证券研究报告 固收视角 建筑业供需偏弱，商品价格多数上行 华泰研究 吴靖，PhD 研究员 SAC No. S0570523070006 李梓豪 联系人 SAC No. S0570124060040 lizihao@htsc.com +(86) 21 2897 2228 高频数据核心观点 4 月第四周，生产端表现分化，工业方面，上游焦化、高炉等开工率有所上行，但铁路货运、下游纺织与汽车开工率 多数收敛；建筑业表现偏弱，资金到位率、水泥与黑色供需整体运行弱于季节性。地产热度有所下行，新房成交位于 季节性低位水平，二手房成交动能略有转弱，高能级城市尚有韧性，但销售端量价平衡尚未达成，前期略有修复的一 线挂牌价近周下行。美国进口货物到港下滑明显，但国内出口吞吐下滑后又有所修复，外需前景存在不确定性。运价 分化，前景不确定性较强。价格方面，关税预期的反复对价格扰动较大。 1、消费：出行热度维持高位，汽车消费热度略有收敛，快递揽收水平高位运行 2、地产：地产成交热度波动，高能级城市有韧性，房价待企稳 1）新房方面：上周新房成交增速有所回落，各线城市表现均弱于去年同期。 2025 年 4 月 28 日│中国内地 张继强 研 ...

上海市商务委员会发布《第六届上海"五五购物节"总体方案》，方案提出本届购物节将以"品质消费、 创造需求"为主线，通过"政策+活动"双轮驱动，打造全民盛惠、全城联动的消费氛围。购物节将推 出"商圈精品推广节"活动，重点商圈将通过支付平台发放满减券等形式，开展促消费活动。同时，购物 节还将推出15大重点活动IP，包括上海国际美妆节、上海国际咖啡文化节等，以及16个区的"一区一主 题"活动，聚焦不同消费人群和商圈特色。购物节还将加强部门联动、市区联手，形成"1+15+16+X"活 动框架，最大限度激发消费潜力，助力上海国际消费中心城市建设。(上海市人民政府) ...

Core Viewpoint - Tuhu Car Maintenance has demonstrated strong growth and market leadership by expanding its store network and enhancing service quality, while also responding to consumer demand and government policies to stimulate consumption [1][6][7] Group 1: Store Expansion and Market Position - As of the end of 2024, Tuhu Car Maintenance has 6,874 service stores, an increase of 965 stores from the end of 2023, solidifying its position as an industry leader [1] - The company has achieved over 95% coverage in 318 prefecture-level administrative regions and 66% coverage in county-level regions with more than 20,000 passenger vehicles [2] - Tuhu aims to provide standardized, transparent, and professional automotive maintenance services in lower-tier cities, enhancing service accessibility for consumers [2] Group 2: Support for Offline Stores - In response to challenges in the automotive service industry, Tuhu has invested nearly 100 million yuan to support its offline stores [3][4] - The company increased its online and offline promotional spending by 250 million yuan compared to 2023, resulting in a 14% increase in average promotional expenses per store [5] - Tuhu's initiatives led to a more than 5% year-on-year increase in same-store user numbers, with over 90% of stores maintaining profitability by the end of 2024 [5] Group 3: Product and Service Quality Enhancement - Tuhu has focused on improving product diversity and quality, launching new products such as Bosch and Saudi Aramco-Shell motor oils, which have been well-received in the market [6] - The company has seen a 270% year-on-year increase in sales of hybrid motor oils, reflecting its adaptation to the growing market for hybrid vehicles [6] - Customer satisfaction exceeded 95% across the platform, with a 62.3% repurchase rate, an increase of 3 percentage points from 2023 [7] Group 4: Government Collaboration and Consumer Incentives - Tuhu has collaborated with local governments to implement consumer subsidy policies, including a trade-in voucher program for various product categories [7] - The company's efforts in aligning with national consumption promotion policies have positioned it as a model for enhancing supply quality and stimulating consumer demand in the automotive service market [7]

