Report Information - Report Date: November 22, 2025 [1] - Report Title: High - frequency Economic Weekly Report (2025.11.16 - 2025.11.22) [2] - Analysts: Huang Weiping, Yi Qiang, Wang Zheyi [3] Report Industry Investment Rating - No relevant content provided. Report's Core View - The economic situation shows mixed trends. Industrial production is weak, while personnel flow continues to rise, and freight prices increase slightly. Consumption and some segments of the real - estate market show different trends, and export - related indicators also have their own characteristics. [3] Summary by Catalog 1. Big - class Assets - This week, bond indices generally rose, with the ChinaBond 7 - 10 - year China Development Bank bond index rising the most by 0.7%. Stock indices and commodities generally fell, with the ChiNext Index falling the most by 6.15%, and the Nanhua Precious Metals Index dropping by 4.07%. Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.19%, while the US dollar appreciated by 0.14% against the RMB. [3] 2. Industrial Production - Production performance is weak. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27%, the petroleum asphalt plant operating rate dropped by 4.20 pcts to 24.80%, and the blast furnace operating rate decreased by 0.62 pcts to 82.17%, while the crude steel output increased by 6.00%. In the real - estate chain, the rebar operating rate rose by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate dropped by 0.39 pcts to 33.29%. In the consumer goods chain, the polyester filament operating rate increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate dropped by 0.17 pcts to 83.77%. In the automotive chain, the automotive semi - steel tire operating rate decreased by 2.61 pcts to 71.07%, and the automotive full - steel tire operating rate decreased by 3.19 pcts to 61.31%. [3] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operations increased by 1.51%, and the 7DMA of international flight operations increased by 0.84%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year. [3] 4. Consumption - Automobile sales growth declined year - on - year, and price performance decreased. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail sales decreased by 9.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. The weekly movie box office decreased by 22%, and the 7DMA of the number of moviegoers decreased by 22%. Agricultural product prices decreased, with pork prices dropping by 0.83% week - on - week and vegetable prices falling by 6.08% week - on - week. [3] 5. Investment - Construction performance was good, and the commercial housing market had a seasonal uptick. The weekly cement inventory ratio increased by 0.1 pcts, the cement price index increased by 0.43%, and the cement shipping rate remained the same as last week. The rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts, and the rebar apparent demand increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city - tier, the transaction area in first - tier cities decreased, while those in second - and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1%, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 cities increased, and the land premium rate decreased week - on - week. [3] 6. Export - Port throughput decreased, and most shipping indices increased. The weekly port cargo throughput decreased by 1.1%, and the container throughput decreased by 5.4%. The BDI index increased by 7.06% week - on - week, the domestic SCFI index decreased by 3.98%, and the CCFI index increased by 2.63%. [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the economic situation from multiple aspects, indicating that industrial production is weak, personnel flow is increasing, consumption shows a downward trend, investment has seasonal recoveries, and exports have a decline in port throughput but an increase in most shipping indices. Meanwhile, bond indices generally rise, while stock indices and commodities generally fall, and most foreign currencies decline [3]. 