央视网消息：在北京8月出台的楼市新政推动下，9月，北京楼市成交量显著回升，新房、二手房9月网签成交套数分别为3464套和15843套，环比8月增 长约10%和17%。这个国庆中秋假期，北京楼市交易情况如何？来看报道。 此外，"好房子"政策的落地也在推动新房项目销售。在北京通州另一个新房项目，记者看到，实景示范区直观展示了北京"好房子"政策带来的房屋功能 和品质的升级。 假期期间 多个二线城市房地产市场活跃度提升 今年国庆中秋假期，多个二线城市也持续调整优化房地产政策，举办商品住房促销活动等，进一步提振房地产市场的活跃度。 9月30日，湖北武汉出台促进房地产市场平稳健康发展的八项政策，包括提高住房公积金贷款额度以及阶段性调整住房公积金贷款套数认定标准等举 措。 在北京市通州区一个新房项目，购房人郭女士和先生正在看房。 郭女士正在考虑的这个项目在9月下旬开盘销售，恰好赶上北京楼市新政策的落地。据项目方介绍，到目前为止，首批推出的760多套房源已网签超过 60%。 江苏南京和苏州今年先后取消商品住房限售政策，以此来增强二手房市场的流动性。记者了解到，这个假期，两地二手房市场咨询较为活跃，不少购房 人也利用假期实地看 ...

Core Insights - The "Youth Good House · Baiyun Real Estate Fair" and the 2025 Baiyun District Quality Living Festival successfully concluded, marking a significant step in promoting the real estate market in the region [1][9] Group 1: Event Outcomes - The event attracted a total of 734 groups and 1,407 visitors, resulting in 65 housing units being subscribed, amounting to 62.53 million yuan, with a total area of 6,772.29 square meters [4] - A total of 21 units were signed online, generating 27.46 million yuan in revenue [4] Group 2: Market Impact - The festival effectively boosted confidence in the regional real estate market through various promotional strategies, including the release of a "contract tax policy package" that subsidizes 50% of the paid contract tax in the form of consumption vouchers [6] - The integration of multiple sectors such as housing, automotive, home furnishings, cultural tourism, and dining into a consumption promotion platform has transformed the focus from single housing discounts to comprehensive lifestyle services [6] Group 3: Policy and Development Initiatives - Baiyun District showcased its livability and the "Youth Real Estate" development concept through innovative land value promotion and the establishment of a one-stop policy consultation window [7] - The event is seen as a key step in deepening the "Vibrant Baiyun" development label and implementing a new model for real estate development, contributing to the construction of a modern, resilient, and intelligent urban environment [9]

Core Insights - Shenzhen's real estate market has undergone significant policy adjustments, particularly in the core area zoning, which has attracted considerable attention [1][7]. Policy Changes - The new policy allows individuals to purchase up to two residential properties in specific districts, including Luohu, Bao'an (excluding Xin'an Street), Longgang, Longhua, Pingshan, and Guangming [3]. - In Yantian District and Dapeng New District, there will be no qualification review for purchasing residential properties [3]. - Single adults will be subject to the same purchasing limits as resident families [3]. Corporate Housing Policy Adjustments - Enterprises can purchase residential properties within the city to address employee housing needs, with specific conditions in districts like Futian, Nanshan, and Bao'an [4]. Personal Housing Credit Policy Optimization - Financial institutions will no longer differentiate between first and second home loans in terms of interest rate pricing, allowing for a more flexible approach based on market conditions and client risk profiles [5]. Market Dynamics - The adjustment of purchase limits has significantly reduced the restricted areas from multiple zones to just three, with Luohu being removed from the restricted list, contrasting with Bao'an's inclusion [7]. - Luohu, historically a central area for Shenzhen, has seen its status change due to slower industrial upgrades and urban renewal compared to other districts like Futian and Nanshan [8][9][10]. Future Outlook - Despite being removed from the core restricted zone, Luohu retains its historical significance and existing infrastructure, which may still attract buyers [12][13]. - The policy shift may stimulate the real estate market in Luohu, encouraging more purchasing activity and balancing development across Shenzhen's districts [15][16][17]. - Luohu's future positioning in Shenzhen's urban landscape remains a point of interest, as it seeks to redefine its role and capitalize on new opportunities [18].

