Group 1 - The core viewpoint of the article highlights a mixed economic performance in September, with some sectors showing improvement while others face challenges due to high base effects and seasonal fluctuations [10][28]. Group 2 - Power generation data for coal-fired plants showed a significant year-on-year decline of 12.6% as of September 25, attributed to typhoon weather and better hydropower output, leading to reduced coal consumption [1][7]. - Industrial operating rates exhibited mixed results, with blast furnace operating rates increasing by 6.2 percentage points year-on-year, while some sectors like polyester filament saw a decline of 3.1 percentage points [2][8]. - Steel production from key enterprises showed a mixed trend, with rebar production declining by 2.4% month-on-month, while hot-rolled coil production increased by 0.6% [10][12]. Group 3 - Infrastructure funding availability improved, with a funding rate of 59.54% as of September 23, reflecting a month-on-month increase of 0.32 percentage points [3][12]. - The average daily passenger volume for subways in major cities was 60.01 million, showing a year-on-year increase of 2.9% despite a month-on-month decline of 3.8% [13][14]. Group 4 - Real estate sales showed a month-on-month increase of 13.2% in major cities, with a year-on-year increase of 2.9% noted, indicating a recovery from low bases [4][16]. - The retail growth rate for passenger vehicles slowed to 1% year-on-year, while new energy vehicle sales increased by 10% [20][21]. Group 5 - Home appliance sales growth slowed significantly, with offline sales for air conditioners, refrigerators, and washing machines dropping by over 60% year-on-year in mid-September [5][22]. - Container throughput at domestic ports continued to grow at a rate of 7.3% year-on-year, although shipments to the U.S. showed a decline of 22.1% [24][6].

证券研究报告：固定收益报告 发布时间：2025-09-28 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《二永还能继续参与吗？——信用周 报 20250924》 - 2025.09.24 固收周报 沥青生产提速，原油铜价上行 ——高频数据跟踪 20250927 核心观点 风险提示 政策效果不及预期，流动性超预期收紧。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 高频经济数据关注点：第一，生产稳中有升，钢铁生产相对稳定， 沥青开工率升至近两年最高，财政支出进度或有所加速。第二，房地 产市场边际改善，商品房成交面积连续两周回升。第三，物价整体上 涨，原油、铜价格涨幅较大，黑色系焦煤、螺纹钢小幅下降，农产品 价格重回上行。第四，国内外运价指数走势分化，BDI 稳健上涨，SCFI 持续快速下行。第五，受台风等极端天气影响，执行航班量下降，粤 港澳地区降幅较大。短期重点关注反内卷及增量政策落地、 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - High-frequency economic data focuses on three aspects: production end heat overall recovery, with increased operating rates of coke ovens, blast furnaces, asphalt, PTA, and tires, and decreased rebar production; decline in commercial housing transaction area and inventory-to-sales ratio, decrease in land supply area, and continuous increase in residential land transaction premium rate; overall price recovery, with rising prices of crude oil, coking coal, and non-ferrous metals, and falling rebar price, while agricultural products continue the seasonal upward trend, with rising prices of pork and eggs, and falling prices of fruits and vegetables [1][31]. - Short-term key concerns include the implementation of anti-involution and incremental policies, the recovery of the real estate market, and the impact of overseas interest rate cuts [1][31]. Summary by Relevant Catalogs Production - Steel: Coke oven capacity utilization increased by 2.97 pct, blast furnace operating rate increased by 3.43 pct, and rebar production decreased by 6.75 tons [1][9]. - Petroleum asphalt: Operating rate increased by 6.8 pct [9]. - Chemical industry: PX operating rate remained flat compared to the previous week, while PTA increased by 6.87 pct [1][9]. - Automobile tires: Full-steel tire operating rate increased by 5.81 pct, and semi-steel tire operating rate increased by 5.99 pct [1][10]. Demand - Real estate: Commercial housing transaction area decreased, inventory-to-sales ratio declined, land supply area decreased, and residential land transaction premium rate continued to rise [1][13]. - Movie box office: Decreased by 492 million yuan compared to the previous week [1][13]. - Automobile: Daily average retail sales of manufacturers decreased by 52,000 vehicles, and daily average wholesale sales decreased by 109,000 vehicles [1][17]. - Shipping index: SCFI decreased by 3.21%, CCFI decreased by 2.07%, and BDI rebounded significantly by 7.43% [1][19]. Prices - Energy: Brent crude oil price rose by 2.27% to $66.99 per barrel, and coking coal futures price increased by 0.89% to 1,137.5 yuan per ton [2][21]. - Metals: LME copper, aluminum, and zinc futures