Core Viewpoint - The recent policy changes in Beijing and Shanghai to lift housing purchase restrictions outside the city limits have stimulated a rebound in the real estate market, while Guangzhou and Shenzhen have experienced a decline in transactions [1][2][11]. Group 1: Beijing Market Performance - In August, Beijing's new home sales reached 3,135 units, and second-hand home transactions totaled 13,331 units, marking an increase of 547 units from July but a decrease of 1,032 units year-on-year [3]. - The overall market sentiment in Beijing has improved due to policy adjustments, with a new home absorption cycle of 28.5 months, primarily affected by high inventory in suburban areas [3]. Group 2: Shanghai Market Performance - Following the new policy on August 25, Shanghai's housing transactions saw a significant rebound, with a total of 192 million square meters sold in August, a 4% increase month-on-month and a 2% increase year-on-year [4]. - The "沪六条" policy led to a 63% increase in pre-sale transaction volumes compared to the levels before the policy was implemented [4]. Group 3: Guangzhou Market Performance - Guangzhou's housing market showed a decline in August, with total transactions of 49.26 million square meters, a 7% decrease month-on-month but a 4% increase year-on-year [6]. - The average transaction price in Guangzhou was 31,985 yuan per square meter, down 1% month-on-month and 8% year-on-year [6]. Group 4: Shenzhen Market Performance - Shenzhen's new home sales continued to decline in August, with pre-sale transactions down 13.4% to 1,248 units and current sales down 27.9% to 882 units [8]. - The overall sentiment in Shenzhen's real estate market remains low, with second-hand home transactions also experiencing a decline [8]. Group 5: Future Market Expectations - Experts anticipate further policy measures to stabilize the real estate market, particularly in the lead-up to the traditional peak sales months of September and October [11][12]. - There is speculation that Shenzhen may relax its housing purchase restrictions in September, which could further stimulate market activity [10][11].

Report Industry Investment Rating No relevant content provided. Core Views - The price of finished steel products is expected to move in a sideways consolidation pattern, with its price center of gravity shifting downwards and showing a weak trend. Attention should be paid to macro - policies and downstream demand [1][2]. - The price of aluminum ingots is expected to fluctuate at a high level in the short term. The "Golden September" effect is gradually emerging, and attention should be paid to macro - expectations, geopolitical crises, mine resumption, and consumption release [1][2][3]. Summary by Related Catalogs Finished Steel Products - In the Yunnan - Guizhou region, short - process construction steel producers will stop production for maintenance from mid - January, and the resumption time is expected to be between the 11th and 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop around mid - January, with a daily output impact of about 16,200 tons [1][2]. - From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - The price of finished steel products continued to decline yesterday, reaching a new low. In the context of weak supply and demand, market sentiment is pessimistic, and winter storage is sluggish, providing little support for prices [2]. Aluminum Ingots - Macroscopically, the market is volatile, and investors are focusing on the key employment report on Friday. Previous data shows a softening labor market, strengthening the expectation of the Fed's interest rate cut this month. The increase in initial jobless claims last week exceeded expectations, indicating a cooling labor market [1]. - On the supply side, the replacement capacity continues to be released, and the weekly output increased slightly to 847,300 tons. On the cost side, the full cost of domestic electrolytic aluminum is 16,618 yuan/ton, a week - on - week decrease of 36 yuan/ton, and the average industry profit narrowed to around 3,991 yuan/ton, a week - on - week decrease of 84 yuan/ton [2]. - On the demand side, the overall operating rate of domestic aluminum downstream processing leading enterprises increased by 1 percentage point to 61.7%. The "Golden September" effect is emerging, and each sector is recovering well. The operating rate of primary aluminum alloy increased slightly by 0.2% to 56.6%, the operating rate of aluminum plate and strip leading enterprises increased by 1.2 percentage points to 68.6%, and the operating rate of the aluminum cable industry increased by 1 percentage point to 64.8% [2]. - As of September 4, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 626,000 tons, an increase of 3,000 tons from Monday and 6,000 tons from last Thursday [2].

