基本面高频数据跟踪：地产销售延续回落

Report Industry Investment Rating No relevant information provided. Core View of the Report The report updates the high - frequency fundamental data from September 1, 2025, to September 5, 2025. The overall fundamental high - frequency index is stable, but there are various trends in different sectors such as production, demand, prices, and financing. For example, real - estate sales continue to decline, while infrastructure investment shows an expanding growth rate [1][8]. Summary by Relevant Catalogs Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 127.5 points (previous value: 127.4 points), with a week - on - week increase of 5.6 points (previous increase: 5.5 points), and the year - on - year increase rate is rising. The long - short signal for interest - rate bonds remains unchanged, with a signal factor of 5.0% (previous value: 5.0%) [1][8]. Production: Electric Arc Furnace Operating Rate Declines - The electric arc furnace operating rate is 62.2% (previous value: 62.8%); polyester operating rate is 87.1% (previous value: 86.7%); semi - tire operating rate is 67.5% (previous value: 72.8%); full - tire operating rate is 59.8% (previous value: 63.8%); PTA operating rate is 69.5% (previous value: 70.9%); PX operating rate is 84.6% (previous value: 84.6%); coal dispatch at Qinhuangdao Port is 51.4 tons (previous value: 48.4 tons) [15]. Real - Estate Sales: Commercial Housing Transaction Area Declines - The commercial housing transaction area in 30 large and medium - sized cities is 22.0 million square meters (previous value: 24.5 million square meters); the land premium rate for 100 large and medium - sized cities is 1.8% (previous value: 1.6%) [25]. Infrastructure Investment: Petroleum Asphalt Operating Rate Continues to Decline - The operating rate of petroleum asphalt devices is 28.1% (previous value: 29.3%) [35]. Exports: Export Container Freight Rate Index Continues to Decline - The CCFI index is 1149 points (previous value: 1156 points); the RJ/CRB index is 301.3 points (previous value: 301.0 points) [42]. Consumption: Average Daily Movie Box Office Drops Significantly - The average daily movie box office is 81.9 million yuan (previous value: 152.4 million yuan) [53]. CPI: Average Wholesale Price of Vegetables Rises Slightly - The latest average wholesale price of pork is 19.9 yuan/kg (previous value: 20.0 yuan/kg); the average wholesale price of 28 key - monitored vegetables is 5.1 yuan/kg (previous value: 4.9 yuan/kg); the average wholesale price of 7 key - monitored fruits is 6.9 yuan/kg (previous value: 6.9 yuan/kg); the average wholesale price of white - striped chickens is 17.5 yuan/kg (previous value: 17.6 yuan/kg) [62]. PPI: Copper Price Continues to Rise - The closing price of steam coal at Qinhuangdao Port (from Shanxi) is 682 yuan/ton (previous value: 695 yuan/ton); the futures settlement price of Brent crude oil is 67 US dollars/barrel (previous value: 68 US dollars/barrel); the spot settlement price of LME copper is 9829 US dollars/ton (previous value: 9725 US dollars/ton); the spot settlement price of LME aluminum is 2613 US dollars/ton (previous value: 2616 US dollars/ton) [68]. Transportation: Passenger Volume Continues to Decline - The passenger volume of the subway in first - tier cities is 36.26 million person - times (previous value: 39.37 million person - times); the road logistics freight rate index is 1051 points (previous value: 1051 points); the number of domestic flights is 13,157 (previous value: 14,473) [81]. Inventory: Electrolytic Aluminum Inventory Continues to Rise - The electrolytic aluminum inventory is 174,000 tons (previous value: 153,000 tons); the soda ash inventory is 1.821 million tons (previous value: 1.878 million tons) [87]. Financing: Net Financing of Local Government Bonds Drops Significantly - The net financing of local government bonds is 36.7 billion yuan (previous value: 243.5 billion yuan); the net financing of credit bonds is - 55.3 billion yuan (previous value: - 30.4 billion yuan); the 6M national - share bank acceptance bill rediscount rate is 0.7% (previous value: 0.7%); the average difference between the bill rate and the certificate of deposit rate is - 0.9% (previous value: - 0.9%) [99].