Core Viewpoint - The real estate market in China shows signs of stabilization with a narrowing decline in sales and an increase in new home prices in several cities, indicating potential recovery in the sector [1][16][22]. Group 1: Market Performance - In the first eight months of the year, the sales area of new residential properties reached 57,304 million square meters, a year-on-year decline of 4.7%, but the decline is 13.3 percentage points smaller than the same period last year [17]. - The sales revenue of new residential properties was 55,015 billion yuan, down 7.3%, with a reduction in the decline of 16.3 percentage points compared to the previous year [17]. - By August, the number of cities with rising new home prices increased to nine, including Shanghai, Hangzhou, and Nanning, reflecting a positive trend in the market [1][16]. Group 2: Price Trends - In August, the new home prices in first-tier cities saw a month-on-month decline of 0.1%, with Shanghai experiencing a 0.4% increase, while Beijing, Guangzhou, and Shenzhen all saw declines [9][16]. - Year-on-year, new home prices in first-tier cities decreased by 0.9%, a reduction of 0.2 percentage points compared to the previous month [8][9]. - The decline in new home prices for second and third-tier cities was 2.4% and 3.7% respectively, with reductions in the decline of 0.4 and 0.5 percentage points [8][16]. Group 3: Inventory and Supply - The inventory of unsold residential properties decreased for six consecutive months, with a total of 76,169 million square meters by the end of August, down 317 million square meters from July [20][15]. - The reduction in inventory indicates that developers are actively working to reduce stock, suggesting a shift from rapid decline to a phase of stabilization in the market [20][22]. Group 4: Policy and Market Outlook - The government has implemented various policies to stabilize the real estate market, including adjustments to housing policies and financial incentives to stimulate demand [22][23]. - Analysts predict that the market may see a seasonal increase in activity during the "Golden September" period, with core cities likely to accelerate the launch of new projects [24][22]. - The expectation of continued monetary policy easing and the potential for more favorable conditions in the housing market could further support recovery efforts [23][24].