Core Viewpoint - The company reported a decrease in revenue for H1 2025, but managed to achieve a slight increase in net profit, indicating stable overall performance despite challenging market conditions [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 44.158 billion yuan, a year-on-year decrease of 8.41%, while net profit attributable to shareholders was 1.097 billion yuan, a year-on-year increase of 2.93% [1]. - For Q2 2025, the company reported operating revenue of 24.738 billion yuan, a year-on-year decrease of 8.73% but a quarter-on-quarter increase of 27.38%. Net profit for the quarter was 486 million yuan, showing a year-on-year increase of 0.04% but a quarter-on-quarter decrease of 20.54% [1]. Product Pricing and Cost Dynamics - The prices of polyester products followed the decline in costs, with major products' prices showing year-on-year decreases: POY at 6,160.30 yuan/ton (-9.99%), FDY at 6,464.69 yuan/ton (-15.90%), DTY at 7,688.11 yuan/ton (-9.07%), and PTA at 4,267.54 yuan/ton (-19.11%) [2]. - The procurement prices for key raw materials were PX at 6,040.91 yuan/ton (-18.92%), PTA at 4,284.51 yuan/ton (-18.06%), and MEG at 4,016.97 yuan/ton (+0.71%) [2]. Strategic Expansion - The company successfully expanded into the coal sector by acquiring high-quality coal mine resources in the Turpan region, with reserves of 500 million tons and an initial mining scale of 5 million tons/year [3]. - The coal quality is noted for its high calorific value and low impurities, which will enhance the company's overall production capabilities [3]. Future Outlook - The company is expected to benefit from policy implementations and seasonal demand recovery, with projected net profits for 2025, 2026, and 2027 being 2.277 billion, 2.750 billion, and 2.965 billion yuan respectively [3]. - The current stock price corresponds to a PE ratio of 15.1, 12.5, and 11.6 for the years 2025-2027, indicating a favorable investment opportunity [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market experienced a significant correction, with major indices and most sectors declining. The consumer sector bucked the trend, while the TMT sector saw a deep correction. The four major stock index futures also declined, and the basis of the main contracts showed a neutral oscillation. Given the high volatility and the potential for the A-share market to enter a high-level oscillation pattern after a large increase, it is recommended to wait and see. [2][3][4] - The Treasury bond futures mostly closed higher, but short-term trading may remain range-bound. The market should continue to monitor the stock market trend and the release of economic data in August to assess the impact on the bond market. A range trading strategy is suggested, with attention paid to the equity market and fundamental changes. [5][6] - The precious metals market ended its consecutive gains and slightly declined due to the fading of risk aversion and profit-taking by long positions at high levels. With an increased probability of a Fed rate cut in September, the price of gold is expected to rise to over $3,600 in the short term, while silver prices may see increased volatility and are recommended for high-sell and low-buy operations. [7][9][10] - The container shipping futures (EC) showed a weak oscillation. The spot prices continued to decline, and the futures market faced pressure from the weak spot market. There may be a bottom-fishing opportunity for the December contract, and a spread arbitrage strategy between the December and October contracts is recommended. [11][12] - Most non-ferrous metals showed various trends. For example, copper prices had an upward trend but faced constraints; alumina showed a weak oscillation; aluminum prices were expected to remain range-bound; and zinc prices were likely to oscillate. The market conditions and trends of each metal were affected by factors such as supply and demand, macro policies, and inventory changes. [13][16][18] - In the black metal market, steel prices were restricted by production cuts and weak demand during the off-season. Iron ore prices followed the steel price trend, with increased shipments and arrivals. Coking coal prices were weak, and coke prices faced a situation where the seventh round of price increases had been implemented, but the eighth round was blocked. [40][41][46] - In the agricultural product market, the expected high yield of US soybeans suppressed the market, while the domestic market for meal products had a positive outlook. The pig market had limited supply-demand contradictions, and the corn market showed a weak and oscillating trend. [53][54][59] Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: The A-share market continued to correct on Thursday, with major indices significantly declining. The consumer sector rose, while the TMT sector fell sharply. The four major stock index futures also declined, and the basis of the main contracts showed a neutral oscillation. [2][3] - News: The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to stabilize the growth of the electronic information manufacturing industry from 2025 - 2026. Overseas, the Fed's Beige Book indicated little change in economic activity, and consumer spending was flat or decreased. The number of job openings in the US in July dropped to a 10 - month low. [3][4] - Funds: On September 4, the A-share trading volume increased, and the northbound capital trading volume was 332.562 billion yuan. The central bank conducted a net withdrawal of 15.08 billion yuan through reverse repurchase operations. [4] - Operation suggestion: As the impact of monetary policy in the second half of the year on the equity market is crucial, and the A-share market may enter a high-level oscillation pattern after a large increase, it is recommended to wait and see for the next - stage direction. [4] Treasury Bond Futures - Market performance: Treasury bond futures mostly closed higher, but the yields of some spot bonds rose. The short - term trading of Treasury bond futures may remain range - bound. [5] - Funds: The central bank conducted a net withdrawal of funds through reverse repurchase operations, but the inter - bank funds were still relatively loose. The central bank planned to conduct a 100 - billion - yuan 3 - month outright reverse repurchase operation. [6] - Operation suggestion: Monitor the stock market trend and the release of economic data in August. A range trading strategy is recommended, with attention paid to the equity market and fundamental changes. [6] Financial Derivatives - Precious Metals - Market review: US employment data showed signs of weakness, while the service industry PMI expanded. Fed officials had different views on interest rate cuts. The precious metals market ended its consecutive gains and slightly declined due to the fading of risk aversion and profit - taking by long positions at high levels. [7][8][9] - Future outlook: With an increased probability of a Fed rate cut in September, gold prices are expected to rise to over $3,600 in the short term. Silver prices may see increased volatility, and high - sell and low - buy operations are recommended. [9][10] - Funds: The holdings of gold and silver ETFs increased significantly in August, and the net long speculative positions showed an upward trend. [10] Financial Derivatives - Container Shipping Futures (EC) - Spot quotes: As of September 5, the spot prices of major shipping companies continued to decline slowly. [11] - Shipping indices: As of September 1, the SCFIS European line index and the US West line index declined. As of August 29, the SCFI composite index rose, but the Shanghai - Europe freight rate decreased. [11] - Fundamentals: As of September 2, the global container shipping capacity increased year - on - year. The Eurozone's composite PMI and the US manufacturing PMI showed different trends. [11] - Logic: The futures market declined, and the upward momentum was suppressed by the weak spot market. There may be a bottom - fishing opportunity for the December contract, and a spread arbitrage strategy between the December and October contracts is recommended. [12] - Operation suggestion: Expect a weak oscillation and consider a spread arbitrage strategy between the December and October contracts. [12] Commodity Futures - Non - Ferrous Metals Copper - Spot: As of September 4, copper prices rose, but the spot trading was weak. [13] - Macro: The Fed's stance became more dovish, increasing the probability of a rate cut in September. Key events in September, such as the release of economic data and the FOMC meeting, may cause market fluctuations. [13][14] - Supply: The TC of copper concentrate was at a low level. The domestic electrolytic copper production in August decreased slightly month - on - month and was expected to decline further in September due to factors such as maintenance and supply shortages. [14] - Demand: The operating rates of copper rod production decreased. The domestic demand remained resilient, but there was marginal pressure in Q3. The power and new energy sectors supported the demand. [15] - Inventory: The LME copper inventory decreased, while the domestic social inventory and COMEX copper inventory increased. [15] - Logic: The Fed's dovish stance boosted copper prices, but the upside was limited by concerns about stagflation. The fundamentals showed a "weak reality + stable expectation" state. Copper prices are expected to at least oscillate and may enter a new upward cycle when the commodity and financial attributes resonate. [16] - Operation suggestion: The main contract is expected to operate in the range of 79,000 - 81,000 yuan/ton. [16] - Short - term view: Oscillation. [16] Alumina - Spot: On September 4, the spot prices of alumina in various regions decreased, and the inventory decreased slightly from a high level, causing the spot prices to loosen. [16] - Supply: In August 2025, the production of metallurgical - grade alumina in China increased year - on - year and month - on - month. With the industry still profitable, the operating capacity is expected to continue to increase slightly in September. [17] - Inventory: As of September 4, the port inventory remained unchanged week - on - week, while the registered warehouse receipts increased. [17] - Logic: The alumina futures oscillated, and the market was dominated by fundamentals. The supply was under pressure due to new capacity, while the demand was weak. The inventory continued to accumulate, suppressing the price. The downside is limited, and the upside requires supply disruptions or sentiment catalysts. [18] - Operation suggestion: The main contract is expected to operate in the range of 2,900 - 3,200 yuan/ton. Consider short - selling on rallies in the medium term. [18][19] - View: Weak oscillation, short - selling on rallies in the medium term. [19] Aluminum - Spot: On September 4, the spot price of A00 aluminum decreased, and the premium increased. [19] - Supply: In August 2025, the domestic electrolytic aluminum production increased year - on - year and month - on - month. The proportion of molten aluminum increased, and the ingot casting volume decreased. [19] - Demand: The operating rates of downstream industries showed marginal improvement. [20] - Inventory: On September 4, the domestic electrolytic aluminum social inventory increased week - on - week, and the inventory inflection point was not clear. [20][21] - Logic: The Fed's rate - cut expectation boosted the market sentiment, but the high price suppressed downstream procurement, and the inventory increase pressured the price. Aluminum prices are expected to remain range - bound, and attention should be paid to the actual demand during the peak season, inventory changes, and macro - policy implementation. [21] - Operation suggestion: The main contract is expected to operate in the range of 20,400 - 21,000 yuan/ton. [21] - View: Wide - range oscillation. [21] Aluminum Alloy - Spot: On September 4, the spot price of ADC12 aluminum alloy remained unchanged. [21] - Supply: In July, the production of recycled aluminum alloy ingots increased, and the operating rate increased. In August, the industry was in the off - season, but some enterprises may increase production in anticipation of the peak season. [22] - Demand: In August, the demand was weak, but it showed marginal improvement at the end of the month. The demand is expected to recover moderately in September. [22] - Inventory: The social inventory increased due to the off - season. [22] - Logic: The futures price oscillated with the aluminum price. The supply of scrap aluminum was tight, and the demand was in the off - season. As the peak season approaches, the spot price is expected to remain stable, and the price difference with aluminum may converge. [23][24] - Operation suggestion: The main contract is expected to operate in the range of 20,000 - 20,600 yuan/ton. Consider a spread arbitrage strategy if the price difference is over 500. [24] - View: Strong oscillation. [24] Zinc - Spot: On September 4, the average price of 0 zinc ingots decreased, and the spot trading improved after the futures price declined. [24] - Supply: The TC of zinc concentrate remained high, and the supply of zinc ore was loose. The production of refined zinc in August was higher than expected, and it is expected to continue to increase in 1 - 9 months of 2025. [25] - Demand: The operating rates of primary processing industries were at a seasonal low but had limited room for further decline. The downstream procurement sentiment improved after the zinc price declined. [26] - Inventory: The domestic social inventory increased, while the LME inventory decreased. [26] - Logic: The supply of zinc ore was loose, and the production of refined zinc was high. The demand was about to enter the peak season, and the spot trading improved. The global inventory was low, providing support for the price. Zinc prices are expected to oscillate, and upward or downward breakthroughs require specific conditions. [27] - Operation suggestion: The main contract is expected to operate in the range of 21,500 - 23,000 yuan/ton. [27] - Short - term view: Oscillation. [27] Tin - Spot: On September 4, the price of 1 tin decreased, and the market trading was mixed. [27] - Supply: In July, the domestic tin ore import decreased, and the supply was difficult to improve in the short term. The tin ingot import increased. [28][29] - Demand and inventory: The operating rate of the soldering tin industry decreased, and the demand was weak. The LME inventory and the warehouse receipts of the Shanghai Futures Exchange increased, while the social inventory decreased. [29] - Logic: The supply of tin ore was tight, and the demand was weak. The tin price oscillated at a high level. If the supply recovers smoothly, consider short - selling on rallies; otherwise, the price is expected to continue to oscillate at a high level. [30] - Operation suggestion: The operating range is expected to be 265,000 - 285,000 