Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown continuous improvement in revenue quarter-on-quarter, with significant growth in the US and European markets. The inventory destocking cycle in the US has ended, and the European market has begun to enter mainstream medical insurance markets. Domestic market adjustments are showing initial results, leading to dual growth in revenue and profit in Q2 2025 [2][4] - The company’s new noise-reducing cotton ventilator has been launched in the US market, with expectations for increased volume in the second half of the year. The company is deepening its localization strategy overseas, enhancing its global competitiveness [2][3] Financial Performance - In H1 2025, the company achieved operating revenue of 544 million yuan, a year-on-year increase of 42.30%, and a net profit attributable to the parent company of 131 million yuan, also up 42.19%. In Q2 2025, revenue reached 279 million yuan, growing 46.54% year-on-year, with a net profit of 59.41 million yuan, up 39.92% [1][4] - The company’s gross margin in Q2 2025 was 54.64%, an increase of 2.98 percentage points year-on-year. The sales expense ratio decreased by 1.82 percentage points to 12.75%, while the management expense ratio fell by 3.20 percentage points to 6.65% [2] Business Segments - The company’s main business lines showed strong growth in H1 2025: - Home respiratory therapy products generated revenue of 349 million yuan, up 51.49% year-on-year, with a gross margin of 45.02% - Consumables generated revenue of 178 million yuan, up 30.26%, with a gross margin of 65.83% - Medical products generated revenue of 16.56 million yuan, up 12.96%, with a gross margin of 55.77% [3] - Domestic revenue reached 191 million yuan in H1 2025, a year-on-year increase of 16.87%, while overseas revenue was 353 million yuan, up 61.33% [4] Market Outlook - The company is expected to see revenue growth of 27.7%, 22.6%, and 21.2% for the years 2025, 2026, and 2027, respectively, with net profits projected to grow by 76.0%, 31.5%, and 23.0% in the same years [4]

1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Current price data remains weak. The significant increase in gold prices is the main factor supporting the upward trend of core CPI year - on - year growth, while most other sub - items perform weaker than the seasonal average. The narrowing of the PPI decline in August is mainly due to the low base effect. The effectiveness of the national unified market construction policy is mainly concentrated in upstream industries such as coal, steel, and photovoltaic. The ineffective recovery of domestic demand may hinder the PPI's year - on - year recovery. The sustainability of the current industrial price increase and its price transmission effect on downstream industries depend on the improvement of social terminal demand [4][35]. - The bond market may gradually recover in a volatile manner. The decreasing correlation between stocks and bonds and the weakening impact of commodities on the bond market mean that the adjustment pressure on bonds is gradually alleviating. Given the continuous asset shortage, loose funds, and the downward trend of the entity's return rate, the downward trend of broad - spectrum interest rates such as loan interest rates remains unchanged. The over - increase in interest rates at the beginning of the year has been gradually digested. Therefore, there is limited room for further interest rate adjustment, and the bond market will gradually return to the fundamentals and the asset shortage situation. However, this return may not be smooth but rather a gradual recovery in a volatile manner. It is recommended to adopt a dumbbell - shaped operation strategy, combining short - term credit/certificates of deposit with long - term interest rates, and pay attention to the opportunities for high - selling and low - buying in long - term interest rate positions. The long - term bond interest rate may decline more smoothly in the second half of the fourth quarter, and interest rates are still expected to reach new lows this year [5][36]. 3. Summary by Related Content CPI Analysis - **Overall CPI**: In August, the year - on - year decline of CPI widened, dropping from flat to - 0.4%, indicating weak consumer - end prices. The year - on - year decline of core CPI increased by 0.1 percentage points to 0.9%, and the month - on - month figure remained flat. Gold prices, oil prices, and summer consumption are the main factors driving the CPI's year - on - year performance. After excluding the "other goods and services" sub - item, the overall price level remains weak [1][8]. - **Other Goods and Services Sub - item**: In August, this sub - item continued to grow at a high level, with a year - on - year increase of 8.6%, 0.6 percentage points higher than in July. The high - speed growth may be supported by the rising gold prices. In August, the year - on - year growth rate of domestic gold futures prices was 37.1%, slightly down 0.7 percentage points from July [2][16]. - **Food CPI**: In August, the year - on - year decline of food CPI widened, with a year - on - year decrease of 4.3%, 2.7 