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].

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].