yuan/ton. [30] - Recent view: Wide - range oscillation. [30] Nickel - Spot: As of September 4, the price of electrolytic nickel decreased, and the premium of imported nickel remained unchanged. [30] - Supply: In July 2025, the production of refined nickel increased year - on - year and month - on - month, and the monthly production plan is expected to increase slightly. [31] - Demand: The demand for electroplating and alloy was stable, while the demand for stainless steel was general. The demand for nickel sulfate was under pressure. [31] - Inventory: The overseas inventory remained high, the domestic social inventory decreased, and the bonded area inventory remained stable. [31] - Logic: The strengthening of the US dollar suppressed the non - ferrous metal market. The nickel price oscillated weakly, and the cost provided some support. The supply is expected to be loose in the medium term, restricting the upside. The price is expected to adjust within a range. [32] - Operation suggestion: The main contract is expected to operate in the range of 118,000 - 126,000 yuan/ton. [32][33] - Short - term view: Range adjustment. [32] Stainless Steel - Spot: As of September 4, the spot price of 304 cold - rolled stainless steel remained unchanged, and the basis increased. [33][34] - Raw materials: The price of nickel ore was stable, and the price of nickel iron was strong. The price of chrome ore was supported by cost, and the supply of chrome iron was tight. [34] - Supply: In August, the domestic stainless steel production increased, and the production is expected to continue to increase in September. [34] - Inventory: The social inventory decreased slowly, and the warehouse receipts decreased. [35] - Logic: The stainless steel futures oscillated slightly lower. The cost was supported by raw material prices, but the demand was weak. The market is cautiously optimistic about the peak season, but the demand is still weak. The price is expected to oscillate within a range. [36] - Operation suggestion: The main contract is expected to operate in the range of 12,600 - 13,400 yuan/ton. [36][37] - Short - term view: Range oscillation. [36] Lithium Carbonate - Spot: As of September 4, the spot prices of battery - grade and industrial - grade lithium carbonate decreased. The salt factories were reluctant to sell, while the traders were more willing to sell. The downstream procurement was mainly for rigid demand. [37] - Supply: In August, the production of lithium carbonate increased. The supply was affected by factors such as mine permit approval, and imports supplemented the supply. [38] - Demand: The demand was robust and optimistic, but the significant driving force was not obvious. The demand in September is expected to increase. [38] - Inventory: The overall inventory decreased last week, with the upstream inventory decreasing and the downstream inventory increasing. [39] - Logic: The lithium carbonate futures opened low and closed high, and the market sentiment improved. The fundamentals remained in a tight - balance state. The price is expected to oscillate widely around 75,000 yuan/ton and then stabilize. [39][40] - Operation suggestion: Wait and see. [40] - Short - term view: Wide - range oscillation. [40] Commodity Futures - Black Metals Steel - Spot: The steel billet price remained stable, and the spot prices of rebar and hot - rolled coil increased slightly. The January contract of rebar had a premium over the spot, while the January contract of hot - rolled coil had a discount. [40] - Cost and profit: The cost support is expected to weaken due to the limited supply recovery of coking coal and the slight increase in iron ore inventory. The steel profit decreased significantly in August. [41] - Supply: From January to August, the iron element production increased year - on - year. In August, the production increased compared with July, mainly due to the increase in scrap steel consumption. This week, the iron water production decreased due to production restrictions, but it is expected to recover next week. The production of finished steel products decreased less than that of iron water. [41] - Demand: The domestic demand and export increased in the first half of the year, but the domestic demand is expected to weaken seasonally. The steel export remained high. The apparent demand decreased seasonally in August but is expected to recover. [41] - Inventory: The inventory of five major steel products increased, mainly due to the increase in rebar inventory. The inventory increase is expected to slow down in the future. [42] - View: This week, the supply and demand

沪镍&不锈钢早报—2025年9月5日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 1、基本面：外盘下探之后反弹，20均线有支撑。产业链上，矿价继续维稳，镍铁价格稳中有升，成本 线坚挺。不锈钢库存小幅回落，接下来要期待金九银十能否提振消费，去库存。新能源汽车产销数据较 好，但三元电池装车量同比下降，总体需求提振受限。中长线过剩格局不变。偏空 2、基差：现货122050，基差1200，偏多 3、库存：LME库存215310，+1080，上交所仓单21739，-121，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2510：震荡运行，下方成本线有支撑。 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿价格稳定，海运 ...