途虎门店增至6874家稳居行业龙头，引入政府补贴 带动消费提速 3月20日，全国领先的线上线下一体化汽车服务平台途虎养车发布2024年年报。 途虎养车在财报中表示，需求端，2024年消费者需求呈现更加分化的趋势，对于产品和服务的性价比和 多样性有了更高的要求；政策端，国家推出一揽子鼓励消费的政策和举措。公司积极顺应消费趋势和政 策导向，一方面通过继续提高线下门店的服务质量和推出更丰富、更具质价比的产品以更好地满足消费 者需求；另一方面通过积极与政府合作，对平台部分品类的商品引入政府补贴，将实惠切实高效地带到 消费者身边。 报告期内，途虎养车为新老门店分别推出了具有针对性的扶持举措，全年共投入近1亿元用于门店扶 持。 此外，途虎养车还通过加大线上线下推广投入的方式为线下门店增加流量、助力门店获客。公司全年线 上线下推广费用较2023年增加2.5亿元，店均推广费用同比增长14%。 贯穿全年的多维扶持政策取得了良好的效果。2024年全年，途虎养车工场店的同店履约用户数同比增长 超5%，是汽车服务行业屈指可数的实现同店用户量正向增长的企业；到2024年12月，经营时间6个月以 上的途虎养车工场店中，超过90%的门店保 ...

Core Viewpoint - The annual National Two Sessions serve as an important window for understanding China's future development and reform directions, focusing on people's livelihoods and innovation-driven narratives [2]. Group 1: Social Welfare and Elderly Care - Recommendations include supporting banks to innovate "silver finance" services and launch safe financial products for the elderly [3]. - A proposal to double the basic pension for urban and rural residents over the next decade [4]. - Suggestions to increase paid leave for children caring for elderly parents, with flexible arrangements [6]. - Advocacy for universities to offer elderly care programs and establish a tiered system for home care talent [7]. Group 2: Family and Reproductive Health - Proposals to eliminate the divorce cooling-off period in the Civil Code [8]. - Recommendations for stricter enforcement of parental leave and the introduction of a "father's leave" system [9]. - Suggestions to extend maternity leave to no less than six months and paternity leave to at least 30 days [10]. - Calls for measures to protect women's reproductive health and address declining birth rates [14]. Group 3: Healthcare and Medical Insurance - Proposals to integrate commercial health insurance with public health insurance for better patient support [17]. - Recommendations to lower health insurance fees for urban and rural residents and to include early cancer screening in health insurance [18]. - Suggestions for establishing a special fund for rare disease medical assistance [18]. Group 4: Agricultural Development - Recommendations to lower the threshold for migrant workers to settle in cities and establish a housing security system [19]. - Proposals to enhance black soil protection and promote organic farming practices [20]. - Suggestions to improve the integration of rural industries and streamline land use regulations [21]. Group 5: AI and Technology - Proposals to establish "AI empowerment special funds" to subsidize small and medium enterprises for AI equipment purchases [25]. - Recommendations for legislation to regulate AI writing and address misinformation generated by AI [26][27]. - Suggestions to promote the deployment of high-speed optical networks to enhance AI competitiveness [28]. Group 6: Education and Employment - Recommendations to strengthen the prevention of sexual abuse education for minors and adjust the timing of high school entrance exams [30][32]. - Proposals to improve vocational education systems and promote a model of order-based training [39]. - Suggestions to include flexible employment in workers' compensation insurance and extend the age limit for participation [44]. Group 7: Consumer and Economic Policies - Recommendations to enhance support for minority cultural products in e-commerce [54]. - Proposals for unified conditions for trade-in programs across provinces and cities [55]. - Suggestions to issue various types of consumption vouchers to benefit low-income groups [57]. Group 8: Legislative Proposals - Recommendations to adjust the age of criminal responsibility and establish laws for juvenile punishment [58][59]. - Proposals for stricter regulations on academic integrity and the establishment of a blacklist for companies involved in harassment [63]. - Suggestions to enhance penalties for financial fraud and improve the legal framework for AI management [65][66].