Core Insights - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% [1] - From January to August, the total retail sales of consumer goods amounted to 323,906 billion yuan, growing by 4.6% year-on-year [1] Group 1: Retail Sales Overview - Excluding automobiles, retail sales of consumer goods in August were 35,575 billion yuan, an increase of 3.7% [1] - For the first eight months, retail sales excluding automobiles totaled 292,643 billion yuan, with a growth rate of 5.1% [1] Group 2: Urban vs Rural Consumption - In August, urban retail sales were 34,387 billion yuan, reflecting a year-on-year increase of 3.2%, while rural retail sales reached 5,281 billion yuan, growing by 4.6% [3] - From January to August, urban retail sales totaled 281,056 billion yuan, with a growth of 4.6%, and rural retail sales were 42,850 billion yuan, increasing by 4.7% [3] Group 3: Consumption Types - In August, the retail sales of goods were 35,172 billion yuan, up by 3.6%, while catering revenue was 4,496 billion yuan, growing by 2.1% [3] - For the first eight months, goods retail sales reached 287,426 billion yuan, with a growth of 4.8%, and catering revenue was 36,480 billion yuan, increasing by 3.6% [3] Group 4: Retail Formats - From January to August, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7% respectively [5] - The national online retail sales for the first eight months were 99,828 billion yuan, with a year-on-year growth of 9.6%, and physical goods online retail sales were 80,964 billion yuan, increasing by 6.4% [5] Group 5: Online Retail Insights - Online retail sales of physical goods accounted for 25.0% of the total retail sales of consumer goods [5] - Within the online retail sales of physical goods, food, clothing, and daily necessities grew by 15.0%, 2.4%, and 5.7% respectively [5]

Core Insights - The total fixed asset investment (excluding rural households) in China from January to August 2025 reached 32,611.1 billion yuan, showing a year-on-year growth of 0.5% on a comparable basis [1][5] - Private fixed asset investment experienced a decline of 2.3% year-on-year [1][5] Investment by Industry - Investment in the primary industry amounted to 646.1 billion yuan, with a year-on-year increase of 5.5% [3][6] - The secondary industry saw an investment of 11,824.6 billion yuan, growing by 7.6% year-on-year, with industrial investment specifically increasing by 7.7% [3][6] - The tertiary industry investment totaled 20,140.4 billion yuan, reflecting a year-on-year decrease of 3.4% [3][6] - Within the secondary industry, mining investment grew by 3.0%, manufacturing investment increased by 5.1%, and investment in electricity, heat, gas, and water production and supply surged by 18.8% [3][6] Investment by Region - Eastern region investment declined by 3.5% year-on-year, while the central region saw a growth of 2.5%, and the western region increased by 2.3%. The northeastern region experienced a decline of 6.0% [3] Investment by Registration Type - Domestic enterprises' fixed asset investment grew by 0.5%, while investment from Hong Kong, Macau, and Taiwan enterprises increased by 2.3%. In contrast, foreign enterprises' investment fell by 15.4% [4][6]

国家统计局发布数据显示，8月份，一线城市新建商品住宅销售价格环比下降0.1%，降幅比上月收窄0.1 个百分点。二线城市新建商品住宅销售价格环比下降0.3%，降幅收窄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%，降幅扩大0.1个百分点。 8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。二线城市二手住宅销售价格环比 下降0.6%，降幅扩大0.1个百分点。三线城市二手住宅销售价格环比下降0.5%，降幅与上月相同。 国家统计局城市司首席统计师王中华解读2025年8月份商品住宅销售价格变动情况统计数据。 2025年8月份70个大中城市商品住宅销售价格变动情况 | 表3:2025年8月70个大中城市新建商品住宅销售价格分类指数(一) | | --- | | | 城市 | 环比 | 90m2 及以下 | | | 90-144m2 | | | 144m2以上 | 1-8月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 同比 | 1-8月 | 环比 | 同比 | 1-8日 | 环比 ...