Group 1 - Recent adjustments in coking coal prices are influenced by weak demand and limited supply disruptions, with expectations of limited downward space due to pre-holiday stockpiling and seasonal demand [1][3] - The coking coal market has seen a rise in auction failure rates, particularly in Hebei, while other regions maintain good profitability and operational activity [1][2] - Current prices for Shanxi low-sulfur coking coal range from 1400 to 1450 RMB/ton, while Mongolian coal prices are between 950 to 980 RMB/ton [1] Group 2 - Coking coal supply is expected to increase due to higher import volumes, despite some coal mines tightening production [2] - Coking profits have improved, leading to increased production activity, although environmental restrictions have a temporary impact [2][3] - The demand side shows resilience with high furnace iron output remaining above 2.4 million tons monthly, but overall demand pressure persists [2][3] Group 3 - The overall market for coking coal is under pressure with weak price performance, while coking profits are recovering, leading to a potential slowdown in purchasing by steel mills [3] - The cost support for coking coal is diminishing, and the market is facing adjustment pressures, although seasonal expectations and pre-holiday stockpiling may limit further declines [3]

58安居客研究院院长张波认为，9月份楼市有望结束自6月份以来的下行态势，实现成交量筑底回升。据 该机构数据，8月份新房和二手房找房热度环比分别上升0.6%和1.0%，释放出积极信号。传统销售旺季 叠加政策利好，房地产市场迎来重要窗口期，成交有望实现增长。 "金九银十"历来是房地产行业的销售黄金期。近期，各地纷纷出台政策措施助力"金九银十"销售窗口， 巩固房地产市场企稳回升势头。 自8月下旬起，上海、苏州、长春等城市陆续推出楼市新政，通过放宽限购、取消限售、发放购房补贴 等多种方式，降低购房成本，激发住房消费潜力。 长春住房保障和房屋管理局于8月29日发布《2025年长春秋季商品房促销月购房补贴申领细则》，明确 自9月1日至30日期间，对以一次性付款方式购买指定区域内新建商品住房的个人，每套发放1.5万元购 房消费券。 此外，多地还借助房交会等大型活动进一步拉动住房消费。例如，"辽宁省第四届房产·家居联动促销活 动暨全省秋季房交会"于8月29日至10月30日举办；2025重庆秋季房地产暨家居展示交易会线上展会于9 月1日启动，将持续至10月31日；湖南省也于近日推出"安居芙蓉·畅购好房"金九银十惠民置业活动，延 ...

