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].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The macro - economic data shows a mixed picture, with some indicators like GDP growth and consumption having positive trends, while others such as exports face challenges. The monetary policy has space but its marginal efficiency is declining, and there is a need to shift the macro - control approach from over - reliance on investment to promoting consumption and benefiting people's livelihoods. The bond market may have opportunities from December this year to early next year, and the stock market shows certain upward momentum [1][2][16][29]. 3. Summary According to Relevant Catalogs 3.1 Macro Data - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. In October 2025, the manufacturing PMI was 49%, lower than the previous value of 49.8% and the same - period value of 50.1%. The non - manufacturing PMI for business activities was 50.1%, slightly up from 50% in the previous period but down from 50.2% last year. Social financing scale increment in October was 814.9 billion yuan, significantly lower than 3529.6 billion yuan in the previous month but higher than 1412 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The cumulative social financing scale increment in the first ten months was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year. At the end of October, the year - on - year growth rates of social financing stock and M2 were 8.5% and 8.2% respectively, both down 0.2 percentage points month - on - month. The 10 - month economic data indicates that offline consumption, infrastructure construction, and industrial production are showing positive trends [2]. 3.2.2 Metals - On November 13, international precious metal futures generally fell. Uncertainty about economic data and the Fed's policy stance affected the market. Gold futures had a large inflow of funds, and the trading volume increased significantly. The inventory of some metals changed, with zinc and aluminum inventories increasing, and lead and copper inventories decreasing [4][5]. 3.2.3 Coal, Coke, Steel, and Minerals - In Liaodong, a large - scale gold deposit, the Dadonggou Gold Mine, was discovered, with a proven gold metal content of 1444.49 tons [8]. 3.2.4 Energy and Chemicals - The "Management Measures" aim to rationalize the investment and construction mechanism of oil and gas pipeline infrastructure. On November 13, the price of US crude oil futures rose. The IEA raised the forecast for global crude oil demand growth in 2025, and concerns about supply tightening also supported the price [9]. 3.2.5 Agricultural Products - In October, the US soybean crushing volume reached a record high, while Brazil's coffee exports decreased. China plans to purchase US soybeans, and Indonesia's palm oil exports may decline in 2026 due to the B50 plan [12][13]. 3.3 Financial News Compilation 3.3.1 Open Market - On November 13, the central bank conducted 190 billion yuan of 7 - day reverse repurchase operations, with a net investment of 9.72 billion yuan [15]. 3.3.2 Key News - The social financing scale and M2 growth rates decreased month - on - month. The US government ended its 43 - day shutdown. China's economic fundamentals are solid, with consumption showing a good trend, especially in lower - tier cities. Some companies have bond - related issues, and overseas credit ratings of some companies have changed [16][18][22]. 3.3.3 Bond Market Summary - The Chinese bond market weakened, with most bond yields rising slightly. The yields of US and European bonds also increased. Some institutions issued bonds, and their yields and subscription multiples are provided [23][27]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies mostly rose [28]. 3.3.5 Research Report Highlights - Different research institutions have different views on the bond market. CICC believes that the social financing scale may continue to decline, and bond allocation is favorable for interest rate decline. Yangtze River believes that the probability of a comprehensive reserve requirement ratio cut is low, and the interest rate cut window may open from the fourth quarter of this year to the first quarter of next year. Xingzheng suggests a defensive strategy for US bonds [29]. 3.4 Stock Market Key News - The China Securities Regulatory Commission's chairman exchanged views on capital market cooperation with French and Brazilian regulatory authorities. A - shares and the Hong Kong stock market rose, with different sectors performing differently [32][33].

