固定收益定期：出口运价回落：基本面高频数据跟踪

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Guosheng Fixed - income Fundamental High - frequency Index remained stable, with the current index at 126.8 points, a week - on - week increase of 0.1 point, and a year - on - year increase of 5.3 points, with the year - on - year growth rate unchanged. The signal factor of the interest - rate bond long - short signal weakened to 4.6% [2][15]. Summary by Directory Total Index: Fundamental High - frequency Index Stable - Based on a statistical system, a high - frequency data system covering overall, production, demand, prices, and financing was constructed, and the Guosheng Fixed - income Fundamental High - frequency Index and its sub - indices were developed. The update period of the fundamental high - frequency data is from July 21 to July 25, 2025 [14][15]. Production: PX Operating Rate Declined Continuously - The industrial production high - frequency index was 126.1, a week - on - week increase of 0.1 point and a year - on - year increase of 5.0 points, with the year - on - year growth rate unchanged. The PX operating rate was 82.4%, a week - on - week decrease of 0.8 percentage points and a year - on - year decrease of 7.4 percentage points [2][15][22]. Real Estate Sales: Property Transactions Rebounded - The real estate sales high - frequency index was 43.7, a week - on - week decrease of 0.1 point and a year - on - year decrease of 6.4 points, with the year - on - year decline rate unchanged. The transaction area of commercial housing in 30 large - and medium - sized cities was 210,000 square meters, an increase from the previous value of 171,000 square meters; the premium rate of land transactions in 100 large - and medium - sized cities was 7.8%, an increase from the previous value of 6.7% [2][15][30]. Infrastructure Investment: Asphalt Operating Rate Decreased - The infrastructure investment high - frequency index was 119.8, a week - on - week increase of 0.2 points and a year - on - year increase of 4.2 points, with the year - on - year growth rate expanding. The operating rate of petroleum asphalt plants was 28.8%, a week - on - week decrease of 4.0 percentage points and a year - on - year increase of 2.3 percentage points [2][15][38]. Exports: Export Container Freight Index Declined Continuously - The export high - frequency index was 143.9, a week - on - week decrease of 0.1 point and a year - on - year increase of 3.7 points, with the year - on - year growth rate narrowing. The CCFI index was 1261 points, a decrease from the previous value of 1304 points; the RJ/CRB index was 303.8 points, a decrease from the previous value of 303.9 points [2][15][43]. Consumption: Passenger Car Retail and Wholesale Continued to Rise - The consumption high - frequency index was 119.7, a week - on - week increase of 0.0 points and a year - on - year increase of 2.5 points, with the year - on - year growth rate expanding. Passenger car manufacturers' retail sales were 58,207 units, an increase from the previous value of 47,548 units; wholesale sales were 57,826 units, an increase from the previous value of 46,085 units; the average daily box office was 140.66 million yuan, an increase from the previous value of 101.19 million yuan [2][15][49]. CPI: Fruit Prices Declined Continuously - The CPI monthly - on - monthly forecast was 0.1% (previous value 0.0%). The average wholesale price of pork was 20.7 yuan/kg, an increase from the previous value of 20.6 yuan/kg; the average wholesale price of 28 key - monitored vegetables was 4.4 yuan/kg, unchanged from the previous value; the average wholesale price of 7 key - monitored fruits was 7.1 yuan/kg, a decrease from the previous value of 7.3 yuan/kg; the average wholesale price of white - striped chickens was 17.4 yuan/kg, an increase from the previous value of 17.2 yuan/kg [3][15][55]. PPI: Steam Coal Prices Rebounded - The PPI monthly - on - monthly forecast was 0.2% (previous value 0.1%). The ex - works price of steam coal (from Shanxi) at Qinhuangdao Port was 649 yuan/ton, an increase from the previous value of 637 yuan/ton; the futures settlement price of Brent crude oil was 69 US dollars/barrel, unchanged from the previous value; the spot settlement price of LME copper was 9821 US dollars/ton, an increase from the previous value of 9587 US dollars/ton; the spot settlement price of LME aluminum was 2647 US dollars/ton, an increase from the previous value of 2579 US dollars/ton [3][15][60]. Transportation: Passenger Volume and Flight Numbers Decreased - The transportation high - frequency index was 129.2, a week - on - week increase of 0.2 points and a year - on - year increase of 8.9 points, with the year - on - year growth rate expanding. The passenger volume of the subway in first - tier cities was 39 million person - times, a decrease from the previous value of 41.14 million person - times; the highway logistics freight rate index was 1050 points, unchanged from the previous value; the number of domestic flights was 14,428, a decrease from the previous value of 14,653 [4][15][68]. Inventory: Soda Ash Inventory Declined - The inventory high - frequency index was 161.0, a week - on - week increase of 0.1 point and a year - on - year increase of 9.4 points, with the year - on - year growth rate unchanged. The electrolytic aluminum inventory was 155,000 tons, a decrease from the previous value of 254,000 tons; the soda ash inventory was 1.874 million tons, a decrease from the previous value of 1.895 million tons [3][15][72]. Financing: Net Financing of Local Government Bonds and Credit Bonds Increased - The financing high - frequency index was 232.7, a week - on - week increase of 0.6 points and a year - on - year increase of 29.6 points, with the year - on - year growth rate expanding. The net financing of local government bonds was 29.29 billion yuan, an increase from the previous value of 15.05 billion yuan; the net financing of credit bonds was 5.49 billion yuan, an increase from the previous value of 4.46 billion yuan; the 6M national - share bank acceptance bill rediscount rate was 0.74%, a decrease from the previous value of 0.84%; the average value of the bill rate minus the certificate of deposit rate was - 0.91%, a decrease from the previous value of - 0.82% [4][15][79].