prices changed by +1.72%, +3.78%, and +3.45% respectively, while domestic rebar futures price fell by 0.61% [2][22]. - Agricultural products: Overall price continued the seasonal upward trend, with the agricultural product wholesale price 200 index rising by 0.32%, and the prices of pork, eggs, vegetables, and fruits changing by +0.20%, +2.85%, -1.17%, and -2.74% respectively compared to the previous week [2][24]. Logistics - Subway passenger volume: Increased in both Beijing and Shanghai [2][27]. - Flight volume: Domestic flight volume continued to decrease, while international flight volume stabilized and slightly increased [2][28]. - Urban traffic: The peak congestion index in first-tier cities rebounded significantly [2][28].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall production heat has declined, with the operating rates of blast furnaces, asphalt, and PTA all decreasing, and the output of rebar decreasing, while the operating rate of tires has increased [2][32]. - The real - estate market has weakened marginally, with the transaction area of commercial housing decreasing and the land supply area increasing [2][32]. - The price trends are diverging. Crude oil, non - ferrous metals, and agricultural products have risen, while coking coal and rebar have fallen. Agricultural product prices continue the seasonal upward trend [2][32]. - Shipping indices have continued to decline, including SCFI, CCFI, and BDI [2][32]. - In the short term, focus on the implementation of a new round of growth - stabilizing stimulus policies, the recovery of the real - estate market, and the impact of international geopolitical changes [2][32]. 3. Summary by Directory 3.1 Production: The heat of blast furnaces, rebar, asphalt, and PTA has all declined, and the tire operating rate has increased - **Steel**: The coke oven capacity utilization rate increased by 0.04 pct, the blast furnace operating rate decreased by 0.23 pct, and the rebar output decreased by 5.8 tons. The inventory increased by 2.27 tons [8]. - **Petroleum Asphalt**: The operating rate decreased by 2.2 pct [8]. - **Chemical Industry**: The PX operating rate remained flat compared with the previous week, while the PTA operating rate decreased by 7.52 pct [8]. - **Automobile Tires**: The operating rate of all - steel tires increased by 1.67 pct, and that of semi - steel tires increased by 1.06 pct [9]. 3.2 Demand: The transaction of commercial housing has continued to decline, and shipping indices have continued the downward trend - **Real Estate**: The transaction area of commercial housing continued to decline, and the inventory - to - sales ratio increased. The land supply area increased, and the transaction premium rate of residential land increased [14]. - **Movie Box Office**: It decreased by 399 million yuan compared with the previous week [14]. - **Automobile**: The daily average retail sales of automobile manufacturers increased by 13,800 vehicles, and the daily average wholesale sales increased by 22,400 vehicles [17]. - **Shipping Indices**: SCFI decreased by 3.07%, CCFI decreased by 1.55%, and BDI decreased by 4.89% [20]. 3.3 Prices: Crude oil, non - ferrous metals, and agricultural products have risen, while coking coal and rebar have fallen - **Energy**: The Brent crude oil price rose by 2.85% to $67.73 per barrel, and the coking coal futures price fell by 6.7% to 1,141.5 yuan per ton [22]. - **Metals**: The LME copper, aluminum, and zinc futures prices changed by +0.37%, +0.73%, and +0.32% respectively, and the domestic rebar futures price decreased by 2.1% [23]. - **Agricultural Products**: The overall price continued the seasonal upward trend. The prices of pork, eggs, vegetables, and fruits changed by +0.25%, +1.05%, +1.89%, and - 1.30% respectively compared with the previous week [25]. 3.4 Logistics: The number of international flights has decreased, and the congestion index in first - tier cities has continued to rise - **Subway Passenger Volume**: In Beijing, it decreased, while in Shanghai, it increased [28]. - **Executed Flight Volume**: Domestic flights increased slightly, and international flights decreased [29]. - **Urban Traffic**: The peak congestion index in first - tier cities continued to rise [29]. 3.5 Summary: The overall production heat has declined, and the prices of crude oil and non - ferrous metals have risen The summary is consistent with the core viewpoints, emphasizing the changes in production, real - estate, prices, and shipping indices, and suggesting short - term focus areas [32].

