Core Insights - In May 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow [3][5]. Price Changes in New Residential Properties - Among the 70 cities, 13 cities saw a month-on-month increase in new residential property prices, with Hangzhou leading at a 0.8% increase [4]. - In first-tier cities, new residential property prices decreased by 0.2% month-on-month, with Shanghai increasing by 0.7%, while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [5]. - Year-on-year, first-tier cities experienced a 1.7% decline in new residential property prices, with Shanghai increasing by 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 4.3%, 5.8%, and 2.6% respectively [5]. Price Changes in Second-Hand Residential Properties - In May, first-tier cities' second-hand residential property prices decreased by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 0.8%, 0.7%, 0.8%, and 0.5% respectively [7]. - Year-on-year, first-tier cities saw a 2.7% decline in second-hand residential property prices, with the decline narrowing by 0.5 percentage points compared to the previous month [7]. Summary of Key Cities - Beijing: New residential prices down 0.4% month-on-month, down 4.3% year-on-year; second-hand prices down 0.8% month-on-month, down 0.7% year-on-year [9]. - Shanghai: New residential prices up 0.7% month-on-month, up 5.9% year-on-year; second-hand prices down 0.7% month-on-month, down 0.1% year-on-year [9]. - Guangzhou: New residential prices down 0.8% month-on-month, down 5.8% year-on-year; second-hand prices down 0.8% month-on-month, down 6.6% year-on-year [9]. - Shenzhen: New residential prices down 0.4% month-on-month, down 2.6% year-on-year; second-hand prices down 0.5% month-on-month, down 3.2% year-on-year [9].

2025年5月份社会消费品零售总额主要数据 | 指标 | 5月 绝对量 | | 1—5月 | | | --- | --- | --- | --- | --- | | | | | 绝对量 | | | | （亿元） | 同比增长（%） | （亿元） | 同比增长（%） | | 社会消费品零售总额 | 41326 | 6.4 | 203171 | 5.0 | | 其中：除汽车以外的消费品零售额 | 37316 | 7.0 | 184324 | 5.6 | | 其中：限额以上单位消费品零售额 | 16716 | 8.0 | 80749 | 6.3 | | 其中：实物商品网上零售额 | - | - | 49878 | 6.3 | | 按经营地分 | | | | | | 城镇 | 36057 | 6.5 | 176490 | 5.1 | | 乡村 | 5269 | 5.4 | 26681 | 4.9 | | 按消费类型分 | | | | | | 餐饮收入 | 4578 | 5.9 | 22773 | 5.0 | | 其中：限额以上单位餐饮收入 | 1374 | 4.8 | 6583 | 4.5 | | 商品零售额 | 3 ...

分经济类型看，5月份，国有控股企业增加值同比增长3.8%；股份制企业增长6.3%，外商及港澳台投资企业增长3.9%；私营企业增长5.9%。 分行业看，5月份，41个大类行业中有35个行业增加值保持同比增长。其中，煤炭开采和洗选业增长5.5%，石油和天然气开采业增长5.3%，农副食品加工业 增长7.6%，酒、饮料和精制茶制造业增长4.1%，纺织业增长0.6%，化学原料和化学制品制造业增长5.9%，非金属矿物制品业下降0.6%，黑色金属冶炼和压 延加工业增长4.8%，有色金属冶炼和压延加工业增长8.1%，通用设备制造业增长6.3%，专用设备制造业增长2.3%，汽车制造业增长11.6%，铁路、船舶、航 空航天和其他运输设备制造业增长14.6%，电气机械和器材制造业增长11.0%，计算机、通信和其他电子设备制造业增长10.2%，电力、热力生产和供应业增 长2.0%。 分产品看，5月份，规模以上工业623种产品中有326种产品产量同比增长。其中，钢材12743万吨，同比增长3.4%；水泥16500万吨，下降8.1%；十种有色金 属683万吨，增长2.9%；乙烯303万吨，增长14.4%；汽车264.2万辆，增长11.3 ...

