国泰海通｜策略：电子产业链景气延续，耐用品需求透支

Group 1 - The core viewpoint of the article highlights the sustained growth in the global AI investment, which continues to drive the electronic industry chain's prosperity, while domestic demand remains weak, leading to price improvements in coal and automobiles under anti-involution policies [1] Group 2 - In the electronic industry chain, the demand for high-performance storage chips is increasing due to overseas AI server investments, resulting in a significant rise in storage prices, with DRAM prices increasing by 5.6% month-on-month [3] - The real estate market shows weakness, with a 25.0% year-on-year decline in transaction volume across 30 major cities, and inventory pressure is increasing, causing continued downward pressure on housing prices [2] - The automotive sector shows signs of stabilization, with a 7.0% year-on-year increase in retail sales of passenger cars, and a 6.8% increase in average retail prices compared to the previous month [2] Group 3 - The logistics sector is experiencing growth in freight logistics, with a 24.7% increase in highway truck traffic and an 8.8% increase in postal and express collection volume week-on-week, driven by increased export demand [4] - Coal prices have risen by 5.5% month-on-month due to supply constraints and high demand from power plants, while industrial metal prices are under pressure due to anticipated demand declines following new tariffs [3]