Report Information - Report Type: Fixed Income Report - Release Date: August 11, 2025 - Analysts: Liang Weichao, Cui Chao [2] Investment Rating - The provided content does not mention the industry investment rating. Core Viewpoints - High - frequency economic data shows that the production end has differentiated heat, with the steel industry chain warming up, while asphalt and tire operating rates declining. The transaction area of commercial housing is rising slightly, and prices are showing a differentiated trend with falling crude oil prices and rising prices of coking coal, non - ferrous metals, rebar, and agricultural products. The domestic SCFI and CCFI shipping indices are continuously falling, while the BDI is slightly rising. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [2][33] Summary by Directory 1. Production - Steel Industry Chain: The utilization rate of coke oven capacity increased by 0.27 pct, the blast furnace operating rate increased by 0.29 pct, and rebar production increased by 10.12 tons in the week of August 8. The inventory of rebar also increased by 6.05 tons [2][9] - Petroleum Asphalt: The operating rate decreased by 1.4 pct in the week of August 6 [9] - Chemical Industry: The PX operating rate remained flat compared with the previous week, while the PTA operating rate increased by 2.0 pct on August 7 [9] - Automobile Tires: The operating rate of all - steel tires decreased by 0.08 pct, and that of semi - steel tires decreased by 0.1 pct in the week of August 7 [10] 2. Demand - Real Estate: In the week of August 3, the transaction area of commercial housing in 30 large and medium - sized cities increased by 21.81 square meters, the inventory - to - sales ratio of commercial housing in 10 large cities decreased by 14.75, the land supply area in 100 large and medium - sized cities increased by 127.18 square meters, and the transaction premium rate of residential land decreased by 6.33% [14] - Movie Box Office: In the week of August 3, the total national movie box office revenue increased by 562 million yuan compared with the previous week [14] - Automobile: In the week of July 31, the average daily retail sales of automobile manufacturers increased by 31,000 vehicles, and the average daily wholesale sales increased by 94,000 vehicles [18] - Shipping Index: In the week of August 8, the SCFI decreased by 3.94%, the CCFI decreased by 2.56%, and the BDI increased by 1.64% [3][21] 3. Prices - Energy: The price of Brent crude oil decreased by 4.65% to $66.43 per barrel in the week of August 7. The futures price of coking coal increased by 9.37% to 1,219.5 yuan per ton in the week of August 8 [23] - Metals: The futures prices of LME copper, aluminum, and zinc increased by 1.40%, 1.69%, and 3.83% respectively, and the domestic rebar futures price increased by 0.06% on August 8 [24] - Agricultural Products: The overall price of agricultural products rebounded, with the 200 - index of agricultural product wholesale prices rising by 0.75%. The prices of pork, eggs, vegetables, and fruits changed by - 0.92%, - 2.72%, + 4.74%, and - 0.71% respectively compared with the previous week on August 8 [25][27] 4. Logistics - Subway Passenger Volume: The seven - day moving average of subway passenger volume in Beijing and Shanghai increased by 281,600 and 672,900 person - times respectively in the week of August 7 [29] - Flight Volume: The seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume decreased by 2.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) increased by 7.29 flights, and that of international flights increased by 11.86 flights in the week of August 7 [30] - Urban Traffic: The seven - day moving average of the peak congestion index in first - tier cities decreased by 0.01 to 1.66 on August 8 [30] 5. Summary - The steel industry chain is warming up, and the price of crude oil is falling. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [33]

Report Information - Report Title: Fixed Income Report - Release Time: July 21, 2025 - Analysts: Liang Weichao, Cui Chao [2] Core Viewpoints - High-frequency economic data shows that production is heating up, the real estate market is declining marginally, prices are diverging, and shipping indices are also showing a differentiated trend. Short-term focus should be on the implementation of new growth-stimulation policies, the recovery of the real estate market, and international geopolitical changes [2] Content Summary by Section Production - Steel: In the week of July 18, the coke oven capacity utilization rate increased by 0.18 pct, the blast furnace operating rate increased by 0.31 pct, and the rebar output decreased by 7.6 tons [3][9] - Petroleum Asphalt: In the week of July 16, the operating rate of domestic petroleum asphalt plants increased by 0.1 pct [9] - Chemical Industry: The operating rates of PX and PTA remained flat compared to the previous week [9] - Automobile Tires: In the week of July 17, the operating rate of all-steel tires increased by 0.54 pct, and that of semi-steel tires increased by 3.07 pct [9] Demand - Real Estate: In the week of July 13, the commercial housing transaction area decreased, the inventory-to-sales ratio increased, the land transaction area declined, and the residential land transaction premium rate increased [13] - Movie Box Office: In the week of July 13, the total national movie box office revenue decreased by 123 million yuan compared to the previous week [13] - Automobile: In the week of July 13, the daily average retail sales of automobile manufacturers increased