Investment Rating - The report indicates a stable overall demand in the tire industry, with a stronger support in the semi-steel replacement market, and suggests that leading companies with overseas production capacity are likely to see continued revenue growth [4]. Core Viewpoints - The global tire market demand is expected to grow by 2% year-on-year in the first half of 2025, reaching 918 million units, with semi-steel tires growing by 2% to 812 million units and full steel tires increasing by 1% to 106 million units [1][12]. - China's tire export growth is slowing, with passenger car tire exports remaining flat at 172 million units and truck tire exports increasing by 2% to 63 million units in the first half of 2025 [1][27]. - The U.S. market shows strong import demand, with passenger car tire imports increasing by 3% to 84.91 million units and truck tire imports rising by 12% to 32.65 million units in the first half of 2025 [1][45]. Summary by Sections Industry Review: Demand Support and Slowing Export Growth - Global tire demand is slightly increasing, with the semi-steel replacement market showing stronger support [12]. - China's passenger car tire exports are stable, while truck tire exports are growing [27]. - The U.S. continues to rely heavily on tire imports, with significant contributions from Southeast Asian countries [45]. Sector Analysis: Revenue Growth and Profitability Decline - The tire sector achieved total revenue of 55.6 billion yuan in the first half of 2025, a 10% increase year-on-year, but net profit fell by 30% to 4 billion yuan [2][61]. - The overall sales gross margin decreased by 5.2 percentage points to 18.4%, and the net profit margin declined by 4.1 percentage points to 7.5% [2][65]. Company Performance: Notable Divergence in Results - Leading domestic tire companies are expected to continue increasing their market share, with SaiLun Tire's revenue growing by 16% to 17.6 billion yuan, despite a 14.9% decline in net profit [3]. - Companies with overseas production bases are showing stronger operational resilience, while many foreign tire companies are announcing factory closures and production cuts [3][4]. Globalization of Leading Tire Companies - Leading tire companies are expanding their global presence, with new production bases in Indonesia and Mexico, and ongoing projects in Egypt and Serbia [3][4]. - The report highlights that domestic tire companies are seizing opportunities to capture global market share amid the closure of foreign competitors [4]. Future Outlook and Investment Recommendations - The report anticipates a recovery in profitability as tariff impacts are gradually absorbed and raw material prices decline [4]. - The potential for price increases in the EU market due to anti-dumping investigations is noted, which could benefit companies with flexible order management [4].

1. Report Information - Report Title: ETF Performance Tracking and Fund Flow Weekly Report (2025.09.08 - 2025.09.12) - Report Date: September 15, 2025 [1] 2. Core Viewpoints - This week, overseas ETF funds showed an overall outflow trend, with a significant decline compared to the previous two weeks, recording a net outflow of 0.60 billion yuan. Foreign investors' allocation attitude this week was inclined to wait - and - see. The electronics and computer sectors continued to attract attention, but short - term attention should still be paid to changes in overseas risk preferences and the support of domestic policies to confirm future trends [16] 3. Summary by Directory 3.1 Wide - based ETFs - **Fund Inflow/Outflow**: Some wide - based ETFs had significant fund inflows and outflows. For example, Tianhong ChiNext ETF had a fund inflow of 41.60 billion yuan, while Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a fund outflow of 41.89 billion yuan [4] - **Performance**: Different wide - based ETFs had varying weekly price changes. For instance, Tianhong ChiNext ETF had a weekly increase of 2.11%, and Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF had a 5.38% increase [4] 3.2 Industry Theme, Smart Beta, and Hong Kong Stock Connect ETFs - **Industry Theme ETFs**: The average weekly price change of industry theme ETFs varied across different sectors. The average weekly price change of some sectors reached up to 5.30%, while others were relatively lower [6] - **Smart Beta ETFs**: The average weekly price change of Smart Beta ETFs also showed differences among