宏观量化经济指数周报20250720：科创债ETF扩容加快结构性政策工具投放-20250720

Economic Indicators - As of July 20, 2025, the ECI supply index is at 50.13%, down 0.01 percentage points from last week, while the demand index is at 49.91%, also down 0.01 percentage points[8] - The monthly ECI supply index for July is 50.12%, a decrease of 0.04 percentage points from June, and the demand index is at 49.92%, down 0.01 percentage points from June[9] - The ELI index is at -0.91%, up 0.01 percentage points from last week, indicating a potential acceleration in structural policy tool deployment[12] Investment and Financing - In the first half of 2025, China’s bond market issued various bonds totaling 44.3 trillion yuan, a year-on-year increase of 16%[15] - Net financing from bonds reached 8.8 trillion yuan, accounting for 38.6% of the increase in social financing scale[15] - The average issuance rate for corporate credit bonds in June 2025 was 2.08%, down 32 basis points from the previous year[15] Consumer Trends - The average daily sales of passenger cars for the week ending July 13, 2025, was 47,548 units, an increase of 4,218 units year-on-year[22] - Retail sales of passenger cars from July 1-13, 2025, totaled 571,000 units, a 7.0% increase year-on-year, but a 5.0% decrease month-on-month[22] Construction and Real Estate - The area of land supplied in 100 major cities decreased by 18.63% week-on-week, totaling 12.75 million square meters[26] - The transaction area of commercial housing in 30 major cities fell by 15.63% week-on-week, amounting to 1.0916 million square meters[26] Inflation and Prices - The average wholesale price of pork is 20.65 yuan/kg, up 0.04 yuan/kg from last week, while the average price of 28 monitored vegetables remains at 4.38 yuan/kg[38] - Brent crude oil futures settled at $69.05/barrel, down $0.74 from the previous week, while COMEX gold futures rose to $3,351.70/ounce, up $17.62[38]