Economic Overview - The economy has shown resilience with growth around 1.8% this year despite uncertainties [2] - The labor market is near full employment but has shown signs of cooling, with demand and supply also cooling [2][5] - Inflation is closer to 3% rather than the 2% target, indicating ongoing price pressures [2][21] Consumer Behavior - Consumption remains resilient, particularly among higher-income households benefiting from stock market wealth effects [6][7] - Lower-income households are increasing their debt levels, particularly credit card debt, to maintain consumption [7][8] - Consumer balance sheets are generally stable, but there are concerns about subprime loan defaults and credit card defaults stabilizing after a previous increase [8][9] Business Sentiment - Companies report that uncertainty has plateaued, allowing them to adapt to a higher level of uncertainty [11] - Some companies are experiencing higher costs related to various factors, including insurance and raw materials, which they are attempting to pass on to consumers [11][20] - There is a concern among companies about the potential need to raise prices or cut employees if interest rates do not decrease [10][20] Labor Market Dynamics - The labor market has cooled in an orderly manner, with recent layoff announcements not necessarily indicating a deterioration phase [13][14] - Weekly claims for unemployment have remained stable, suggesting that the labor market is not in immediate distress [14][15] - There is a need to monitor the balance between labor market conditions and inflationary pressures when considering monetary policy [19][24] Monetary Policy Considerations - The real federal funds rate has declined by 250 basis points over the past year, with a focus on supporting the labor market and managing inflation expectations [18][19] - Companies are more concerned about non-interest costs rather than interest costs impacting their pricing strategies [20] - The current monetary policy stance is viewed as modestly restrictive to neutral, with a focus on bringing inflation back towards the 2% target [25][26] Financial Stability - Financial conditions are described as accommodative, with asset valuations, including house and stock prices, appearing elevated relative to historical standards [28][29] - The Federal Reserve's financial stability report indicates notable asset valuations, which could pose risks if not managed carefully [28][29]

Industry Investment Ratings No investment ratings are provided in the reports. Core Views Oils and Fats - Market has a bearish outlook on Malaysian palm oil inventory, putting downward pressure on external palm oil prices. The Dalian palm oil is in a rebound phase after an over - decline, and attention should be paid to whether it can break through the resistance in the 8800 - 8900 yuan range. - China will suspend retaliatory tariffs on US agricultural products starting from the 10th, but US soybeans still face a 13% tariff, making them relatively expensive. There is no evidence of large - scale Chinese purchases of US soybeans, so CBOT soybeans lack the momentum to rise continuously. US biodiesel policy uncertainty affects the industrial use of US soybean oil, causing CBOT soybean oil to trade in a narrow range. Domestically, soybean supply is abundant, and the basis price may fluctuate within a certain range [1]. Sugar - The global sugar supply is abundant, causing the raw sugar price to remain weak and reach a five - year low. The domestic sugar market is less affected by the decline due to import quotas. There is an expectation of a delayed start of the sugar - crushing season in Guangxi, and the market consumption is mainly on - demand, with general trading volume. The sugar price is expected to move weakly in a volatile manner [3]. Pork - The market's reluctance to sell and the increase in secondary fattening have supported the