国泰海通｜策略：乘用车销量显著增长，制造业开工改善——中观景气6月第3期

Group 1: Core Insights - Passenger car sales continue to show strong performance, driven by favorable policies, with retail sales increasing by 13.7% year-on-year in May [2] - Real estate sales are showing marginal improvement, with transaction area in 30 major cities up by 4.1% year-on-year, particularly in first-tier cities which saw a 13.5% increase [2] - Manufacturing sector shows a slight improvement in operating rates, with increased hiring intentions among companies [3] Group 2: Industry Performance - Construction demand remains weak, impacting the building materials sector, with steel prices significantly declining while cement prices have seen a slight rebound due to self-discipline production limits in some regions [3] - The logistics sector is experiencing a mixed performance, with long-distance passenger demand declining, but logistics activity improving, particularly driven by e-commerce demand during the "618" shopping festival [4] - Dry bulk shipping rates have significantly increased due to renewed geopolitical tensions in the Middle East, although domestic port throughput has decreased [1][4]