percentage points more than the previous month, mainly due to the decline in vegetable, egg, and fruit prices. The month - on - month increase was 0.5%, lower than the seasonal level by about 1.1 percentage points. The low pork prices are the main reason for the widening of the CPI's year - on - year decline [21]. - **Non - food CPI**: In August, the year - on - year growth rate of non - food CPI increased to 0.5%, up 0.2 percentage points from the previous month, while the month - on - month figure decreased by 0.1%. The increase in the year - on - year growth rate of summer service prices may be the main reason [23]. PPI Analysis - **Overall PPI**: In August, the year - on - year decline of PPI was 2.9%, narrowing by 0.7 percentage points from the previous month, the first narrowing since March this year, mainly due to the low base effect of the previous year and the narrowing decline of coal processing and ferrous metal smelting and rolling industries. The month - on - month figure remained flat compared to the previous month. The prices of domestic industrial products showed a mixed trend in August [3][29]. - **Sub - industries of PPI**: Some raw material industries' prices changed from decline to increase, such as coal processing, coal mining and washing, ferrous metal smelting and rolling, and glass manufacturing. However, the prices of the petroleum and some non - ferrous metal industries declined month - on - month due to input factors [3][29]. - **PPI of Means of Livelihood**: In August, the year - on - year decline of the PPI of means of livelihood was 1.7%, 0.1 percentage points wider than the previous month. Among them, the prices of clothing remained flat, the growth rate of general daily necessities slowed down, the decline of durable consumer goods widened, and the decline of food prices narrowed [30].

CPI Analysis - August CPI decreased by 0.4% year-on-year, lower than the expected -0.2%, marking a six-month low[1] - Food prices contributed to the CPI decline, with a year-on-year drop of 4.3%, impacting CPI by 0.8 percentage points[2] - Core CPI rose by 0.9% year-on-year, the highest in 18 months, indicating a continuous increase for six months[2] PPI Analysis - August PPI decreased by 2.9% year-on-year, an improvement from the previous -3.6%, aligning with expectations[3] - PPI ended an eight-month decline, with a month-on-month stabilization, reflecting seasonal averages[3] - The "anti-involution" effect led to price increases in coal, black metals, and glass industries, contributing to the PPI improvement[3] Future Outlook - September CPI is likely to remain negative, with an annual average around 0% due to ongoing pressures from energy and pork prices[5] - PPI is expected to continue narrowing its decline in September, but weak export prices and insufficient consumer demand will constrain recovery[5] - The overall economic environment suggests a cautious approach, with policies expected to support but not significantly boost growth in the short term[6]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a steady growth in revenue and profit in Q2 2025, with a revenue of 430 million yuan, up 14.44% year-on-year, and a net profit of 121 million yuan, up 14.85% year-on-year [1][2] - The company is experiencing improvements in the yield of contact lenses and is expected to see a ramp-up in high-end new products [2] - The gross margin decreased to 65.80% in Q2 2025, primarily due to the impact of centralized procurement policies and an increase in the proportion of low-margin contact lens products [2] Financial Performance - For H1 2025, the company achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, a year-on-year increase of 2.53% [1] - The revenue breakdown for H1 2025 includes contact lenses at 236 million yuan (up 28.89%), intraocular lenses at 345 million yuan (up 8.23%), and orthokeratology lenses at 119 million yuan (up 5.63%) [2] - The company’s domestic revenue reached 744 million yuan (up 12.37%), while overseas revenue surged to 43 million yuan (up 80.10%) [3] Market Position and Strategy - The company is enhancing its domestic sales channels and steadily advancing its overseas market layout, with a sales network covering over 6000 hospitals and vision centers across 31 provinces and municipalities in China [3] - The company has established a global sales network, exporting products to over 30 countries, including Germany, France, and the UK [3] - The company’s high-end products, such as the "All-View" multifocal intraocular lenses, are gaining rapid market acceptance, contributing to the growth of its product mix [2] Earnings Forecast - The company is projected to achieve revenues of 1.683 billion yuan, 2.112 billion yuan, and 2.662 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.4%, 25.5%, and 26.1% [4] - The forecasted net profits for the same years are 445 million yuan, 545 million yuan, and 667 million yuan, with growth rates of 14.7%, 22.4%, and 22.4% [4]