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1][3] - In first-tier cities, the new residential property prices saw a mixed trend, with Shanghai increasing by 0.4%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.2%, and 0.4% respectively [1][3] - The month-on-month decline in new residential property prices for second-tier cities was 0.3%, with a narrowing of 0.1 percentage points, while third-tier cities saw a decline of 0.4%, which expanded by 0.1 percentage points [1][3] Group 2 - The year-on-year decline in new residential property prices for first-tier cities was 0.9%, with a reduction of 0.2 percentage points compared to the previous month [4] - In first-tier cities, year-on-year price changes varied, with Shanghai increasing by 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [4] - The year-on-year decline for new residential property prices in second-tier and third-tier cities was 2.4% and 3.7%, respectively, with reductions of 0.4 and 0.5 percentage points [4]

Summary of Key Points Core Viewpoint The residential property sales prices in 70 major cities in China showed a month-on-month decline in August 2025, with the overall year-on-year decline continuing to narrow. Group 1: Month-on-Month Changes - In August, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [2]. - Second-tier cities experienced a month-on-month decline of 0.3%, while third-tier cities saw a decrease of 0.4%, with the latter's decline expanding by 0.1 percentage points [2]. - The sales prices of second-hand residential properties in first-tier cities fell by 1.0% month-on-month, remaining unchanged from the previous month [2]. Group 2: Year-on-Year Changes - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 0.9%, with Shanghai increasing by 5.9% and Beijing, Guangzhou, and Shenzhen declining by 3.5%, 4.3%, and 1.7% respectively [3]. - Second-tier cities saw a year-on-year decline of 2.4%, while third-tier cities experienced a 3.7% decrease, both showing a narrowing of the decline by 0.4 and 0.5 percentage points respectively [3]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with Beijing, Shanghai, Guangzhou, and Shenzhen declining by 3.1%, 2.6%, 6.2%, and 1.9% respectively [3]. Group 3: Price Index Data - The price index for new residential properties in first-tier cities averaged 99.6 in August, with significant variations across cities [4]. - The price index for second-hand residential properties in first-tier cities averaged 98.8, indicating a slight decline compared to previous months [5]. - The classification index for new residential properties showed that properties under 90m² experienced a month-on-month decline of 0.2% in first-tier cities, while properties over 144m² saw a decrease of 0.1% [6][7].

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [1] - Second-tier cities experienced a month-on-month decrease of 0.3% in new residential property prices, with the decline narrowing by 0.1 percentage points [1] - Third-tier cities saw a month-on-month decrease of 0.4% in new residential property prices, with the decline widening by 0.1 percentage points [1] Group 2 - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, remaining unchanged from the previous month [1] - In August, second-tier cities' second-hand residential property prices decreased by 0.6% month-on-month, with the decline widening by 0.1 percentage points [1] - Third-tier cities' second-hand residential property prices decreased by 0.5% month-on-month, with the decline remaining the same as the previous month [1] Group 3 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 0.9%, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - In August, Shanghai's new residential property prices increased by 5.9%, while Beijing, Guangzhou, and Shenzhen saw year-on-year declines of 3.5%, 4.3%, and 1.7% respectively [1] - Second-tier cities experienced year-on-year decreases of 2.4% in new residential property prices, with the decline narrowing by 0.4 percentage points [2] - Third-tier cities saw a year-on-year decrease of 3.7% in new residential property prices, with the decline narrowing by 0.5 percentage points [2] Group 4 - Year-on-year, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with the decline widening by 0.1 percentage points [2] - In August, second-hand residential property prices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 3.1%, 2.6%, 6.2%, and 1.9% respectively [2] - Second-tier cities' second-hand residential property prices decreased by 5.2% year-on-year, with the decline narrowing by 0.4 percentage points [2] - Third-tier cities experienced a year-on-year decrease of 6.0% in second-hand residential property prices, with the decline narrowing by 0.4 percentage points [2]

