Domestic Macro - Demand Side - As of July 17, 2025, retail sales of passenger cars reached 571,000 units, a year-on-year increase of 5.7%, but a month-on-month decrease of 6.7%[2] - The average number of domestic flights in July was 14,500, a month-on-month increase of 13.08% and a year-on-year increase of 2.28%[2] - The Baltic Dry Index (BDI) averaged 1630.4 in July, a month-on-month decrease of 2.7% and a year-on-year decrease of 14.8%[2] Domestic Macro - Production Side - As of July 20, 2025, the average operating rate of blast furnaces decreased by 0.3 percentage points to 83.35%[3] - The operating rate of asphalt plants increased by 6.58 percentage points to 32.4%[3] - The operating rate of rebar production increased by 0.36 percentage points to 43.06%[3] Price Performance - As of July 18, 2025, the average wholesale price of pork increased by 0.2% week-on-week, while the average wholesale price of 28 monitored vegetables decreased by 0.09%[2] - WTI and Brent crude oil prices fell by 1.44% and 1.05% respectively as of July 18, 2025[3] - The price of glass increased by 8.66% due to the "anti-involution" policy and a decrease in production[3] Fiscal and Investment - This week, new special bonds issued amounted to 123 billion, with local general bonds at 19 billion, achieving a 60.8% issuance progress[3] - The issuance of special bonds (excluding debt relief) reached 1,315 billion, with a 53.0% progress[3] Overseas Macro - The U.S. CPI for June was 2.7% year-on-year, with core CPI at 2.9%, indicating controlled inflation despite tariff impacts[4] - The U.S. retail sales nominal month-on-month growth was 0.6%, exceeding expectations primarily due to price increases rather than volume[4]
宏观周报：反内卷成效初现，美国加密货币法案通过-20250720
Yin He Zheng Quan·2025-07-20 11:16