by 0.8 million vehicles, and the daily average wholesale sales increased by 0.7 million vehicles [15] - Shipping Indices: In the week of July 18, SCFI decreased by 4.98%, CCFI decreased by 0.77%, and BDI rebounded significantly by 23.39% [18] Prices - Energy: On July 18, the Brent crude oil price decreased by 1.53% to $69.28 per barrel, and the coking coal futures price increased by 2.53% to 932.5 yuan per ton [20] - Metals: On July 18, the LME copper, aluminum, and zinc futures prices changed by +1.36%, +1.38%, and +3.14% respectively, and the domestic rebar futures price increased by 0.73% [21] - Agricultural Products: The overall price of agricultural products decreased. The wholesale price index of agricultural products 200 decreased by 0.54%. The prices of pork, eggs, vegetables, and fruits changed by +0.29%, +0%, -1.36%, and -2.55% respectively compared to the previous week [23] Logistics - Subway Passenger Volume: On July 17, the seven-day moving average of subway passenger volume in Beijing decreased by 66,400 person-times, and that in Shanghai increased by 438,600 person-times [26] - Flight Volume: On July 18, the seven-day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume increased by 252.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) flight volume increased by 7.43 flights, and that of international flight volume increased by 14.71 flights [27] - Urban Traffic: On July 18, the seven-day moving average of the peak congestion index in first-tier cities decreased by 0.06 [27]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - High - frequency economic data focuses on multiple aspects: At the production end, the overall production of the steel industry chain declines, while the operating rates of asphalt, PTA, and tires increase; the real - estate market experiences a marginal decline with a slight drop in commercial housing transaction area; prices rise overall, with increases in crude oil, coking coal, and rebar prices, and a decrease in copper prices, and agricultural products enter a seasonal upward trend; shipping indices show a differentiated trend, with domestic SCFI and CCFI decreasing and BDI rebounding significantly; with the arrival of summer, service consumption such as tourism and entertainment grows, and both movie box - office and domestic flight volume increase. Short - term attention should be paid to the implementation of a new round of stable - growth stimulus policies, the recovery of the real - estate market, and the impact of international geopolitical changes [2][34]. 3. Summary by Relevant Catalogs 3.1 Production: Steel Industry Chain Declines, Asphalt, PTA, and Tire Operating Rates Increase - **Steel**: In the week of July 11, the coke oven capacity utilization rate decreased by 0.48 pct, the blast furnace operating rate decreased by 0.31 pct, and the rebar output decreased by 4.42 tons. The inventory increased by 0.41 tons [3][9]. - **Petroleum Asphalt**: In the week of July 9, the operating rate increased by 1.0 pct [9]. - **Chemical Industry**: On July 10, the domestic chemical PX operating rate decreased by 0.74 pct, and the PTA operating rate increased by 1.43 pct [3][9]. - **Automobile Tires**: In the week of July 10, the all - steel tire operating rate increased by 0.81 pct, and the semi - steel tire operating rate increased by 2.51 pct [3][10]. 3.2 Demand: Marginal Decline in Commercial Housing Transactions, BDI Hits Bottom and Rebounds - **Real Estate**: In the week of July 6, the commercial housing transaction area decreased, the inventory - to - sales ratio decreased, the land transaction area continued to rise, and the residential land transaction premium rate decreased [3][16]. - **Movie Box - Office**: In the week of July 6, it increased by 198 million yuan compared with the previous week [3][16]. - **Automobile**: In the week of July 6, the daily average retail sales of automobile manufacturers decreased by 55,700 vehicles, and the daily average wholesale sales decreased by 115,700 vehicles [3][20]. - **Shipping Indices**: In the week of July 11, SCFI fell by 1.71%, CCFI fell by 2.18%, and BDI rebounded significantly by 15.81% [3][22]. 3.3 Prices: Crude Oil, Coking Coal, and Rebar Rise, Agricultural Products Start to Rise - **Energy**: On July 11, the Brent crude oil price increased by 3.02% to $70.36 per barrel [24]. - **Coking Coal**: On July 11, the futures price increased by 7.0% to 909.5 yuan per ton [24]. - **Metals**: On July 11, the LME copper, aluminum, and zinc futures prices changed by - 1.92%, + 0.17%, and + 0.09% respectively, and the domestic rebar futures price increased by 1.65% [25]. - **Agricultural Products**: The overall price increased and entered a seasonal upward trend. The agricultural product wholesale price 200 index increased by 0.93%. The prices of pork, eggs, vegetables, and fruits changed by + 0.10%, - 0.28%, + 1.84%, and + 2.05% respectively compared with the previous week [27][28]. 3.4 Logistics: Increase in Domestic Flight Volume, Decline in Peak Congestion Index of First - Tier Cities - **Subway Passenger Volume**: On July 10, the seven - day moving average of Beijing's subway passenger volume increased by 202,000, and that of Shanghai decreased by 214,300 [30]. - **Executed Flight Volume**: On July 11, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) executed flight volume increased, while that of international flights decreased [32]. - **Urban Traffic**: On July 11, the seven - day moving average of the peak congestion index of first - tier cities continued to decline [32].

