Group 1: Hot News - In October, China's industrial added - value above designated size increased by 4.9% year - on - year, high - tech manufacturing by 7.2%, service production index by 4.6%, and social consumer goods retail by 2.9%. From January to October, national fixed - asset investment decreased by 1.7%, real estate development investment by 14.7%, and new commercial housing sales area by 6.8% [2] - In October, housing prices in 70 large and medium - sized cities declined both month - on - month and year - on - year. All 70 cities saw a month - on - month decline in second - hand housing prices, with narrowing declines in first - and second - tier cities. The number of cities with rising new housing prices month - on - month was 7, one more than last month [2] - Platinum and palladium futures contracts will be listed on the Guangzhou Futures Exchange on November 27. The initial trading margin is 9% of the contract value, and the daily price limit is 14% [2] - In October, global physical gold ETFs had an inflow of $8.2 billion, the fifth consecutive month of inflows. The cumulative net inflow of $72 billion in the first ten months set a record [3] - Russia's Novorossiysk Black Sea port resumed oil loading operations on November 16 [3] Group 2: Sector Performance - Key sectors to watch: urea, Shanghai copper, silver, crude oil, PVC [4] - Night - session performance: non - metallic building materials rose 3.24%, precious metals 30.16%, oilseeds and oils 9.85%, soft commodities 2.51%, non - ferrous metals 23.35%, coal, coke, steel and ore 12.33%, energy 2.76%, chemicals 10.75%, grains 1.16%, and agricultural and sideline products 3.88% [4] Group 3: Sector Positions - The chart shows the position changes of commodity futures sectors in the past five days [5] Group 4: Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.97 | 0.90 | 19.06 | | | SSE 50 | - 1.15 | 0.89 | 13.17 | | | CSI 300 | - 1.57 | - 0.27 | 17.62 | | | CSI 500 | - 1.63 | - 1.30 | 26.37 | | | S&P 500 | - 0.05 | - 1.55 | 14.49 | | | Hang Seng Index | - 1.85 | 2.57 | 32.47 | | | German DAX | - 0.69 | - 0.34 | 19.93 | | | Nikkei 225 | - 1.77 | - 3.88 | 26.27 | | | UK FTSE 100 | - 1.11 | - 0.19 | 18.66 | | Fixed - income | 10 - year Treasury bond futures | 0.00 | - 0.24 | - 0.47 | | | 5 - year Treasury bond futures | - 0.00 | - 0.18 | - 0.62 | | | 2 - year Treasury bond futures | - 0.01 | - 0.09 | - 0.50 | | Commodity | CRB Commodity Index | 0.00 | - 0.06 | 1.90 | | | WTI Crude Oil | 2.10 | - 1.56 | - 16.69 | | | London Spot Gold | - 2.13 | 1.99 | 55.56 | | | LME Copper | - 1.00 | - 0.42 | 23.51 | | | Wind Commodity Index | - 1.44 | 1.95 | 33.18 | | Other | US Dollar Index | 0.11 | - 0.45 | - 8.48 | | | CBOE Volatility Index | - 0.85 | 13.70 | 14.29 | [6]

Core Insights - The delayed release of the 70-city housing price report has led to speculation about the state of the housing market, particularly concerns over poor data [1][3] - The September data shows a continued decline in housing prices, with new homes in first-tier cities down 0.3% and second-hand homes down 1.0% month-on-month, but the year-on-year decline is narrowing, indicating a potential stabilization [3][5] Summary by Category Housing Market Trends - The September report indicates a month-on-month decline in housing prices across various cities, with first-tier cities experiencing a slight decrease [3] - Year-on-year declines are showing signs of narrowing, suggesting a potential stabilization in the market [3][4] Market Dynamics - The housing market is no longer characterized by uniform price movements; instead, there is a clear differentiation between first-tier and third-tier cities, influenced by population inflows and economic factors [3][5] - For instance, while new home prices in Shanghai increased by 0.3%, Shenzhen saw a decline of 1.0%, highlighting the impact of local demographics and industry [3] Investor Sentiment - The delay in data release should not be interpreted as a sign of significant market issues; rather, it reflects routine statistical adjustments [4] - Investors are encouraged to focus on long-term trends and local population dynamics rather than short-term fluctuations in housing prices [4][5]

