高频数据跟踪：沥青开工率处于高位，原油猪肉价格走低

Report Industry Investment Rating No relevant information provided. Core Viewpoints - High - frequency economic data shows that the production side is stable with a slight increase, the coke oven and PX operating rates decline, the tire operating rate rebounds significantly, and the asphalt operating rate is at a high level [1][31]. - The transaction volume of commercial housing and land supply area are generally at a low level, and seasonal improvement may occur in the near future [1][31]. - After the holiday, the number of executed flights decreases, while the subway passenger volume and congestion index in cities increase [1][31]. - The price trend is differentiated. Crude oil and rebar prices decline, while coking coal, copper, and aluminum prices rise. The overall price of agricultural products increases, but the prices of pork and eggs drop significantly [1][31]. - In the short term, focus on the incremental policies of the Fourth Plenary Session and the 14th Five - Year Plan, Sino - US trade policies, and the recovery of the real estate market [1][31]. Summary by Relevant Catalogs 1. Production: Rebar Production Continues to Decline, Tire Operating Rate Rebounds Significantly - Steel: The coke oven capacity utilization rate decreases by 0.96 pct, the blast furnace operating rate remains flat, and the rebar production decreases by 2.24 tons. The inventory of rebar also decreases by 7.7 tons [10]. - Petroleum asphalt: The operating rate increases by 1.3 pct and is at a relatively high level in recent years [10]. - Chemical industry: The PX operating rate decreases by 1.9 pct, while the PTA operating rate increases by 1.57 pct [10]. - Automobile tires: The operating rate rebounds significantly after the holiday. The all - steel tire operating rate increases by 20.56 pct, and the semi - steel tire operating rate increases by 26.21 pct [11]. 2. Demand: Commercial Housing Transactions Increase Slightly at a Low Level, SCFI Rebounds Significantly - Real estate: The transaction area of commercial housing rebounds slightly at a low level, the inventory - to - sales ratio increases, the land supply area decreases, and the transaction premium rate of residential land decreases [14]. - Movie box office: In the week of October 5, it increases by 1.087 billion yuan compared with the previous week [14]. - Automobile: In the week of October 12, the daily average retail sales of manufacturers increase by 41,000 vehicles, and the daily average wholesale sales increase by 46,000 vehicles [16]. - Shipping index: In the week of October 17, SCFI rebounds by 12.92%, CCFI decreases by 4.11%, and BDI increases by 6.87% [19]. 3. Prices: Crude Oil and Rebar Prices Decline, Coking Coal, Copper, and Aluminum Prices Rise - Energy: The Brent crude oil price drops by 2.3% to $61.29 per barrel [21]. - Coking coal: The futures price rises by 1.67% to 1,184.5 yuan per ton [21]. - Metals: The LME copper, aluminum, and zinc futures prices change by +2.25%, +1.18%, and - 1.41% respectively compared with the previous week, and the domestic rebar futures price decreases by 1.96% [22]. - Agricultural products: The overall price increases, with the wholesale price index of agricultural products rising by 1.13%. The prices of pork, eggs, vegetables, and fruits change by - 3.94%, - 4.45%, +2.42%, and +0.28% respectively compared with the previous week [24]. 4. Logistics: After the Holiday, Subway Passenger Volume and Urban Congestion Index Rebound Significantly, and the Number of Executed Flights Decreases Significantly - Subway passenger volume: In Beijing and Shanghai, it rebounds significantly after the holiday. The seven - day moving average of Beijing's subway passenger volume increases by about 3.28 million person - times, and that of Shanghai increases by about 3.04 million person - times [27]. - Executed flights: After the holiday, the number of domestic and international executed flights decreases significantly. The seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) executed flights decreases by 10.22%, that of domestic (Hong Kong, Macao, and Taiwan) decreases by 5.8%, and that of international flights decreases by 4.44% [29]. - Urban traffic: The peak congestion index of first - tier cities rebounds significantly after the holiday, with the seven - day moving average increasing by 34.16% [29]. 5. Summary: Asphalt Operating Rate is at a High Level, Crude Oil and Pork Prices are Low The high - frequency economic data focuses on four aspects: production, demand, logistics, and prices. The production side is stable with a slight increase; the demand side is at a low level with potential seasonal improvement; the logistics situation shows a post - holiday adjustment; and the price trend is differentiated. Short - term attention should be paid to policies and the real estate market recovery [31].