Quantitative Models and Construction Methods 1. Model Name: Industry Mainline Model (Relative Strength Index, RSI) - **Model Construction Idea**: The model identifies leading industries by calculating their relative strength (RS) and uses a threshold (RS > 90%) to signal potential outperforming sectors for the year [13] - **Model Construction Process**: 1. Use 29 first-level industry indices as the configuration targets [13] 2. Calculate the price change rates over the past 20, 40, and 60 trading days for each industry, and rank them cross-sectionally [13] 3. Normalize the rankings to obtain RS_20, RS_40, and RS_60 [13] 4. Compute the average of the three normalized rankings to derive the final RS index: $ RS = (RS_{20} + RS_{40} + RS_{60}) / 3 $ where RS_20, RS_40, and RS_60 represent the normalized rankings for 20, 40, and 60-day returns, respectively [13] 5. Industries with RS > 90% before the end of April are considered likely to lead the market for the year [13] - **Model Evaluation**: The model successfully identified key themes such as high dividends, resource products, overseas markets, and AI in 2024, which aligned with market trends during the year [13] 2. Model Name: Industry Rotation Model (Prosperity-Trend-Crowdedness Framework) - **Model Construction Idea**: This framework combines three dimensions—industry prosperity, trend strength, and crowdedness—to optimize sector allocation [2][6] - **Model Construction Process**: 1. **Prosperity Model**: Focuses on high prosperity and strong trends while avoiding highly crowded sectors [17] 2. **Trend Model**: Prioritizes strong trends and low crowdedness while avoiding low-prosperity sectors [17] 3. Combine the two models to form a comprehensive allocation strategy [17] - **Model Evaluation**: The combined framework adapts well to different market conditions, with strong historical performance metrics [17] 3. Model Name: Left-Side Inventory Reversal Model - **Model Construction Idea**: This model identifies industries in a turnaround phase by analyzing sectors with low inventory pressure and high analyst optimism, aiming to capture rebound opportunities during restocking cycles [26] - **Model Construction Process**: 1. Identify sectors currently or historically in distress but showing signs of recovery [26] 2. Focus on industries with low inventory pressure and favorable restocking conditions [26] 3. Incorporate analyst views to select sectors with long-term growth potential [26] - **Model Evaluation**: The model complements right-side models by targeting contrarian opportunities, achieving strong absolute and relative returns in recent years [26] --- Model Backtesting Results 1. Industry Mainline Model (RSI) - **Annualized Excess Return**: Not explicitly provided, but the model identified leading sectors with significant subsequent outperformance (e.g., banking: +32.1% absolute return after signal) [14][16] - **Information Ratio (IR)**: Not explicitly provided [13][14] - **Maximum Drawdown**: Not explicitly provided [13][14] - **Monthly Win Rate**: Not explicitly provided [13][14] 2. Industry Rotation Model (Prosperity-Trend-Crowdedness Framework) - **Annualized Excess Return**: +14.0% relative to Wind All-A Index [17] - **Information Ratio (IR)**: 1.52 [17] - **Maximum Drawdown**: -8.0% [17] - **Monthly Win Rate**: 68% [17] 3. Left-Side Inventory Reversal Model - **Annualized Excess Return**: +14.8% relative to equal-weighted industry benchmark in 2024; +5.8% in 2025 YTD [26] - **Information Ratio (IR)**: Not explicitly provided [26] - **Maximum Drawdown**: Not explicitly provided [26] - **Monthly Win Rate**: Not explicitly provided [26] --- Quantitative Factors and Construction Methods 1. Factor Name: Prosperity Factor - **Factor Construction Idea**: Measures industry prosperity based on macro and micro indicators to identify high-growth sectors [17] - **Factor Construction Process**: 1. Aggregate macroeconomic and industry-specific indicators to assess prosperity levels [17] 2. Rank industries based on prosperity scores and select top-performing sectors [17] - **Factor Evaluation**: The factor effectively captures growth opportunities, contributing to the overall model's success [17] 2. Factor Name: Trend Factor - **Factor Construction Idea**: Captures momentum by identifying industries with strong upward trends [17] - **Factor Construction Process**: 1. Analyze price trends and volume data to assess momentum strength [17] 2. Rank industries based on trend scores and prioritize those with strong momentum [17] - **Factor Evaluation**: The factor enhances the model's ability to align with prevailing market trends [17] 3. Factor Name: Crowdedness Factor - **Factor Construction Idea**: Measures the level of investor positioning in industries to avoid overcrowded trades [17] - **Factor Construction Process**: 1. Use metrics such as fund flows and trading volumes to assess crowdedness [17] 2. Avoid industries with high crowdedness scores to mitigate risk [17] - **Factor Evaluation**: The factor provides a risk-control mechanism, improving the model's robustness [17] --- Factor Backtesting Results 1. Prosperity Factor - **Annualized Excess Return**: Not explicitly provided [17] - **Information Ratio (IR)**: Not explicitly provided [17] - **Maximum Drawdown**: Not explicitly provided [17] - **Monthly Win Rate**: Not