Core Viewpoint - The recent adjustment in mortgage rates in Shanghai allows existing second-home loan customers to switch to the current first-home loan rate, resulting in a decrease in interest rates for many borrowers [1] Group 1: Mortgage Rate Adjustments - As of September 1, Shanghai has initiated a new round of mortgage rate adjustments, enabling customers to convert their existing second-home loan rates to the current first-home loan rates [1] - A specific case was reported where a customer successfully reduced her mortgage rate from 3.45% (LPR-5BP) to 3.36% (LPR-14BP), marking a reduction of 9 basis points [1] - Several banks, including China Construction Bank and Beijing Bank, have begun the process for existing second-home loan customers to switch to first-home loan rates [1] Group 2: Operational Details - Customers can perform the conversion through their bank's mobile app, with eligible customers receiving notifications on their apps [1] - The adjustment allows for a new agreed-upon rate that cannot be lower than the average new mortgage rate plus 30 basis points from the previous quarter [1] - The specific adjustment in the rate will depend on market demand, customer creditworthiness, and changes in loan guarantees [1]

Core Viewpoint - The focus of the real estate market should shift towards establishing a new financing system that aligns with the new development model of real estate, rather than merely relying on interest rate cuts and reserve requirement ratio reductions [3][4][10]. Financing System and New Model - The recent announcement emphasizes the need for a financing system that supports the new real estate model, marking a significant shift from passive financial support to proactive adaptation of financing mechanisms [10][11]. - The new real estate model is expected to be established from the funding and institutional levels, indicating a long-term mechanism for stability in the real estate market [16]. Characteristics of the New Real Estate Model - The traditional model of "high leverage + high turnover + high expectations" is deemed unsuitable for the current market, necessitating a transition to a new model that stabilizes the market without excessive stimulation [19][20]. - The new model will not focus on broad market stimulation but rather on maintaining a stable foundation through structural tools, such as a dual system of commercial and affordable housing [22][23]. Market Dynamics and Future Outlook - The real estate market is expected to experience "slow growth + stability + structural adjustment," with continued demand in core urban areas and a focus on affordable housing [24][25]. - Recent policies are seen as a prelude to further measures aimed at reinforcing market stability, with significant adjustments in public housing loan rates and other financing tools [26][27]. Local Government Initiatives - Various cities are beginning to implement policies to acquire second-hand homes as part of their affordable housing strategies, indicating a broader trend towards institutionalized financing for housing [33][34]. - The potential for a structured financing approach in the acquisition of second-hand homes could provide strong confidence to the market [36]. Conclusion on Market Sentiment - The core of the current policy is not to "restart the old game" but to "initiate a new order," focusing on stabilizing the market and rebuilding buyer confidence through structural support [37][38]. - The future opportunities in the real estate market will not be about overall growth but rather about structural adjustments, emphasizing the importance of location and property characteristics in investment decisions [43].