国泰君安今日发表研报称，南京市政府于12年7月23日发布《市政府关于进一步扩大内需拉动消费的若干意见》，其中明确提出促进房地产消费是扩大内需拉动消费的主要手段之一。意见中加大公积金政策对保障房、首套房的支持力度。

Guotai junan research reports published today，Nanjing government in 12 years released on July 23,《The municipal government on further expanding domestic demand consumption certain opinions》，Among them clearly put forward to promote real estate consumption to expand domestic demand is one of the principal means of consumption。In the opinion increase accumulation fund policy on security room、The first suite support。

　　研报认为，加大公积金贷款对保障房建设的支持力度有操作空间，同时反映了经济下滑时期地方政府的投资饥渴。虽然将公积金运用于保障房建设存在受益权上的法理争论，但不可否认现阶段将公积金用于支持保障房建设是拓宽公积金投资渠道的手段之一，同时根据测算，目前全国公积金系统抵消沉淀资金余额超过5600亿，事实上也为利用公积金支持保障房建设奠定了物质基础。

Research report think，Increasing accumulation fund loan to safeguard room construction support have operating space，At the same time reflected the economic downturn period of local government investment hunger and thirst。Although will accumulation fund used in security room construction exists on the beneficial right of legal argument，There is no denying that at this stage will be used to support the construction of housing accumulation fund is broaden the accumulation fund investment channels one of the means，At the same time, according to the measure，At present the national provident fund system offset precipitation funds balance of more than 560 billion，In fact also for use accumulation fund support room construction laid the material foundation。

　　研报称，从年初的芜湖到现在的南京，多次的试探和博弈反映的是地方和中央间主动寻找地产调控和稳经济之间的平衡点，首套房支持惠及民生，政策合理修正方向不改，基本面回暖大势所趋。

Research reports，At the beginning of the year to now from wuhu nanjing，Many trials and game reflects is the place and the central room actively look for real estate regulation and stability balance between the economy，The first suite to support the people's livelihood，Policy reasonable fixed direction does not change，Fundamentals milder the trend of The Times。

　　研报认为下半年地产仍将为A股强势板块，建议继续超配。维持年初提出12年地产股绝对收益下限50%的观点。

For the second half of real estate research that will still for A shares strong plate，To recommend they stay on the super match。Maintain beginning of 12 years with property absolute income lower limit 50% point of view。

　　（《证券时报》快讯中心）

（《Securities times》Express center）