生产开工率多数上行，港口吞吐维持韧性

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report In the second week of September, on the production side, in the industrial sector, freight volume remained high, daily coal consumption and coal prices continued to decline, and hydropower slightly replaced thermal power, but the overall industry operating rate increased, with improvements in coking, refinery, chemical, and automotive industries. In the construction industry, cement demand recovered while supply was low, black - market supply and demand were weak, the base supported the year - on - year supply data, and inventory continued to rise, with the absolute level exceeding that of last year. In the real estate sector, new home sales decreased month - on - month, while second - hand home sales improved month - on - month, and the year - on - year figure turned positive and then remained stable, with the market heating up compared to last month, and second - tier cities being relatively stronger in terms of structure, but housing prices still needed to stabilize. In terms of external demand, throughput year - on - year remained high, while freight rates decreased month - on - month but improved year - on - year. In the consumption sector, travel demand remained strong, while automobile consumption declined slightly. In terms of prices, crude oil was significantly affected by supply - side disruptions, black - series prices showed differentiation, and the rising expectation of US interest rate cuts supported copper prices [2]. Summary by Relevant Catalogs 1. Consumption - Travel demand remained at a high level, with subway ridership and congestion delay index both decreasing, and flight operation rates lower than last year. Automobile consumption declined slightly, textile consumption improved, and express package collection volume remained high. In terms of policies, Hubei Province launched a 100 - million - yuan retail and catering consumption voucher program, Guangdong Province launched a 20 - million - yuan cultural and tourism subsidy program, and Jiayuguan City in Gansu Province launched a consumer voucher program covering multiple fields [6][9]. 2. Real Estate - New home sales decreased month - on - month and were basically flat year - on - year, with third - tier cities leading in terms of structure. Second - hand home sales increased month - on - month, and overall second - hand home sales improved after the relaxation of purchase restrictions, but the recovery in first - tier cities needed further observation. Second - hand home listing volume increased while prices decreased. The land market premium rate rebounded from a low level, and land transaction volume remained low. Last week, real estate policies continued to support demand, such as new policies in Shenzhen and subsidy policies in Hangzhou [3][10][12]. 3. Production - The overall industrial operating rate increased. In the power sector, coal consumption decreased, hydropower increased, and coal prices declined. In the construction industry, construction funds decreased year - on - year, cement demand was stronger than supply, black - market supply and demand declined, and asphalt operating rate increased year - on - year. Freight volume remained high, and the operating rates of upstream and downstream industries mostly increased [7][13][16]. 4. External Demand - Port throughput remained resilient. Freight rates showed differentiation, with the year - on - year growth rate of the RJ/CRB index decreasing, the Baltic Dry Index (BDI) rising, and international shipping rates weakening. The CCFI and SCFI indices both decreased month - on - month, but the year - on - year figures improved. South Korea's exports in the first 10 days of September increased year - on - year, and Vietnam's exports in August remained resilient. In the overseas economy, the US CPI in August rose to 2.9%, the employment market continued to cool, and the market's expectation of a US interest rate cut increased. The Eurozone decided to keep its key interest rates unchanged. The domestic import freight rate (CDFI) increased month - on - month [4][17][18]. 5. Prices - Iron ore, coke, glass, and non - ferrous metal prices increased, while crude oil and rebar prices decreased. The agricultural product index and the domestic Nanhua Industrial Products Index increased, while the external RJ/CRB index decreased [5][20].