sectors such as technology, medicine, and finance. There were also corresponding fund inflows and outflows [10][12] - **Hong Kong Stock Connect ETFs**: The average weekly price change and fund inflow/outflow of Hong Kong Stock Connect ETFs were presented. For example, the average weekly price change of some Hong Kong Stock Connect ETFs was around 3.17% [28] 3.3 Equity ETFs - **Statistics**: The report provided statistics on the number, scale, and trading volume of equity ETFs corresponding to different indices. For example, the funds corresponding to the CSI 300 index had a total scale of 327.41 billion yuan, accounting for 30.28% of the total scale [14] 3.4 Overseas ETFs - **Overall Fund Flow**: Overseas ETFs had a net outflow of 0.60 billion yuan this week. In terms of style indices, CSI 500 and CSI 1000 attracted funds, while the ChiNext Index, SSE 50, CSI A500, and CSI 300 shifted from inflows to outflows, with the CSI 300 being significantly sold off [16] - **Industry - level Allocation**: At the industry level, the electronics and computer sectors received significant additional allocations, while sectors such as automobiles, power equipment, and banks showed net fund outflows [16] - **Individual Stock Allocation**: Some individual stocks like BYD and CATL saw fund withdrawals, while Shenghong Technology was the most - increased stock with an increase of 0.05 billion yuan [16][21]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - As of September 15, 2025, private enterprise real - estate bonds and industrial bonds have higher valuation yields and spreads compared to other varieties. The yields of non - financial and non - real - estate industrial bonds and real - estate bonds have generally increased compared to the previous week [3][8]. - Among financial bonds, urban and rural commercial bank capital supplementary instruments and leasing company bonds have higher valuation yields and spreads. Financial bond yields have generally risen compared to the previous week [4][8]. - In the urban investment bond market, public urban investment bonds in Jiangsu and Zhejiang have relatively low weighted average valuation yields, while those in Guizhou, Yunnan, and Gansu have higher yields or spreads. Private urban investment bonds in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have relatively low weighted average valuation yields, and those in Guizhou have higher yields [2][14][23]. Group 3: Summary by Category Urban Investment Bonds - **Public Urban Investment Bonds**: The weighted average valuation yields in Jiangsu and Zhejiang are below 2.65%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of over 3BP for 2 - 3 - year and 3 - 5 - year varieties [2][14]. - **Private Urban Investment Bonds**: The weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 3%. Bonds with yields higher than 4% are in prefecture - level areas of Guizhou. Yields in Yunnan, Gansu and other regions also have higher spreads. Compared to last week, the overall yields have increased, with an average increase of 3.8BP for 2 - 3 - year varieties [23]. Industrial Bonds - **Non - financial and Non - real - estate Industrial Bonds**: Yields have basically increased. The yields of 2 - 3 - year private enterprise public perpetual bonds and private non - perpetual bonds have increased significantly [3][8]. - **Real - estate Bonds**: All yields have increased, with the adjustment of varieties over 1 year being stronger than that of short - term bonds. The yields of 1 - 2 - year state - owned enterprise private and private enterprise public non - perpetual bonds have increased by about 5BP [3][8]. Financial Bonds - **Leasing Company Bonds**: There has been some adjustment, with relatively large increases in the yields of 1 - 2 - year perpetual and 2 - 3 - year private perpetual varieties [4]. - **Bank Sub - debt**: It is the most volatile bond type among financial bonds. The yields of secondary capital bonds over 1 year and perpetual bonds over 2 years have significantly adjusted [4]. - **Commercial Financial Bonds**: They have strong defensive attributes, with all varieties having an adjustment within 3BP, and the yield of state - owned bank varieties within 1 year has decreased by 1BP [4]. - **Securities Company Bonds**: The performance varies by term. Some varieties within 2 years have stable yields, while the yields of 2 - 3 - year and 3 - 5 - year public sub - debt have increased by around 5BP [4].

