上海新房逆势涨5.6%，领跑一线城市

Core Viewpoint - In September 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities in China showed a month-on-month decline, with the year-on-year decline rate continuing to narrow [1] Group 1: Price Trends in Major Cities - In first-tier cities, only Shanghai saw a year-on-year increase in new commercial residential prices by 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [1] - For second-hand residential properties, the year-on-year decline in Beijing, Shanghai, Guangzhou, and Shenzhen exceeded 1.7%, with Guangzhou reaching a decline of 6.0% [1]