Caitong Securities(SH:601108) CAITONG SECURITIES·2025-08-16 13:30Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week's main concerns include a significant rebound in Beijing's new and second - hand housing sales due to the new property market policies, a slight decline in rebar and cement prices as anti - involution cools down, stronger travel momentum during the summer with subway rides and domestic flights outperforming seasonality, and a sharp increase in vegetable prices due to extreme weather [2]. - New home sales continued to weaken this week, while second - hand home sales rebounded. New home transaction areas in first - and second - tier cities were significantly weaker than the same period last year, while second - hand home sales areas in key cities increased month - on - month and were stronger than last year. Beijing's new and second - hand housing sales showed a significant rebound [2]. - In terms of investment and production, most commodity prices declined. Rebar prices decreased slightly, glass futures prices rose significantly, cement price index decreased slightly, and asphalt prices decreased slightly [2]. - In industrial production, the performance of operating rates was divided. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [2]. - In terms of consumption, travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [2]. - In terms of inflation, pork prices decreased, vegetable prices increased significantly, and oil prices decreased [2]. - In terms of exports, SCFI and BDI declined this week, and the market supply - demand fundamentals were slightly weak, with the shipping market continuing to adjust [2]. Group 3: Summaries According to Related Catalogs 1. Real Estate Sales - New home sales in first - and second - tier cities weakened. From August 8th to August 14th, new home transactions showed a mixed performance month - on - month and a significant decline year - on - year. New home transaction areas in first - and second - tier cities were much weaker than last year, while those in third - tier cities were much stronger than the previous period and last year. Wind's 20 - city transaction area increased 2.83% month - on - month and decreased 12.96% year - on - year [7]. - Second - hand home sales increased both month - on - month and year - on - year. In key cities, the transaction areas increased month - on - month and were higher than the same period last year, with Hangzhou showing a significant 15% increase [27]. 2. Investment - Most commodity prices declined. Cement, asphalt, and rebar prices decreased slightly, while glass futures prices increased significantly [37]. 3. Production - Operating rates showed a divided performance. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [43]. 4. Consumption - Travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [52]. 5. Exports - SCFI index declined, and BDI index and CRB spot index decreased slightly [58]. 6. Prices - Pork prices decreased, vegetable prices increased significantly, oil prices decreased slightly, and rebar prices decreased slightly [64].