此次京沪密集纾困楼市，政策方向和着力点基本相似。特别是在公积金贷款方面，首套、二套房可贷额 度的大幅度上升，考虑到近期房价明显回调，公积金提取或贷款可以覆盖首付或贷款，一线城市刚性或 刚改需求(比如结婚、生育子女、父母投靠等)的购房门槛明显降低。若能将需求部分引至此次限购政策 释放出的外围区域，一线城市楼市的稳定性就会提高。 李宇嘉(广东省住房政策研究中心首席研究员) 今年以来，楼市呈现"前高后低"的态势。1~4月份，不管是全国商品房销售面积和金额，还是开发投 资，跌幅都在收窄，累计销售面积或金额跌幅甚至降至3%以内，高品质项目带动下新房销售价格还在 上涨。但4月份以后，这些指标跌幅有扩大的迹象，开发商层面出现"以价换量"现象，止跌回稳的局面 亟待夯实，接下来的四个月，特别是"金九银十"至关重要。 1~7月份，全国新房销售面积和金额同比分别下跌4.0%和6.5%，跌幅比上半年分别扩大了0.5和1个百分 点。更重要的是，近期一线城市二手房价再度领跌70城，且跌幅扩大。 新房市场方面，根据克而瑞的统计，包括京沪在内，7月份30个重点城市新房市场平均开盘去化率环比 下降11个百分点。在高品质住宅销售回升的带动下，京 ...

Group 1 - The 2025 "Thousand Counties and Ten Thousand Towns" New Energy Vehicle (NEV) Consumption Season has been launched in regions like Hubei and Shandong, aiming to boost consumption in rural areas where there is significant market potential for NEVs [1][2] - The initiative includes a series of activities from July to December 2025, focusing on enhancing the purchasing environment for NEVs in rural areas and promoting supply-demand matching [1][2] - The program emphasizes innovative "automobile+" consumption scenarios, integrating automotive consumption with tourism, dining, and outdoor activities, thereby enhancing the overall consumer experience [2] Group 2 - The underdeveloped rural market for NEVs presents a substantial opportunity, as consumers in these areas tend to prioritize practicality and cost-effectiveness in their vehicle choices [2][3] - The demand for vehicle replacement is increasing due to the aging of the average passenger car, with rural consumers being more responsive to government incentives and subsidies compared to urban consumers [2][3] - Various automotive brands are ramping up promotional activities in response to favorable policies, with Tesla and Leap Motor targeting the rural market with specific models and marketing strategies [3][4] Group 3 - The automotive market is expected to see a positive trend in the traditional peak season of "Golden September and Silver October," with several new models set to launch in the fourth quarter [3][4] - Major automakers like SAIC Motor and Geely have reported significant year-on-year growth in NEV sales, indicating a recovery in the market [4] - New energy vehicle sales for SAIC Motor reached 129,800 units in August, a 49.89% increase year-on-year, while Geely's pure electric vehicle sales grew by 98% [4]

长春住房保障和房屋管理局于8月29日发布《2025年长春秋季商品房促销月购房补贴申领细则》，明确 自9月1日至30日期间，对以一次性付款方式购买指定区域内新建商品住房的个人，每套发放1.5万元购 房消费券。 此外，多地还借助房交会等大型活动进一步拉动住房消费。例如，"辽宁省第四届房产.家居联动促销活 动暨全省秋季房交会"于8月29日至10月30日举办；2025重庆秋季房地产暨家居展示交易会线上展会于9 月1日启动，将持续至10月31日；湖南省也于近日推出"安居芙蓉.畅购好房"金九银十惠民置业活动，延 续至11月中旬，期间将组织房交会、看房直通车、"六进"上门促销等多元配套活动。 在多重政策发力之下，今年"金九银十"楼市表现备受关注。 "金九银十"历来是房地产行业的销售黄金期。近期，各地纷纷出台政策措施助力"金九银十"销售窗口， 巩固房地产市场企稳回升势头。 自8月下旬起，上海、苏州、长春等城市陆续推出楼市新政，通过放宽限购、取消限售、发放购房补贴 等多种方式，降低购房成本，激发住房消费潜力。 严跃进表示，房企积极策划营销、加快推盘节奏，为完成全年销售目标打下基础。地方政策支持、新盘 供应和促销活动共振，有望共 ...