Economic Data Release - The National Bureau of Statistics will announce key economic data including industrial added value, fixed asset investment, and retail sales of consumer goods on July 15 [1] - The press conference will provide insights into the national economic performance for the first half of 2025 [2] Import and Export Data - A press conference will be held on July 14 to discuss the import and export situation for the first half of 2025 [3] Oil Price Adjustment - A new round of fuel price adjustments will take effect from July 15, with 13 price adjustment windows occurring this year, resulting in six increases, five decreases, and two unchanged [5] Real Estate Market - The National Bureau of Statistics will release the June 2025 residential property price index report on July 15, indicating a month-on-month decline in property prices across 70 major cities, with a narrowing year-on-year decline [6] Industry Conferences - Multiple industry summits will take place from July 16 to 20, including the third China International Supply Chain Promotion Expo and the 12th World Chemical Engineering Conference [7] Stock Market Unlocking - A total of 42 companies will have their restricted shares unlocked next week, with a total market value exceeding 26 billion yuan based on the closing price on July 11 [8] - The top three companies by unlocking market value are Tianyue Advanced (7.487 billion yuan), Maiwei Biological (5.420 billion yuan), and Baoli Food (3.010 billion yuan) [8] New Stock Opportunities - Two new stocks are set to be issued next week, with a total of approximately 9.073 million shares and expected fundraising of 1.236 billion yuan [11] - The stocks include Jiyuan Group with an issue price of 10.88 yuan and Shanda Electric Power at 14.66 yuan, both available for subscription on July 14 [12]

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In May, the price decline of second-hand houses in various cities expanded on a month-on-month basis, while the year-on-year decline narrowed [1][2] - The new residential sales price index for 70 major cities showed a month-on-month decrease of 0.2% in May, compared to a previous value of -0.1% [1] - The investment suggestion indicates that short-term policy support is expected to stabilize prices and improve valuations, while long-term focus should be on leading companies with quality product resources and real estate operation capabilities [3] Summary by Sections Month-on-Month Data - In May, the month-on-month price index for new residential properties in first-tier cities decreased by 0.2%, with specific cities like Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.4%, 0.7%, -0.4%, and -0.8% respectively [1] - The month-on-month price index for second-hand residential properties in first-tier cities decreased by 0.7%, with Beijing, Shanghai, Shenzhen, and Guangzhou showing declines of -0.8%, -0.7%, -0.5%, and -0.8% respectively [1] Year-on-Year Data - The year-on-year price index for new residential properties in 70 major cities decreased by 4.1% in May, an improvement from the previous decline of 4.5% [2] - The year-on-year price index for second-hand residential properties in 70 major cities decreased by 6.3%, also an improvement from the previous decline of 6.8% [2] Investment Recommendations - The report recommends focusing on leading companies such as Poly Developments and New Town Holdings in the short term, while also considering China Resources Land and Longfor Group as potential beneficiaries [3]

Core Viewpoint - The improvement in UK house price data is expected to support the UK economy, contributing to the relative strength of the British pound, particularly against the US dollar [1]. Group 1: Economic Indicators - According to Nationwide data, house prices increased by 3.5% compared to the previous year [1]. - The British pound (GBP) reached an intraday high of 1.3557 against the US dollar (GBP/USD), approaching the three-year high of 1.3593 from the previous week [1]. Group 2: Market Analysis - Chris Turner, a currency analyst at ING, noted that the decline in interest rates is a contributing factor to the positive outlook for house prices and the economy [1].

统计局 70 城房价数据点评：4 月一 线城市二手房环比转跌，二三线城 市二手房继续下行 环比：4 月一线城市二手房价格环比转跌，二三线城市二手房价格环比跌幅扩 大。 4 月份，70 个大中城市新建商品住宅销售价格指数环比增速为-0.1%，前值为 -0.1%。 4 月份，一线城市新建商品住宅销售价格指数环比增速为 0.0%，前值为 0.1%。 其中，北京、上海、深圳、广州当月环比增速分别为 0.1%、0.5%、-0.1%、-0.2%。 二线城市新建商品住宅销售价格指数环比增速为 0.0%，前值为 0.0%；三线城 市新建商品住宅销售价格指数环比增速为-0.2%，前值为-0.2%。 4 月份，70 个大中城市二手住宅价格指数环比增速为-0.4%，前值为-0.2%。 4 月份，一线城市二手住宅价格指数环比增速为-0.2%，前值为 0.2%。其中， 北京、上海、深圳、广州当月环比增速分别为-0.6%、0.1%、-0.3%、0.0%。 二线城市二手住宅价格指数环比增速为-0.4%，前值为-0.2%；三线城市二手住 宅价格指数环比增速为-0.4%，前值为-0.3%。 同比：4 月各线城市新房及二手房价格同比降幅均有所收 ...