Economic Data Summary - The core Personal Consumption Expenditures (PCE) price index for the US in Q2 was revised to 2.5%, matching expectations and previous values [1][2] - The annualized quarter-on-quarter revision of the actual GDP for Q2 was 3.3%, exceeding the expected 3.1% [1][2] - The July core PCE year-on-year growth was 2.9%, in line with expectations, while the overall PCE index also matched expectations at 2.6% [1][2] Precious Metals Outlook - The London gold price increased to $3429.15 per ounce, up $90.85 from August 21, reflecting a 2.72% rise [2] - The London silver price rose to $38.80 per ounce, up $1.24 from August 21, with a 3.29% increase [2] - The outlook for gold prices remains positive due to the moderate PCE data and dovish comments from Federal Reserve officials, alongside expectations for a rate cut in September [3] Copper and Aluminum Market Insights - The LME copper closing price was $9875 per ton, up $150 from August 22, a 1.54% increase [5] - Domestic aluminum prices were reported at 20720 yuan per ton, slightly down by 30 yuan [7] - Anticipation of a demand peak in September is expected to strengthen copper and aluminum prices [4][7] Tin and Antimony Market Analysis - Domestic refined tin prices rose to 273580 yuan per ton, an increase of 7640 yuan, or 2.87% [8] - The supply of refined tin is tightening, with operational rates in key provinces remaining low [9] - Antimony prices decreased to 178500 yuan per ton, reflecting a 1.08% drop due to weak demand [10] Investment Recommendations - The gold sector is recommended for investment due to the ongoing rate cut cycle by the Federal Reserve [11] - The copper sector is also recommended, supported by a shortage of scrap copper and an approaching demand peak [12] - The aluminum sector is recommended, with expectations of tight supply in the medium to long term [13] - Tin and antimony sectors are recommended based on supply constraints and long-term demand support [13] Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold [14] - In the copper sector, recommended stocks include Zijin Mining and Western Mining [14] - For aluminum, recommended stocks are Shenhuo Co. and Yunnan Aluminum [14] - In the tin sector, recommended stocks include Tin Industry Co. and Huaxi Nonferrous [14]

8月，深圳楼市整体维持相对淡季态势，其中新房、二手房的市场表现呈现出显著分化。 据深圳乐有家研究中心数据显示，8月深圳一二手住宅网签总量为6326套，环比下降13.5%、同比下降 10.0%。 细分来看，一手住宅网签2151套，环比跌幅达19.1%，同比跌幅进一步扩大至33.3%；二手住宅网签 4175套，虽环比小幅下降10.3%，但同比实现9.8%的正向增长，呈现"一手调整、二手微暖"的分化特 征。 这一转折背后，是多重利好信号的叠加作用：8月下旬股市行情显著向好，叠加上海、北京等地释放政 策利好，再加上"金九银十"传统销售旺季临近，多重积极因素共同带动市场活跃度逐步提升，为淡季楼 市注入了一丝暖意。 新房市场：延续分化态势 进一步梳理新房市场表现，8月深圳新房市场仍维持"个别项目亮眼、多数去化困难"的分化格局。 从成交数据看，据深圳贝壳研究院统计，8月深圳新房成交3309套，环比下降12.3%；其中住宅成交 2130套，环比下降20%。 成交遇冷的背后，是置业者观望情绪的加重。当前市场对后续新政的期待较高，部分购房者选择暂缓购 房计划，等待政策进一步明确。 供应端同样呈现收缩态势：8月共有7个项目取得批售 ...

Core Insights - The real estate market in Ganzhou is entering its traditional peak sales season, known as "Golden September and Silver October," with increased buyer interest as the weather cools down [1] - Recent data indicates a significant rise in the number of available properties and buyer attention in September, following a steady development in the first half of the year [1] Property Listings Overview - Various properties are available in the market, with prices ranging from 6,000 to 64,000 yuan per square meter depending on the type and location [2][3][4][5][6][7][8][9] - Notable projects include: - Zhonghai Tianzuan with prices between 19,000 to 23,000 yuan per square meter [2] - Yuelong Bay offering units at an average price of 10,500 yuan per square meter [3] - Various commercial properties with prices ranging from 10,000 to 64,000 yuan per square meter [2][4] - The listings cover a wide range of property types, including residential apartments, commercial spaces, and luxury villas, catering to diverse buyer preferences [2][3][4][5][6][7][8][9] Market Trends - The increase in property listings and buyer interest suggests a recovering market sentiment in Ganzhou, potentially indicating a favorable environment for real estate investment [1] - The data reflects a competitive pricing landscape, with some properties offering significant discounts or promotional pricing to attract buyers [2][3][4][5][6][7][8][9]