同比降幅总体持续收窄 ——国家统计局城市司首席统计师王中华解读2025年9月份商品住宅销售价格变动情况统计数据 9月份各线城市商品住宅销售价格环比下降 70个大中城市房地产价格统计一二三线城市划分：一线城市指北京、上海、广州、深圳等4个城市；二 线城市指天津、石家庄、太原、呼和浩特、沈阳、大连、长春、哈尔滨、南京、杭州、宁波、合肥、福 州、厦门、南昌、济南、青岛、郑州、武汉、长沙、南宁、海口、重庆、成都、贵阳、昆明、西安、兰 州、西宁、银川、乌鲁木齐等31个城市；三线城市指唐山、秦皇岛、包头、丹东、锦州、吉林、牡丹 江、无锡、徐州、扬州、温州、金华、蚌埠、安庆、泉州、九江、赣州、烟台、济宁、洛阳、平顶山、 宜昌、襄阳、岳阳、常德、韶关、湛江、惠州、桂林、北海、三亚、泸州、南充、遵义、大理等35个城 市。 9月份，一线城市新建商品住宅销售价格环比下降0.3%，降幅比上月扩大0.2个百分点。其中，北京和上 海分别上涨0.2%和0.3%，广州和深圳分别下降0.6%和1.0%。二线城市新建商品住宅销售价格环比下降 0.4%，降幅扩大0.1个百分点。三线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。 9月份 ...

经济观察网 10月20日重点关注的财经要闻与资本市场大事： 1、国家统计局将发布前三季度国民经济运行数据 10月20日，国家统计局将发布三季度及9月份宏观经济数据。 2、9月70城房价数据将发布 10月20日，国家统计局将发布2025年9月份70个大中城市商品住宅销售价格变动情况。 今日看点 经济观察网 编辑 王俊勇 整理 10月20日，本月一年期和五年期以上贷款市场报价利率（LPR）将公布。 4、406.9亿元市值限售股今日解禁 10月20日，共有22家公司限售股解禁，合计解禁量为20.95亿股，按最新收盘价计算，合计解禁市值为406.9亿元。 从解禁量来看，16家公司解禁股数超千万股。首钢股份、三柏硕、慧博云通解禁量居前，解禁股数分别为10.15亿股、1.78亿股、1.57亿股。从解禁市值来 看，16家公司解禁股数超亿元。慧博云通、峰岹科技、首钢股份解禁市值居前，解禁市值分别为84.28亿元、70.75亿元、41.53亿元。 5、2家公司披露回购进展 10月20日，2家公司共发布2个股票回购相关进展。其中，2家公司回购方案已实施完毕。从已完成回购来看，当日共1家公司回购金额超千万。泰晶科技、电 魂网络已完 ...

7月份，一线城市二手住宅销售价格环比下降1.0%，降幅比上月扩大0.3个百分点。其中，北京、上海、 广州和深圳分别下降1.1%、0.9%、1.0%和0.9%。二、三线城市二手住宅销售价格环比均下降0.5%，降 幅均收窄0.1个百分点。 70城新房房价环比变化情况 国家统计局8月15日发布的数据显示，7月份，70个大中城市中，各线城市商品住宅销售价格环比下降， 同比降幅整体有所收窄。 环比看，7月份，一线城市新建商品住宅销售价格环比下降0.2%，降幅比上月收窄0.1个百分点。其中， 北京持平，上海上涨0.3%，广州和深圳分别下降0.3%和0.6%。二线城市新建商品住宅销售价格环比下 降0.4%，降幅扩大0.2个百分点。三线城市新建商品住宅销售价格环比下降0.3%，降幅与上月相同。 国家统计局数据显示，7月份，一线城市新建商品住宅销售价格同比下降1.1%，降幅比上月收窄0.3个百 分点。二、三线城市新建商品住宅销售价格同比分别下降2.8%和4.2%，降幅分别收窄0.2个和0.4个百分 点。一线城市二手住宅销售价格同比下降3.4%，降幅比上月扩大0.4个百分点。二、三线城市二手住宅 销售价格同比分别下降5.6%和6 ...

Group 1 - National Bureau of Statistics will hold a press conference to introduce the national economic operation situation for the first half of 2025 [2] - The housing price data for 70 major cities in June will be released [4] - Domestic refined oil prices are expected to see their sixth decrease of the year, with a total adjustment pattern of "six increases, five decreases, and two pauses" so far this year [5] Group 2 - New regulations for individual business registration management will take effect, allowing individual businesses to transition to enterprises while retaining their social credit codes and other identifiers [6] - A total of 3.17 billion shares worth 4.246 billion yuan will be unlocked today, with several companies seeing significant share unlocks [7][8] - 20 companies have disclosed stock repurchase progress, with several companies announcing significant repurchase amounts [9]

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 ...