3. Summary According to the Directory 3.1. Large - scale Assets - This week, bond indices generally rose, stock indices and commodities generally fell, and most foreign currencies declined. Among them, the ChinaBond 7 - 10 - year China Development Bank Bond Index rose the most, with a gain of 0.07%. The ChiNext Index fell the most, with a weekly decline of 6.15%. The Nanhua Precious Metals Index fell the most among commodities, with a decline of 4.07%. The Japanese yen had the largest decline against the RMB, with a weekly decline of 1.19%, while the US dollar appreciated against the RMB, with a weekly gain of 0.14% [3][8]. 3.2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants decreased by 4.20 pcts to 24.80%, the blast furnace operating rate decreased by 0.62 pcts to 82.17%, and the crude steel output increased by 6.00% week - on - week. In the real estate chain, the rebar operating rate increased by 1.31 pcts to 43.29%, the float glass operating rate decreased by 0.34 pcts to 74.96%, and the mill operating rate decreased by 0.39 pcts to 33.29%. In the general consumer goods chain, the operating rate of polyester filament increased by 0.10 pcts to 91.33%, the PTA operating rate decreased by 1.89 pcts to 74.29%, and the methanol operating rate decreased by 0.17 pcts to 83.77%. In the automotive chain, the operating rate of automobile semi - steel tires decreased by 2.61 pcts to 71.07%, and the operating rate of automobile all - steel tires decreased by 3.19 pcts to 61.31% [3][11]. 3.3. People and Goods Flow - Personnel flow continued to increase, and freight prices increased slightly. In terms of personnel flow, the 7 - day moving average (7DMA) of the national migration scale index increased by 6.45% week - on - week. The 7DMA of domestic flight operation numbers increased by 1.51% week - on - week, and the 7DMA of international flight operation numbers increased by 0.84% week - on - week. The subway passenger volume in Beijing decreased, while that in Shanghai, Shenzhen, and Guangzhou increased. In terms of freight volume, the 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.02% week - on - week, and the total volume was higher than the same period last year [3]. 3.4. Consumption - Automobile sales growth declined year - on - year, and price performance declined. The previous period's automobile wholesale decreased by 5.00% year - on - year, and retail decreased by 9.00% year - on - year. Both the 4WMA of wholesale year - on - year growth and the 4WMA of retail year - on - year growth declined. This period's movie box office decreased by 22% week - on - week, and the 7DMA of the number of moviegoers decreased by 22% week - on - week. Agricultural product prices declined, with pork prices decreasing by 0.83% week - on - week and vegetable prices decreasing by 6.08% week - on - week [3]. 3.5. Investment - Construction performance was good, and the commercial housing market had a seasonal upswing. This period's cement inventory - to - capacity ratio increased by 0.1 pcts week - on - week, the cement price index increased by 0.43% week - on - week, and the cement shipment rate was flat compared to last week. Rebar inventory decreased by 3.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.3 pcts week - on - week, and the apparent demand for rebar increased by 6.7% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 24.2% week - on - week. By city tier, the commercial housing transaction area in first - tier cities decreased, while that in second - tier and third - tier cities increased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 0.1% week - on - week, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate decreased week - on - week [3]. 3.6. Export - Port throughput decreased, and most shipping indices increased. This period's port cargo throughput decreased by 1.1% week - on - week, and container throughput decreased by 5.4% week - on - week. The BDI index increased by 7.06% week - on - week, and the domestic SCFI index decreased by 3.98% week - on - week, while the CCFI index increased by 2.63% week - on - week [3].

日本总务省周五公布的数据显示，扣除生鲜食品的消费者价格同比上涨3%，住宿、车险保费和家用耐 用品成本上涨对该指标形成上行推力。数据与经济学家预期中值一致，上月涨幅为2.9%。 经济学家木村太郎表示："日本10月通胀升温表明，日本央行可能提前加息——除非政治因素从中作 梗。企业正在本财年下半段上调家庭用品及休闲服务价格。" 日本通胀现结构性分化：住宿费与车险推升，能源与食品涨幅放缓 智通财经APP获悉，日本通胀率小幅走高、出口回升，使日本央行在未来数月加息的计划将得以保持， 与此同时日本首相高市早苗正准备出台经济方案，以纾解民众对不断上涨的生活成本的怨声。 图1 消费者价格已连续43个月达到或超过日本央行2%的目标，为1992年以来最长周期。更贴近价格趋势的 一项指标(剔除能源)从3%加速升至3.1%。 同时，日本出口额连续第二个月实现增长，日元贬值有效提振了出口价值。然而，受关税政策影响，对 美出口货运量持续呈现下滑态势。财务省报告称，10月份以美元计价的出口同比增长3.6%，经济学家 此前预期为增长1.1%;对美出口下降3.1%。 图2 高市早苗将于周五晚些时候正式公布其首任经济方案。作为上月就任时承诺解决 ...

