Guojin Securities research note: after developers ended quarter‑end volume pushes, primary‑market new‑home sold area fell markedly MoM while YoY decline remained limited. Secondary‑market transactions continue to improve — 22‑city second‑hand transaction volume rose 10.0% YoY. Leading real‑time data show July second‑hand sales widened their YoY gain versus June. Listings have edged down since early July, with the decline versus end‑June increasing, suggesting listing‑growth pressure is weaker th

China's CSI 1000 index futures (IM) most-active contract breached 7,700 points, down 4.90% intraday.

The State Council approved the Expanding Consumption "15th Five-Year Plan", directing removal of unreasonable restrictive measures. It calls for shifting auto consumption from purchase-management to use-management: provide phased guarantees allowing no-car households repeatedly unsuccessful in license-plate lotteries to buy cars, and explore differentiated vehicle purchase quota management for urban and suburban areas. The plan supports city-by-city adjustments to real-estate policy to better satisfy rigid and upgrade housing demand, and directs deeper reform of the housing provident fund with expanded permissible uses to meet contributors’ housing needs across life stages. It also mandates streamlined approvals for performing arts and large public events via one-stop, end-to-end online processing and reinforces content-review responsibility for first-performance venues.