Investment Rating - The report indicates a positive outlook for the atopic dermatitis (AD) market, highlighting significant unmet medical needs and potential for new therapies, particularly in small molecules and biologics [4][10][12]. Core Insights - Atopic dermatitis is a chronic, recurrent inflammatory skin disease characterized by severe itching, affecting approximately 600-700 million patients globally, with around 67 million in China, indicating a substantial unmet demand for effective treatments [1][18][20]. - Recent advancements in small molecules and biologics have marked a new phase in AD treatment, with several new products entering the market, although the number remains limited [1][10][32]. - JAK inhibitors have shown excellent efficacy but come with safety concerns, while TYK2 inhibitors are emerging as a promising new option due to their selective action and potentially better safety profile [2][11][12]. - Biologics targeting IL-4Rα and IL-13 have demonstrated significant efficacy in improving skin lesions, with IL-31 showing strong itch relief capabilities [3][12][13]. - The development of dual/multi-target antibodies is seen as a new strategy to enhance treatment efficacy by combining the advantages of different targets [4][13][21]. Summary by Sections Investment Highlights - The AD market has immense potential, with a pressing need for effective therapies [4][10]. - The patient population is large, with over 600 million affected globally, necessitating urgent treatment options [1][18]. Disease Characteristics - AD is characterized by chronic inflammation and severe itching, significantly impacting patients' daily lives [1][14]. - The disease burden is heavy, with a complex pathogenesis involving multiple factors, primarily driven by Th2-type inflammation [21][24]. Current Treatment Landscape - Traditional therapies have safety concerns, leading to a shift towards biologics and small molecules [32][35]. - JAK inhibitors are the most approved class of drugs for AD, but they carry black box warnings due to safety issues [11][12]. - Emerging therapies, particularly TYK2 inhibitors, show promise for better safety and efficacy [2][11]. Biologics and Emerging Therapies - Currently approved biologics include IL-4Rα, IL-13, TSLP, and IL-31, with ongoing research into additional targets [3][12][13]. - Dual/multi-target antibodies are being explored to improve treatment outcomes and extend dosing intervals [4][13][21]. Market Potential - The report emphasizes the significant market potential for AD treatments, with projected growth driven by increasing patient numbers and the introduction of innovative therapies [4][10][20].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Among the bonds with discounted transactions, "24 Guoxin Holdings MTN001B" had a relatively large deviation in valuation price. Among the bonds with rising net prices, "25 Liancheng Y2" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Postal Savings Perpetual Bond 01BC" had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest. By industry, the bonds in the household appliances industry had the largest average deviation in valuation price [2]. 3. Summary According to Related Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "24 Guoxin Holdings MTN001B" (residual term: 18.59 years, valuation price deviation: - 0.32%, transaction scale: 52940000 yuan), "23 Shizhu 01" (residual term: 3.14 years, valuation price deviation: - 0.31%, transaction scale: 518430000 yuan) had relatively large valuation price deviations [4]. 3.2 Tracking of Bonds with Rising Net Prices - Bonds like "25 Liancheng Y2" (residual term: 4.61 years, valuation price deviation: 0.23%, transaction scale: 10050000 yuan), "24 Liancheng Y2" (residual term: 4.21 years, valuation price deviation: 0.23%, transaction scale: 20020000 yuan) had prominent valuation price deviations [5]. 3.3 Tracking of Tier 2 and Perpetual Bond Transactions - Bonds including "25 Postal Savings Perpetual Bond 01BC" (residual term: 4.44 years, valuation price deviation: 0.17%, transaction scale: 267110000 yuan), "25 Industrial and Commercial Bank Perpetual Bond 01BC" (residual term: 4.66 years, valuation price deviation: 0.15%, transaction scale: 286480000 yuan) were tracked [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Bonds such as "25 Agricultural Bank TLAC Non - capital Bond 02C(BC)" (residual term: 9.89 years, valuation price deviation: 0.06%, transaction scale: 176930000 yuan), "25 Nanhai Rural Commercial Science and Innovation Bond" (residual term: 4.93 years, valuation price deviation: 0.06%, transaction scale: 69380000 yuan) were tracked [7]. 3.5 Tracking of Bonds with a Transaction Yield Higher than 5% - Bonds like "22 Vanke 06" (residual term: 1.81 years, valuation price deviation: 0.03%, valuation yield: 5.49%, transaction scale: 590000 yuan), "22 Vanke 04" (residual term: 1.72 years, valuation price deviation: 0.02%, valuation yield: 5.48%, transaction scale: 8850000 yuan) were tracked [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. 3.7 Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, and the proportion of discounted transactions of varieties within 0.5 years was the highest [2]. 3.8 Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions of varieties within 1 year was the highest [2]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds in Each Industry - The bonds in the household appliances industry had the largest average deviation in valuation price [2].