Supply and Demand - Construction starts have weakened further, with operating rates for asphalt, cement dispatch, and grinding mills dropping to historical lows[2] - Industrial production remains at a historically high level, with PX operating rates at historical highs and PTA rates at historical mid-lows[2] - Demand for construction materials is weak, with rebar, wire rod, and building materials at historical low demand levels[2] Prices - International commodity prices for oil, copper, and gold have shown weak fluctuations, while aluminum prices have risen[3] - Domestic industrial prices are mixed, with black metals and coal prices recovering, while chemical products have mostly declined[3] Real Estate - New housing transactions have seen a significant year-on-year decline, with a 24% drop in transaction area for major cities compared to the previous two weeks[4] - Second-hand housing transactions remain weak, with year-on-year declines of 16% in Beijing and Shanghai, and 33% in Shenzhen compared to 2024[4] Exports - Port throughput increased by 4.8% year-on-year in early November, with export growth projected at approximately 9.6%[5] Liquidity - Recent weeks have seen fluctuating funding rates, with the R007 at 1.49% and DR007 at 1.47% as of November 14[5] - The central bank has conducted a net withdrawal of 19,808 billion yuan through reverse repos in the last two weeks[5] Risk Warning - There are risks associated with unexpected fluctuations in commodity prices and policy measures exceeding expectations[5]

Report Industry Investment Rating No relevant content provided. Core View of the Report The economic situation from November 9 to November 15, 2025, shows weak supply and demand, with downward pressure on prices. Industrial production is weak, while personnel flow is increasing, and freight prices are slightly rising. Consumption, investment, and exports all show mixed trends, and there are also corresponding changes in the performance of major asset classes [1]. Summary by Directory 1. Major Asset Classes - Bond indices mostly rose, with the AA and AA - indices of ChinaBond corporate bonds rising the most, both by 0.06%. - Stock indices generally fell, with the Science and Technology Innovation 50 Index falling the most, with a weekly decline of 3.85%. - Commodities showed mixed performance, with the Nanhua Precious Metals Index rising the most by 5.07% and the Nanhua Energy and Chemicals Index falling the most by 0.65%. - Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.36%, and the US dollar depreciating by 0.31% [1]. 2. Industrial Production - Upstream: The coal consumption of the national power plant sample area decreased by 1.27% week - on - week. The operating rate of petroleum asphalt plants decreased by 0.70 pcts to 29.00%, and the blast furnace operating rate decreased by 0.36 pcts to 82.79%, while the crude steel output increased by 6.00% week - on - week. - Real estate chain: The operating rate of rebar increased by 0.68 pcts to 41.98%, the operating rate of float glass remained flat at 75.30%, and the mill operation rate decreased by 3.50 pcts to 33.68%. - Consumer goods chain: The operating rate of polyester filament increased by 0.41 pcts to 91.23%, the PTA operating rate decreased by 1.51 pcts to 76.18%, and the methanol operating rate decreased by 0.69 pcts to 83.94%. - Automobile chain: The operating rate of automobile semi - steel tires increased by 0.01 pcts to 73.68%, and the operating rate of automobile all - steel tires decreased by 0.96 pcts to 64.50% [1]. 3. People and Goods Flow - Personnel flow continued to rise. The 7 - day moving average (7DMA) of the national migration scale index increased by 0.80% week - on - week. The 7DMA of domestic flight operations increased by 0.61%, while that of international flights decreased by 0.42%. Subway passenger volumes in Beijing and Shanghai decreased, while those in Shenzhen and Guangzhou increased. - Freight prices rose slightly. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.03% week - on - week, but the total volume was lower than the same period last year [1]. 4. Consumption - Automobile sales growth declined year - on - year. The previous period's automobile wholesale decreased by 22.00% year - on - year, and retail decreased by 19.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. - Movie box office and attendance increased. The weekly box office increased by 107%, and the 7DMA of the number of moviegoers increased by 94%. - Agricultural product prices declined. The price of pork decreased by 0.93% week - on - week, and the price of vegetables decreased by 3.41% week - on - week [1]. 5. Investment - Construction performance was weak. The cement inventory - to - capacity ratio increased by 1.3 pcts week - on - week, the cement price index increased by 0.03%, and the cement shipping rate decreased by 3.7 pcts. Rebar inventory decreased by 2.3% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts, and the apparent demand for rebar decreased by 1.0% week - on - week. - The real estate market showed seasonal upward trends. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 20.1% week - on - week, with increases in first - tier, second - tier, and third - tier cities. The 7DMA of the second - hand housing transaction area in 16 cities increased by 1.6%, while the national second - hand housing listing price index decreased by 0.4%. The land transaction area in 100 cities decreased, and the land transaction premium rate decreased week - on - week [1]. 6. Exports - Port throughput decreased. The weekly port cargo throughput decreased by 4.3%, while the container throughput increased by 1.4%. - Most shipping indices rose. The BDI index increased by 1.00% week - on - week, the domestic SCFI index decreased by 2.92%, and the CCFI index increased by 3.39% week - on - week [1].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, real - estate sales remained weak. The real - estate market is in a situation of stock competition, with stable prices but falling volumes in the new - home market and trading volume for price in the second - hand home market. Next year may face concentrated selling of second - hand new homes due to the "5 - year resale restriction policy" [2]. - In terms of investment and production, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased. Most industrial production start - up rates declined, with only the start - up rate of polyester filament rising slightly [2]. - In terms of consumption, the momentum of travel was strong. Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile consumption was below the seasonal level [2]. - In terms of inflation, pork and vegetable prices declined, while oil prices rose [2]. - In terms of exports, the SCFI and BDI declined this week [2]. 3. Summary According to the Table of Contents 3.1 Real - Estate Sales - From November 7th to November 13th, the new - home sales area increased month - on - month, and the year - on - year decline narrowed. The new - home sales of cities at all levels were stronger than the previous period to varying degrees, but still significantly weaker than the same period last year. Among key cities, Shanghai and Hangzhou had year - on - year increases, while others mostly declined [7]. - From November 7th to November 13th, second - hand home sales increased month - on - month but declined significantly year - on - year. Among key cities, the month - on - month sales of all key cities were stronger than the previous period, and the year - on - year decline of Beijing and Hangzhou narrowed, while others widened [7]. 3.2 Investment - This week, most commodity prices declined. The price of rebar increased slightly, while the prices of asphalt, glass futures, and cement decreased [36]. 3.3 Production - This week, most start - up rates declined. The start - up rates of petroleum asphalt, steel - mill blast furnaces, and coking enterprises decreased, as did the start - up rates of automobile tires and PTA. The start - up rate of polyester filament increased slightly [44]. 3.4 Consumption - Subway travel, domestic flights, and movie box - office were above the seasonal level, while automobile sales were below the seasonal level [53]. 3.5 Exports - This week, the SCFI index, BDI index, port cargo throughput, and CRB spot index all declined [60]. 3.6 Prices - Pork and vegetable prices declined slightly, while oil and rebar prices increased slightly [65].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - Domestic demand provides strong short - term support, and although exports are not significantly affected in the near term, the long - term outlook is positive. There is still an opportunity for positive demand feedback within the year [23]. - In the medium term, there are many new installations, and the supply - demand balance will face pressure in 2026 [23][29]. Summary by Catalog 1.江阴地区短纤工厂调研情况汇总 1.1 近期内需和销售订单情况 - Short - fiber factories reported that recent domestic demand was generally good. In November, the demand situation was significantly better than in previous years. The market was dominated by rigid - demand purchases, and there was relatively little speculative demand. Differentiated products such as color - spun, cationic, and recycled black silk were in high demand and had tight supply. Enterprises were optimistic about the continuation of this peak season, expecting it to last until December or mid - to - late December [8]. 1.2 近期出口需求情况以及公司海外布局情况 - The export demand of short - fiber enterprises remained stable, with an export proportion generally between 20% - 30%. Main export markets included Europe, Turkey, and Southeast Asia. Short - fiber enterprises were cautious about overseas layout and mainly focused on market expansion. They were confident about next year's exports [9]. 