高频数据扫描：上下游物价继续分化

1. Report Industry Investment Rating - No industry investment rating is provided in the report [160][161] 2. Core View of the Report - In April 2025, CPI and PPI continued to diverge, with upstream prices continuing to decline. If trade frictions ease, the divergence between upstream and downstream prices is expected to narrow. Core CPI and food - related CPI have stabilized, indicating that consumption - promotion policies have had a positive impact on terminal consumption demand. However, trade frictions still affect upstream prices such as energy prices [2] 3. Summary by Directory 3.1 High - Frequency Data Panoramic Scan - Food and Consumer Goods: From May 5 - 10, 2025, the average wholesale price of pork by the Ministry of Agriculture increased by 0.81% week - on - week and 2.15% year - on - year. The Shandong Vegetable Wholesale Price Index decreased by 5.11% week - on - week and 20.89% year - on - year. The price index of edible agricultural products decreased by 0.70% week - on - week, and the year - on - year decline widened to 4.76%. Movie box office revenue increased by 283.76% week - on - week [2][14] - Commodities and Energy: Brent and WTI crude oil futures prices decreased by 2.02% and 1.00% week - on - week respectively. The average daily price of LME copper spot increased by 1.56% week - on - week, while the average daily price of aluminum spot decreased by 0.82% week - on - week. The domestic cement price index decreased by 2.39% week - on - week, and the Nanhua Iron Ore Index decreased by 1.01% week - on - week. The operating rate of coking enterprises with a capacity of over 2 million tons decreased by 0.48% week - on - week [2][14] - Real Estate: The average daily transaction area of commercial housing in 30 large - and medium - sized cities in April 2025 was about 229,000 square meters per day, compared with about 260,000 square meters per day in April 2024. From May 1 - 7, 2025, the average daily transaction area was about 136,000 square meters per day, compared with about 114,000 square meters per day in the same period of 2024. The weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 9.60% week - on - week [2] 3.2 Comparison of High - Frequency Data and Important Macroeconomic Indicators - The report presents multiple charts showing the relationship between high - frequency data and important macroeconomic indicators, such as the relationship between the year - on - year change of copper spot price and the year - on - year change of industrial added value and PPI, and the relationship between the year - on - year change of daily crude steel production and the year - on - year change of industrial added value [16][22] 3.3 Important High - Frequency Indicators in the United States - The report includes charts on important high - frequency indicators in the United States, such as the year - on - year change of electricity generation and industrial output, the Chicago Fed Financial Conditions Index, the implied prospects of interest rate hikes or cuts in US federal funds futures, and the relationship between the same - store sales growth rate and PCE year - on - year [84][86] 3.4 Seasonal Trends of High - Frequency Data - The seasonal trends of high - frequency data are presented, with indicators mainly showing month - on - month growth rates. The data sources include high - frequency data on crude steel average daily production, production material price index, etc. [97] 3.5 High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - The report provides charts on the year - on - year changes in subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [147][149]