Macro Liquidity - The US dollar index continued to decline, and the degree of "inversion" in the China-US interest rate spread has narrowed [1][13] - Both nominal and real yields on 10-year US Treasuries have decreased, indicating a slight decline in inflation expectations [1][13] - Offshore dollar liquidity has become more accommodative, while the domestic interbank funding situation has remained balanced, initially tightening and then loosening [1][20] Market Trading Activity - Overall market trading activity has continued to decline, with major index volatility also decreasing [2][27] - Trading activity in sectors such as consumer services, retail, chemicals, electric power, light industry, and real estate remains above the 80th percentile [2][27] - Most industry volatility remains below the 80th percentile, with notable increases in volatility for sectors like real estate, electronics, and transportation [2][33][37] Institutional Research - Research interest is highest in sectors such as electronics, pharmaceuticals, communications, non-ferrous metals, and computers, with a rising interest in machinery, chemicals, food and beverage, light industry, and electric power [3][45] Analyst Forecasts - Analysts have continued to lower net profit forecasts for the entire A-share market for 2025/2026 [4][52] - Net profit forecasts for sectors including real estate, building materials, electric power and utilities, and banking have been raised for 2025/2026 [4][52] - The net profit forecasts for the ChiNext Index have been lowered, while those for the CSI 500, SSE 50, and CSI 300 have been adjusted up or down [4][52] Northbound Trading Activity - Northbound trading activity has decreased, continuing a trend of net selling [5][31] - In the top 10 active stocks, the buy-sell ratio for sectors like electronics, communications, and electric power has increased, while it has decreased in finance, food and beverage, and automotive sectors [5][32] - Northbound trading has shown net buying in sectors such as electronics, agriculture, forestry, animal husbandry, and construction, while net selling has occurred in computers, communications, and chemicals [5][33] Margin Financing Activity - Margin financing activity has rapidly increased, reaching the highest point since "924" [6][35] - The main net buying in margin financing has been in sectors like electronics, electric power, and non-ferrous metals, with significant increases in financing buy-in ratios for coal, home appliances, and consumer services [6][38] - Margin financing has shown net buying across various styles of stocks, including large, mid, and small-cap growth and value stocks [6][39] Active Equity Fund Positions - Active equity funds have seen a decrease in positions, while ETFs have continued to experience net subscriptions [7][45] - Active equity funds have primarily increased positions in sectors such as communications, computers, and real estate, while reducing positions in pharmaceuticals, media, and machinery [7][46] - The correlation between active equity funds and mid-cap growth/value has increased, indicating a shift in investment strategy [7][48]

Investment Rating - The report maintains a positive outlook on the long-term growth potential of Hailan Home as it plans to list in Hong Kong, which is expected to enhance its overseas market presence and strengthen its competitive edge [1][12][13]. Core Insights - Hailan Home's overseas expansion strategy has been active since 2017, with a focus on Southeast Asia, and the company aims to continue exploring new markets and channels [12][13]. - The report highlights the successful registration of recombinant type III humanized collagen protein as a pharmaceutical excipient by Jinbo Bio, marking a significant breakthrough in the application of collagen in innovative drug development [14][17]. - The retail performance of the apparel sector showed a year-on-year growth of 3.7% in July, although the growth rate decreased