Group 1 - In August 2025, the sales prices of new residential properties in first-tier cities decreased by 0.1% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month [1][3] - In first-tier cities, the new residential property prices saw a mixed trend, with Shanghai increasing by 0.4%, while Beijing, Guangzhou, and Shenzhen experienced declines of 0.4%, 0.2%, and 0.4% respectively [1][3] - The month-on-month decline in new residential property prices for second-tier cities was 0.3%, with a narrowing of 0.1 percentage points, while third-tier cities saw a decline of 0.4%, which expanded by 0.1 percentage points [1][3] Group 2 - The year-on-year decline in new residential property prices for first-tier cities was 0.9%, with a reduction of 0.2 percentage points compared to the previous month [4] - In first-tier cities, year-on-year price changes varied, with Shanghai increasing by 5.9%, while Beijing, Guangzhou, and Shenzhen saw declines of 3.5%, 4.3%, and 1.7% respectively [4] - The year-on-year decline for new residential property prices in second-tier and third-tier cities was 2.4% and 3.7%, respectively, with reductions of 0.4 and 0.5 percentage points [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soda ash, the short - term fundamentals have returned. The subsequent focus is on the production reduction intensity. After the anti - involution meeting, it's uncertain whether there will be speculation on soda ash. It's recommended to buy on dips for the soda ash main contract, while being aware of operational risks [2]. - For glass, although the current price is relatively high, if it drops to around 1150 yuan, it will reach a reasonable price range. There is no short - term upward driving force. It's also recommended to buy on dips for the glass main contract, while being aware of operational risks [2]. 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the soda ash main contract is 1383276 yuan/ton (daily), down 6; the closing price of the glass main contract is 1156 yuan/ton (daily), down 3. The soda ash - glass price difference is 150 yuan/ton (daily), down 3 [2]. - The position of the soda ash main contract is 17323 hands (daily), down 6; the position of the glass main contract is 1208724 hands (daily), up 10621. The net position of the top 20 in soda ash is - 345765, down 411; the net position of the top 20 in glass is - 264874, down 12417 [2]. - The exchange warehouse receipts of soda ash are 9073 tons (daily), down 1181; the exchange warehouse receipts of glass are 2188 tons (daily), down 200. The price difference between the September and January contracts of soda ash is - 98, up 2; the price difference between the September and January contracts of glass is - 173, down 8 [2]. - The basis of soda ash is - 79 yuan/ton (daily), up 19; the basis of glass is - 82, up 30 [2]. b. Spot Market - The price of North China heavy soda ash is 1230 yuan/ton (daily), down 30; the price of Central China heavy soda ash is 1325 yuan/ton (daily), unchanged. The price of East China light soda ash is 1265 yuan/ton (daily), unchanged; the price of Central China light soda ash is 1220 yuan/ton (daily), unchanged [2]. - The price of Shahe glass sheets is 1084 yuan/ton (daily), unchanged; the price of Central China glass sheets is 1090 yuan/ton (daily), unchanged [2]. c. Industry Situation - The operating rate of soda ash plants is 87.32% (weekly), up 1.91; the operating rate of float glass enterprises is 75.34% (weekly), up 2.34 [2]. - The in - production capacity of glass is 15.96 million tons/year (weekly), unchanged; the number of in - production glass production lines is 223 (weekly), unchanged [2]. - The inventory of soda ash enterprises is 189.73 million tons (weekly), up 0.35; the inventory of glass enterprises is 6342.6 million heavy cases (weekly), up 157.9 [2]. d. Downstream Situation - The cumulative value of newly - started real estate area is 35206 million square meters, up 4841.68; the cumulative value of completed real estate area is 25034 million square meters, up 2467.39 [2]. e. Industry News - A series of news including the situation of 70 - city housing prices in July, policy - related information from the Ministry of Finance, the State Administration of Taxation, and the National Financial Regulatory Administration, and the research on the 24 - hour trading mechanism by the Hong Kong Stock Exchange [2]. f. Supply - demand Analysis - **Soda ash**: On the supply side, the domestic soda ash operating rate and output have increased. Due to high profits last week, maintenance was less than expected, but as profits decline, overall output is expected to decrease. The market supply is still abundant in the short term. On the demand side, the number of cold - repaired glass production lines remains unchanged, and the glass output is at a low level. Photovoltaic glass has recovered, driving some demand [2]. - **Glass**: On the supply side, the number of cold - repaired glass production lines remains unchanged, and the output is at a low level. Profits are starting to decline due to the impact of high - temperature weather on real estate construction demand. On the demand side, the real estate situation is not optimistic, downstream deep - processing orders have increased slightly, and procurement is mainly for刚需. The growth of the automotive industry has weakened, and the market has the expectation of inventory replenishment as the peak season approaches [2].

Core Viewpoint - The real estate market in China is showing signs of stabilization, particularly in first-tier cities, while second and third-tier cities are beginning to show marginal improvements in the second-hand housing market [2][5][6]. Group 1: Price Trends - In July, the year-on-year decline in new home prices in first-tier cities narrowed to 1.1%, with Shanghai experiencing a significant increase of 6.1% [4][5]. - The month-on-month decline in new home prices for first-tier cities was 0.2%, a reduction of 0.1 percentage points from the previous month [3][5]. - Second and third-tier cities saw new home prices decline by 2.8% and 4.2% year-on-year, with declines narrowing by 0.2 and 0.4 percentage points respectively [4][5]. Group 2: Market Dynamics - The real estate market is currently in a seasonal adjustment phase, with July and August typically being slow months [2][5]. - First-tier cities are showing signs of price stabilization in the new home market, while second and third-tier cities are beginning to see improvements in the second-hand market [5][6]. - The number of cities with rising new home prices increased to 6 in July, with Shanghai and Urumqi leading with a 0.3% increase [3][4]. Group 3: Future Outlook - Experts believe the trend of stabilization in the real estate market will continue, supported by policy adjustments aimed at restoring the housing market's fundamentals [6][7]. - The ongoing supply-side reforms are expected to shift focus towards affordable housing and urban renewal, which could drive demand for new homes [7]. - The increasing proportion of second-hand home transactions indicates a shift towards a "stock era," with significant potential for young and new urban residents to enter the market [7].