Core Points - Shenzhen has announced a significant new policy for the housing market, allowing residents to purchase an unlimited number of homes in several districts starting from September 6, 2025 [1][2] - The policy includes provisions for using housing provident fund for down payments and introduces new withdrawal scenarios for the fund [6][7] Group 1: Policy Implementation - The new policy allows eligible residents to buy an unlimited number of homes in designated districts, while non-residents with less than one year of social insurance or tax payment in Shenzhen can buy up to two homes [2][5] - Single adults will be subject to the same housing purchase restrictions as families [3] - The policy also allows enterprises to purchase homes for employee housing needs without qualification checks in most areas [5] Group 2: Housing Loan Interest Rates - Banks will no longer differentiate between first and second home loans in their interest rate pricing, allowing for more flexible loan terms [4] Group 3: Provident Fund Withdrawal Changes - New provisions will allow employees to withdraw provident fund for down payments on first and second homes, with full withdrawal allowed for the first home and 60% for the second [7] - Additional scenarios for fund withdrawal include payment of housing taxes, repayment of loans for homes purchased outside Shenzhen, and compensation for increased housing area during relocation [10][11][12] - The policy aims to enhance flexibility in fund contributions, allowing employees to choose their contribution rates up to 12% [19]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Insights - The "anti-involution" policies in the building materials sector are being implemented, leading to improved industry profitability [2]. - Recent policy adjustments in major cities like Shenzhen are expected to stimulate short-term market activity, although long-term recovery will depend on sales data and corporate performance [2][25]. - The cement industry is showing signs of recovery due to self-regulation and cost optimization, with expectations for further profit increases in the second half of 2025 [2][44]. - The glass and fiberglass sectors are experiencing weak supply-demand balance, but potential improvements in demand could lead to price recovery [2][45]. Summary by Sections Real Estate Sector - As of September 11, 2025, the Shenwan Real Estate Index has increased by 2.86% over the past two weeks, outperforming the CSI 300 Index by 1.72 percentage points [11]. - The average price of new residential properties in 100 cities rose by 0.20% month-on-month and 2.73% year-on-year, while second-hand housing prices fell by 0.76% month-on-month and 7.34% year-on-year [23][25]. - Major real estate companies are facing continued pressure, with mid-year losses widening compared to the previous year [25]. - Recommended companies include Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) for their strong performance in first and second-tier cities [2][25]. Building Materials Sector - The Shenwan Building Materials Index has increased by 0.31% over the past two weeks, ranking 23rd among 31 sectors [26]. - The average price of cement is currently at 314 RMB/ton, with a slight decrease of 1 RMB/ton from the previous week [30]. - The glass industry is in a weak supply-demand balance, with limited price rebound potential in the short term, but a possible recovery as construction activity increases [45]. - Recommended companies in the cement sector include Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) for their solid fundamentals and attractive dividend yields [44][46].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Insights - The "anti-involution" policies in the building materials sector are being implemented, leading to improved industry profitability [2][4]. - Recent policy adjustments in major cities like Shenzhen are expected to stimulate short-term market activity, although long-term recovery will depend on sales data and corporate performance [2][4][23]. - The cement industry is showing signs of recovery due to self-regulation and cost optimization, with expectations for further profit increases in the second half of the year [2][4][41]. Summary by Sections Real Estate Sector - As of September 11, 2025, the Shenwan Real Estate Index has increased by 2.86% over the past two weeks, outperforming the CSI 300 Index by 1.72 percentage points [11]. - The average price of new residential properties in 100 cities rose by 0.20% month-on-month and 2.73% year-on-year, while second-hand housing prices fell by 0.76% month-on-month and 7.34% year-on-year [21][23]. - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) [2][23]. Building Materials Sector - The building materials sector has seen a 0.31% increase over the past two weeks, lagging behind the CSI 300 Index by 0.83 percentage points [24]. - The cement market is currently facing weak demand, with an average price of 314 RMB/ton, down 1 RMB/ton from the previous week [28][30]. - The glass industry is experiencing a weak supply-demand balance, with limited price rebound potential, but there are structural opportunities in the fiberglass sector due to growth in emerging fields like wind power and electric vehicles [42]. - Recommendations for cement companies include Anhui Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) due to their solid fundamentals and attractive dividend yields [41][42].

Core Viewpoint - The recent relaxation of housing purchase restrictions in Shenzhen has led to a mixed market response, with some anticipating a surge in activity while others believe the demand has already been sufficiently stimulated [2][3][11]. Market Dynamics - Following the new policy, there has been a notable increase in housing viewings and transactions, with significant growth in both second-hand and new home sales during the first weekend after the policy was implemented [6][8]. - Data from Beike Research Institute indicates that from September 6 to 7, the second-hand transaction volume increased by 33% compared to the average of the previous month, and new home purchases rose by 40% [6]. Policy Impact - The policy allows companies that meet certain criteria to purchase residential properties without restrictions, which has been positively received by some market participants [5]. - However, the actual implementation of the policy has not fully met the expectations set by earlier speculations, leading to a divided opinion on its effectiveness [3][11]. Sales Performance - Several developers reported strong sales figures, with some projects experiencing rapid sales shortly after the policy change, indicating a potential shift in market sentiment [8][14]. - For instance, a project in Nanshan sold 16 units in one weekend, generating significant revenue despite high price points [14]. Future Outlook - There is skepticism regarding whether the current market momentum can be sustained, as many believe that a complete lifting of restrictions may be on the horizon, which could affect immediate purchasing decisions [11][12]. - The market's response to the new policy suggests a cautious optimism, but the underlying demand dynamics remain complex and influenced by broader economic conditions [11][16].

