环比方面，国家统计局数据显示，一二三线城市商品住宅销售价格环比降幅总体收窄。1月份，一线城 市新建商品住宅销售价格环比下降0.3%，降幅与上月相同。其中，上海持平，北京、广州和深圳分别 下降0.3%、0.6%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。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。 1月份，一线城市二手住宅销售价格环比下降0.5%，降幅比上月收窄0.4个百分点。其中，北京、上海、 广州和深圳分别下降0.2%、0.4%、0.7%和0.6%。二、三线城市二手住宅销售价格环比分别下降0.5%和 0.6%，降幅分别收窄0.2个和0.1个百分点。 同比继续下降 国家统计局2月13日发布数据显示，2026年1月份，70个大中城市商品住宅销售价格环比降幅总体收窄。 环比降幅总体收窄 值得注意的是，2026年1月份多个重点城市二手房市场成交同比有所回暖。 "2026年开年，重点城市二手房市场延续'以价换量'特征。"中指研究院表示。 中指研究院数据显示，1月纳入统计的20个重点城市二手住宅共成交11.8万套，环比微降3.1%，同比增 长15.3%，市场交易 ...

环比降幅总体收窄 国家统计局2月13日发布数据显示，2026年1月份，70个大中城市商品住宅销售价格环比降幅总体收窄。 交易保持一定活跃度 值得注意的是，2026年1月份多个重点城市二手房市场成交同比有所回暖。 "2026年开年，重点城市二手房市场延续'以价换量'特征。"中指研究院表示。 中指研究院数据显示，1月纳入统计的20个重点城市二手住宅共成交11.8万套，环比微降3.1%，同比增 长15.3%，市场交易保持一定活跃度。 中指研究院表示，自去年四季度以来，主要城市二手房新增挂牌与存量挂牌规模已有所减少，业主议价 空间略有收窄，反映出短期供应压力有所缓解，市场预期也出现一定改善。 环比方面，国家统计局数据显示，一二三线城市商品住宅销售价格环比降幅总体收窄。1月份，一线城 市新建商品住宅销售价格环比下降0.3%，降幅与上月相同。其中，上海持平，北京、广州和深圳分别 下降0.3%、0.6%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。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。 1月份，一线城市二手住宅销售价格环比下降0.5%，降幅比上月收窄0.4个百分 ...

Core Viewpoint - The latest data from the National Bureau of Statistics indicates a general narrowing of the month-on-month decline in commodity residential sales prices across 70 large and medium-sized cities in January 2026, with year-on-year prices also showing a decline [1]. Group 1: Month-on-Month Price Changes - In January, the sales prices of new commodity residential properties in first-tier cities decreased by 0.3% month-on-month, consistent with the previous month. Shanghai remained stable, while Beijing, Guangzhou, and Shenzhen saw declines of 0.3%, 0.6%, and 0.4% respectively [2]. - The month-on-month decline in second-tier cities' new commodity residential prices was 0.3%, a reduction of 0.1 percentage points from the previous month. Third-tier cities experienced a 0.4% decline, unchanged from the previous month [2]. - For second-hand residential properties, first-tier cities saw a month-on-month decline of 0.5%, which is a narrowing of 0.4 percentage points from the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 0.2%, 0.4%, 0.7%, and 0.6% respectively [2]. Group 2: Year-on-Year Price Changes - In January, the year-on-year sales prices of new commodity residential properties in first-tier cities fell by 2.1%, with the decline expanding by 0.4 percentage points compared to the previous month. Shanghai saw an increase of 4.2%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.4%, 5.3%, and 4.9% respectively [3]. - The year-on-year decline in new commodity residential prices for second-tier and third-tier cities was 2.9% and 3.9%, with declines expanding by 0.4 and 0.2 percentage points respectively [3]. - For second-hand residential properties, first-tier cities experienced a year-on-year decline of 7.6%, with the decline expanding by 0.6 percentage points from the previous month. The declines in Beijing, Shanghai, Guangzhou, and Shenzhen were 8.7%, 6.8%, 8.3%, and 6.5% respectively [3].