pig price to be slightly stronger. According to the planned November slaughter volume, the overall slaughter progress will slow down, which may boost the November pig price. The market is in a range - bound pattern. It is recommended to hold the 3 - 7 reverse spread and be cautiously bullish on single - side operations [5]. Cotton - The upward movement of Zhengzhou cotton faces hedging pressure, but the pressure is not concentrated due to cost differences between northern and southern Xinjiang and pre - hedging of some new cotton. There is cost support at the lower level. The downstream demand is weak, but the finished - product inventory pressure is not large, and textile mills have a rigid demand for cotton. In the short term, the cotton price may trade in a range [7]. Corn - As the early high - moisture corn is released and the weather improves, farmers' willingness to sell is price - sensitive. Due to snow and transportation issues in the Northeast and price support in North China, the supply volume has decreased, and the price has rebounded locally. In November, there is still selling pressure from the concentrated supply of corn, but there is also cost and purchase - storage policy support. The demand side is cautious, and the corn price is expected to be volatile in the short term and may weaken when the selling pressure emerges [8]. Meal - The demand for US soybeans is not well - supported due to the 13% tariff, and it is difficult for US soybeans to continue rising. The domestic soybean and soybean meal inventories are at a high level, but there is strong cost support. The near - term shipping schedule has a negative crushing margin, and there is a 7.5 million - ton supply gap from November to January. The soybean meal price is expected to trade in a range [12]. Eggs - The inventory of laying hens in November is expected to remain relatively stable at a high level, and the egg supply pressure persists. The terminal market demand is general, and the egg price is expected to fluctuate widely at the bottom [15]. Summary by Industry Oils and Fats - **Soybean Oil**: On November 7, the spot price in Jiangsu was 8390 yuan, unchanged from the previous day. The futures price of Y2601 was 8188 yuan, and the basis was 206 yuan. The number of warehouse receipts decreased by 1.69% to 26014 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong on November 7 was 8560 yuan, up 0.23%. The futures price of P2601 was 8660 yuan, and the basis was - 100 yuan. The盘面 import cost was 9102.5 yuan, and the import profit was - 411 yuan [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu on November 7 was 9800 yuan, up 0.20%. The futures price of OI601 was 9533 yuan, and the basis was 267 yuan [1]. Sugar - **Futures Market**: On November 7, the price of SR2601 was 5457 yuan/ton, up 0.17%. The price of SR2605 was 5397 yuan/ton, up 0.17%. The price of ICE raw sugar was 14.13 cents/pound, down 0.63% [3]. - **Spot Market**: The spot price in Nanning was 5780 yuan/ton, up 0.52%, and the basis was 383 yuan, up 5.80%. The spot price in Kunming was 5650 yuan/ton, down 0.18%, and the basis was 253 yuan, down 6.99% [3]. - **Industry Situation**: The national cumulative sugar production was 1116.21 million tons, up 12.03%. The cumulative national sugar sales volume was 1048.00 million tons, up 9.17%. The national cumulative sugar sales rate was 93.90%, down 2.60% [3]. Pork - **Futures Market**: On November 7, the price of LH2605 was 12005 yuan/ton, down 0.17%. The price of LH2601 was 11865 yuan/ton, down 0.63%. The 1 - 5 spread was - 140 yuan, down 64.71% [5]. - **Spot Market**: The spot price in Henan was 11950 yuan/ton, up 50 yuan. The spot price in Shandong was 12050 yuan/ton, up 50 yuan. The spot price in Sichuan was 11450 yuan/ton, unchanged [5]. - **Industry Situation**: The daily slaughter volume of sample slaughterhouses was 162310, up 1.03%. The weekly white - striped pork price was 0 yuan, down 100%. The weekly piglet price was 17 yuan/kg, down 15% [5]. Cotton - **Futures Market**: On November 7, the price of CF2605 was 13590 yuan/ton, down 0.18%. The price of CF2601 was 13580 yuan/ton, down 0.18%. The price of ICE US cotton was 64.48 cents/pound, down 1.44% [7]. - **Spot Market**: The arrival price of Xinjiang cotton was 14678 yuan/ton, up 0.41%. The CC Index: 3128B was 14859 yuan/ton, up 0.26%. The FC Index:M: 1% was 13087 yuan/ton, down 0.83% [7]. - **Industry Situation**: The industrial inventory was 80.93 million tons, down 4.3%. The import volume was 10 million tons, up 42.9%. The textile industry's inventory year - on - year was - 25% [7]. Corn - **Corn**: On November 7, the price of C2601 was 2149 yuan/ton, down 0.23%. The basis was 11 yuan, up 375%. The 1 - 5 spread was - 92 yuan, down 2.22%. The import profit was 214 yuan, up 9.49% [8]. - **Corn Starch**: The price of CS2601 was 2462 yuan/ton, down 0.28%. The basis was 48 yuan, up 17.07%. The 1 - 5 spread was - 98 yuan, down 2.08% [8]. Meal - **Soybean Meal**: The spot price in Jiangsu was 3060 yuan, unchanged. The futures price of M2601 was 3058 yuan, down 0.33%. The basis was 2 yuan, up 125%. The Brazilian 2 - month shipping schedule's crushing margin was 43 yuan, up 295.5% [12]. - **Rapeseed Meal**: The spot price in Jiangsu was 2540 yuan, down 0.39%. The futures price of RM2601 was 2539 yuan, down 0.39%. The basis was 11 yuan, unchanged. The Canadian 1 - month shipping schedule's crushing margin was 757 yuan, up 3.27% [12]. Eggs - **Futures Market**: On November 7, the price of JD12 was 3219 yuan/500KG, down 0.25%. The price of JD01 was 3391 yuan/500KG, up 0.15%. The 12 - 01 spread was - 172 yuan, down 8.18% [15]. - **Spot Market**: The egg - laying hen farm price was 3.02 yuan/jin, up 3.12%. The basis was - 196 yuan/500KG, up 33.66% [15]. - **Industry Situation**: The price of egg - laying chicken seedlings was 2.80 yuan/feather, unchanged. The price of culled chickens was 4.03 yuan/jin, down 1.95%. The egg - feed ratio was 2.38, up 1.28%. The breeding profit was - 24.44 yuan/feather, up 6.36% [15].

Core Viewpoint - The A-share market shows positive momentum with consumer sectors leading the gains, while the Hong Kong market experiences significant increases in new consumption stocks and AI application concepts, indicating a robust economic recovery and consumer demand [1]. Group 1: Market Performance - A-share indices opened high and experienced fluctuations, with sectors such as emulsions, duty-free shops, beverage manufacturing, and liquor leading the gains [1]. - The Hong Kong market saw a substantial rise in new consumption stocks, with related indices climbing steadily, including a 1.7% increase in both the CSI Consumer 50 Index and the CSI Hong Kong Stock Connect Consumer Theme Index [1]. Group 2: Economic Indicators - In October, the Consumer Price Index (CPI) rose by 0.2% year-on-year and month-on-month, reflecting improved supply-demand dynamics in certain domestic industries and the impact of international commodity prices [1]. - The Producer Price Index (PPI) also showed positive changes both year-on-year and month-on-month, indicating a strengthening economic vitality and the release of domestic demand potential [1]. Group 3: Future Outlook - Analysts suggest that the October price data signals a steady enhancement of economic vitality in China, with expectations for a moderate increase in CPI in the fourth quarter, driven primarily by a clearer upward trend in core CPI [1]. - The CSI Consumer 50 Index comprises 50 leading consumer companies with over 80% representation from the food and beverage and home appliance sectors, while the CSI Hong Kong Stock Connect Consumer Theme Index includes 50 liquid and large-cap consumer stocks from emerging sectors like trendy toys, tea drinks, e-commerce, and consumer electronics [1].

