Core Insights - In October 2025, the sales prices of commercial residential properties in major cities experienced a decline both month-on-month and year-on-year across all city tiers [2][3][4]. Group 1: Month-on-Month Price Changes - In October, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, with Shanghai increasing by 0.3% while Beijing, Guangzhou, and Shenzhen saw declines of 0.1%, 0.8%, and 0.7% respectively [3]. - Second-tier cities experienced a month-on-month decline of 0.4%, while third-tier cities saw a decrease of 0.5%, which is an increase in the decline rate by 0.1 percentage points [3]. - The month-on-month sales prices of second-hand residential properties in first-tier cities fell by 0.9%, a slight narrowing of the decline compared to the previous month [3]. Group 2: Year-on-Year Price Changes - Year-on-year, the sales prices of new commercial residential properties in first-tier cities dropped by 0.8%, with Shanghai increasing by 5.7% while Beijing, Guangzhou, and Shenzhen saw declines of 2.0%, 4.2%, and 2.6% respectively [4]. - Second-tier cities experienced a year-on-year decline of 2.0%, while third-tier cities saw a decrease of 3.4%, maintaining the same decline rate as the previous month [4]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 4.4%, with a notable increase in the decline rate by 1.2 percentage points compared to the previous month [4].

Group 1 - In September 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with the year-on-year decline continuing to narrow [1][2][3] Group 2 - In first-tier cities, the new commercial residential property sales prices decreased by 0.3% month-on-month, with Beijing and Shanghai experiencing increases of 0.2% and 0.3% respectively, while Guangzhou and Shenzhen saw declines of 0.6% and 1.0% [2] - The second-hand residential property sales prices in first-tier cities fell by 1.0% month-on-month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0% respectively [2] Group 3 - Year-on-year, the new commercial residential property sales prices in first-tier cities decreased by 0.7%, with Shanghai increasing by 5.6%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.6%, 4.1%, and 1.8% respectively [3] - The year-on-year decline in second-hand residential property sales prices in first-tier cities was 3.2%, with a narrowing decline compared to the previous month [3]

Core Insights - In September 2025, the sales prices of commercial residential properties in various cities experienced a month-on-month decline, while the year-on-year decline continued to narrow [2][4]. Group 1: Month-on-Month Price Changes - In September, the sales prices of new commercial residential properties in first-tier cities decreased by 0.3%, with the decline expanding by 0.2 percentage points compared to the previous month [3]. - Among first-tier cities, Beijing and Shanghai saw price increases of 0.2% and 0.3%, respectively, while Guangzhou and Shenzhen experienced declines of 0.6% and 1.0% [3]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.1 percentage points, while third-tier cities also experienced a 0.4% decline, remaining unchanged from the previous month [3]. - The sales prices of second-hand residential properties in first-tier cities fell by 1.0%, consistent with the previous month, with declines in Beijing, Shanghai, Guangzhou, and Shenzhen of 0.9%, 1.0%, 0.8%, and 1.0%, respectively [3]. - Second and third-tier cities' second-hand residential prices decreased by 0.7% and 0.6%, with both declines expanding by 0.1 percentage points [3]. Group 2: Year-on-Year Price Changes - In September, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 0.7%, with the decline narrowing by 0.2 percentage points compared to the previous month [4]. - Shanghai experienced a price increase of 5.6%, while Beijing, Guangzhou, and Shenzhen saw declines of 2.6%, 4.1%, and 1.8%, respectively [4]. - Year-on-year, second-tier cities' new commercial residential prices fell by 2.1%, and third-tier cities' prices decreased by 3.4%, with both declines narrowing by 0.3 percentage points [4]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.2%, with the decline narrowing by 0.3 percentage points compared to the previous month [4]. - In first-tier cities, the year-on-year declines were 2.7% for Beijing, 2.4% for Shanghai, 6.0% for Guangzhou, and 1.7% for Shenzhen [4]. - Second and third-tier cities' second-hand residential prices fell by 5.0% and 5.7%, with declines narrowing by 0.2 and 0.3 percentage points, respectively [4].