Economic Overview - In May, under the strong leadership of the Central Committee, the national economy maintained stable operation, with steady growth in production and demand, and overall employment stability [2][10] - The economic performance reflects resilience and vitality, although external uncertainties and the need to enhance domestic demand remain challenges [10] Industrial Production - In May, the industrial added value of enterprises above designated size increased by 5.8% year-on-year and 0.61% month-on-month [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 9.0% and 8.6% respectively, outpacing the overall industrial growth by 3.2 and 2.8 percentage points [3] - The manufacturing purchasing managers' index was at 49.5, up 0.5 percentage points from the previous month [3] Service Sector - The service production index grew by 6.2% year-on-year in May, accelerating by 0.2 percentage points from the previous month [4] - Key sectors such as information transmission, software, and IT services saw growth rates of 11.2%, 8.9%, and 8.4% respectively, exceeding the overall service production index growth [4] Consumer Market - The total retail sales of consumer goods reached 41,326 billion yuan in May, marking a year-on-year increase of 6.4% [5] - The sales of home appliances and communication equipment surged by 53.0% and 33.0% respectively, driven by the "replace old with new" policy [5] - Online retail sales amounted to 60,402 billion yuan, growing by 8.5% year-on-year, with physical goods accounting for 24.5% of total retail sales [5] Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, up 3.7% year-on-year [6] - Manufacturing investment grew by 8.5%, while real estate development investment declined by 10.7% [6] Trade Performance - In May, the total value of goods imports and exports reached 38,098 billion yuan, a year-on-year increase of 2.7% [7] - Exports rose by 6.3% to 22,767 billion yuan, while imports fell by 2.1% to 15,331 billion yuan [7] Employment Situation - The urban surveyed unemployment rate was 5.0% in May, a decrease of 0.1 percentage points from the previous month [8] - The average weekly working hours for employees were reported at 48.5 hours [8] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, with core CPI rising by 0.6% [9] - The Producer Price Index (PPI) for industrial producers decreased by 3.3% year-on-year [9]

Group 1: Production of Raw Coal, Crude Oil, and Natural Gas - In May, the production of raw coal increased, with an output of 400 million tons, representing a year-on-year growth of 4.2%, which is 0.4 percentage points faster than April. The average daily output was 13.01 million tons [2] - Crude oil production also showed stable growth, reaching 18.47 million tons in May, a year-on-year increase of 1.8%, with a daily average of 596,000 tons. However, crude oil processing saw a decline, with a processing volume of 59.11 million tons, down 1.8% year-on-year, which is a larger decline than in April [4] - Natural gas production accelerated, with an output of 22.1 billion cubic meters in May, marking a year-on-year increase of 9.1%, and an average daily output of 710 million cubic meters [6] Group 2: Electricity Production - Electricity production in the industrial sector remained stable, with a total generation of 737.8 billion kilowatt-hours in May, reflecting a year-on-year growth of 0.5%, although the growth rate slowed by 0.4 percentage points compared to April. The average daily generation was 23.8 billion kilowatt-hours [8] - In terms of specific energy sources, thermal power turned from decline to growth with a 1.2% increase year-on-year, while hydropower saw a decline of 14.3%, which is a larger drop than in April. Nuclear power grew by 6.7%, but the growth rate slowed by 5.7 percentage points compared to April. Wind power and solar power also experienced slower growth rates of 11.0% and 7.3%, respectively [8]

Group 1 - In May, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4% [5] - From January to May, the total retail sales of consumer goods amounted to 203,171 billion yuan, growing by 5.0% year-on-year [5] - Urban retail sales in May were 36,057 billion yuan, increasing by 6.5%, while rural retail sales were 5,269 billion yuan, up by 5.4% [5][2] Group 2 - In May, the retail sales of goods reached 36,748 billion yuan, with a year-on-year increase of 6.5%, and catering revenue was 4,578 billion yuan, growing by 5.9% [5] - From January to May, the retail sales of goods totaled 180,398 billion yuan, with a growth of 5.1%, while catering revenue was 22,773 billion yuan, increasing by 5.0% [5] Group 3 - For the first five months, retail sales in convenience stores, specialty stores, supermarkets, brand stores, and department stores grew by 8.5%, 6.3%, 5.7%, 1.8%, and 1.3% respectively [4] - Online retail sales reached 60,402 billion yuan from January to May, with a year-on-year growth of 8.5%, and physical goods online retail sales were 49,878 billion yuan, increasing by 6.3% [4] Group 4 - The retail sales of food and oil products in May were 1,919 billion yuan, with a significant growth of 14.6%, while the sales of gold and silver jewelry increased by 21.8% to 300 billion yuan [7] - The sales of home appliances and audio-visual equipment surged by 53.0% in May, reaching 1,166 billion yuan [7]

Group 1: Real Estate Development Overview - From January to May, the total construction area of real estate development enterprises reached 625,020 million square meters, a year-on-year decrease of 9.2%. The residential construction area was 435,354 million square meters, down 9.6% [2][13] - The new construction area for buildings was 23,184 million square meters, a decline of 22.8%. The residential new construction area was 17,089 million square meters, down 21.4% [2][13] - The completed construction area was 18,385 million square meters, a decrease of 17.3%. The residential completed area was 13,337 million square meters, down 17.6% [2][13] Group 2: New Housing Sales and Inventory - From January to May, the sales area of new commercial housing was 35,315 million square meters, a year-on-year decrease of 2.9%. The residential sales area decreased by 2.6% [3][16] - The sales revenue from new commercial housing was 34,091 billion yuan, down 3.8%. The residential sales revenue decreased by 2.8% [3][16] - As of the end of May, the inventory of unsold commercial housing was 77,427 million square meters, a reduction of 715 million square meters from the end of April. The residential unsold inventory decreased by 439 million square meters [6][16] Group 3: Funding Situation for Real Estate Development - From January to May, the total funds available for real estate development enterprises amounted to 40,232 billion yuan, a year-on-year decrease of 5.3%. Domestic loans were 6,679 billion yuan, down 1.7% [7][14] - Foreign investment increased by 49.0% to 16 million yuan, while self-raised funds decreased by 7.2% to 13,743 billion yuan [7][14] - Personal mortgage loans were 5,645 billion yuan, down 8.5% [7][14] Group 4: Real Estate Development Prosperity Index - The real estate development prosperity index (National Real Estate Prosperity Index) stood at 93.72 at the end of May, indicating a lower level of prosperity in the sector [9][22]

