高频：海运价格持续修复，关注中美贸易转机

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - This week, the SCFI continued to rise. The container shipping bookings from China to the US have recovered to last year's level, and the US's restrictive measures may trigger a "rush to export" effect. Sino-US trade relations may see a turnaround. [2] - Real estate sales remained weak. New home sales were far below the seasonal level, while second-hand home sales were basically in line with the seasonality. [2] - Rebar and cement prices remained stable. In the short term, coking coal and coke performed well, supporting the steel price, but in the long term, it was limited by the weak supply-demand pattern. [2] - In terms of investment and production, commodity prices showed mixed trends. Rebar prices were flat, glass futures prices decreased, asphalt prices increased, and cement prices were basically unchanged. [2] - In industrial production, the operating rates were differentiated. The blast furnace operating rate of steel mills, PTA operating rate, and automobile tire operating rate increased, while the petroleum asphalt operating rate and coking enterprise operating rate decreased, and the polyester filament operating rate remained basically unchanged. [2] - In consumption, the mobility was strong. Subway ridership and domestic flights were above the seasonal level, automobile consumption was in line with the seasonality, and movie box office was below the seasonal level. [2] - In terms of inflation, pork prices decreased, vegetable prices increased, and oil prices increased. [2] - In exports, the SCFI increased, and the BDI decreased. [2] Summary by Directory 1. Real Estate Sales: Weak Real Estate Sales, Beijing Provides Support - New home sales this week (October 17 - October 23) increased slightly month-on-month, and the year-on-year decline continued to narrow. The new home sales area in Wind 20 cities increased by 2.83% month-on-month and decreased by 13.03% year-on-year. [7] - New home sales in first-tier and third/fourth-tier cities were significantly stronger than the previous period but weaker than the same period last year. Second-tier cities saw negative growth both month-on-month and year-on-year. [7] - In key cities, most cities saw an increase in new home sales month-on-month. Beijing was the only city with positive year-on-year growth. [7] - Second-hand home sales decreased slightly month-on-month and significantly year-on-year. All key cities saw a decline in second-hand home sales compared to the same period last year. [7] 2. Investment: Commodity Prices Show Mixed Trends - Commodity prices showed mixed trends this week. Rebar and cement prices were basically flat, glass futures prices decreased, and asphalt prices increased. [36] 3. Production: Operating Rates Show Differentiation - Operating rates showed differentiation this week. The blast furnace operating rate of steel mills, PTA operating rate, and automobile tire operating rate increased, while the petroleum asphalt operating rate and coking enterprise operating rate decreased, and the polyester filament operating rate remained basically unchanged. [45] 4. Consumption: Strong Mobility - Subway ridership and domestic flights were above the seasonal level, automobile sales were in line with the seasonality, and movie box office was below the seasonal level. [58] 5. Exports: SCFI Increases, BDI Decreases - The SCFI index increased this week, while the BDI index and CRB spot index decreased slightly. [61] 6. Prices: Pork Prices Decrease, Vegetable and Oil Prices Increase - Pork prices decreased, vegetable prices increased, oil prices increased, and rebar prices were basically flat. [65]