Core Viewpoint - The Shenzhen real estate market showed a mixed performance in August, with a decline in new residential sales but a slight increase in second-hand housing transactions, indicating a complex market sentiment influenced by policy expectations and market conditions [1][2][3]. Group 1: New Housing Market - In August, the total number of new residential sales in Shenzhen was 2,151 units, representing a month-on-month decrease of 19.1% and a year-on-year decrease of 33.3% [1]. - The inventory of new pre-sale residential units reached 32,293 units by the end of August, an increase of 4,391 units compared to the end of June [1]. - The average monthly absorption rate over the past 12 months indicates a depletion cycle of 10.1 months, while the last 6 months suggest a longer cycle of 15.9 months [1]. Group 2: Second-hand Housing Market - The second-hand housing market recorded 4,175 transactions in August, a month-on-month decrease of 10.3% but a year-on-year increase of 9.8% [1][2]. - The average transaction price for second-hand homes was 59,600 yuan per square meter, with a slight month-on-month increase of 0.5% [2]. - The total number of second-hand housing transactions in August was 5,061 units, reflecting a month-on-month growth of 21.8% and a year-on-year increase of 12.8% [2]. Group 3: Rental Market - The average rental price for commercial properties in Shenzhen was 75.3 yuan per square meter in August, with a month-on-month increase of 0.5% [2]. - The average monthly rent per unit was 5,690 yuan, showing a month-on-month increase of 1.5% and a year-on-year increase of 0.6% [2]. Group 4: Market Outlook and Policy Impact - The recent adjustments in housing policies in Beijing and Shanghai are expected to influence Shenzhen's market, with a higher probability of policy follow-up to boost market expectations [3]. - The upcoming traditional peak season of "Golden September and Silver October" is anticipated to bring renewed market activity, supported by enhanced policy expectations [3].

该机构数据显示，8月份百城中，杭州、上海、合肥新房价格环比涨幅位居前三，分别上涨0.92%、 0.86%和0.82%。当月，各地二手住宅价格环比不同程度下跌，其中成都二手房价跌幅较小。 从市场交易情况来看，新建住宅方面，8月份，杭州、上海等部分核心城市推出优质改善性项目，带动 百城新建住宅均价环比继续保持结构性上涨，但市场整体仍处于淡季行情，房企推盘力度较弱。二手住 宅方面，8月百城二手房挂牌量维持高位，"以价换量"仍是市场主流。 8月份，中国百城新房和二手房均价仍然保持环比"一涨一跌"的走势。 中指研究院1日发布的数据显示，8月，中国100个城市新建住宅平均价格为每平方米16910元(人民币， 下同)，环比上涨0.20%；同比上涨2.73%。当月，100个城市二手住宅平均价格为每平方米13481元，环 比下跌0.76%，跌幅较上月收窄0.01个百分点；同比下跌7.34%。 值得注意的是，8月份北京和上海相继放宽购房政策，符合条件的购房者在北京五环外、上海外环外购 房不限套数，上海在房贷利率定价机制安排方面不再区分首套和二套住房。当月，多地还优化住房公积 金贷款政策。 中指研究院指数研究部总经理曹晶晶表示，在 ...

Core Viewpoint - The traditional peak season of "Golden September and Silver October" is approaching, but the performance of polypropylene (PP) is average due to limited demand improvement and increased supply pressure [1][2] Group 1: Demand and Supply Dynamics - Despite the arrival of the peak season, the characteristics of downstream demand are not evident, with the operating rates in the PP products industry showing only marginal improvement [1] - The operating rate for PP has rebounded to around 87%, the highest since May, following a significant drop to approximately 80% during the traditional demand off-season [1] - The overall social inventory of PP is around 800,000 tons, remaining at historically high levels despite a recent decline [2] Group 2: Profitability and Market Conditions - The profitability of oil-based PP has improved this year, with losses reduced to within 500 yuan/ton, while coal-based PP profits remain robust at around 800 yuan/ton despite recent coal price rebounds [2] - The increase in PP supply was anticipated, but the demand improvement has not met expectations, exacerbating the supply-demand imbalance [2] - The current profit margins for oil-based and coal-based PP are at their highest levels in nearly three years, indicating a lack of effective support from the cost side [2]

