国家统计局： 2025全年居民消费价格与上年持平。工业生产者出厂价格下降2.6%。工业生产者购进价 格下降3.0%。农产品生产者价格下降3.7%。12月份，70个大中城市中，新建商品住宅销售价格环比上 涨的城市个数为6个，持平的为6个，下降的为58个；二手住宅销售价格环比下降的城市个数为70个；新 建商品住宅销售价格同比上涨的城市个数为5个，下降的为65个；二手住宅销售价格同比下降的城市个 数为70个。年末国家外汇储备33579亿美元，比上年末增加1555亿美元。全年人民币平均汇率为1美元兑 7.1429元人民币，比上年贬值0.3%。 ...

Morning session notice Morning session notice 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 春节前最后一个交易日国债期货主力合约开盘大致平开，早盘横向波动一段后下 | | | | | | | | | | | | | | | | | | | | 行，午后有所回升，截至收盘 | 30 | 年期国债期货主力合约 | TL2603 | 涨 | 0.04%，10 | 年期 | T2603 | 下跌 | 0.10%，5 | 年期 | TF2603 | 下跌 | 0.09%，2 | 年期 | TS2603 | 下 ...

Core Viewpoint - The National Bureau of Statistics reported a decline in the sales prices of second-hand residential properties in major cities, indicating a continued downward trend in the real estate market [1] Group 1: Price Changes in First-Tier Cities - Second-hand residential sales prices in first-tier cities decreased by 0.9% month-on-month, with the decline rate narrowing by 0.2 percentage points compared to the previous month [1] - Specific declines in major cities include Beijing at 1.3%, Shanghai at 0.6%, Guangzhou at 1.0%, and Shenzhen at 0.6% [1] Group 2: Price Changes in Second- and Third-Tier Cities - Second-hand residential sales prices in second- and third-tier cities also saw a month-on-month decline of 0.7%, with the decline rate expanding by 0.1 percentage points [1]

Core Viewpoint - The National Bureau of Statistics reported a decline in the sales prices of second-hand residential properties in major cities for October 2025, indicating a continued downward trend in the real estate market [1] Group 1: Price Changes in First-tier Cities - Second-hand residential sales prices in first-tier cities decreased by 0.9% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - Specific declines in major cities include Beijing at 1.1%, Shanghai at 0.9%, Guangzhou at 0.9%, and Shenzhen at 0.9% [1] Group 2: Price Changes in Second-tier and Third-tier Cities - Second-tier cities experienced a month-on-month decline in second-hand residential sales prices of 0.6%, with the decline also narrowing by 0.1 percentage points [1] - Third-tier cities saw a month-on-month decline of 0.7% in second-hand residential sales prices, with the decline expanding by 0.1 percentage points [1]

Core Viewpoint - In August, the sales prices of second-hand residential properties in first-tier cities experienced a month-on-month decline of 1.0%, consistent with the previous month [1] Group 1: First-tier Cities - The sales prices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 1.2%, 1.0%, 0.9%, and 0.8% respectively [1] Group 2: Second-tier Cities - The sales prices in second-tier cities saw a month-on-month decline of 0.6%, with the decline expanding by 0.1 percentage points compared to the previous month [1] Group 3: Third-tier Cities - The sales prices in third-tier cities decreased by 0.5%, with the decline remaining the same as the previous month [1]

Core Viewpoint - In August, the sales prices of second-hand residential properties in first-tier cities experienced a year-on-year decline of 3.5%, with the rate of decline widening by 0.1 percentage points compared to the previous month [1] Summary by Category First-tier Cities - The sales prices in Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 3.1%, 2.6%, 6.2%, and 1.9% respectively [1] Second and Third-tier Cities - The sales prices in second-tier cities fell by 5.2%, while third-tier cities saw a decline of 6.0%, with both categories experiencing a narrowing of the decline by 0.4 percentage points [1]