Core Viewpoint - The data released by the National Bureau of Statistics on January 19 indicates a month-on-month decline in the sales prices of commercial residential properties in 70 large and medium-sized cities, with an expanded year-on-year decline in December 2025 [1]. Group 1: Price Trends - The overall sales prices of new commercial residential properties in December 2025 showed a month-on-month decrease, with the average price index for 70 cities at 99.4 compared to the previous month [2]. - The year-on-year decline in sales prices has widened, indicating a continued downward trend in the housing market [1][2]. Group 2: City-Specific Data - In major cities like Beijing, the price index was reported at 98.3, reflecting a decrease compared to the previous month [5]. - Other cities such as Tianjin and Shijiazhuang also reported price indices below 100, indicating a decline in residential property prices [5]. Group 3: Price Classification Index - The classification index for new residential properties shows that properties larger than 144m² have a year-on-year index of 99.6, while those below 90m² have an index of 98.3, indicating varying impacts on different property sizes [3][4]. - The average price index for properties in the range of 90-144m² was reported at 99.0, suggesting a moderate decline in this segment as well [4].

Core Viewpoint - In November 2025, the sales prices of commercial residential properties in 70 major cities experienced a month-on-month decline, with a widening year-on-year decrease observed [1]. Group 1: Month-on-Month Price Changes - In November, the sales prices of newly built commercial residential properties in first-tier cities decreased by 0.4%, with the decline expanding by 0.1 percentage points compared to the previous month. Shanghai saw a slight increase of 0.1%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.5%, 0.5%, and 0.9% respectively [2]. - The second-hand residential property prices in first-tier cities fell by 1.1%, with the decline widening by 0.2 percentage points from the previous month. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 1.3%, 0.8%, 1.2%, and 1.0% respectively [2]. - In second-tier cities, the month-on-month price changes for newly built and second-hand residential properties were declines of 0.3% and 0.6% respectively, with the latter remaining unchanged from the previous month [2]. Group 2: Year-on-Year Price Changes - Year-on-year, the sales prices of newly built commercial residential properties in first-tier cities dropped by 1.2%, with the decline expanding by 0.4 percentage points compared to the previous month. Shanghai recorded a significant increase of 5.1%, while Beijing, Guangzhou, and Shenzhen saw decreases of 2.1%, 4.3%, and 3.7% respectively [3]. - The year-on-year prices for second-hand residential properties in first-tier cities decreased by 5.8%, with the decline widening by 1.4 percentage points from the previous month. The specific declines for Beijing, Shanghai, Guangzhou, and Shenzhen were 6.8%, 4.6%, 7.2%, and 4.8% respectively [3]. - In second and third-tier cities, the year-on-year price declines for second-hand residential properties were 5.6% and 5.8%, with the declines expanding by 0.4 and 0.1 percentage points respectively [3]. Group 3: Price Index Data - The price index data for newly built commercial residential properties in November 2025 shows that various cities experienced different levels of price changes, with Beijing at 99.5 (month-on-month), and a year-on-year index of 97.9. Other cities like Shanghai and Guangzhou also showed varying indices, indicating a general trend of price decline across major cities [4].

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]

Core Insights - The overall decline in commodity residential sales prices in major cities continues to narrow year-on-year as of September 2025 [1][2] Group 1: Price Changes in New Commodity Residential Properties - In September, the sales prices of new commodity residential properties in first-tier cities decreased by 0.3% month-on-month, with the decline expanding by 0.2 percentage points compared to the previous month [1] - 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% [1] - Second-tier cities saw a month-on-month decline of 0.4% in new commodity residential prices, with the decline expanding by 0.1 percentage points [1] - Third-tier cities also recorded a month-on-month decline of 0.4% in new commodity residential prices, with the decline remaining unchanged from the previous month [1] Group 2: Price Changes in Second-Hand Residential Properties - In September, the sales prices of second-hand residential properties in first-tier cities decreased by 1.0% month-on-month, with the decline remaining the same as the previous month [1] - The month-on-month declines in second-hand residential prices for Beijing, Shanghai, Guangzhou, and Shenzhen were 0.9%, 1.0%, 0.8%, and 1.0% respectively [1] - Second-tier cities experienced a month-on-month decline of 0.7% in second-hand residential prices, while third-tier cities saw a decline of 0.6%, both with an increase in the decline of 0.1 percentage points [1] Group 3: Year-on-Year Price Changes - Year-on-year, the sales prices of new commodity residential properties in first-tier cities decreased by 0.7%, with the decline narrowing by 0.2 percentage points compared to the previous month [1] - Shanghai saw a year-on-year price increase of 5.6%, while Beijing, Guangzhou, and Shenzhen experienced declines of 2.6%, 4.1%, and 1.8% respectively [1] - Year-on-year, second-tier cities recorded a decline of 2.1% and third-tier cities saw a decline of 3.4% in new commodity residential prices, both with a narrowing of 0.3 percentage points [1] Group 4: Year-on-Year Changes in Second-Hand Residential Prices - In September, 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 [2] - The year-on-year declines for Beijing, Shanghai, Guangzhou, and Shenzhen were 2.7%, 2.4%, 6.0%, and 1.7% respectively [2] - Second-tier cities experienced a year-on-year decline of 5.0%, while third-tier cities saw a decline of 5.7%, with both declines narrowing by 0.2 and 0.3 percentage points respectively [2]