还有一点小变化，对比7月，8月份新房价格上涨的城市从此前的6个变为9个。二手房价上涨的城市数量保持不变，依然为1个。包括上海、杭州、宜昌、南 宁、沈阳、合肥、吉林、西宁、乌鲁木齐。上海作为全国楼市风向标我们还要继续关注。 一月一度的70城大中城市房价出炉，9月15日早上，8月份70个大中城市商品住宅销售价格变动情况公布。这次房价的数据在意料之中，但也有一些小变化， 这些信号也向外界释放出不一般的意义。 8月作为传统淡季，但又赶上各地楼市利好政策陆陆续续出台，所以，大家对8月份的数据还是非常期待的，希望这次能有一些大的变化。大的变化倒没有， 但政策效果确实发挥了一些作用。 8月份，一线城市新房价格环比下降0.1%，但值得关注的是，这次的降幅比上月收窄了0.1个百分点，虽然微乎其微，但信号意义比较明显。其中，上海上涨 0.4%，北京、广州和深圳分别下降0.4%、0.2%和0.4%。 二线城市新房价格环比下降0.3%，降幅收窄0.1个百分点。三线城市新房价格环比下降0.4%，降幅扩大0.1个百分点。由此可见，一二线城市总体在向好了 转，三线城市压力依然巨大。 二手房市场作为楼市的晴雨表，更能反映楼市真实情况，所以我 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - The current profit of float glass enterprises is relatively stable, and the daily melting volume is also stable. There are no plans for water release or ignition of production lines this week, so the output is expected to run smoothly. The terminal demand for float glass remains weak. The negotiation focus in the East China market has moved up. Driven by the rise in the peripheral market, prices in Shandong and northern Jiangsu have followed suit, which has boosted production and sales. The overall shipment of enterprises is okay. It is expected that the glass price will fluctuate in the near term, with the support level for the 01 contract at 1140. It is recommended to go long on dips in the short term and pay attention to stop - loss [2][23] Summary by Directory Chapter 1: Market Review - The spot negotiation focus in the domestic float glass market has risen, and the average price this week was 1160 yuan/ton, an increase of 5.31 yuan/ton from the previous period. In the North China market, overall shipment was good, inventory decreased, and prices were raised. In the East China market, the negotiation focus moved up, and prices in Shandong and northern Jiangsu increased by 20 yuan/ton, followed by enterprises in Anhui and Zhejiang with increases of 20 - 40 yuan/ton. Although the overall shipment was okay, most lacked confidence in the future market due to limited improvement in downstream orders [8] Chapter 2: Price Influence Factor Analysis 2.1 Supply - Demand Analysis - **Supply - side**: As of September 11, the average start - up rate of the float glass industry was 76.01%, a month - on - month increase of 0.1 percentage points; the average capacity utilization rate was 80.08%, a month - on - month increase of 0.3 percentage points. There are no plans for water release or ignition of production lines this week, so the output is expected to be stable. The weekly average profit of float glass using different fuels has different changes [12] - **Demand - side**: As of September 1, 2025, the average order days of national deep - processing sample enterprises was 10.4 days, a month - on - month increase of 7.8% and a year - on - year increase of 8.3%. However, the terminal demand for float glass remains weak. From January to August 2025, the cumulative real estate completion area was 276940,000 square meters, a year - on - year decrease of 17%. In August 2025, the inventory warning index of Chinese auto dealers was 57%, a year - on - year increase of 0.8 percentage points and a month - on - month decrease of 0.2 percentage points. The production and sales of automobiles in August were 2.815 million and 2.857 million respectively [14] - **Inventory**: As of September 11, 2025, the total inventory of national float glass sample enterprises was 61.583 million heavy boxes, a month - on - month decrease of 1.467 million heavy boxes, a month - on - month decrease of 2.33% and a year - on - year decrease of 14.94%. The inventory days were 26.3 days, a decrease of 0.6 days from the previous period. The inventory in North China and East China markets has decreased [17] 2.2 Position Analysis - As of September 12, the long position of the top 20 members in glass futures was 770,040, an increase of 6982, and the short position was 986,666, an increase of 35,331. The net position of the top 20 members was bearish [20] Chapter 3: Market Outlook and Investment Strategy - The current profit and daily melting volume of float glass enterprises are stable. There are no plans for water release or ignition of production lines this week, so the output is expected to run smoothly. The terminal demand for float glass remains weak. The negotiation focus in the East China market has moved up, which has boosted production and sales. The overall shipment of enterprises is okay. Attention should be paid to the change in float glass demand in the later stage. It is expected that the glass price will fluctuate in the near term, with the support level for the 01 contract at 1140. It is recommended to go long on dips in the short term and pay attention to stop - loss [23]

房地产市场仍朝着止跌回稳方向迈进。 企业资金有所改善 国家统计局的数据显示，1—8月份，房地产开发企业到位资金64318亿元，同比下降8.0%。其中，国内贷款10232亿元，同比增长0.2%；利用外资18亿 元，同比下降11.5%；自筹资金22974亿元，同比下降8.9%；定金及预收款18844亿元，同比下降10.5%；个人按揭贷款8857亿元，同比下降10.5%。 付凌晖指出，房地产去库存稳步推进，企业资金状况有所改善。从资金来源看，1—8月份，房地产开发企业到位资金同比下降8%，降幅比去年同期收窄 12.2个百分点，比去年全年收窄9个百分点。 9月15日，国家统计局发布的数据显示，1—8月份，房地产市场销售降幅收窄，全国新建商品房销售面积和销售额同比降幅较去年全年分别收窄8.2个和9.8 个百分点。同时，房地产企业资金和库存有所改善，房地产开发企业到位资金同比降幅比去年全年收窄9个百分点，商品房待售面积连续6个月减少。 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，从前8个月情况看，房地产市场虽有所波动，但仍朝着止跌回稳方向迈进。 房地产市场修复需要一个过程，促进房地产止跌回稳还 ...

