Core Insights - In September 2025, the sales prices of commercial residential properties in various cities experienced a month-on-month decline, while the year-on-year decline continued to narrow [2][4]. Group 1: Month-on-Month Price Changes - In September, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, with the decline expanding by 0.2 percentage points compared to the previous month [3]. - Among first-tier cities, Beijing and Shanghai saw price increases of 0.2% and 0.3%, respectively, while Guangzhou and Shenzhen experienced declines of 0.6% and 1.0% [3]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.1 percentage points, while third-tier cities also experienced a 0.4% decline, remaining unchanged from the previous month [3]. - The sales prices of second-hand residential properties in first-tier cities fell by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0%, respectively [3]. - Second and third-tier cities' second-hand residential prices decreased by 0.7% and 0.6%, with both declines expanding by 0.1 percentage points [3]. Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 0.7%, with the decline narrowing by 0.2 percentage points compared to the previous month [4]. - Shanghai experienced a price increase of 5.6%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.6%, 4.1%, and 1.8%, respectively [4]. - Year-on-year, second-tier cities' new commercial residential prices fell by 2.1%, and third-tier cities' prices decreased by 3.4%, with both declines narrowing by 0.3 percentage points [4]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with the decline narrowing by 0.3 percentage points compared to the previous month [4]. - In first-tier cities, the year-on-year declines were 2.7% for Beijing, 2.4% for Shanghai, 6.0% for Guangzhou, and 1.7% for Shenzhen [4]. - Second and third-tier cities' second-hand residential prices fell by 5.0% and 5.7%, with declines narrowing by 0.2 and 0.3 percentage points, respectively [4].

Summary of Key Points Core Viewpoint - In September 2025, the sales prices of new residential properties in 70 major cities in China showed a month-on-month decline, while the year-on-year decline continued to narrow. Group 1: Month-on-Month Price Changes - In September, the sales prices of new residential properties in first-tier cities decreased by 0.3%, with Beijing and Shanghai experiencing slight increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [2] - Second-tier cities saw a month-on-month decline of 0.4%, which is an increase in the rate of decline by 0.1 percentage points compared to the previous month [2] - Third-tier cities also experienced a month-on-month decline of 0.4%, remaining consistent with the previous month [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0% respectively [2] Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new residential properties in first-tier cities decreased by 0.7%, with a narrowing of the decline by 0.2 percentage points compared to the previous month. Shanghai saw an increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [3] - Second-tier cities experienced a year-on-year decline of 2.1%, and third-tier cities saw a decline of 3.4%, both narrowing by 0.3 percentage points [3] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with a narrowing of the decline by 0.3 percentage points compared to the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 2.7%, 2.4%, 6.0%, and 1.7% respectively [3] Group 3: Price Index Data - The price index for new residential properties in September 2025 shows that Beijing's index was 100.2, while Shanghai's was 99.4, indicating slight variations in price trends across cities [4] - The price index for second-hand residential properties in September 2025 indicates that Beijing's index was 99.1, reflecting a decrease compared to previous months [5] - The classification index for new residential properties shows that properties under 90m² had a month-on-month index of 100.0 in Beijing, while properties over 144m² had an index of 100.5, indicating different trends based on property size [6][7]

表 1：2025 年 9 月70个大中城市新建商品住宅销售价格指数 | | 99.3 | | --- | --- | | | 95.7 95.0 | | 深圳 | | | | 99.0 | | | 98.2 97.0 | | 岳阳 | | | | 99.5 95.7 | | | 94.3 | | 南宁 | 99.5 | | | 100.2 | | 常德 | 96.6 | | | 99.4 | | | 96.4 | | 海口 | 94.3 | | | 99.0 | | | 95.1 95.7 | | 韶关 | | | | 99.9 | | | 96.8 | | 重庆 | 95.2 | | | 99.6 | | | 97.8 | | | 96.3 | | 湛江 | 99.8 | | | 98.3 | | 成都 | 96.0 | | | 99.4 | | | 101.3 | | 惠州 | 98.9 | | | 100.1 | | | 97.3 | | 贵阳 | 95.4 | | | 99.6 | | | 96.7 | | 桂林 | 95.8 | | | 99.6 | | | 97.3 | | 昆明 | 96.8 | ...

9月份，一线城市新建商品住宅销售价格同比下降0.7%，降幅比上月收窄0.2个百分点。其中，上海上涨 5.6%，北京、广州和深圳分别下降2.6%、4.1%和1.8%。二、三线城市新建商品住宅销售价格同比分别 下降2.1%和3.4%，降幅均收窄0.3个百分点。 9月份，一线城市二手住宅销售价格同比下降3.2%，降幅比上月收窄0.3个百分点。其中，北京、上海、 广州和深圳分别下降2.7%、2.4%、6.0%和1.7%。二、三线城市二手住宅销售价格同比分别下降5.0%和 5.7%，降幅分别收窄0.2个和0.3个百分点。 注释： 9月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.2个百分点。其中，北京和上 海分别上涨0.2%和0.3%，广州和深圳分别下降0.6%和1.0%。二线城市新建商品住宅销售价格环比下降 0.4%，降幅扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。 9月份，一线城市二手住宅销售价格环比下降1.0%，降幅与上月相同。其中，北京、上海、广州和深圳 分别下降0.9%、1.0%、0.8%和1.0%。二、三线城市二手住宅销售价格环比分别下降0.7%和 ...

