Core Viewpoint - The Beijing Municipal Government has released a plan to optimize housing consumption and improve housing supply, including the introduction of a "mortgage transfer with lien" policy for housing provident fund loans [1][4]. Group 1: Housing Supply and Demand - The plan emphasizes prioritizing residential land supply near subway stations and employment hubs, which is expected to better meet the housing needs of buyers and assist developers in creating desirable housing [4]. - The housing provident fund will play a crucial role in supporting buyers by allowing them to withdraw funds for down payments while applying for housing loans [4][5]. Group 2: Policy Implementation and Impact - Over 150 adjustments to housing provident fund policies have been made across various cities this year, with over 30 cities implementing policies allowing the use of provident fund for down payments, which will lower the barriers for homebuyers [5]. - More than 20 cities have introduced policies related to "mortgage transfer with lien" for housing provident fund loans, indicating a trend that may extend to major cities like Beijing, enhancing the liquidity of second-hand housing transactions [5][6]. Group 3: Future Expectations and Innovations - The optimization of land supply and housing provident fund policies in Beijing is expected to stimulate housing demand and serve as a model for policy adjustments in other cities [6]. - The plan also encourages the development of smart community services and integrated living solutions, aiming to create a "15-minute convenient living circle" for residents [6].

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - New and second-hand housing transactions continue to face downward pressure, highlighting the necessity for policy intervention [4][5] - The Beijing government has emphasized optimizing housing supply and enhancing consumption through a new action plan, focusing on land supply and housing fund policies [3][8] - The report anticipates that July will be a critical period for policy announcements, with the real estate sector entering a phase of policy-driven market dynamics [10] Summary by Sections Policy Tracking - The Beijing government issued a plan to boost consumption, aligning with previous housing policies, focusing on optimizing land supply and enhancing the housing supply system [3][8] - The plan includes measures to support housing fund withdrawals for down payments and promote smart community developments [3][8] Weekly Data Tracking - New housing transactions in 30 major cities reached 1.37 million square meters in the week ending July 11, down 20% year-on-year and 48% month-on-month [4][9] - Second-hand housing transactions in 13 cities were 1.43 million square meters, reflecting a 12.8% year-on-year decline [4][9] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and well-structured land reserves, such as Poly Developments [6][21] - It also recommends monitoring top intermediary firms benefiting from active second-hand housing transactions, like I Love My Home [6][21]

Core Viewpoint - The Beijing Municipal Government has released a plan to enhance housing consumption by optimizing housing supply and implementing a "mortgage transfer with collateral" policy for housing provident fund loans [1][4]. Group 1: Housing Supply Optimization - The plan prioritizes the supply of residential land near subway stations and employment-intensive areas, aiming to better meet the housing needs of buyers [4]. - The housing supply system will be improved by integrating "guaranteed + market" housing supply mechanisms [1]. Group 2: Housing Provident Fund Policies - The plan aims to enhance the role of the housing provident fund by allowing contributors to withdraw funds for down payments while applying for housing loans [4]. - Over 150 adjustments to housing provident fund policies have been made across various cities this year, including major cities like Shenzhen and Guangzhou [5]. - More than 30 cities have introduced policies allowing the use of housing provident fund withdrawals for down payments, which is expected to lower the threshold for homebuyers [5]. Group 3: Market Impact and Future Expectations - The optimization of housing supply and provident fund policies in Beijing is expected to stimulate housing consumption and serve as a model for policy adjustments in other cities [6]. - Future adjustments may include increasing loan limits, supporting withdrawals for down payments, extending repayment periods, and enhancing support for non-local contributors and flexible employment [6]. - The plan also encourages the development of smart community services and integrated living solutions, aiming for a comprehensive "15-minute convenient living circle" [6].

Group 1 - The Beijing Municipal Government has released the "Beijing Deepening Reform to Boost Consumption Special Action Plan," which includes multiple initiatives related to the home furnishing industry, such as encouraging home renovation design and promoting fully intelligent indoor assembly integration [1] - The action plan consists of 24 measures aimed at optimizing new housing consumption supply, including support for customized home decoration and smart home products and services, as well as the development of smart communities [1] - The plan also emphasizes the expansion of green consumption paradigms, encouraging the development and introduction of green low-carbon technologies and improving the green standards and labeling system across various sectors, including home decoration [1] Group 2 - Recent national policies have continuously promoted consumption, benefiting the home furnishing industry, with initiatives like the "Two New" policy and appliance replacement programs driving market growth [2] - In May, the sales revenue of large-scale building materials and home furnishing markets reached 125.118 billion, a month-on-month increase of 15.16%, while the cumulative sales from January to May amounted to 571.408 billion, reflecting a year-on-year increase of 3.32% [2]