explicitly provided [17] 2. Trend Factor - **Annualized Excess Return**: Not explicitly provided [17] - **Information Ratio (IR)**: Not explicitly provided [17] - **Maximum Drawdown**: Not explicitly provided [17] - **Monthly Win Rate**: Not explicitly provided [17] 3. Crowdedness Factor - **Annualized Excess Return**: Not explicitly provided [17] - **Information Ratio (IR)**: Not explicitly provided [17] - **Maximum Drawdown**: Not explicitly provided [17] - **Monthly Win Rate**: Not explicitly provided [17]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The upcoming opening of the Shenzhen Qianhai Ice and Snow World project is expected to enhance the company's performance and operational metrics [3][11]. - The company has a strong state-owned background, which provides substantial support from major shareholders, ensuring liquidity remains robust [3][11]. - The company is expected to leverage the potential market recovery to increase land acquisitions following the issuance of targeted convertible bonds [3][11]. - The company has seen a reduction in land acquisition activities recently, focusing on optimizing its land reserve structure [3][31]. Summary by Sections Project Overview - The Shenzhen Qianhai Ice and Snow World project, developed and wholly owned by the company, is set to open at the end of September, becoming the largest indoor ski resort globally with a total area of 437,000 square meters and a total construction area of 1,311,000 square meters [1][20]. - The project includes diverse facilities such as a 100,000 square meter ice and snow theme park, 100,000 square meters of commercial space, a 49,000 square meter hotel, and 300,000 square meters of sellable talent housing [1][20]. Revenue and Profit Projections - The project is expected to contribute an annual revenue of 650 million yuan and a net profit of 130 million yuan once it reaches maturity [2][25]. - The pricing strategy for the ski tickets is higher than competitors, with price differences ranging from 15% to 27% [2][24]. - The company anticipates receiving over 1.25 million visitors annually, with revenue projections based on a sensitivity analysis estimating a range of 490 million to 920 million yuan [2][26]. Land Acquisition and Reserves - The company plans to acquire land worth 9.4 billion yuan in 2024 and 3.6 billion yuan in the first half of 2025, focusing on core cities [3][31]. - The total land reserve is expected to be 16.29 million square meters by the end of 2024, with a significant portion located in the East China region [3][39]. - The issuance of targeted convertible bonds is anticipated to improve liquidity and facilitate further land acquisitions [3][31]. Financial Forecasts - The company forecasts revenues of 66.26 billion yuan, 68.44 billion yuan, and 69.96 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 255 million yuan, 497 million yuan, and 1.005 billion yuan for the same years [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The industry is undergoing transformation towards genetically modified (GM) and high-density, high-yield crop varieties to enhance food security in China [1][17] - The government emphasizes the importance of food security, aiming for self-sufficiency in grains and absolute safety in staple foods [10] - The introduction of GM crops is expected to significantly improve yield and reduce pesticide use, with GM corn showing a yield increase of 5.6%-11.6% [2][19] Summary by Sections 1. Food Security - Food security remains a fundamental issue for the country, with a focus on self-sufficiency and addressing structural contradictions in grain supply [10] - China has seen a continuous increase in grain imports, particularly for soybeans and corn, highlighting the need for improved crop yields [10][11] 2. National Initiatives for Yield Improvement - The government has launched initiatives to enhance grain yields through agricultural technology advancements, particularly in GM breeding [17] - The focus is on developing high-yield, pest-resistant, and herbicide-tolerant crop varieties to meet increasing demand [17][18] 3. Trends in Crop Breeding - **Trend 1: GM Breeding** - The approval of 161 GM corn varieties and 19 GM soybean varieties marks a significant step in the industry [2][18] - GM crops are expected to reduce pesticide use and improve yield efficiency [19] - **Trend 2: High-Density, High-Yield Corn Varieties** - The emphasis on breeding corn varieties that can withstand higher planting densities is seen as crucial for increasing yields [3][22] - Historical data shows that increasing planting density has significantly contributed to yield improvements in the U.S. [22][26] 4. Industry Overview for Q2 2025 - Major seed companies reported significant revenue growth in Q2 2025, with notable increases for companies like Longping High-Tech and Donghai Seed [28] - Despite revenue growth, many companies experienced profit declines due to seasonal factors and market conditions [28][29] - The report highlights the importance of R&D investment in maintaining competitive advantages in the seed industry [29][40] 5. Key Companies in the Industry - **Longping High-Tech** - A leading company in hybrid rice and corn, with a focus on R&D and innovation [37][38] - **Donghai Seed** - Known for its strong R&D capabilities and focus on high-yield corn varieties [39][41] - **Kangnong Seed** - A smaller company specializing in high-density varieties, showing consistent growth in revenue [42]