Report Overview - Report Type: Fixed Income Report - Release Date: July 1, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating No information provided. Core Viewpoints - The production side shows steady improvement, with an increase in rebar production and higher operating rates for asphalt, PX, and all-steel tires. The blast furnace and PTA operating rates remain flat, while the semi-steel tire operating rate declines. - The real estate market shows marginal improvement, with a slight rebound in commercial housing transaction area. - Price trends are divergent, with a sharp drop in crude oil prices, continuous increases in coking coal and non-ferrous metals prices, and stable agricultural product prices at a low level, potentially starting a seasonal upward trend in the short term. - Shipping indices continue to decline, with a significant drop in the BDI index. - Short-term focus should be on the implementation of new growth-stabilizing stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [2][33] Summary by Directory 1. Production: Rebar Production Increases, Asphalt, PX, and All-Steel Tire Operating Rates Rise - **Steel**: The coking oven capacity utilization rate drops by 0.16 pct, the blast furnace operating rate remains flat, and rebar production increases by 5.66 tons. The inventory rises by 3.28 tons [9]. - **Petroleum Asphalt**: The operating rate increases by 1.1 pct [9]. - **Chemical Industry**: The PX operating rate increases by 0.46 pct, and the PTA operating rate remains flat [9]. - **Automobile Tires**: The all-steel tire operating rate increases by 0.16 pct, while the semi-steel tire operating rate decreases by 0.24 pct [10] 2. Demand: Commercial Housing Transactions Show Marginal Improvement, BDI Continues to Decline Significantly - **Real Estate**: The commercial housing transaction area rebounds, and the inventory-to-sales ratio increases. The land transaction area decreases, and the residential land transaction premium rate increases [14]. - **Movie Box Office**: It increases by 158 million yuan compared to the previous week [14]. - **Automobile**: The average daily retail sales of automobile manufacturers increase by 27,800 vehicles, and the average daily wholesale sales increase by 17,100 vehicles [16]. - **Shipping Indices**: The SCFI drops by 0.43%, the CCFI rises by 2.0%, and the BDI drops significantly by 9.95% [19] 3. Prices: Crude Oil Drops Sharply, Non-Ferrous Metals and Coking Coal Rise, Agricultural Products Reach Seasonal Bottoms - **Energy**: The Brent crude oil price drops by 12% to $67.77 per barrel [21]. - **Coking Coal**: The futures price increases by 4.64% to 834 yuan per ton [21]. - **Metals**: The LME copper, aluminum, and zinc futures prices change by +2.26%, +1.31%, and +4.89% respectively, while the domestic rebar futures price drops by 0.13% [22]. - **Agricultural Products**: The overall price stabilizes, approaching the seasonal low, and may start an upward trend in the short term. The prices of pork, eggs, vegetables, and fruits change by -0.49%, +0.41%, 0%, and -2.94% respectively compared to the previous week [24][25] 4. Logistics: Subway Passenger Volume and Flight Execution Volume Increase, Peak Congestion Index in First-Tier Cities Drops - **Subway Passenger Volume**: It increases in Beijing and Shanghai [28]. - **Flight Execution Volume**: The domestic and international flight volumes both increase [30]. - **Urban Traffic**: The peak congestion index in first-tier cities drops [30] 5. Summary: Production Shows Steady Improvement, Price Trends are Divergent - The production side shows steady improvement, the real estate market shows marginal improvement, price trends are divergent, and shipping indices continue to decline. Short-term focus should be on new growth-stabilizing policies, real estate market recovery, and international geopolitical changes [33]