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]

Report Industry Investment Rating Not provided in the given content. Core Viewpoints - The main concerns of the week include the continuous and significant decline in asphalt prices due to reduced downstream consumption in the off - season and low international crude oil prices; the weak supply - demand pattern of steel and cement; the sharp weakening of real estate sales; and the high - level decline of SCFI with the need to follow up on the details of Sino - US trade friction mitigation [5]. - Real estate sales remained weak this week, with the new home sales area in 20 cities tracked by Wind showing a month - on - month decrease of 28.04% and a year - on - year decrease of 42.60%. New home sales decreased both month - on - month and year - on - year, with the year - on - year decline widening [5]. - In terms of investment and production, most commodity prices declined. Steel, asphalt prices decreased, cement prices were basically flat, and glass futures prices rose slightly [5]. - In industrial production, the performance of operating rates was divided. The operating rates of petroleum asphalt and coking enterprises decreased, while those of steel mills' blast furnaces increased, and the operating rates of automobile tires, polyester filament, and PTA were basically stable or slightly decreased [5]. - In consumption, the momentum of travel was strong. Subway travel and domestic flights were above the seasonal level, while automobile consumption and movie box office were below the seasonal level [5]. - In terms of inflation, pork and vegetable prices increased, while oil prices decreased [5]. - In exports, SCFI decreased and BDI increased [5]. Summary by Directory 1. Real Estate Sales: New Home Year - on - Year Decline Widened Significantly - From October 31 to November 6, new home sales decreased both month - on - month and year - on - year, with the year - on - year decline widening. The new home sales area in 20 cities tracked by Wind decreased by 28.04% month - on - month and 42.60% year - on - year. New home sales in first - tier cities were significantly weaker than the previous period, while those in second, third, and fourth - tier cities were stronger. All cities' new home sales areas were significantly weaker than the same period last year [10]. - In October, new home sales decreased month - on - month, and the year - on - year decline widened. The year - on - year sales in first and second - tier cities turned negative, and the new home sales areas in third and fourth - tier cities continued to decline [10]. - Among key cities, in terms of month - on - month, most key cities' new home sales increased, except for Shanghai (-4.13%). In terms of year - on - year, except for Hangzhou (-54.70%) which turned negative from positive, other key cities maintained negative growth, and all key cities' new home sales areas were weaker than the same period last year, with Shenzhen (-70.48%) showing a significant decline [10]. - In October, among key cities, except for Shenzhen (1.00%) and Suzhou (19.29%), new home sales were significantly weaker than the previous period month - on - month. In terms of year - on - year, except for Hangzhou (-2.25%), other key cities' new home sales areas were significantly weaker than the same period last year [10]. - Second - hand home sales decreased both month - on - month and year - on - year. Among key cities, in terms of month - on - month, except for Shenzhen (-1.22%), other key cities' second - hand home sales areas were significantly weaker than the previous period. In terms of year - on - year, except for Shanghai (-8.49%) where the decline narrowed, other key cities' second - hand home sales areas decreased compared to the same period last year [11]. - In October, second - hand home sales weakened. In terms of month - on - month, except for Hangzhou (-4.52%) where the decline slightly narrowed, other key cities turned negative from positive, and second - hand home sales were significantly weaker than the previous period. In terms of year - on - year, all key cities turned negative, and second - hand home sales areas were significantly weaker than the same period last year [11] 2. Investment: Most Commodity Prices Declined - In investment, most commodity prices declined this week. Steel and asphalt prices decreased, cement prices were basically flat, and glass futures prices rose slightly [40] 3. Production: Operating Rates Showed Differentiated Performance - In production, the performance of operating rates was divided this week. The operating rates of petroleum asphalt and coking enterprises decreased, while those of steel mills' blast furnaces increased, and the operating rates of automobile tires, polyester filament, and PTA were basically stable or slightly decreased [49] 4. Consumption: Strong Travel Momentum - In consumption, subway travel and domestic flights were above the seasonal level, while automobile sales and movie box office were below the seasonal level [64] 5. Exports: SCFI Decreased, BDI Increased - In exports, the SCFI index decreased, the BDI index increased, and the CRB spot index decreased slightly this week [69] 6. Prices: Pork and Vegetable Prices Increased, Oil Prices Decreased - In terms of prices, pork and vegetable prices increased, while oil and steel prices decreased [72]