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with Shanghai increasing by 0.4% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [2] - The sales prices of new residential properties in second-tier cities decreased by 0.3% month-on-month, and in third-tier cities, the decrease was 0.4% [2] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 1.2%, 1.0%, 0.9%, and 0.8% respectively [2] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 0.9%, with Shanghai increasing by 5.9% while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [2] - The year-on-year sales prices of new residential properties in second-tier and third-tier cities decreased by 2.4% and 3.7% respectively, with the declines narrowing by 0.4 and 0.5 percentage points [2] - Year-on-year, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5%, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 3.1%, 2.6%, 6.2%, and 1.9% respectively [3]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with a narrowing decline compared to the previous month [2][3] - The month-on-month decline in new residential property prices for second-tier cities was 0.3%, showing a narrowing of 0.1 percentage points, while third-tier cities saw a decline of 0.4%, which is an increase of 0.1 percentage points [3] - The sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, remaining unchanged from the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities fell by 0.9%, with a narrowing decline of 0.2 percentage points compared to the previous month [4] - In August, the year-on-year decline for new residential property prices in second-tier and third-tier cities was 2.4% and 3.7%, respectively, with declines narrowing by 0.4 and 0.5 percentage points [4] - The year-on-year decline in second-hand residential property prices in first-tier cities was 3.5%, which is an increase of 0.1 percentage points compared to the previous month [4]

Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [2] - The sales prices of new residential properties in second-tier cities fell by 0.3% month-on-month, with the decline narrowing by 0.1 percentage points [2] - The sales prices of new residential properties in third-tier cities decreased by 0.4% month-on-month, with the decline widening by 0.1 percentage points [2] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities dropped by 0.9%, with the decline narrowing by 0.2 percentage points compared to the previous month [2] - In first-tier cities, Shanghai saw an increase of 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.5%, 4.3%, and 1.7% respectively [2] - Year-on-year, the sales prices of new residential properties in second-tier and third-tier cities fell by 2.4% and 3.7%, with declines narrowing by 0.4 and 0.5 percentage points respectively [2] Group 3 - In August, the sales prices of second-hand residential properties in first-tier cities decreased by 3.5% year-on-year, with the decline widening by 0.1 percentage points compared to the previous month [3] - The year-on-year declines in second-hand residential property prices for Beijing, Shanghai, Guangzhou, and Shenzhen were 3.1%, 2.6%, 6.2%, and 1.9% respectively [3] - The year-on-year sales prices of second-hand residential properties in second-tier and third-tier cities fell by 5.2% and 6.0%, with declines narrowing by 0.4 percentage points for both [3]

Economic Indicators - The National Bureau of Statistics reported that GDP grew by 5.3% year-on-year in the first half of the year [1] - In June, the industrial added value above designated size increased by 6.8% year-on-year [1] - Fixed asset investment nationwide increased by 2.8% year-on-year in the first half of the year [1] - Retail sales of consumer goods in June rose by 4.8% year-on-year [1] - Real estate development investment nationwide decreased by 11.2% year-on-year from January to June [1] Consumer Market Outlook - The Deputy Director of the National Bureau of Statistics indicated that consumer development in the second half of the year is supported by positive factors and trends from the first half, with continued strengthening of consumption policies [2] Real Estate Market Trends - As of June 2025, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline, with the overall year-on-year decline narrowing [3] Technology Sector Developments - NVIDIA's founder and CEO announced that the U.S. has approved the export of H20 chips to China, and NVIDIA will launch the RTXpro GPU [4] Stock Market Performance - As of the midday close, the Shanghai Composite Index fell by 0.93%, the Shenzhen Component Index decreased by 0.26%, while the ChiNext Index rose by 0.64%. The Hang Seng Index and the Hang Seng Tech Index both increased by 0.2% [5]

Group 1 - In May 2025, the sales prices of new residential properties in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [3] - The sales prices of second-hand residential properties in first-tier cities fell by 0.7% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing declines of 0.8%, 0.7%, 0.8%, and 0.5% respectively [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 1.7%, a reduction in the decline by 0.4 percentage points compared to the previous month, with Shanghai increasing by 5.9% and declines in Beijing, Guangzhou, and Shenzhen of 4.3%, 5.8%, and 2.6% respectively [4] - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 2.7%, with a reduction in the decline by 0.5 percentage points compared to the previous month, where Beijing and Shanghai saw declines of 0.7% and 0.1% respectively [4]