Investment Rating - Maintain "Increase" rating for the industry [5] Core Viewpoints - The edible mushroom industry is expected to benefit from the "big food concept" and "big health" initiatives, with a projected increase in demand [21][10] - The industry is experiencing a rational return of production capacity, with leading companies actively reducing capacity to stabilize production [57][52] - The winter worm summer grass industry is in its early stages of industrialization, presenting new growth opportunities for leading edible mushroom companies [4][52] Summary by Sections Edible Mushroom Production - In 2023, the national edible mushroom production reached 43.342 million tons, a year-on-year increase of 2.6%, with a total output value of 396.56 billion yuan, up 2.0% year-on-year [10][21] - The factory-produced edible mushroom output reached 4.0916 million tons in 2023, a significant increase of 43.23% year-on-year [16][10] Market Restructuring - The number of factory-produced edible mushroom enterprises surged from 47 in 2006 to 788 in 2012, leading to overcapacity and declining profits, particularly in the golden needle mushroom sector [2][24] - The industry concentration ratio (CR5) has stabilized between 33% and 36% from 2020 to 2024, indicating a stable market structure [47][20] Traditional Products - The golden needle mushroom has faced severe overcapacity, prompting leading companies like Xue Rong Biological to reduce production capacity by 4% to an annualized capacity of 440,000 tons [3][57] - The white mushroom (Agaricus bisporus) has maintained stable production levels, with a daily output of 916.7 tons in 2023, showing a slight decline of 1.6% year-on-year [67][70] Winter Worm Summer Grass - The artificial cultivation of winter worm summer grass is emerging as a new growth area, with companies like Zhongxing Mushroom Industry and Xue Rong Biological initiating factory cultivation projects [4][52] - The projected annual revenue from a fully operational winter worm summer grass project is approximately 26.22 million yuan, with a profit margin of 24.8% [4][52] Investment Recommendations - The edible mushroom industry is entering a phase of rational capacity return, with leading companies expected to reverse performance in their core business segments [52][4] - The industrialization of winter worm summer grass may open a second growth curve for edible mushroom companies, with a focus on Zhongxing Mushroom Industry and Xue Rong Biological [52][4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has established a solid market leadership position in the security field and is strategically expanding into automotive optics and other intelligent driving sectors, which is expected to open up future growth opportunities [4][14]. - The demand for molded glass aspheric lenses is surging, driven by emerging markets such as automotive, AI glasses, drones, and machine vision, indicating a significant growth potential [2][3]. - The company is one of the few in China capable of large-scale production of molded glass aspheric lenses, positioning it well to meet the increasing market demand [2]. Summary by Sections Section 1: From Security Leader to Multi-Field Layout - The company has diversified its operations from security lenses to automotive optics, creating new growth avenues [14]. - Established in September 2011, the company initially focused on security video surveillance equipment and has since expanded into various sectors, including automotive and industrial optics [14]. - The company has formed a solid market position in the security field, with a comprehensive product line that includes fixed-focus, zoom, and 4K black light lenses [3][14]. Section 2: Strong Demand for Molded Glass Aspheric Lenses - The molded glass aspheric lens market is experiencing a supply-demand imbalance due to high technical barriers and limited domestic production capacity [2]. - The increasing requirements for high-definition, wide field of view, and lightweight optical lenses in applications such as smart cars and security systems are driving demand [2]. Section 3: Core Competitiveness and High Barriers - The company emphasizes technology research and development as its core driving force, maintaining a competitive edge through strategic partnerships with leading global firms [3][14]. - The company has a stable shareholding structure and an experienced management team, which supports its strategic initiatives [18]. Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 33.5 billion, 44.1 billion, and 57.0 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.0%, 31.9%, and 29.1% [4][5]. - The net profit attributable to the parent company is expected to reach 3.0 billion, 5.0 billion, and 7.0 billion yuan in the same years, with significant growth rates of 62.6%, 66.4%, and 40.3% [4][5].