Core Viewpoint - The real estate market is gradually stabilizing after a period of decline, with improvements in sales and inventory levels observed in the first eight months of the year [1][5][8]. Group 1: Sales Performance - From January to August, the total sales area of new commercial housing reached 57,304 million square meters, a year-on-year decrease of 4.7%, which is a reduction of 13.3 percentage points compared to the same period last year [3][5]. - The sales revenue for new commercial housing was 55,015 billion yuan, down 7.3% year-on-year, with a decrease of 16.3 percentage points compared to the same period last year [3][5]. - Some first-tier and second-tier cities have seen growth in both sales area and revenue for new commercial housing [5]. Group 2: Inventory and Funding - As of the end of August, the inventory of unsold commercial housing was 76,169 million square meters, which is a decrease of 317 million square meters from the end of July, marking six consecutive months of decline [3][6]. - The funding situation for real estate development companies has improved, with total funding down 8% year-on-year, but the decline has narrowed by 12.2 percentage points compared to the same period last year [8]. - The government has implemented policies to stabilize the real estate market and promote the release of housing demand, contributing to the narrowing of sales declines [8]. Group 3: Future Outlook - The real estate market is expected to continue its recovery, but it requires ongoing efforts to stabilize and improve conditions [1][8]. - The government plans to enhance urban renewal and increase the supply of high-quality housing to better meet the rigid and improved housing needs of residents [8].

9月15日，国新办召开新闻发布会，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在会上表示，受国内外 形势变化影响，前8个月房地产市场虽有所波动，但商品房销售和住宅价格同比降幅在收窄，去库存成效继续显现，房地产市场 仍朝着止跌回稳方向迈进。 商品房待售面积连续6个月减少 8月70个大中城市中，多数城市商品住宅销售价格同比降幅有所收窄，其中一、二、三线城市新建商品住宅销售价格同比降幅比 上月分别收窄0.2、0.4和0.5个百分点；二、三线城市二手住宅销售价格同比降幅均收窄0.4个百分点。 环比看，各线城市商品住宅销售价格下降态势仍未扭转，但部分城市出现环比降幅收窄情况。 比如在新房市场，8月一线城市新房价格环比下降0.1%，降幅比上月收窄0.1个百分点，其中，上海上涨0.4%，北京、广州和深 圳分别下降0.4%、0.2%和0.4%。二线城市新建商品住宅销售价格环比下降0.3%，降幅收窄0.1个百分点。 前8月房地产市场呈现市场销售降幅收窄，新房价格环比上涨城市增加、同比降幅收窄等积极信号。 9月15日，国家统计局公布前8月房地产数据。1-8月，全国新建商品房销售面积同比下降4.7%，降幅比去年同期 ...

Core Viewpoint - The article discusses the overall stability and gradual improvement of China's economy and real estate market, highlighting the impact of macroeconomic policies and seasonal factors on market performance [2][4][6]. Economic Performance - In August 2025, China's industrial production grew by 5.2% year-on-year, with equipment manufacturing and high-tech manufacturing sectors showing strong growth rates of 8.1% and 9.3% respectively [4]. - The total retail sales of consumer goods reached 39,668 billion yuan, marking a year-on-year increase of 3.4% [4]. - Fixed asset investment grew by 4.2% year-on-year, with manufacturing investment increasing by 5.1% [4]. - The total value of goods imports and exports was 38,744 billion yuan, up 3.5% year-on-year, with exports growing by 4.8% and imports by 1.7% [4]. - The urban unemployment rate averaged 5.2% from January to August, with a slight increase to 5.3% in August [4]. Real Estate Market Trends - In August 2025, new housing sales continued to show seasonal low levels, with a total sales area of 57.44 million square meters, down 10.6% year-on-year [6][7]. - The inventory of unsold residential properties decreased for six consecutive months, indicating reduced pressure on the industry [6][7]. - The average new home price in first-tier cities fell by 0.9% year-on-year, while second and third-tier cities saw declines of 2.4% and 3.7% respectively, with the rate of decline narrowing [11][12]. - Various local governments introduced 24 policies to optimize housing funds and 13 policies for subsidies and tax benefits in August [12]. Policy and Market Support - The State Council emphasized the need for coordinated policies to enhance domestic demand and improve the investment environment [6]. - The government plans to accelerate urban renewal and support high-quality land supply to stabilize the real estate market [8][20]. - The real estate development investment in the first eight months of 2025 was 60,309 billion yuan, down 12.9% year-on-year, with a notable decline in land transaction volumes [24][26]. Future Outlook - The article suggests that the real estate market may see a gradual improvement due to the ongoing implementation of supportive policies and the introduction of high-quality land [26][27]. - The inventory pressure in the real estate sector is expected to continue to improve, aided by the promotion of high-quality urban development and better land utilization [27].

