房地产结构优化
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8月经济增速进一步回落,投资跌幅扩大压力明显
Bank of China Securities· 2025-09-16 08:32
Market Performance - The Hang Seng Index (HSI) closed at 26,447, up 0.2% for the day and up 31.8% year-to-date[1] - The HSCEI also increased by 0.2% to 9,385, with a year-to-date gain of 28.7%[1] - The MSCI China index rose by 0.3% to 87, reflecting a year-to-date increase of 35.1%[1] Commodity Prices - Brent Crude oil price is at $67 per barrel, up 0.7% for the day but down 6.4% year-to-date[2] - Gold prices increased by 1.0% to $3,679 per ounce, with a significant year-to-date rise of 40.2%[2] - The BDI index surged by 111.7% year-to-date, indicating strong demand in shipping[2] Economic Indicators - The US Import Price Index showed a monthly change of 0.4% and a year-over-year change of -0.2%[3] - US Industrial Production decreased by 0.1% month-over-month, while capacity utilization was reported at 77.5%[3] - Initial Jobless Claims rose to 263,000, indicating a slight increase in unemployment claims[3] Domestic Demand and Investment - Domestic demand growth weakened in August, primarily due to deteriorating investment conditions[5] - The impact of pro-growth policies has diminished, with concerns over exports and the property sector contributing to economic slowdown[6] - Further policy support is anticipated to address rising economic pressures, especially in the property market[6]