Core Insights - In September 2025, the national industrial producer price index decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month for two consecutive months [1] Group 1: Producer Prices - The producer prices in the oil and gas extraction industry fell by 8.6% year-on-year and decreased by 2% month-on-month [1] - The prices in the petroleum, coal, and other fuel processing industries dropped by 7.8% year-on-year and decreased by 0.8% month-on-month [1] - The chemical raw materials and chemical products manufacturing sector saw a year-on-year price decline of 5.2% and a month-on-month decrease of 0.4% [1] - The chemical fiber manufacturing prices decreased by 7.9% year-on-year and fell by 0.2% month-on-month [1] Group 2: Purchasing Prices - In September, the industrial producer purchasing prices decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points from the previous month, while showing a month-on-month increase of 0.1% [1] - The prices for chemical raw materials fell by 5.5% year-on-year and decreased by 0.4% month-on-month [1] Group 3: Year-to-Date Averages - From January to September, the average industrial producer prices decreased by 2.8% compared to the same period last year, while the industrial producer purchasing prices fell by 3.2% [1]

Group 1 - The consumer market in September showed overall stability, with the Consumer Price Index (CPI) rising by 0.1% month-on-month and decreasing by 0.3% year-on-year, while the core CPI excluding food and energy prices increased by 1.0%, marking the fifth consecutive month of growth [1][2][3] - Food prices rose by 0.7% month-on-month, with seasonal increases in fresh vegetables, eggs, fresh fruits, lamb, and beef prices ranging from 0.9% to 6.1%, while pork and aquatic product prices fell by 0.7% and 1.8% respectively [2][3] - The year-on-year CPI decline of 0.3% was primarily due to the tail effect, with food prices dropping by 4.4%, significantly impacting the CPI [3][5] Group 2 - The Producer Price Index (PPI) remained flat month-on-month, with a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [4][5] - Improvements in supply-demand structure led to price stabilization in certain industries, such as coal processing and black metal smelting, which saw price increases of 3.8% and 0.2% respectively [4][5] - The implementation of macroeconomic policies and the deepening of the national unified market construction contributed to a reduction in the year-on-year price decline in various sectors, with notable improvements in coal processing and black metal industries [5]

Group 1 - In September, coal processing prices increased by 3.8% month-on-month, while prices in the coal mining and washing industry rose by 2.5% [1] - The prices in the black metal smelting and rolling processing industry saw a slight increase of 0.2%, marking two consecutive months of price rises across these sectors [1] - The price of photovoltaic equipment and components manufacturing shifted from a decrease of 0.2% last month to an increase of 0.8% this month [1] Group 2 - Prices in the non-metallic mineral products industry and lithium-ion battery manufacturing decreased by 0.4% and 0.2%, respectively, with the decline rates narrowing by 0.6 and 0.3 percentage points compared to the previous month [1] - The reduction in prices for coal processing, black metal smelting and rolling processing, coal mining and washing, photovoltaic equipment and components manufacturing, battery manufacturing, and non-metallic mineral products narrowed by 8.3, 3.4, 3.0, 2.4, 0.5, and 0.4 percentage points, respectively, compared to last month [1]

Core Insights - In September 2025, the national industrial producer's ex-factory prices decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [1] - The average industrial producer's ex-factory prices from January to September fell by 2.8% compared to the same period last year [1] Group 1: Year-on-Year Changes - In September, the prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in industrial producer's ex-factory prices [2] - The mining industry saw a price drop of 9.0%, while raw materials and processing industries experienced declines of 2.9% and 1.7%, respectively [2] - Prices for living materials decreased by 1.7%, impacting the overall price level by about 0.45 percentage points, with food prices down by 1.7% and durable goods prices down by 3.9% [2] Group 2: Month-on-Month Changes - In September, the prices of production materials remained stable, with mining prices increasing by 1.2% and processing prices decreasing by 0.1% [3] - Living material prices fell by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.4% [3] - Among the industrial producer's purchase prices, non-ferrous metal materials and wires increased by 1.2%, while fuel and power prices rose by 0.5% [3]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.1% month-on-month in September, while year-on-year it decreased by 0.3% [1][2] - Core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the fifth consecutive month of growth [1][3] - Food prices increased by 0.7% month-on-month, with seasonal price rises in fresh vegetables, eggs, fresh fruits, lamb, and beef, while pork and aquatic products saw price declines [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) remained flat month-on-month, with a year-on-year decline of 2.3%, but the rate of decline narrowed by 0.6 percentage points compared to the previous month [4][5] - Improvements in supply-demand structure led to price stabilization in certain industries, such as coal processing and black metal smelting, which saw price increases [4][5] - Input factors, particularly the decline in international oil prices, contributed to lower prices in domestic oil-related industries [4][5]

9月份，工业生产者出厂价格中，生产资料价格下降2.4%，影响工业生产者出厂价格总水平下降约1.81个百分点。其中，采掘工业价格下降9.0%，原材料工 业价格下降2.9%，加工工业价格下降1.7%。生活资料价格下降1.7%，影响工业生产者出厂价格总水平下降约0.45个百分点。其中，食品价格下降1.7%，衣 着价格下降0.3%，一般日用品价格上涨0.7%，耐用消费品价格下降3.9%。 一、工业生产者价格同比变动情况 工业生产者购进价格中，燃料动力类价格下降8.1%，化工原料类价格下降5.5%，农副产品类价格下降5.4%，建筑材料及非金属类价格下降4.5%，黑色金属 材料类价格下降2.9%，纺织原料类价格下降1.7%；有色金属材料及电线类价格上涨6.6%。 国家统计局数据显示，2025年9月份，全国工业生产者出厂价格同比下降2.3%，降幅比上月收窄0.6个百分点，环比继续持平。工业生产者购进价格同比下降 3.1%，降幅比上月收窄0.9个百分点，环比上涨0.1%。1—9月平均，工业生产者出厂价格比上年同期下降2.8%，工业生产者购进价格下降3.2%。 2025年9月份工业生产者出厂价格同比降幅继续收窄 2025年9月 ...