每周经济观察第13期：贸易高频量价齐跌-2025-03-31

Economic Indicators - The Huachuang Macro WEI index rose to 5.16% as of March 23, 2025, up 0.76% from March 16, 2025, and significantly higher than the low of 2.58% on September 29, 2024[7] - Cement dispatch rates increased to 38.2% as of March 21, 2025, a rise of approximately 4.5 percentage points from the previous week, outperforming the same period last year[19] Consumer Trends - Passenger car retail sales fell by 8% year-on-year as of March 23, 2025, down from 34% previously, with a notable decline from +18.1% in the previous week[12] - Real estate sales in 67 cities decreased by 6.8% year-on-year over the last four weeks of March 2025, contrasting with a 3% increase in February 2025[3] Trade and Prices - Container throughput at monitored ports dropped by 3.3% week-on-week as of March 16, 2025, while the four-week cumulative year-on-year growth was 16.5%, higher than the 10.3% in January-February 2025[26] - The Shanghai export container freight index fell by 2.0% as of March 21, 2025, following an 8.1% decline previously, indicating a downward trend in shipping prices[26] Commodity Prices - COMEX gold prices rose by 2.1% to $3,090 per ounce, while Brent crude oil increased by 2% to $73.63 per barrel[35] - Domestic coal prices continued to decline, with Shanxi thermal coal priced at 665 RMB per ton, down 0.9%[35] Debt and Interest Rates - As of March 28, 2025, the DR001 rate was 1.7195%, DR007 was 2.0509%, and R007 was 2.2570%, reflecting a tight balance in funding rates[49] - New local government bond issuance plans revealed 2,171 billion RMB in special bonds for Q2 2025, compared to 760 billion RMB issued in the same period last year[42]