1.3 近期工厂的开工和利润 - Short - fiber factories maintained a high operating rate, basically at full capacity. Current processing profits were generally good, and enterprises optimized cash flow by configuring differentiated products. Some enterprises might be more active in annual long - term contract negotiations or reduce the contract scale [10]. 1.4 当前原料库存情况 - The current raw material inventory of short - fiber factories was relatively stable. The difference mainly came from the procurement model. Some PTA inventories were maintained at 7 - 10 days, and MEG inventories were about 10 days. Raw material procurement was mainly through contracts, with a contract ratio of about 50% - 60% [11]. 1.5 当前成品库存情况 - The overall finished - product inventory was at a low level. Standard product inventories were generally controlled within 7 - 10 days, and some enterprise inventories of certain models dropped to single - digit levels. Non - standard product inventories were relatively high, but the overall pressure was not large [12]. 1.6 对未来行情的展望 - Enterprises were relatively optimistic about the short - term market, but had different views on the demand after December. They expected the export market to maintain stable growth next year, but also needed to pay attention to the impact of polyester capacity expansion in regions such as India and Indonesia [14]. 2. 江浙织造、家纺企业调研情况汇总 2.1 近期内需和销售情况 - The recent domestic demand of polyester terminals was differentiated, with clothing performing better than home textiles, knitting better than weaving, and texturing better than fabric - making. The terminal demand was mainly domestic, with good demand for autumn and winter clothing and ammonia - spandex super - soft home clothes, while the demand for traditional home textile categories was relatively weak. Seasonal orders recovered from mid - October to November, but the sustainability of new orders was insufficient [15]. 2.2 近期开工和利润情况 - Most enterprises had a high operating rate for different reasons. In terms of profit, texturing showed a month - on - month recovery, the grey fabric sector was basically at the break - even point, and fabric profits were generally average. Enterprises tried various methods to make up for comprehensive profits [16]. 2.3 近期出口需求情况以及海外布局情况 - After the new tariff negotiation, some foreign trade shipments improved, but there was no surge in textile and clothing exports. Enterprises were actively seeking overseas development opportunities, but overseas projects still faced uncertainties [17]. 2.4 企业当前的原料和库存情况 - Raw material procurement was relatively cautious, mainly spot purchases for immediate use. The raw material inventory cycle was mostly 15 - 30 days, and some enterprises stocked up until mid - November [20]. 2.5 企业当前的成品库存情况 - The inventory levels of enterprises were differentiated. Most enterprises had low physical inventories, significantly lower than during the trade war in the first half of the year. Some enterprises reduced inventory through production cuts and price reductions [21]. 2.6 对未来行情的展望 - Enterprises were cautious about the pre - holiday market and expected to consider early holidays in mid - January to control inventory. In the long term, factors such as intensified domestic competition and tariff policy fluctuations would continue to pressure the industry [22]. 3. 总结与展望 - Domestic demand provides strong short - term support, and exports are expected to improve in the long term. There is still an opportunity for positive demand feedback within the year. The resilience of the terminal is stronger than the market expected. It is not recommended to bet against demand too early [23]. - Although the recent Sino - US negotiation result has not brought obvious export growth, the overall export tariff has dropped to more than 30%, and the long - term tax rate expectation is relatively stable, which is beneficial to exports in the long run [24]. - The fiber sector has high operating rates, low inventories, and neutral profits, and can maintain its operation. In the medium term, there are many new installations, and the supply - demand balance will face pressure in 2026 [23][29]. 4. 附录：调研信息汇总表 - The appendix provides detailed information on the surveyed enterprises, including their general situation, recent operating and profit conditions, domestic demand and sales, export demand, raw material and finished - product inventory, overseas layout, and outlook for future market conditions [35][38]