compared to June due to various factors including promotional effects and extreme weather [23][32]. Summary by Sections Hailan Home's Hong Kong Listing - Hailan Home announced its intention to issue shares and list on the Hong Kong Stock Exchange, which is expected to facilitate its overseas market expansion and enhance its long-term competitiveness [1][12]. - The company has opened 111 overseas stores as of mid-2025, generating a revenue of 206 million yuan, a 27.42% increase year-on-year [12][13]. Jinbo Bio's Pharmaceutical Advancements - Jinbo Bio's recombinant type III humanized collagen protein has received approval as a pharmaceutical excipient, allowing it to be used in various drug delivery systems, enhancing drug efficacy while reducing side effects [14][15][17]. - The company is positioned to leverage its first-mover advantage in the domestic market for pharmaceutical excipients, with significant growth potential in the peptide and protein drug sectors [17][18]. Apparel and Cosmetics Market Trends - The apparel retail sector experienced a 3.7% year-on-year growth in July, with a noted decline in growth rate due to promotional effects and weather conditions impacting consumer traffic [23][32]. - The cosmetics retail sector saw a recovery with a 4.5% year-on-year increase in July, reflecting a positive trend in consumer spending [32]. Investment Recommendations - The report recommends Hailan Home for its strong brand and potential for growth in the apparel sector, alongside Jinbo Bio for its innovative products in the beauty and healthcare segments [35].

Investment Rating - The report suggests a positive outlook for the agriculture sector, particularly in livestock and planting industries, indicating potential investment opportunities [2][24]. Core Insights - The agriculture sector index outperformed the Shanghai Composite Index, with a weekly increase of 4.81% [2]. - The report highlights the stabilization of the livestock sector, particularly in pig farming, with expectations of improved profitability in the medium term due to controlled production capacity [24]. - The poultry sector is experiencing pressure on prices but is expected to recover as consumer demand improves [39]. - The beef and dairy sectors are showing signs of recovery, with rising prices and a potential new cycle in beef production [40]. - The planting industry is stabilizing, with government support and potential improvements in crop yields due to external factors [46]. Summary by Sections 1. Market Review - The agriculture index closed at 3103.24 points, reflecting a weekly increase of 4.81%, outperforming major indices [2][17]. 2. Key Data Tracking 2.1 Pig Farming - The average price of commodity pigs is 13.34 yuan/kg, down 3.12% week-on-week, with a slight increase in average weight at 128.32 kg/head [23][24]. - The report anticipates a short-term price stabilization but warns of potential downward pressure due to supply increases [24]. 2.2 Poultry Farming - The average price of white feather chickens is 7.02 yuan/kg, with a slight decrease of 2.09% week-on-week [39]. - The report notes that the poultry sector is under pressure but expects recovery with improved consumer demand [39]. 2.3 Livestock - Live cattle prices in Shandong are 27.29 yuan/kg, up 0.33% week-on-week, indicating a recovery in the beef market [40]. - The report suggests that the dairy sector may see price stabilization in the second half of 2025 [40]. 2.4 Planting Industry - Domestic corn prices are 2302.86 yuan/ton, showing a slight increase, while wheat prices are supported by government policies [45][46]. - The report emphasizes the potential for improved conditions in the planting sector if crop yields are affected by external factors [46]. 2.5 Feed & Aquaculture - Feed prices remain stable, with no significant changes reported in the past week [64]. - Aquaculture prices are showing positive trends, with various fish prices remaining stable or slightly increasing [64].