Group 1 - In July 2025, the sales prices of new residential properties 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 [3] - The month-on-month decline in second-tier cities was 0.4%, which is an increase of 0.2 percentage points in the decline [3] - The month-on-month decline in third-tier cities was 0.3%, remaining the same as the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities decreased by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [4] - In second-tier cities, the year-on-year decline was 2.8%, narrowing by 0.2 percentage points, while third-tier cities saw a 4.2% decline, narrowing by 0.4 percentage points [4] - Among the 70 large and medium-sized cities, 5 cities experienced year-on-year increases in new residential property prices, which is an increase of 2 cities compared to the previous month [4]

Core Viewpoint - In July 2025, the sales prices of commercial residential properties in various cities decreased month-on-month, while the year-on-year decline narrowed overall [3][5]. Group 1: Month-on-Month Price Changes - In July, the sales prices of new commercial residential properties in first-tier cities decreased by 0.2%, with a narrowing decline of 0.1 percentage points compared to the previous month. Beijing remained stable, Shanghai increased by 0.3%, while Guangzhou and Shenzhen decreased by 0.3% and 0.6%, respectively [4]. - Second-tier cities saw a month-on-month decline of 0.4%, with the decline expanding by 0.2 percentage points. Third-tier cities experienced a 0.3% decrease, consistent with the previous month [4]. - The month-on-month sales prices of second-hand residential properties in first-tier cities fell by 1.0%, with the decline expanding by 0.3 percentage points. Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 1.1%, 0.9%, 1.0%, and 0.9%, respectively. Second and third-tier cities both saw a 0.5% decline, with a narrowing decline of 0.1 percentage points [4]. Group 2: Year-on-Year Price Changes - In July, the year-on-year sales prices of new commercial residential properties in first-tier cities decreased by 1.1%, with a narrowing decline of 0.3 percentage points compared to the previous month. Shanghai saw an increase of 6.1%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.6%, 4.6%, and 2.2%, respectively [5]. - Second-tier cities experienced a year-on-year decline of 2.8%, while third-tier cities saw a 4.2% decrease, with declines narrowing by 0.2 and 0.4 percentage points, respectively. Among the 70 major cities, five cities saw year-on-year increases in new commercial residential property prices, an increase of two compared to the previous month [5]. - The year-on-year sales prices of second-hand residential properties in first-tier cities decreased by 3.4%, with the decline expanding by 0.4 percentage points. Beijing, Shanghai, Guangzhou, and Shenzhen saw decreases of 2.9%, 2.2%, 6.0%, and 2.5%, respectively. 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].

Group 1 - In July 2025, the sales prices of new residential properties 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 [3] - The month-on-month sales prices of new residential properties in second-tier cities fell by 0.4%, with the decline expanding by 0.2 percentage points [3] - The month-on-month sales prices of new residential properties in third-tier cities decreased by 0.3%, with the decline remaining the same as the previous month [3] Group 2 - Year-on-year, the sales prices of new residential properties in first-tier cities dropped by 1.1%, with the decline narrowing by 0.3 percentage points compared to the previous month [4] - In July, the year-on-year sales prices of new residential properties in second-tier cities decreased by 2.8%, with the decline narrowing by 0.2 percentage points [4] - The year-on-year sales prices of new residential properties in third-tier cities fell by 4.2%, with the decline narrowing by 0.4 percentage points [4] Group 3 - In July, the month-on-month sales prices of second-hand residential properties in first-tier cities decreased by 1.0%, with the decline expanding by 0.3 percentage points compared to the previous month [3] - The month-on-month sales prices of second-hand residential properties in second-tier cities fell by 0.5%, with the decline narrowing by 0.1 percentage points [3] - The month-on-month sales prices of second-hand residential properties in third-tier cities also decreased by 0.5%, with the decline narrowing by 0.1 percentage points [3] Group 4 - Year-on-year, the sales prices of second-hand residential properties in first-tier cities dropped by 3.4%, with the decline expanding by 0.4 percentage points compared to the previous month [4] - The year-on-year sales prices of second-hand residential properties in second-tier cities decreased by 5.6%, with the decline narrowing by 0.2 percentage points [4] - The year-on-year sales prices of second-hand residential properties in third-tier cities fell by 6.4%, with the decline narrowing by 0.3 percentage points [4]

作者丨杨乔羽 编辑丨吴桂兴 设计丨郑嘉琪 7月15日，国家统计局发布的2025年6月份70城房价数据显示： 环比方面： 6月份，新房价格同比下降城市有67个，与上月持平。总体来看，各线城市房价同比降幅继续 收窄。 出品丨21财经客户端 21世纪经济报道 编辑丨金珊 最新70城房价数据出炉！官方解读 单张亿元房票闪亮登场，广州楼市引入"活水" SFC 21君荐读 新房价格环比上涨城市有14个，其中上海、长沙环比涨0.4%领跑；二手房价格环比上涨的城 市有1个。总体来看，各线城市房价环比下降。 同比方面： ...