Economic Performance - Industrial production shows seasonal weakness, with blast furnace operating rates down 0.3 percentage points year-on-year to 1.0%[1] - Infrastructure construction remains weak, with cement grinding rates down 3.6 percentage points year-on-year to 4.6%[1] - Port cargo throughput related to exports increased by 5.7% year-on-year, while container throughput rose by 4.1%[1] Price Trends - Agricultural product prices declined, with egg, fruit, and pork prices down by 1.5%, 1.3%, and 0.4% respectively[2] - Industrial product prices rebounded, with the South China Industrial Price Index up 3.1% month-on-month, and the energy and chemical price index up 5.6%[2][57] Market Demand - New housing transaction area in 30 major cities fell significantly, down 13.9 percentage points year-on-year to 5.1%[30] - Daily average new home transaction area in first-tier cities dropped sharply, down 38.3% year-on-year to 14.2%[30] - Shipping prices increased significantly, with the CCFI composite index rising by 8% month-on-month, and the West America route rates up 14.8%[45]

Report Information - Report Type: Fixed Income Report - Release Date: June 16, 2025 - Analysts: Liang Weichao, Cui Chao [2] Investment Rating - No industry investment rating is provided in the report. Core Views - High - frequency economic data shows production differentiation, with the steel industry chain in decline and some sectors like asphalt, semi - steel tires, and PTA seeing an uptick. The real estate market is experiencing a marginal decline, and price trends are also diverse. Shipping indices are at relatively high levels. Short - term focus should be on new growth - stimulating policies, the real estate market recovery, and US tariff policy changes [2][31] Summary by Directory Production - In the week of June 13, the utilization rate of coke oven capacity decreased by 0.97 pct, blast furnace operating rate dropped by 0.15 pct, and rebar production decreased by 10.89 tons. The operating rate of petroleum asphalt increased by 0.2 pct, PX operating rate decreased by 0.3 pct, PTA operating rate increased by 0.26 pct, full - steel tire operating rate decreased by 2.23 pct, and semi - steel tire operating rate increased by 4.12 pct [3][9][10] Demand - In the week of June 8, the transaction area of commercial housing decreased, the inventory - to - sales ratio increased, land transaction area declined, and the premium rate of residential land transactions decreased. Movie box office decreased by 110 million yuan compared to the previous week. Automobile manufacturers' daily average retail sales decreased by 52,500 vehicles, and daily average wholesale sales decreased by 117,800 vehicles. In the week of June 13, the SCFI dropped by 6.79%, CCFI rose by 7.63%, and BDI increased significantly by 20.51% [3][13][15][18] Prices - In the week of June 13, Brent crude oil prices rose by 11.67% to $74.23 per barrel, coking coal futures prices dropped by 0.71% to 773.5 yuan per ton, LME copper, aluminum, and zinc futures prices changed by - 0.24%, + 2.10%, - 1.35% respectively, and domestic rebar futures prices fell by 0.70%. The overall price of agricultural products decreased, with pork, eggs, vegetables, and fruits changing by - 0.98%, - 3.58%, - 0.46%, - 0.13% respectively compared to the previous week [3][21][22][24] Logistics - In the week of June 14, subway passenger volume in Beijing and Shanghai increased, domestic flight volume increased while international flight volume decreased, and the peak congestion index in first - tier cities rebounded. Beijing's subway passenger volume increased by 261,400 person - times with a weekly change of 2.82%, Shanghai's increased by 795,700 person - times with a weekly change of 8.67%. Domestic (excluding Hong Kong, Macao, and Taiwan) flight volume increased by 58 flights with a weekly change of 0.47%, international flight volume decreased by 69.43 flights with a weekly change of - 3.78%, and the first - tier city peak congestion index increased by 0.14 with a weekly change of 9.05% [4][26][28] Summary - Steel production declined, and crude oil prices increased significantly. High - frequency economic data shows production differentiation, a marginal decline in the real estate market, diverse price trends, and relatively high shipping indices. Short - term focus should be on new growth - stimulating policies, the real estate market recovery, and US tariff policy changes [31]