Investment Rating - The report suggests focusing on power generation assets in regions with tight supply-demand balance and favorable competition dynamics, particularly recommending companies like Sheneng Co. and Huadian International for thermal power, and Yangtze Power for hydropower [4] Core Viewpoints - The report highlights the recent auction results for renewable energy pricing in Shandong, indicating a total of 94.67 billion kWh of selected projects, with wind power accounting for 59.67 billion kWh and solar power for 12.48 billion kWh [6][32] - It notes that the winning bid price for wind power was 0.319 yuan/kWh, which is an 8.9% discount from the auction ceiling, while solar power had a winning bid of 0.225 yuan/kWh, reflecting a 35.7% discount [6][33] - The report emphasizes the importance of the new market mechanisms being developed for renewable energy, including the support for a spot market for electricity [6][57] Summary by Sections Market Review - The Shanghai Composite Index decreased by 1.86% while the ChiNext Index increased by 2.16% during the week of September 8-12 [12] - The carbon neutrality sector rose by 2.25%, while the coal sector saw a slight decline of 0.11% [12] Industry News - The report discusses the new guidelines for the continuous operation of electricity spot markets, which aim to enhance market competition and system operation [57] - It also mentions the new action plan for large-scale construction of new energy storage, targeting an installed capacity of over 180 million kW by 2027, with direct investments of approximately 250 billion yuan [58] Investment Recommendations - For thermal power, the report recommends focusing on leading companies in regions with tight supply-demand dynamics, such as Anhui Energy and Huadian International [62] - In hydropower, it suggests monitoring Yangtze Power due to stable electricity prices and regional supply-demand tightness [62] - For nuclear power, it highlights China National Nuclear Power as a key player due to expected increases in electricity generation and stable pricing [62] - In the renewable energy sector, it recommends Longyuan Power as a leading wind power operator [63] - The report also suggests focusing on urban comprehensive operation management service providers like Yuhua Tian [63]

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, particularly in the internet technology and virtual asset sectors, indicating a potential investment opportunity in these areas [10][15]. Core Insights - The sentiment for re-evaluating overseas Chinese assets is strong, driven by better-than-expected performance from companies like Alibaba in AI and technology sectors, attracting renewed interest from overseas investors [10][15]. - The report highlights various sectors including education, luxury goods, coffee and tea, e-commerce, streaming platforms, virtual assets, real estate transactions, and automotive services, each showing distinct trends and investment opportunities [4][11][19][22][28][33][38]. Summary by Sections 1. Education - The Chinese education index rose by 3.17% from September 8 to September 12, outperforming the Shanghai Composite Index and the CSI 300 [11]. - Notable stock performances include Yuhua Education (+46.00%), Zhongjiao Holdings (+24.56%), and Minsheng Education (+23.21%) [11][14]. 2. Luxury Goods - The S&P Global Luxury Goods Index decreased by 0.64%, while the MSCI European Luxury Goods Index increased by 0.63% [19]. - Key stocks include Samsonite (-1.82%) and Prada (+2.19%) [19]. 3. Coffee and Tea - The Hang Seng Non-Essential Consumer Index increased by 5.61%, with Luckin Coffee showing a rise of 6.14% [22]. - The report notes a competitive landscape with brands like Moutai and others experiencing varied performance [22][24]. 4. E-commerce - The Hang Seng Internet Technology Index rose by 7.56%, with Alibaba and JD.com showing significant gains of 14.64% and 7.86%, respectively [28]. - The report mentions regulatory scrutiny on delivery platforms to control subsidies and maintain fair pricing [32]. 5. Streaming Platforms - The Hang Seng Media Index increased by 7.3%, with notable performances from NetEase Cloud Music (+7.83%) and Tencent Music (+2.08%) [33]. - The report emphasizes the potential for growth in the streaming sector driven by new content initiatives [38]. 6. Virtual Assets - The global cryptocurrency market capitalization reached $416.96 billion, with Bitcoin and Ethereum prices increasing by 5.0% and 9.3%, respectively [38][39]. - The report highlights the positive trend in virtual assets supported by regulatory developments and institutional interest [44]. 7. Real Estate Transactions - The report provides data on second-hand housing transactions in major cities, indicating ongoing pressure in the real estate market [32][46]. 8. Automotive Services - The report notes a significant price drop in new cars, with an average reduction of 17,000 yuan, reflecting competitive dynamics in the automotive market [4].