Group 1 - New housing prices in first-tier cities have seen a reduction in the rate of decline both month-on-month and year-on-year, with overall new housing prices in 70 cities showing a year-on-year decline narrowing to 3.0% [1][10][24] - The number of cities with rising new housing prices month-on-month increased to 9 in August, compared to 6 in July, while the number of cities with year-on-year price increases remained at 5 [1][14][24] - In August, Shanghai led the new housing price increases with a month-on-month rise of 0.4% and a year-on-year increase of 5.9%, making it the only first-tier city to achieve growth in both metrics [3][20][23] Group 2 - Second-hand housing prices in 70 cities experienced a month-on-month decline of 0.6%, with the rate of decline expanding by 0.1 percentage points [2][15][19] - Year-on-year, second-hand housing prices decreased by 5.5%, with the decline narrowing by 0.4 percentage points, while first-tier cities showed mixed results in their year-on-year performance [2][15][19] - In August, only one city, Changchun, saw a month-on-month increase in second-hand housing prices, while all cities experienced year-on-year declines [2][19][20] Group 3 - The overall real estate market in China is moving towards stabilization, with expectations for continued small fluctuations in housing prices amid supportive fiscal and monetary policies [4][24] - Recommended investment targets include strong credit real estate companies that can cater to improving customer demand, as well as firms benefiting from both residential and commercial real estate recovery [4][24]

开源证券主要观点如下： 新房上海持续领涨，二手房价格同比降幅缩小 国家统计局发布2025年8月70大中城市商品住宅销售价格变动情况。从新建商品住宅环比情况来看， 一、二、三线城市环比分别-0.1%、-0.3%、-0.4%(7月分别为-0.2%、-0.4%、-0.3%)，70城整体环 比-0.3%，降幅较7月环比持平。同比情况来看，一、二、三线城市同比分别-0.9%、-2.4%、-3.7%(7月分 别为-1.1%、-2.8%、-4.2%)，70城整体新房价格同比降幅缩小0.4pct至3.0%。从70城新房价格涨跌个数 来看，2025年8月新房价格环比上涨、持平、下跌的城市数分别为9、4、57个(7月分别为6、4、60个)， 同比上涨、持平、下跌的城市数分别为5、0、65个(7月分别为5、0、65个)。 开源证券发布研报称，2025年8月，70城新房销售价格环比降幅持平，同比降幅缩小，一线城市新房价 格降幅缩小；二手房方面销售价格环比降幅扩大，同比降幅缩小。从一二线重点35城表现来看，8月新 房价格同环比均降多增少，一线城市中仅上海实现新房价格同环比实现增长。今年以来我国房地产市场 整体朝着止跌回稳的方向迈进，在 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that the real estate market is moving towards stabilization, with new home prices showing a smaller year-on-year decline and a stable month-on-month performance. The overall trend suggests a gradual recovery in the market [8][14][20] - In August 2025, the new home sales prices in 70 major cities showed a month-on-month decline of -0.3%, which is consistent with the previous month, while the year-on-year decline narrowed to 3.0%, a reduction of 0.4 percentage points [14][20] - The report highlights that in first-tier cities, new home prices have shown a smaller month-on-month decline, indicating a potential recovery in these markets [14][27] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities experienced month-on-month changes of -0.1%, -0.3%, and -0.4% respectively, with the overall decline in 70 cities remaining stable at -0.3% [14][20] - Year-on-year, new home prices in first, second, and third-tier cities declined by -0.9%, -2.4%, and -3.7% respectively, with the overall decline in 70 cities narrowing to 3.0% [14][20] Second-Hand Home Prices - The second-hand home prices in 70 cities showed a month-on-month decline of -0.6%, which is an increase in the rate of decline compared to the previous month [20][23] - Year-on-year, second-hand home prices fell by -5.5%, but this represents a narrowing of the decline by 0.4 percentage points [20][23] Market Performance in Key Cities - In August 2025, Shanghai led the new home price increases with a month-on-month rise of +0.4% and a year-on-year increase of +5.9%, while other major cities showed mixed results [27][28] - The report notes that only Shanghai among first-tier cities experienced an increase in new home prices both month-on-month and year-on-year [27][28] Investment Recommendations - The report recommends focusing on strong credit real estate companies that are well-positioned to meet the needs of improvement-oriented customers, such as Greentown China, China Overseas Development, and others [8][31] - It also suggests companies that benefit from both residential and commercial real estate recovery, as well as high-quality property management firms that excel in service quality [8][31]