Report Industry Investment Rating No relevant information provided. Core View of the Report The report updates the high - frequency fundamental data from September 1, 2025, to September 5, 2025. The overall fundamental high - frequency index is stable, but there are various trends in different sectors such as production, demand, prices, and financing. For example, real - estate sales continue to decline, while infrastructure investment shows an expanding growth rate [1][8]. Summary by Relevant Catalogs Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 127.5 points (previous value: 127.4 points), with a week - on - week increase of 5.6 points (previous increase: 5.5 points), and the year - on - year increase rate is rising. The long - short signal for interest - rate bonds remains unchanged, with a signal factor of 5.0% (previous value: 5.0%) [1][8]. Production: Electric Arc Furnace Operating Rate Declines - The electric arc furnace operating rate is 62.2% (previous value: 62.8%); polyester operating rate is 87.1% (previous value: 86.7%); semi - tire operating rate is 67.5% (previous value: 72.8%); full - tire operating rate is 59.8% (previous value: 63.8%); PTA operating rate is 69.5% (previous value: 70.9%); PX operating rate is 84.6% (previous value: 84.6%); coal dispatch at Qinhuangdao Port is 51.4 tons (previous value: 48.4 tons) [15]. Real - Estate Sales: Commercial Housing Transaction Area Declines - The commercial housing transaction area in 30 large and medium - sized cities is 22.0 million square meters (previous value: 24.5 million square meters); the land premium rate for 100 large and medium - sized cities is 1.8% (previous value: 1.6%) [25]. Infrastructure Investment: Petroleum Asphalt Operating Rate Continues to Decline - The operating rate of petroleum asphalt devices is 28.1% (previous value: 29.3%) [35]. Exports: Export Container Freight Rate Index Continues to Decline - The CCFI index is 1149 points (previous value: 1156 points); the RJ/CRB index is 301.3 points (previous value: 301.0 points) [42]. Consumption: Average Daily Movie Box Office Drops Significantly - The average daily movie box office is 81.9 million yuan (previous value: 152.4 million yuan) [53]. CPI: Average Wholesale Price of Vegetables Rises Slightly - The latest average wholesale price of pork is 19.9 yuan/kg (previous value: 20.0 yuan/kg); the average wholesale price of 28 key - monitored vegetables is 5.1 yuan/kg (previous value: 4.9 yuan/kg); the average wholesale price of 7 key - monitored fruits is 6.9 yuan/kg (previous value: 6.9 yuan/kg); the average wholesale price of white - striped chickens is 17.5 yuan/kg (previous value: 17.6 yuan/kg) [62]. PPI: Copper Price Continues to Rise - The closing price of steam coal at Qinhuangdao Port (from Shanxi) is 682 yuan/ton (previous value: 695 yuan/ton); the futures settlement price of Brent crude oil is 67 US dollars/barrel (previous value: 68 US dollars/barrel); the spot settlement price of LME copper is 9829 US dollars/ton (previous value: 9725 US dollars/ton); the spot settlement price of LME aluminum is 2613 US dollars/ton (previous value: 2616 US dollars/ton) [68]. Transportation: Passenger Volume Continues to Decline - The passenger volume of the subway in first - tier cities is 36.26 million person - times (previous value: 39.37 million person - times); the road logistics freight rate index is 1051 points (previous value: 1051 points); the number of domestic flights is 13,157 (previous value: 14,473) [81]. Inventory: Electrolytic Aluminum Inventory Continues to Rise - The electrolytic aluminum inventory is 174,000 tons (previous value: 153,000 tons); the soda ash inventory is 1.821 million tons (previous value: 1.878 million tons) [87]. Financing: Net Financing of Local Government Bonds Drops Significantly - The net financing of local government bonds is 36.7 billion yuan (previous value: 243.5 billion yuan); the net financing of credit bonds is - 55.3 billion yuan (previous value: - 30.4 billion yuan); the 6M national - share bank acceptance bill rediscount rate is 0.7% (previous value: 0.7%); the average difference between the bill rate and the certificate of deposit rate is - 0.9% (previous value: - 0.9%) [99].