Core Insights - In August, various new energy vehicle brands reported significant delivery numbers, with Leap Motor leading the pack with a record delivery of 57,066 vehicles, marking a year-on-year increase of over 88% [1][2] - Leap Motor's cumulative deliveries reached 328,859 vehicles from January to August, reflecting a year-on-year growth of 136.4% [1][2] - The overall market for new energy vehicles showed a positive trend, with a total retail sales estimate of 1.1 million units in August, achieving a penetration rate of 56.7% [5][6] Company Performance - **Leap Motor**: Delivered 57,066 vehicles in August, with a cumulative total of 328,859 vehicles for the year, and is expected to reach 1 million cumulative deliveries by the end of the year [1][2] - **Xpeng Motors**: Achieved 37,709 deliveries in August, a year-on-year increase of 168.7%, with a cumulative total of 271,615 vehicles for the year [2][3] - **NIO**: Delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with cumulative deliveries reaching 838,036 vehicles [3] - **Xiaomi Motors**: Exceeded 30,000 deliveries for the second time since its launch, with plans to expand its retail presence [3] - **Li Auto**: Reported 28,529 deliveries in August, with a cumulative total of 1,397,070 vehicles [4] Market Trends - The overall retail sales of narrow passenger vehicles in August were approximately 1.94 million units, showing a month-on-month increase of 6.2% and a year-on-year increase of 2.0% [5] - The market is expected to perform better in September due to the traditional peak season and the implementation of national and local purchase subsidies [6]

证券时报记者严翠 9月1日晚，汽车企业集中发布8月新能源车销售"成绩单"。 比亚迪8月产销简报显示，8月比亚迪新能源汽车销量37.36万辆，与上年同期的37.31万辆基本持平，1— 8月新能源汽车累计销量为286.4万辆，同比增长23%。比亚迪表示，公司2025年8月出口新能源汽车合 计8.08万辆。 长城汽车公告，2025年8月汽车销量11.56万辆，同比增长22.33%，其中新能源车销量3.75万辆。1—8月 总销售78.97万辆，同比增长5.94%。 鸿蒙智行宣布，8月交付新车4.46万辆，全系累计交付突破90万辆，再创新势力品牌达成速度纪录。同 时，鸿蒙智行8月成交均价38万元，实现了量价齐飞。目前，鸿蒙智行已形成"五界十车"的产品矩阵， 覆盖多元用户需求。随着多款重磅新车发布，鸿蒙智行即将迈向百万销量里程碑。 上汽集团公告，2025年8月公司整车产量为37.69万辆，同比增长44.05%，其中新能源汽车产量为14.05 万辆，同比增长60.08%。8月整车销量为36.34万辆，同比增长41.04%，其中新能源汽车销量为12.98万 辆，同比增长49.89%。据了解，上汽集团与华为联合打造了"尚界"智 ...

"9月应该会好一些吧。" | 月度数据 ▼ | 《上个月 | | 2025年08月 | | 下个月 ▶ | | --- | --- | --- | --- | --- | --- | | 新房成交 ◎网签地图> | | | | | | | 全市 | | 中心城区 | | 郊区新城 | | | 6398 € | | 4912套 | | 12:36套 | | | 818657.3m | | 648978.3m 11 | | 169679.1m | | | 套均:128m | | 套均:132.1m | | 套均: 114.2m | | | 较上月 | -93章 | 较上月 | -271套 | 较上月 | +178套 | | 环比 | =1.4% | 环比 | -5.2% | 环比 : | +13.6% | | 较去年同期 | +557套 | 较去年同期 | +349套 | 较去年同期 | +208套 | | 同比 | +9.5% | 同比 | +7.6% | 同比 | +16.3% | | (去年同期 | 5841套) | (去年同期 | 4563套) | (去年同期 | 1278套) | 图源：成都房小团 眼下 ...

Group 1: Market Overview - In August, the overall automotive market in China remained stable, with various factors such as weather improvement and promotional activities contributing to demand recovery [1][4] - The "Golden September and Silver October" traditional peak season is expected to further alleviate consumer hesitation, with new vehicle launches and local subsidies enhancing market opportunities [4] Group 2: Company Performance - Leap Motor achieved a delivery volume of 57,100 units in August, marking a year-on-year increase of over 88%, and became the second new energy vehicle company to report a half-year profit [1] - Xiaopeng Motors delivered 37,700 vehicles in August, a 169% year-on-year increase, driven by the launch of the new generation P7 [2] - NIO delivered 31,300 vehicles in August, a 55.2% increase year-on-year, with strong sales from its multiple brand strategy [2] - Zeekr delivered 44,800 vehicles in August, a 10.6% year-on-year increase, maintaining a delivery volume above 40,000 for six consecutive months [3] - Dongfeng Yipai delivered 29,100 vehicles in August, a 62.39% year-on-year increase, while GAC Aion delivered 27,000 vehicles, leading in self-built fast charging piles [3]