Group 1: Economic Overview - The National Bureau of Statistics reported that the real estate market is stabilizing, with policies implemented to promote housing demand and reduce inventory [1][20] - In the first eight months of 2025, new residential sales area decreased by 4.7% year-on-year, with sales revenue down by 7.3% [2][11] - The new housing transaction scale remains at a seasonal low, but some cities like Chongqing and Kunming have shown year-on-year increases in transaction volume [3][8] Group 2: Price Trends - In August 2025, the price decline of new residential properties continued to narrow, with first-tier cities experiencing a 0.1% month-on-month decrease [6][8] - Year-on-year, first-tier cities saw a 0.9% drop in new residential prices, with Shanghai showing a 5.9% increase [6][7] - The second-hand housing market also saw price declines, with first-tier cities down 3.5% year-on-year, but the decline is narrowing [7][8] Group 3: Construction and Investment - From January to August 2025, the construction area of residential properties fell by 9.6%, while new construction area dropped by 19.5% [11][14] - Real estate development investment decreased by 12.9% year-on-year, with a notable decline in the frequency of high-quality land sales in major cities [17][20] - The market is expected to see marginal improvements in new construction area as inventory structures improve and urban renewal progresses [11][20] Group 4: Policy Impact - Recent policy measures have been introduced to stabilize the real estate market, including easing purchase restrictions in major cities [7][20] - The government emphasizes the need for urban renewal and improving housing supply to meet demand [1][20] - The ongoing support for high-quality product supply and local incentives is expected to help stabilize new housing prices and improve transaction volumes [20]

Core Insights - The real estate market in China is showing signs of stabilization, with a continued narrowing of the year-on-year decline in housing prices, despite a month-on-month decrease in prices across various city tiers [3][9] - The recent adjustments in housing purchase restrictions in major cities like Beijing, Shanghai, and Shenzhen are expected to stimulate demand and enhance market activity [3][9] Price Trends - In August, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai experiencing a 0.4% increase while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [5] - Second-tier cities saw a month-on-month price drop of 0.3%, while third-tier cities experienced a 0.4% decline [5] - Year-on-year, new residential property prices in first-tier cities fell by 0.9%, with Shanghai increasing by 5.9% and other cities like Beijing, Guangzhou, and Shenzhen declining by 3.5%, 4.3%, and 1.7% respectively [6] Investment and Development Data - National real estate development investment reached 60,309 billion yuan in the first eight months, marking a year-on-year decline of 12.9%, with the drop widening by 0.9 percentage points compared to the previous period [7] - The total area of housing under construction decreased by 9.3% year-on-year, with residential construction down by 9.6% [8] - New housing starts and completions also saw significant declines of 19.5% and 17.0% year-on-year respectively [8] Market Dynamics - The sales area of new residential properties fell by 4.7% year-on-year in the first eight months, with sales revenue decreasing by 7.3% [8] - The inventory of unsold residential properties decreased by 3.17 million square meters from the end of July, indicating some improvement in market conditions [8] - The real estate development climate index stood at 93.05, reflecting a persistently low level of market activity [8] Future Outlook - The recent policy adjustments in major cities are expected to lower purchase barriers and stimulate demand, particularly during the traditional peak sales season of "Golden September and Silver October" [9][10] - Industry experts anticipate that the combination of supportive policies and a potential easing of monetary policy will further enhance market recovery [9][10]

Core Viewpoint - The Chinese real estate market is showing signs of stabilization and improvement despite fluctuations caused by domestic and international factors, as indicated by the National Bureau of Statistics' report on the first eight months of the year [1]. Group 1: Sales and Price Trends - The sales data for the real estate market in the first eight months of the year is better than last year, with new residential sales area down by 4.7%, a reduction of 13.3 percentage points compared to the same period last year [1]. - The sales revenue for commercial housing decreased by 7.3%, with a narrowing of the decline by 16.3 percentage points compared to the previous year [1]. - In August, the year-on-year decline in new residential prices in first, second, and third-tier cities narrowed by 0.2, 0.4, and 0.5 percentage points respectively [2]. Group 2: Inventory and Funding Conditions - The funding situation for real estate companies has improved, with total funding down by 8% in the first eight months, a reduction of 12.2 percentage points compared to the previous year [3]. - The inventory of unsold commercial housing decreased by 3.17 million square meters at the end of August compared to the end of July, marking six consecutive months of decline [3]. - Domestic loans for real estate companies have shown an accelerated growth rate, indicating an overall improvement in credit funding sources [3]. Group 3: Policy and Market Outlook - Recent policies in major cities like Beijing, Shanghai, and Shenzhen have relaxed housing purchase restrictions in non-core areas, aiming to boost the local real estate market [4]. - The government has emphasized the need for strong measures to consolidate the stabilization of the real estate market, with expectations for further supportive policies to be implemented [3][4].

