Production Sector - The coke oven operating rate increased to 73.86%, up by 0.77% from the previous week[6] - The blast furnace operating rate rose to 81.7%, an increase of 0.89%[6] - The full tire steel operating rate surged to 60.72%, reflecting an 11.02% increase[6] Consumption Sector - Weekly box office revenue dropped significantly to CNY 51.5 million, a decrease of CNY 152.8 million compared to the previous week[6] - Average daily retail sales of passenger cars fell to 62,995.65 units, down by 814.1 units[6] - Average daily wholesale sales of passenger cars decreased to 73,195.55 units, a decline of 3,534.75 units[6] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities reached 252.26 million square meters, an increase of 33.86% from the previous week[6] - The sales-to-inventory ratio for the top 10 cities decreased to 90.07%, down by 4.67%[6] - The land premium rate for the top 100 cities increased to 7.85%, up by 4.22%[6] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) slightly decreased to 2,062.15, down by 0.42%[7] - The China Containerized Freight Index (CCFI) fell to 1,405.22, a significant drop of 71.76[7] - The wholesale price index for agricultural products decreased to 129.55, down by 3.23%[7]

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1 本周美债收益率维持下行趋势，周二10年期美债拍卖结果优于预期，5月CPI环比低于预期和6月 FOMC会议偏鸽声明使10Y美债收益率由上周4.45%的高点回落至4.22%。 流动性和供需：本周流动性边际收紧，SOFR周度均值回落2个bp，商业银行准备金规模维持在3.4万 亿美元上下，ON RRP周内中枢较上个月回落约500亿美元，主因6月15日美国私人/企业部门缴税期 到来，同时6月美债净发行规模抬升至1791亿美元（前值1106亿美元）。 当前曲线做陡策略仍是最佳选择；下半年若非美央行与美联储货币政策差异加大，可以择机增加久期， 进而捕捉中线债券价格的反弹机会。 美债供需跟踪 | --- | --- | --- | --- | |-------|----------------------------------|------------------------------------|----------------------------------------------| | | | | | | | | | | | | | | | | | 美债策略周报 2024.6.10-2024.6.16 | ...