广发宏观：高频数据下的2月经济：价格篇

Price Index Trends - The Business Price Index (BPI) recorded 947 points as of February 27, down 1.0% from the end of January[3] - The energy index decreased by 0.1% month-on-month, while the non-ferrous index fell by 6.1%[4] - The global geopolitical threat index averaged 146.4 points, down 34.7% from the previous month[3] Commodity Price Movements - In the non-ferrous sector, 20 commodities saw price increases, with 9 commodities rising over 5%, including silver (15.24%), tin (14.02%), and dysprosium alloy (10.45%)[4] - The South China comprehensive index fell by 1.3% month-on-month, with a year-on-year average increase of 7.6%[5] - The average wholesale price of pork decreased by 4.9% month-on-month, while key vegetable prices fell by 5.7%[9] Real Estate and Housing Prices - Second-hand housing prices in major cities like Beijing, Shanghai, and Shenzhen showed slight increases, with indices recording changes of 0.9%, 0.3%, -0.8%, and 0.6% respectively[5] - The highest recorded prices for second-hand homes in major cities were 159.44 (Beijing), 192.67 (Shanghai), 181.71 (Guangzhou), and 251.13 (Shenzhen) in the past year[5] Emerging Industry Prices - The photovoltaic industry composite index fell by 1.7%, while lithium carbonate futures prices increased by 11.5%[7] - The DXI index for the DRAM memory industry rose by 6.0%, reaching a historical high[7] Shipping and Logistics - The China Container Freight Index (CCFI) decreased by 11.1% month-on-month, with specific routes like Shanghai to Los Angeles and Shanghai to New York dropping by 10.3% and 6.7% respectively[8] - The Baltic Dry Index (BDI) fell by 0.4% month-on-month, contrasting with a 14.4% increase in January[9]