Core Viewpoint - This week, the Nanhua Agricultural Products Index experienced fluctuations downward, while international crude oil prices declined; industrial-related data showed mixed trends in prices and supply [3] Agricultural Products - The Nanhua Agricultural Products Index fluctuated upward, with international crude oil prices declining; agricultural product prices generally increased [4] - Specifically, Brent crude oil decreased by $1.62 per barrel, and WTI crude oil fell by $1.14 per barrel; average wholesale prices for vegetables rose by 0.09 yuan per kilogram, while pork and beef prices increased by 0.43 yuan and 0.56 yuan per kilogram, respectively, but lamb prices dropped by 0.19 yuan per kilogram [5] Industrial Data - Industrial-related data showed mixed trends: the Nanhua Industrial Products Index fluctuated downward, with glass prices slightly rising and coking coal prices declining [15] - Glass futures closed up by 8 yuan per ton, while coking coal futures fell by 16 yuan per ton; the blast furnace operating rate was recorded at 83.15%, slightly up from last week and higher than the historical average [15] Real Estate Investment - Investment-related data in real estate remained weak; land transaction area in 100 major cities increased to approximately 24.89 million square meters, while commodity housing transaction area in 30 major cities rose to about 2.02 million square meters, still significantly below the historical average [24] - The index for second-hand housing listing prices declined, with the decrease rate increasing compared to the previous week; the cumulative value of completed housing area increased but remained below historical levels [24] Travel Consumption - Travel consumption data mostly increased, aligning with seasonal trends; subway passenger volumes in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen rose, with growth rates of 0.52%, 0.11%, 1.62%, and 1.22%, respectively [34] - Movie box office revenue slightly decreased, falling below the same period in 2024, 2023, and 2021; retail sales of passenger cars surged, exceeding historical levels, while the number of domestic flights executed slightly declined but remained above historical averages [34]

Core Insights - The State Council issued an implementation opinion to accelerate the cultivation and large-scale application of new scenarios, focusing on creating new application scenarios in various fields and promoting industrial transformation and upgrading [1][27]. Group 1: New Fields and New Tracks - The digital economy sector aims to explore applications of technologies like the metaverse, virtual reality, and robotics, enhancing the integration of the digital and real economies [2][30]. - In the artificial intelligence sector, there is a push for the cultivation and opening of high-value application scenarios to meet diverse development needs across technology, industry, and governance [3][30]. - The development of a comprehensive unmanned system across land, sea, and air is encouraged, with applications in tourism, logistics, and public services [4][30]. - The biotechnology sector is set to expand applications in new materials, energy, and environmental protection, focusing on bio-based materials and low-carbon transformations [5][30]. - Clean energy applications are to be promoted in various transportation sectors, aiming for a collaborative development of the clean energy industry chain [6][31]. - The marine development sector will focus on deep-sea exploration and biotechnology applications [7][31]. Group 2: Industrial Transformation and Upgrading - The manufacturing sector will innovate in smart and green manufacturing, supporting the development of intelligent factories and zero-carbon parks [8][32]. - The transportation sector will implement new technologies for smart traffic management and optimize urban transport structures [11][32]. - The logistics sector will accelerate the development of smart logistics hubs and explore new models integrating technology and logistics [12][32]. - Modern agriculture will enhance digital applications in breeding and farming, promoting digital transformation in livestock and aquaculture [13][33]. Group 3: Industry-Specific Application Scenarios - The emergency management sector will focus on digital scenarios for disaster response, enhancing capabilities in monitoring and rescue operations [15][34]. - The mining safety sector will integrate technologies for intelligent decision-making and automation to improve safety standards [16][34]. - The water conservancy sector will promote integrated monitoring and management applications to enhance flood prevention and water resource management [17][34]. - The construction safety sector will implement intelligent risk monitoring and autonomous inspections to improve safety management [18][35]. - The forestry sector will utilize remote sensing technologies for ecological monitoring and disaster prevention [19][35]. Group 4: Social Governance and Public Services - The government services sector will enhance smart services through intelligent appointment and identity verification systems [20][36]. - The smart city sector will focus on urban infrastructure and digital transformation to improve community services [21][36]. - The rural construction sector will promote digital village initiatives to enhance governance and service standards [22][36]. Group 5: Enriching Livelihood Application Scenarios - The healthcare sector will integrate new technologies for innovative medical applications, including remote healthcare services [23][37]. - The elderly care and childcare sectors will innovate service delivery through smart devices and remote systems [24][37]. - The cultural and tourism sector will accelerate the application of digital technologies to enhance visitor experiences [25][37]. - The cross-industry consumption sector will promote the integration of various sectors to create new consumer experiences [26][37].