二手房价环比跌幅扩大，新房销售承压

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In May, the month - on - month decline in second - hand housing prices in all tiers of cities widened, while the year - on - year decline continued to narrow. New housing prices in first - and second - tier cities turned down month - on - month [6]. - The year - on - year decline in the sales price of newly built commercial residential buildings in first - tier cities was 1.7%, narrowing by 0.4 percentage points from the previous month. The prices in second - and third - tier cities decreased by 3.5% and 4.9% year - on - year respectively, with the decline narrowing by 0.4 and 0.5 percentage points [6]. - The year - on - year decline in the sales price of second - hand residential buildings in first - tier cities was 2.7%, narrowing by 0.5 percentage points. The prices in second - and third - tier cities decreased by 6.1% and 6.9% year - on - year respectively, with the decline narrowing [6]. - In May, the added value of industrial enterprises above designated size increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [6]. - In May, the total retail sales of consumer goods were 4,132.6 billion yuan, a year - on - year increase of 6.4%. From January to May, the total retail sales of consumer goods were 20,317.1 billion yuan, a year - on - year increase of 5.0% [7]. - From January to May 2025, the national fixed - asset investment (excluding rural households) was 19,194.7 billion yuan, a year - on - year increase of 3.7% [7]. - From January to May 2025, the national real estate development investment was 3,623.4 billion yuan, a year - on - year decrease of 10.7% [7]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year - on - year growth rates from 2022 Q4 to 2025 Q1 were 3%, 4.7%, 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4% respectively [9]. - The contributions of different industries to GDP growth and their year - on - year growth rates in different quarters from 2022 to 2025 are presented in the figures [9][15]. Industry Industrial Growth Rate - The year - on - year growth rates of the added value of major industries in May 2025 are as follows: coal mining and washing increased by 5.5%, oil and gas extraction increased by 5.3%, and the automobile manufacturing industry increased by 11.6% [6]. Major Output of Industrial Enterprises above Designated Size - The output of major industrial products such as crude oil, coal, and steel from May 2024 to May 2025 is presented in the figure [26]. Industry Electricity Consumption - The year - on - year growth rates of electricity consumption in major industries from December 2023 to April 2025 are presented in the figure [34]. Industrial Enterprise Profits - From January to April 2025, the total profits of industrial enterprises above designated size were 2,117.02 billion yuan, a year - on - year increase of 1.4% [37]. - The profits of different industries showed different trends. For example, the profit of the non - ferrous metal smelting and rolling processing industry increased by 24.5%, while the profit of the coal mining and washing industry decreased by 48.9% [37]. Industrial Enterprise Inventory - As of the end of April 2025, the finished - product inventory of industrial enterprises above designated size was 6.61 trillion yuan, a year - on - year increase of 3.9%, and the inventory growth rate decreased slightly [48]. Price Index CPI - In May 2025, the national consumer price index (CPI) decreased by 0.1% year - on - year. Food prices decreased by 0.4%, and non - food prices remained flat [53]. PPI - In May 2025, the national industrial producer price index (PPI) decreased by 3.3% year - on - year and 0.4% month - on - month. The industrial producer purchase price index decreased by 3.6% year - on - year and 0.6% month - on - month [60].