Price Trends - The national statistics indicate a comprehensive decline in steel prices in the circulation market as of early September 2025 [1] - Rebar (Φ20mm, HRB400E) price is 3175.0 CNY/ton, down by 43.2 CNY/ton, a decrease of 1.3% from the previous period [1] - Wire rod (Φ8-10mm, HPB300) price is 3304.4 CNY/ton, down by 52.1 CNY/ton, a decrease of 1.6% [1] - Ordinary medium plate (20mm, Q235) price is 3501.2 CNY/ton, down by 24.6 CNY/ton, a decrease of 0.7% [1] - Hot-rolled ordinary coil (4.75-11.5mm, Q235) price is 3408.2 CNY/ton, down by 36.7 CNY/ton, a decrease of 1.1% [1] - Seamless steel pipe (219*6, 20) price is 4144.4 CNY/ton, down by 18.1 CNY/ton, a decrease of 0.4% [1] - Angle steel (5) price is 3471.6 CNY/ton, down by 59.8 CNY/ton, a decrease of 1.7% [1]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with a narrowing decline compared to the previous month [2][3] - The month-on-month decline in new residential property prices for second-tier cities was 0.3%, showing a narrowing of 0.1 percentage points, while third-tier cities saw a decline of 0.4%, which is an increase of 0.1 percentage points [3] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, remaining unchanged from the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities fell by 0.9%, with a narrowing decline of 0.2 percentage points compared to the previous month [4] - In August, the year-on-year decline for new residential property prices in second-tier and third-tier cities was 2.4% and 3.7%, respectively, with declines narrowing by 0.4 and 0.5 percentage points [4] - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.5%, which is an increase of 0.1 percentage points compared to the previous month [4]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [2] - The sales prices of new residential properties in second-tier cities fell by 0.3% month-on-month, with the decline narrowing by 0.1 percentage points [2] - The sales prices of new residential properties in third-tier cities decreased by 0.4% month-on-month, with the decline widening by 0.1 percentage points [2] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities dropped by 0.9%, with the decline narrowing by 0.2 percentage points compared to the previous month [2] - In first-tier cities, Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.5%, 4.3%, and 1.7% respectively [2] - Year-on-year, the sales prices of new residential properties in second-tier and third-tier cities fell by 2.4% and 3.7%, with declines narrowing by 0.4 and 0.5 percentage points respectively [2] Group 3 - In August, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5% year-on-year, with the decline widening by 0.1 percentage points compared to the previous month [3] - The year-on-year declines in second-hand residential property prices for Beijing, Shanghai, Guangzhou, and Shenzhen were 3.1%, 2.6%, 6.2%, and 1.9% respectively [3] - The year-on-year sales prices of second-hand residential properties in second-tier and third-tier cities fell by 5.2% and 6.0%, with declines narrowing by 0.4 percentage points for both [3]

Core Insights - The article discusses the sales price indices of newly built residential properties in 70 major cities in August 2025, highlighting both month-on-month and year-on-year changes in various property size categories. Group 1: Sales Price Indices Overview - The sales price index for newly built residential properties in Beijing is reported at 99.5, showing a year-on-year decrease of 3.4% [4][9]. - Tianjin's index stands at 99.6, reflecting a year-on-year decline of 1.6% [4][9]. - The index for Shijiazhuang is 99.7, with a year-on-year decrease of 3.6% [4][9]. Group 2: Property Size Categories - For properties sized 90m² and below, the index in Beijing is 99.1, indicating a year-on-year decrease of 2.5% [4][9]. - In the 90-144m² category, Beijing's index is 99.6, with a year-on-year decline of 1.5% [4][9]. - For properties larger than 144m², the index in Beijing is 99.7, showing a year-on-year decrease of 1.5% [4][9]. Group 3: Regional Variations - The index for Dalian is reported at 99.3, with a year-on-year decrease of 2.3% [4][9]. - In Harbin, the index is 99.9, reflecting a year-on-year decline of 1.1% [4][9]. - The index for Shanghai is at 100.0, indicating a year-on-year increase of 0.5% [4][9]. Group 4: Overall Market Trends - The overall trend indicates a slight decline in residential property prices across major cities, with most cities reporting year-on-year decreases in their respective indices [4][9]. - The average index for all cities shows a consistent downward trend, suggesting a cooling market in the residential real estate sector [4][9].