高频数据跟踪：焦煤螺纹钢价格上涨，BDI持续快速上行

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - High - frequency economic data shows production end heat differentiation, with the steel industry chain recovering while asphalt, PX, and tire operating rates decreasing. The real - estate market is marginally improving, with increases in both commercial housing and land transaction areas. Price trends are also differentiated, with crude oil falling, coking coal rising significantly by 32.6%, rebar prices increasing, and non - ferrous metals remaining stable. Among agricultural products, pork, eggs, and vegetables are rising, with eggs having a large increase. Shipping index trends continue to diverge, with domestic SCFI and CCFI falling and BDI continuing to rebound sharply. Short - term focus should be on the implementation of new round of stable growth stimulus policies, the recovery of the real - estate market, and the impact of international geopolitical changes [2][33]. 3. Summary by Relevant Catalog 3.1 Production: Steel Industry Chain Recovers, Asphalt, PX, Tire Operating Rates Decrease - In the week of July 25, the coke oven capacity utilization rate increased by 0.71 pct, blast furnace operating rate remained flat, and rebar production increased by 2.9 tons. Meanwhile, the petroleum asphalt operating rate decreased by 4.0 pct, chemical PX operating rate decreased by 0.81 pct, PTA remained flat, and the operating rates of automobile all - steel tires and semi - steel tires decreased by 0.08 pct and 0.12 pct respectively [3][9][10]. 3.2 Demand: Real - Estate Market Marginally Rebounds, BDI Continues to Rebound Rapidly - In the week of July 20, the commercial housing transaction area rebounded, the inventory - to - sales ratio increased, land transaction area rebounded, and the residential land transaction premium rate increased. Movie box office increased by 215 million yuan compared with the previous week, and automobile manufacturers' daily average retail and wholesale sales increased by 11,000 and 12,000 vehicles respectively. In the week of July 25, the shipping index SCFI fell by 3.3%, CCFI fell by 3.24%, and BDI continued to rebound significantly by 9.9% [3][15][21]. 3.3 Price: Crude Oil Falls, Coking Coal and Rebar Rise Significantly, Non - Ferrous Metals Remain Stable - In the week of July 25, Brent crude oil price fell by 1.21% to $68.44 per barrel, coking coal futures price rose by 32.6% to 1,236.5 yuan per ton. LME copper, aluminum, and zinc futures prices changed by +0.02%, - 0.27%, and +0.18% respectively, and domestic rebar futures price rose by 5.07%. The overall price of agricultural products slightly decreased but remained in a seasonal upward trend, with pork, eggs, vegetables, and fruits changing by +1.02%, +6.83%, +1.15%, and - 1.24% respectively compared with the previous week [3][23][26]. 3.4 Logistics: Subway Passenger Volume and Flight Volume Decrease, Peak Congestion Index in First - Tier Cities Continues to Fall - In the week of July 25, subway passenger volumes in Beijing and Shanghai decreased, domestic and international flight volumes decreased, and the peak congestion index in first - tier cities continued to fall [4][29][30]. 3.5 Summary: Coking Coal and Rebar Prices Rise, BDI Continues to Rebound Rapidly - High - frequency economic data shows production end heat differentiation, real - estate market marginal improvement, price trend differentiation, and shipping index trend divergence. Short - term focus should be on new policies, real - estate market recovery, and geopolitical changes [33].