投资建议：维持"增持"评级。 总结看，我们认为在房价预期止跌回稳基础上，公积金政策会有很好补充效果。但受制于公积金总额限制，更多面向刚需和初 次购房市场，主要是托底效果。未来看，我们认为各地住房公积金政策尚有进一步调整空间，或带动更多人群进入购房考虑区间。方向上，我们预计相关调整 或为继续扩大公积金使用范围，包括支持缴存人提取住房公积金支付购房首付款，打通业务办理堵点，大力支持异地贷款和异地购房提取住房公积金等。同 时，优化住房套数认定标准、提高二套房公积金贷款最高额度、调整二套房公积金贷款最低首付款比例、满足多政策的贷款额度上浮政策优惠等亦或是主要方 向。 报告导读： 在房价预期止跌回稳基础上，公积金政策会有很好的补充效果。未来看，我们 认为各地住房公积金政策尚有进一步优化空间，或带动更多人群进入购房考虑区间。 为什么研究住房公积金。 住房公积金作为我国最大的政策性住房金融制度，历经三十余年发展历程，为解决城镇居民住房问题发挥重要作用。本文将通过分 析过去十年间我国住房公积金制度的发展变化以及重点 20 城公积金运行特征，拆解当前公积金制度在住房消费中的支撑作用。同时，我们还将测算优化公积 金政策能潜在拉动 ...

Core Viewpoint - The recent policies across various cities in China aim to utilize housing provident fund accounts to support homebuyers in paying down payments, thereby lowering the barriers to home purchases and stimulating the real estate market [3][4][5]. Policy Developments - Cities such as Shenzhen, Hangzhou, and Xi'an have introduced policies allowing the use of housing provident funds for down payments on new and second-hand homes [4][5][6]. - Qingdao has expanded its housing provident fund withdrawal policies to support down payments for various types of housing [4][5]. - The number of cities implementing such policies has exceeded 30 this year, including both first-tier and some third- and fourth-tier cities [5][11]. Implementation and Process - In Hangzhou, the process for using housing provident funds for down payments has been streamlined to allow online applications, enhancing convenience for homebuyers [7][8]. - A dedicated fund supervision account is established to ensure the safety of the funds, allowing for refunds if the purchase contract is canceled [8]. Usage Statistics - In 2024, over 81 million people withdrew a total of approximately 27.65 billion yuan from housing provident funds, with a significant increase in withdrawals for rental housing compared to the previous year [9][10]. - The policies are designed to increase the efficiency of fund usage and reduce the "sleeping" status of these funds [8][11]. Broader Implications - The adjustments in housing provident fund policies are expected to lower the cost of home purchases and improve access for specific groups, such as families with multiple children [11]. - The ongoing expansion of the housing provident fund's role reflects its importance in addressing housing needs and improving living conditions for low- and middle-income families [11].