for use as affordable housing [3]. - Local governments, such as Guangzhou, are actively pursuing the acquisition of existing residential properties to be repurposed for affordable housing, increasing their acquisition efforts [4]. Group 3: Policy Initiatives - The conference highlights the need to deepen the reform of the housing provident fund system to enhance its role in the market, with over 260 new policies introduced since 2025 aimed at increasing loan limits and expanding usage [5]. - The approach to controlling new supply is not merely about reducing land supply but involves optimizing the structure under total control, aligning with the construction of "good houses" [5]. Group 4: Quality Development Focus - The concept of "good houses" is identified as a key focus for high-quality development in the real estate sector, shifting the industry's emphasis from scale expansion to quality enhancement, including aspects like green low-carbon, smart home features, and elderly-friendly designs [5]. - The transition in the real estate sector is clear: moving away from high turnover and high leverage models towards a new phase prioritizing inventory operations and quality [5].

今日上午9时，国新办举行新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、中国证券 监督管理委员会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况。 进一步扩大保险资金长期投资的试点范围，近期拟批复600亿元 李云泽表示，充分发挥保险资金作为耐心资本和长期资本的作用，加大入市稳市力度，下一步将推出三条措施支持稳 定和活跃资本市场。一是扩大保险资金长期投资的试点范围，为市场注入更多增量资金；二是调整偿付能力的监管规 则，将股票投资的风险因子进一步调降10%，鼓励保险公司加大入市力度；三是推动长周期的考核机制，促进长钱长 投。 将推出支持小微企业、民营企业融资的一揽子政策，从四方面发力 李云泽表示，近期金融监管总局将进一步推出支持小微企业、民营企业融资的一揽子政策，重点从四个方面发力：一 是增供给，做深做实融资协调工作机制，深入开展千企万户大走访活动，加大首贷、续贷、信用贷的投放，带动普惠 型小微企业贷款增速高于各项贷款的平均增速。二是降成本，及时传导市场利率红利和内部资金转移定价的优惠，同 时规范机构与第三方的合作，促进综合融资成本稳中有降。三是提效率，推动银行简化内部流程，灵活满足各类 ...