Core Viewpoint - The National Bureau of Statistics has released data on the changes in sales prices of new residential properties in 70 large and medium-sized cities for August 2025, indicating a mixed trend in price movements both month-on-month and year-on-year [1]. Summary by Category New Residential Property Sales Price Index - The new residential property sales price index for August 2025 shows a month-on-month decrease in most cities, with Beijing at 99.6, Tianjin at 99.5, and Shijiazhuang at 99.5, indicating a slight decline compared to the previous month [4]. - Year-on-year comparisons reveal that Beijing's index is at 96.5, Tianjin at 98.2, and Shijiazhuang at 96.7, suggesting a decrease in prices compared to the same month last year [4]. - The average price index for the first eight months of 2025 shows a decline across various cities, with Beijing at 95.3 and Tianjin at 97.9 [4]. Second-hand Residential Property Sales Price Index - The second-hand residential property sales price index for August 2025 also reflects a downward trend, with Beijing at 98.8, Tianjin at 99.6, and Shijiazhuang at 99.4, indicating a month-on-month decrease [5]. - Year-on-year data shows that Beijing's index is at 96.8, Tianjin at 97.0, and Shijiazhuang at 94.9, indicating a decline compared to the same month last year [5]. - The average price index for the first eight months of 2025 shows a similar trend, with Beijing at 97.7 and Tianjin at 95.9 [5]. Price Classification Index for New Residential Properties - The classification index for new residential properties indicates that properties under 90m² have an average index of 99.5, while those over 144m² are at 99.8, showing slight month-on-month decreases [6]. - Year-on-year comparisons for properties under 90m² show a decline to 94.9, while properties between 90-144m² are at 96.6, indicating a decrease in demand for larger properties [6]. - The average index for the first eight months of 2025 shows a consistent decline across all categories, with properties under 90m² at 95.3 and those over 144m² at 96.4 [6]. Price Classification Index for Second-hand Residential Properties - The classification index for second-hand residential properties shows that properties under 90m² have an average index of 98.6, while those over 144m² are at 99.1, indicating a slight month-on-month decrease [8]. - Year-on-year comparisons for properties under 90m² show a decline to 96.8, while properties between 90-144m² are at 97.5, indicating a decrease in prices for smaller properties [8]. - The average index for the first eight months of 2025 shows a consistent decline across all categories, with properties under 90m² at 97.8 and those over 144m² at 98.0 [8].

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 | | 90m2及以下 | | | 90-144m4 | | | 144m2以上 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 环比 | 同比 | 1-8月 | 环比 | 同比 | 1-8月 | 环比 | 同比 | 1-8月 | | | | | 平均 | | | 平均 | | | 平均 | | | 上月=100 | 上年同月 | 上年同期 | 上月=100 | 上年同月 | 上年同期 | 上月=100 | 上年同月 | 上年同期 | | | | =100 | =100 | | =100 | =100 | | =100 | =100 | | 京 言 | 99.5 | 96.6 | 94.9 | 99.8 | 96.3 | 95.3 | 99.6 | 96.6 | 95.6 | | 天 津 | 99.6 | 98.4 | 97.4 | વે જે રે | 98.2 | 98.1 | 99.4 | 98.0 | 97.8 | | 石 家 庄 ...

Economic Indicators - Durable Goods Orders for July decreased by -2.8%, an improvement from the consensus estimate of -4.0% and the previous month's -9.4%, which was the lowest since April 2020 [2] - Excluding Transportation orders, Durable Goods Orders increased by +1.1%, the highest since September of the previous year [3] - Shipments of Durable Goods showed a +0.7% increase, marking the strongest performance of 2025 so far [3] Housing Market - Case-Shiller Home Prices for June rose by +2.1%, which is 20 basis points below expectations and down from +2.8% in May, representing the lowest level since July 2023 [4] - Year-over-year Housing Wealth increased by +1.9%, which is below the inflation rate of +2.7% in June [4] - New York City saw a +7.0% increase in housing value over the past year, while Tampa, San Francisco, and Dallas experienced declines of -2.4%, -2.0%, and -1.0% respectively [5] Company News - Eli Lilly reported a -10.5% average reduction in body weight from its phase-3 testing of a new weight loss pill, with shares up +2.5% following the announcement [6] - The Bank of Montreal (BMO) exceeded earnings expectations by +9.9%, reporting $2.33 per share compared to the consensus of $2.12, while The Bank of Nova Scotia (BNS) reported a +7% earnings beat at $1.37 per share versus the expected $1.28 [7]

Core Viewpoint - The new residential sales price index for 70 large and medium-sized cities in July 2025 shows a mixed trend, with some cities experiencing price increases while others see declines, indicating a varied real estate market across different regions [1][4][7]. Price Index Summary - The price index for Beijing remains stable at 100.0, with a year-on-year decrease of 3.6% [1]. - Cities like Fuzhou and Urumqi show significant increases in their price indices, with Fuzhou at 100.5 and Urumqi at 100.3, indicating a strong demand in these areas [6][10]. - Conversely, cities such as Shijiazhuang and Taiyuan show declines, with indices at 99.3 and 99.2 respectively, reflecting weaker market conditions [4][8]. Price Category Breakdown - For residential properties under 90m², the average price index is 99.7, with a year-on-year decrease of 5.5% [7]. - The 90-144m² category shows a similar trend, with an index of 99.8 and a year-on-year decrease of 4.4% [8]. - Larger properties over 144m² have a slightly better performance, with an index of 100.0, indicating stability in this segment [7][10]. Regional Variations - Eastern cities like Hangzhou and Nanjing show resilience with indices of 99.7 and 99.6 respectively, while cities in the north like Harbin and Hohhot are experiencing declines [6][9]. - Southern cities such as Guangzhou and Shenzhen maintain stable indices around 99.4, suggesting a balanced market in these regions [5][10]. Overall Market Sentiment - The overall sentiment in the real estate market remains cautious, with fluctuations in prices reflecting local economic conditions and demand-supply dynamics [1][4][6].

Group 1 - The Nationwide House Price Index in the UK for July showed a month-on-month increase of 0.6%, surpassing the expected increase of 0.5% and recovering from a previous decline of 0.8% [1]

英国7月Nationwide房价指数同比 2.4%，预期 2.2%，前值 2.1%。 ...

Group 1 - The Nationwide house price index in the UK for July showed a month-on-month increase of 0.6%, exceeding the expected increase of 0.3% [1] - The previous value was revised from -0.80% to -0.9%, indicating a more significant decline than initially reported [1]

智通财经7月29日电，美国5月S&P/CS20座大城市未季调房价指数同比增长2.79%，预期3%，前值 3.42%。 ...

Group 1 - The FHFA house price index in the US decreased by 0.2% month-on-month in May, matching expectations and showing an improvement from a previous decline of 0.4% [1] - The S&P/CS 20-city composite home price index in the US increased by 2.79% year-on-year in May, slightly below the expected growth of 3% and down from a previous growth of 3.42% [1]

Core Insights - The FHFA House Price Index for May showed a month-over-month decline of 0.2%, matching expectations and indicating a slight adjustment in the housing market [1] - The previous value was revised from -0.40% to -0.3%, suggesting a minor improvement in the historical data [1]