【广发宏观贺骁束】高频数据下的11月经济：价格篇

Core Viewpoint - The article discusses the recovery of the BPI index in November, driven by expectations of interest rate cuts by the Federal Reserve and ongoing narratives in various industries, particularly in metals and commodities [1][4]. Group 1: BPI Index and Commodity Prices - The BPI index recorded 878 points as of November 28, reflecting a 1.0% increase compared to the end of October, with energy and non-ferrous indices rising by 0.4% and 2.7% respectively [1][4][5]. - In November, the pricing of bulk commodities showed mixed results, with thermal coal and glass futures prices increasing by 7.0% and 7.6% month-on-month, while rebar futures fell by 0.6% [9][11]. Group 2: Real Estate Market - The housing prices in four major cities continued to adjust, with the second-hand housing price index decreasing by 0.7% to 1.5% compared to the last week of October [11]. Group 3: Emerging Manufacturing Prices - Prices for upstream materials in emerging manufacturing sectors, such as storage chips and lithium carbonate, remained strong, while the photovoltaic industry saw a decline, with the SPI index dropping by 2.6% [2][12]. - The DXI index for the DRAM memory industry rose by 70.7%, and lithium hexafluorophosphate prices surged by 67.4% month-on-month [2][12]. Group 4: Shipping and Logistics - In the shipping sector, the CCFI index increased by 9.8%, while the WCID indices for routes to Los Angeles and New York fell by 14.3% and 23.3% respectively [14]. - The Baltic Dry Index (BDI) rose by 30.2%, indicating a recovery in dry bulk shipping rates [14]. Group 5: Food Prices - Food prices generally increased, with the average wholesale price of pork rising by 0.2% and key vegetable prices increasing by 1.8% [17].