Group 1: Export Performance - In October, the export amount in USD decreased by 1.1% year-on-year, a significant drop of 9.4 percentage points from September[4] - Adjusting for base effects, the two-year average export growth rates were 5.3% in September and 5.8% in October, indicating strong export activity[4] - Exports to major economies like the US, Japan, and ASEAN showed increases, while exports to Russia, India, and Brazil also rebounded significantly[4] Group 2: Import Trends - October imports increased by 1% year-on-year, down 6.4 percentage points from the previous month[6] - Imports from the US fell by 22.1%, a decline of 5.7 percentage points from the previous month, reflecting a broader slowdown in imports from the EU and Japan[6] Group 3: Price Indices - The Producer Price Index (PPI) in October rose by 0.1% month-on-month, marking the first positive change of the year, while the year-on-year PPI was -2.1%[8] - The Consumer Price Index (CPI) increased by 0.2% year-on-year, a significant rise of 0.5 percentage points from the previous month, driven mainly by seasonal factors and rising gold prices[11] Group 4: Economic Outlook - The report suggests that high export growth is likely to continue in the coming months due to strong global demand and improved US-China trade relations[5] - The overall economic environment is characterized by a "hot external and cold internal" situation, indicating a supply-demand imbalance[13]

高盛首席中国经济学家闪辉降中国2026与2027年GDP预期分别从4.3%和4.0%上调至4.8%与4.7%（2019年以来最大幅度的预期上调），理由是出口韧性强、中美贸易紧张局势缓和以及“十五五”规划带来的政策动力增强。闪辉表示，此次习特会表明，中国现在在贸易谈判中拥有了重要的筹码，尤其是在控制稀土出口方面，美国可能更难进一步加征关税。高盛还援引了中国近期召开的四中全会和“十五五”规划的成果，这些成果强调技术自主和产业竞争力。政策制定者旨在加大对高科技制造业和创新的投入，以此作为经济增长的驱动力，取代对房地产和基础设施的依赖。尽管这一战略可能迅速提振出口和企业利润，但闪辉警告称，提振家庭消费可能需要更长时间。高盛还指出，AI崛起有望在未来十年内将中国的长期增长潜力提升高达8%，从而有助于抵消人口结构和结构性不利因素。 ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - From November 2 to November 8, 2025, investment demand was weak while port throughput rebounded. Industrial production was weak, personnel flow continued to rise, freight prices increased slightly, automobile sales grew year - on - year, prices continued to rise, construction was weak, the real estate market declined, and most shipping indices went up [1] Group 3: Summary by Directory 1. Large - scale Assets - This week, interest - rate bond indices generally declined, credit - bond indices generally rose, stock indices and commodities showed mixed performance, and foreign currencies generally appreciated. The 5 - year China Bond Treasury Index fell the most by 0.08%, the AA - China Bond Corporate Bond Index rose the most by 0.09%, the CSI 300 Index rose the most by 0.82%, the SME Board Index fell the most by 0.59%, the Nanhua Agricultural Products Index rose the most by 0.57%, the Nanhua Black Index fell the most by 2.62%, the Japanese yen had the largest increase of 0.60%, and the US dollar appreciated by 0.13% against the RMB [1][6] 2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate decreased by 1.80 pcts to 29.70%, the blast furnace operating rate increased by 1.42 pcts to 83.15%, and the crude steel output decreased by 9.78%. In the real - estate chain, the rebar operating rate decreased by 2.00 pcts to 41.30%, the float glass operating rate remained flat at 76.65%, and the mill operating rate decreased by 0.02 pcts to 37.18%. In the consumer goods chain, the polyester filament operating rate increased by 0.15 pcts to 90.82%, the PTA operating rate decreased by 0.69 pcts to 77.69%, and the methanol operating rate increased by 0.75 pcts to 84.63%. In the automobile chain, the semi - steel tire operating rate increased by 0.26 pcts to 73.67%, and the all - steel tire operating rate increased by 0.12 pcts to 65.46% [1][9] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations decreased by 4.20%, and the 7DMA of international flight operations decreased by 2.14%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01%, with the total volume lower than the same period last year [1][25] 4. Consumption - Automobile sales increased year - on - year, and prices continued to rise. The previous period's automobile wholesale increased by 24.00% year - on - year, and retail increased by 47.00%. The 4WMA of both wholesale and retail year - on - year growth rates increased. This period's movie box office decreased by 27% week - on - week, and the 7DMA of the number of moviegoers decreased by 28%. Agricultural product prices rose, with pork prices increasing by 2.42% and vegetable prices increasing by 0.87% week - on - week [1][43] 5. Investment - Construction performance was weak, and the commercial housing market declined. The cement inventory - to - capacity ratio increased by 3.2 pcts week - on - week, the cement price index increased by 1.69%, and the cement shipping rate decreased by 0.3 pcts. The rebar inventory decreased by 1.1%, the proportion of profitable steel mills nationwide decreased by 5.2 pcts, and the apparent demand for rebar decreased by 5.9%. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities decreased by 40.6%. The transaction areas of first - tier, second - tier, and third - tier cities all decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 3.9%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1][51] 6. Export - Port throughput rebounded, and most shipping indices increased. The port cargo throughput increased by 15.7% week - on - week, and the container throughput increased by 13.8%. The BDI index increased by 7.02%, the domestic SCFI index decreased by 3.59%, and the CCFI index increased by 3.60% week - on - week [1][77]