Core Viewpoint - Shenzhen has announced significant adjustments to its housing purchase restrictions, following similar moves by Beijing and Shanghai, indicating a broader trend of policy relaxation in major cities to stimulate the real estate market [1][4][18]. Policy Adjustments - From September 6, 2025, residents with Shenzhen household registration and non-residents with over one year of social insurance can purchase an unlimited number of homes in specific districts, while non-residents without social insurance are limited to two homes in designated areas [1][5][10]. - The areas with relaxed restrictions include Luohu, Bao'an (excluding Xin'an Street), Longgang, Longhua, Pingshan, and Guangming, while Yantian and Dapeng New District have no purchase limits [6][10]. Comparison with Other Cities - Compared to Beijing and Shanghai, Shenzhen's relaxation of purchase restrictions is more extensive, with a narrower focus on limited areas and lower social insurance requirements [2][13]. - In Beijing, restrictions remain for those without social insurance, while Shanghai has similar limitations, whereas Shenzhen allows non-residents without social insurance to purchase homes in several districts [13][14]. Market Impact - The collective easing of restrictions in major cities is expected to boost market confidence and potentially lead to a recovery in housing transactions during the "Golden September and Silver October" period [4][18]. - Historical data suggests that previous policy relaxations in 2024 led to increased transaction volumes in both new and second-hand housing markets, indicating a positive correlation between policy adjustments and market activity [3][15][18]. Future Outlook - The ongoing policy changes are anticipated to enhance market sentiment, particularly in core first- and second-tier cities, while other cities may experience a slower recovery [20]. - The upcoming months are expected to see an increase in housing supply and marketing efforts, which may contribute to a gradual recovery in overall transaction volumes, albeit with limited growth due to existing consumer confidence issues [20].

Core Viewpoint - Shenzhen has introduced significant policy adjustments to its real estate market, aimed at optimizing housing purchase regulations and personal housing credit policies, which are expected to stimulate market activity and meet diverse housing needs [2][3][4]. Policy Adjustments - The new policy reduces the scope of housing purchase restrictions, allowing eligible households in specified districts to purchase an unlimited number of homes, while non-residents with less than one year of social insurance or tax payments can buy up to two homes [2][4]. - The policy will take effect on September 6, 2025, and applies to various districts, with specific rules for different areas [2][4]. Market Response - Following the announcement, there was an increase in inquiries and viewings in the Luohu district, although the growth was not explosive, and some sellers in the secondary market were adjusting their prices [3][4]. - The policy aims to better meet the rigid and diverse housing demands of residents and promote stable development in the real estate market [3][4]. Financial Institutions - Banks are instructed to set mortgage rates without differentiating between first and second homes, allowing for more flexible pricing based on market conditions and client risk profiles [5][6]. Broader Market Context - The real estate market is entering a traditional peak sales season, with expectations of increased activity due to the new policies and upcoming market dynamics [7][9]. - In August, the market showed signs of resilience, with new home sales declining but still maintaining a significant volume, indicating potential for recovery in the following months [8][9].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][34]. Core Views - The report suggests that the broad housing demand in China has bottomed out, but the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced further [2][34]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create a "new product, new pricing, and new model" development track, which will enhance the market in core cities [2][34]. Industry Data Summary New Housing Transaction Volume - In the week of August 30 to September 5, 2025, 34 key cities recorded a total new housing transaction of 220.5 million square meters, a week-on-week decrease of 3.3%. The transaction volume in first and second-tier cities decreased by 1.5%, while third and fourth-tier cities saw a decline of 25.4% [3][4]. - For September, the cumulative transaction volume in 34 cities was 154 million square meters, showing a year-on-year increase of 11.6% and a month-on-month increase of 44.1% [4][10]. Second-Hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction of 94.7 million square meters, a week-on-week decrease of 16%. However, the cumulative transaction for September showed a year-on-year increase of 28.3% [10][12]. Inventory and Sales - In the week of August 30 to September 5, 2025, 15 cities launched 90 million square meters of new housing, with a total transaction of 86 million square meters, resulting in a transaction-to-launch ratio of 0.96. The available residential area in these cities was 89.31 million square meters, with a month-on-month increase of 0.04% [17][19]. Policy and News Tracking - On September 5, 2025, Shenzhen announced further optimization of real estate policies, allowing residents to purchase unlimited units in specific areas, while non-residents are limited to two units. The report also notes changes in personal housing loan interest rate mechanisms and public housing fund policies [27][28]. - The report mentions that several real estate companies are actively distributing dividends and maintaining growth despite market challenges. For instance, China Jinmao announced a dividend of HKD 0.03 per share, while Huafa announced a dividend of CNY 0.02 per share [34][35]. Company Dynamics - The report tracks the performance of major real estate companies, noting that leading firms are actively engaging in share buybacks and dividend distributions. For example, China Jinmao and Huafa have announced significant dividends, while companies like Huafa and China Merchants Shekou have also engaged in share repurchase activities [34][37].