Core Insights - The fixed asset investment (excluding rural households) in China for the first five months of 2025 reached 191,947 billion yuan, showing a year-on-year growth of 3.7% [5] - The investment growth varied across different industries, with the primary industry growing by 8.4%, the secondary industry by 11.4%, and the tertiary industry declining by 0.4% [2][5] Investment by Industry - In the secondary industry, industrial investment increased by 11.6%, with mining investment up by 5.8%, manufacturing investment up by 8.5%, and investment in electricity, heat, gas, and water production and supply rising by 25.4% [3][5] - The tertiary industry saw infrastructure investment (excluding electricity, heat, gas, and water production and supply) grow by 5.6%, with significant increases in water transport (27.2%), water management (26.6%), and air transport (4.7%) [3] Regional Investment Trends - Investment growth varied by region, with the eastern region growing by 0.5%, the central region by 4.5%, the western region by 4.9%, and the northeastern region by 2.1% [3] Investment by Ownership Type - Domestic enterprises saw a fixed asset investment growth of 3.7%, while investment from Hong Kong, Macau, and Taiwan enterprises grew by 6.5%. In contrast, foreign enterprises experienced a decline of 13.4% [4][6]

Group 1 - In May 2025, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [3] - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 0.8%, 0.7%, 0.8%, and 0.5% respectively [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 1.7%, a reduction in the decline by 0.4 percentage points compared to the previous month, with Shanghai increasing by 5.9% and declines in Beijing, Guangzhou, and Shenzhen of 4.3%, 5.8%, and 2.6% respectively [4] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 2.7%, with a reduction in the decline by 0.5 percentage points compared to the previous month, where Beijing and Shanghai saw declines of 0.7% and 0.1% respectively [4]

Core Insights - The residential property market in 70 major cities in China shows a mixed trend in new and second-hand housing prices as of May 2025, with some cities experiencing slight declines while others see increases in prices [1][2][3][4][5][6] New Residential Property Prices - In May 2025, the new residential property price index for Beijing is at 99.6 (month-on-month) and 95.7 (year-on-year), indicating a slight decrease compared to the previous month and a significant drop compared to the same month last year [1] - Shanghai's new residential prices increased slightly to 100.7 (month-on-month) and 105.9 (year-on-year), showing resilience in the market [1] - Cities like Shenzhen and Guangzhou show a month-on-month decrease in new residential prices at 99.6 and 99.2 respectively, while year-on-year comparisons also reflect declines [1] Second-Hand Residential Property Prices - The second-hand residential property price index for Beijing stands at 99.2 (month-on-month) and 99.3 (year-on-year), indicating stability but a slight decline from the previous month [3][4] - In contrast, cities like Hangzhou and Nanjing show a month-on-month decrease in second-hand prices at 99.6 and 99.1 respectively, while year-on-year comparisons also reflect declines [3][4] - The overall trend in second-hand residential prices across major cities indicates a more pronounced decline compared to new residential properties, with many cities reporting lower indices [3][4] Price Classification by Size - The price index for new residential properties categorized by size shows that properties under 90m² in Beijing have a month-on-month index of 99.7 and a year-on-year index of 95.8, indicating a decline [5] - For properties between 90-144m², the index in Beijing is at 99.6 (month-on-month) and 95.0 (year-on-year), while properties over 144m² show a similar trend with an index of 99.6 (month-on-month) and 96.0 (year-on-year) [5] - The classification indicates that smaller properties are experiencing a more significant decline compared to larger properties in several cities [5] Regional Variations - Cities like Chengdu and Xi'an show resilience with month-on-month indices of 100.3 and 99.5 respectively, indicating stable or increasing prices [1][5] - Conversely, cities such as Tangshan and Hohhot show declines in both new and second-hand property prices, reflecting regional disparities in the housing market [1][3][5] - The data suggests that while some major cities are stabilizing or increasing in price, others are facing challenges, highlighting the uneven recovery in the residential property market across China [1][3][5]