高频半月观：10月以来多数价格回落

Supply - The average operating rate of 247 sample blast furnaces decreased by 0.1 percentage points to 84.3%, which is 3.0 and 7.5 percentage points higher than the same period in 2024 and 2019, respectively[2] - The average operating rate of coking enterprises fell by 1.0 percentage points to 70.6%, which is 1.2 percentage points higher than 2024 but 2.5 percentage points lower than 2019[2] - The average operating rate of asphalt plants decreased by 2.1 percentage points to 35.2%, which is 6.9 percentage points higher than 2024 but 9.9 percentage points lower than 2019[2] Demand - New home sales in 30 cities fell by 1.1% month-on-month, reaching a new low for the same period in recent years, with a year-on-year decline of 26.6%[3] - The average weekly land transaction area in 100 cities fell by 54.2% month-on-month, marking a year-on-year decrease of 38.3% and a 49.5% drop compared to 2019[3] - Steel apparent demand decreased by 8.7% month-on-month, remaining at the lowest level for the same period in recent years, with a year-on-year decline of 4.4%[3] Prices - The Nanhua Industrial Product Index fell by 2.3% month-on-month, with Brent crude oil prices decreasing by 5.5% and a year-on-year decline of 17.2%[6] - Pork prices dropped by 5.1% to approximately 18.4 CNY/kg, with a year-on-year decline of 26.2%[6] - Cement price index decreased by 1.6% month-on-month, with a year-on-year decline of 18.0%[6] Inventory - Coastal power plants' coal inventory decreased by 2.6% month-on-month but remains at a high level compared to recent years, with a year-on-year decline of 3.8%[7] - Steel and electrolytic aluminum inventories increased by 4.7% and 4.0% respectively, although still at low levels compared to recent years[7] - Asphalt inventory rose by 3.4% month-on-month, with a year-on-year increase of 5.3%[7] Liquidity - The total issuance of bonds in the past half month reached 737.52 billion CNY, with government bonds accounting for 506.5 billion CNY, an increase of 258.97 billion CNY from the previous period[10] - The central bank's net absorption through open market operations was 18.742 billion CNY, leading to a decline in money market interest rates[9]