国家统计局的数据显示，8月份，70个大中城市中，新房价格环比上涨城市增加，一、二线城市新房价 格同环比降幅收窄。 数据显示，8月份，一线城市新房价格环比下降0.1%，降幅比上月收窄0.1个百分点。其中，上海上涨 0.4%，北京、广州和深圳分别下降0.4%、0.2%和0.4%。二线城市新房价格环比下降0.3%，降幅收窄0.1 个百分点。三线城市新房价格环比下降0.4%，降幅扩大0.1个百分点。 从二手房来看，8月份，一线城市二手房价环比下降1.0%，降幅与上月相同。其中，北京、上海、广州 和深圳分别下降1.2%、1.0%、0.9%和0.8%。二线城市二手房价格环比下降0.6%，降幅扩大0.1个百分 点。三线城市二手房价格环比下降0.5%，降幅与上月相同。 8月份，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。另外，二手房价 环比上涨的城市只有长春1个，涨幅为0.1%。 同比来看，8月份，一线城市新房价格同比下降0.9%，降幅比上月收窄0.2个百分点。其中，上海上涨 5.9%，北京、广州和 ...

9月15日，国家统计局发布《2025年1-8月份全国房地产市场基本情况》，数据显示，1-8月，全国新建商 品房销售面积同比下降4.7%，降幅较去年同期及去年全年明显收窄，但较1-7月有所扩大。投资开工降幅 同样扩大，市场淡季行情延续。 需求：1-8月全国新建商品房销售面积5.73亿平米，同比下降4.7% 销售面积：根据国家统计局数据，1-8月，全国新建商品房销售面积5.73亿平方米，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；住宅销售面积4.81亿平米，同比下降 4.7%。 销售额：1-8月，新建商品房销售额5.50万亿元，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；其中住宅销售额4.84万亿元，同比下降7.0%。 图：全国新建商品房累计销售面积以及销售额同比增速 供应：新开工降幅基本持平，投资降幅略有扩大 房地产开发投资额：1-8月，全国房地产开发投资额为6.03万亿元，同比下降12.9%；其中，住宅开发投 资额4.64万亿元，同比下降11.9%。 图：2015年至今房地产和住宅累计开发投资及其同比增速 房屋施工面积：1-8 ...

9月15日，国家统计局发布的最新数据显示，8月份，70个大中城市中，新房价格环比上涨城市有所增加。同时，多数 城市房价同比降幅有所收窄，其中，一、二、三线城市新房价格同比降幅均收窄；二、三线城市二手房价格同比降幅 均收窄。 从房价涨幅来看，上海新房价格同环比涨幅居前，长春二手房价格环比涨幅居前。 业内人士认为，8月市场进一步朝止跌回稳方向迈进，9月上半月的市场相比8月有所好转，建议积极做好"金九银十"阶段 的楼市提振工作，未来房地产市场止跌回稳的趋势不变。 从二手房来看，8月份，一线城市二手房价环比下降1.0%，降幅与上月相同。其中，北京、上海、广州和深圳分别下降 1.2%、1.0%、0.9%和0.8%。二线城市二手房价格环比下降0.6%，降幅扩大0.1个百分点。三线城市二手房价格环比下降 0.5%，降幅与上月相同。 8月份，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。另外，二手房价环比上涨的城市只有长春1个，涨幅为 0.1%。 同比来看，8月份，一线城市新房价格同比下降0.9%，降 ...