7 月销售面积和销售额分别累计-23.1%、-28.8%，增速相比前月分别下降0.8、上升0.1 个百分点，当月同比分别-28.9%、-28.2%，增速相比前月分别下降10.6、下降7.4 个百分点。7 月份商品房销售降幅再度扩大，表明房地产市场进入复苏通道仍然较为艰难，稳楼市压力依然较大，政策仍需加大支持力度。从各能级城市来看，7 月一线城市销售企稳反弹，商品住宅销售面积同比下降8.92%，相比前月反弹14.59 个百分点，商品住宅销售金额同比上升16.84%，相比前月反弹17.85 个百分点；二线、三四线城市继续转弱，销售增速回落。

1.专题视点：5 年期LPR 下调如何影响房地产？ .................................................................................................. 7
1.1 LPR 下调，5 年期降幅超过1 年期 ....................................................................................................................... 7
1.2 稳楼市或成货币政策当前重要目标 ..................................................................................................................... 8
1.3 微观层面，5 年期LPR 不同下调幅度下的还款额测算 ...................................................................................... 9
1.4 宏观层面，个人住房贷款余额38.9 万亿还款测算 .......................................................................................... 10
1.5 投资建议 ............................................................................................................................................................... 10
2.楼市动态 .......................................................................................................................................................... 12
2.1 行业 ..................................................................................................................................................................... 12
2.2 各能级城市.......................................................................................................................................................... 16
2.3 区域 ..................................................................................................................................................................... 17
3.土地市场 .......................................................................................................................................................... 21
3.1 100 大中城市 ...................................................................................................................................................... 21
3.2 一线城市 ............................................................................................................................................................. 22
3.3 二线城市 ............................................................................................................................................................. 24
3.4 三线城市 ............................................................................................................................................................. 25
4.资本市场 .......................................................................................................................................................... 28
4.1 地产A 股 ............................................................................................................................................................. 28
4.2 地产港股 ............................................................................................................................................................. 29
4.3 境内债 ................................................................................................................................................................. 30
4.4 海外债 ................................................................................................................................................................. 32
4.5 贷款 ..................................................................................................................................................................... 34
4.6 信托 ..................................................................................................................................................................... 34
5.政策梳理 .......................................................................................................................................................... 36
6.重要公告 .......................................................................................................................................................... 39
7.风险提示 .......................................................................................................................................................... 42