Group 1 - The National Bureau of Statistics will release the national economic operation data for the first three quarters on October 20 [2] - The housing price data for 70 large and medium-sized cities in September will be published on October 20 [2] Group 2 - The Loan Prime Rate (LPR) for one-year and over five-year loans will be announced on October 20 [3] - A total of 22 companies will have their restricted shares unlocked today, with a total unlock volume of 2.095 billion shares, amounting to a market value of 40.69 billion yuan [3] - The companies with the largest unlock volumes include Shougang Co., Ltd., Sanbai Shuo, and Huibo Yuntong, with unlock shares of 1.015 billion, 178 million, and 157 million respectively [3] - The companies with the highest unlock market values are Huibo Yuntong, Fengcai Technology, and Shougang Co., Ltd., with market values of 8.428 billion, 7.075 billion, and 4.153 billion yuan respectively [3] Group 3 - Two companies have disclosed their stock repurchase progress, with both completing their repurchase plans [3] - The total repurchase amount for one company exceeded 10 million yuan, with Taijing Technology and Dihun Network repurchasing 50.1621 million and 1.1483 million yuan respectively [3]

Core Insights - The core viewpoint of the article indicates that in July, the sales prices of commercial residential properties in major cities showed a month-on-month decline, but the year-on-year decline has narrowed overall [1][5]. Price Trends - In July, the new commercial residential property sales prices in first-tier cities decreased by 0.2% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month. Beijing remained flat, while Shanghai increased by 0.3%, and Guangzhou and Shenzhen decreased by 0.3% and 0.6%, respectively [1]. - The new commercial residential property sales prices in second-tier cities fell by 0.4% month-on-month, with the decline expanding by 0.2 percentage points. Third-tier cities also saw a month-on-month decrease of 0.3%, with the decline remaining the same as the previous month [1]. - The second-hand residential property sales prices in first-tier cities decreased by 1.0% month-on-month, with the decline expanding by 0.3 percentage points. Specifically, Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 1.1%, 0.9%, 1.0%, and 0.9%, respectively [1]. - Second and third-tier cities experienced a month-on-month decline of 0.5% in second-hand residential property sales prices, with the decline narrowing by 0.1 percentage points [1]. Year-on-Year Changes - Year-on-year, the new commercial residential property sales prices in first-tier cities decreased by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month. Second and third-tier cities saw year-on-year declines of 2.8% and 4.2%, respectively, with declines narrowing by 0.2 and 0.4 percentage points [5]. - The second-hand residential property sales prices in first-tier cities decreased by 3.4% year-on-year, with the decline expanding by 0.4 percentage points. Second and third-tier cities experienced year-on-year declines of 5.6% and 6.4%, with declines narrowing by 0.2 and 0.3 percentage points, respectively [5]. Future Outlook - The China Index Academy suggests that as the macroeconomic and real estate market conditions evolve, there is still room for policy enhancement. The core goal of current real estate policies is to stabilize the market and prevent further declines, with a focus on effective implementation of existing policies such as urban village renovations and special bond storage [5]. - Urban renewal has become a key focus for promoting high-quality urban development, and supporting policies are expected to accelerate implementation in the real estate sector [5].