Core Insights - The real estate market is showing signs of stabilization, with a narrowing decline in sales and prices, although overall sales are still decreasing [1][2][3] - The government is actively implementing policies to support housing demand and stabilize the market, leading to improvements in sales and inventory levels [2][3] Sales Performance - From January to August, the sales area of new commercial housing decreased by 4.7% year-on-year, but this decline is 13.3 percentage points less than the same period last year [2] - The sales revenue of commercial housing fell by 7.3% year-on-year, a reduction of 16.3 percentage points compared to the previous year [2] - Some first- and second-tier cities have experienced growth in both sales area and revenue [2] Price Trends - In August, 9 out of 70 large and medium-sized cities saw a month-on-month increase in new home prices, with Shanghai, Hangzhou, and Yichang leading at a 0.4% increase [1] - Year-on-year, the price decline for new homes in first, second, and third-tier cities has narrowed by 0.2, 0.4, and 0.5 percentage points respectively [1] Funding and Inventory - From January to August, funding for real estate development decreased by 8% year-on-year, but this decline is 12.2 percentage points less than the same period last year [2] - The inventory of unsold commercial housing decreased by 3.17 million square meters from July to August, marking six consecutive months of reduction [2] Future Outlook - The market requires continued efforts to stabilize and recover, with a focus on high-quality urban renewal and increasing the supply of quality housing to meet demand [3]

从销售指标来看，1—8月份，全国新建商品房销售面积同比下降4.7%，降幅比去年同期收窄13.3个百分 点，比去年全年收窄8.2个百分点；商品房销售额同比下降7.3%，降幅比去年同期收窄16.3个百分点， 比去年全年收窄9.8个百分点。部分一线和二线城市新建商品房销售面积和销售额保持增长。 "今年以来，各地区各部门积极支持居民刚性和改善性住房需求释放，带动商品房销售降幅收窄。房地 产去库存稳步推进，企业资金和库存状况有所改善。"付凌晖说。 "前8个月，房地产市场运行有三个主要特点：一是房地产市场销售降幅收窄；二是新建商品住宅价格同 比降幅收窄；三是房地产企业资金和库存有所改善。"国家统计局新闻发言人付凌晖在"8月份国民经济 运行情况新闻发布会"上表示，房地产市场仍朝着止跌回稳方向迈进，但也要看到，房地产销售仍在下 降，市场修复需要一个过程，促进房地产止跌回稳还需要继续努力。 从房价指标来看，8月份，70个大中城市中，新房价格环比上涨的城市有9个，比上月增加3个。其中， 上海、杭州、宜昌涨幅均为0.4%，并列第一；南宁涨幅为0.3%，位列第二；沈阳、合肥、吉林涨幅均 为0.2%，并列第三。同比来看，多数城市房价降 ...

Core Viewpoint - The real estate market in China is showing signs of stabilization, with a narrowing decline in housing prices and improved sales performance due to supportive government policies aimed at boosting demand [1][4][6] Price Trends - In August, new residential prices in first-tier cities decreased by 0.1% month-on-month, a reduction of 0.1 percentage points compared to July, with Shanghai seeing a 0.4% increase while Beijing, Guangzhou, and Shenzhen experienced declines [2][3] - Year-on-year, the price decline for new residential properties in first, second, and third-tier cities narrowed by 0.2, 0.4, and 0.5 percentage points respectively compared to June [3] Sales Performance - For the first eight months of the year, the sales area of new residential properties decreased by 4.7% year-on-year, but this decline was 13.3 percentage points less than the same period last year [4] - The sales revenue for new residential properties fell by 7.3%, a reduction of 16.3 percentage points compared to the previous year [4] Market Sentiment and Activity - The real estate brokerage industry’s sentiment index rose by 2.8 to 47.26 in August, indicating the highest monthly increase this year, suggesting a positive shift in market confidence [3] - The upcoming "Golden September and Silver October" traditional peak season is expected to boost transaction volumes, supported by favorable policies [6] Inventory and Funding - The inventory of unsold residential properties decreased by 3.17 million square meters at the end of August compared to July, marking six consecutive months of decline [5] - Funding for real estate development decreased by 8% year-on-year, but the decline was 12.2 percentage points less than the previous year [5] Future Outlook - The market is anticipated to benefit from ongoing policy support and the upcoming peak season, with potential increases in transaction volumes [6] - Long-term prospects include accelerated progress in affordable housing initiatives and urban renewal projects, which are expected to inject new demand into the market [6]

Core Viewpoint - The real estate market in China is showing signs of stabilization after experiencing fluctuations due to domestic and international factors, with improvements in property sales and a narrowing decline in housing prices [1] Group 1: Market Performance - In the first eight months of the year, the decline in commodity housing sales and residential prices has narrowed, indicating effective inventory reduction [1] - Recent policy optimizations in certain cities have led to improvements in market transactions [1] Group 2: Future Outlook - Continued efforts are necessary to promote stabilization in the real estate market moving forward [1]