Group 1: Downstream Consumption - Real estate sales show marginal improvement, with transaction area in 30 major cities increasing by 20.3% year-on-year. First-tier, second-tier, and third-tier cities saw increases of 68.8%, 21.7%, and a decrease of 19.9% respectively [2] - Retail sales of passenger cars increased by 1.0% year-on-year during the week of September 8-14, 2025, indicating a slowdown in the price war in the car market [2] - Service consumption shows signs of recovery, with the tourism price index in Hainan rising by 1.3% month-on-month and movie box office revenue increasing by 364.6% month-on-month and 149.0% year-on-year due to the release of new films [2] Group 2: Midstream Manufacturing - Construction demand shows slight improvement, with policies supporting steel growth leading to small price increases in steel and glass, while cement prices have stabilized [3] - Manufacturing sector shows overall improvement in operating rates, particularly in the automotive and chemical industries, with stable hiring intentions among companies [3] Group 3: Upstream Resources - Coal prices have risen by 3.5% month-on-month due to tight supply and pre-holiday stockpiling demands [3] - Industrial metal prices are under pressure due to a hawkish stance from U.S. Federal Reserve officials following a rate cut, combined with weak domestic downstream demand [3] Group 4: Human Flow and Logistics - Long-distance passenger transport demand has slightly improved, with an increase in air transport demand month-on-month [3] - National highway freight truck traffic and railway freight volume increased by 1.9% and 0.2% respectively, indicating a recovery in logistics [3] - Dry bulk shipping prices continue to rise due to increased demand for bulk commodity transport in the Northern Hemisphere's autumn season [3]

Core Viewpoint - The article highlights the recovery of domestic cyclical product prices and the improvement in service consumption, indicating a positive trend in the overall economic environment [2][3]. Group 1: Downstream Consumption - Real estate sales in 30 major cities increased by 20.3% year-on-year, with first, second, and third-tier cities showing growth rates of 68.8%, 21.7%, and -19.9% respectively [3]. - Retail sales of passenger cars increased by 1.0% year-on-year, with a slowdown in price competition and a slight recovery in sales growth [3]. - The service consumption index in Hainan rose by 1.3% month-on-month, with significant increases in movie box office revenues, which surged by 364.6% month-on-month and 149.0% year-on-year [3]. Group 2: Midstream Manufacturing - Construction demand showed marginal improvement, with steel and glass prices slightly rising, and cement prices stabilizing [4]. - Manufacturing activity improved, with increased operating rates in the automotive and chemical sectors, and stable hiring intentions among companies [4]. Group 3: Upstream Resources - Coal prices increased by 3.5% month-on-month due to tight supply and pre-holiday stockpiling demands [4]. - Industrial metal prices faced pressure due to weak domestic demand and hawkish signals from the U.S. Federal Reserve following a rate cut [4]. Group 4: Logistics and Transportation - Long-distance passenger transport demand improved, with a month-on-month increase in air transport demand [4]. - National highway freight traffic and railway freight volume rose by 1.9% and 0.2% respectively [4].

Group 1: Downstream Consumption - The real estate market in major cities continues to improve, with the transaction area of commercial housing in 30 major cities increasing by 20.3% year-on-year, and the transaction area in first-tier cities rising by 68.8% [7][8] - Retail sales of passenger cars showed a slight increase of 1.0% year-on-year, with the price war in the car market easing, and air conditioning domestic sales increased by 1.2% year-on-year [9][11] - The service consumption index in Hainan increased by 1.3% month-on-month, and the box office revenue for movies surged by 364.6% month-on-month and 149.0% year-on-year [15][17] Group 2: Midstream Manufacturing - Construction demand has marginally improved, with the prices of rebar and hot-rolled coils increasing by 0.6% and 0.3% respectively, and the operating rate of blast furnaces at 84.0% [18][19] - Manufacturing operating rates have generally improved, with the operating rates for half-steel and full-steel tires at 73.7% and 65.7% respectively, showing a slight increase [28][30] Group 3: Upstream Resources - Coal prices have risen significantly, with the price of Q5500 thermal coal at 704 yuan per ton, up 3.5% week-on-week due to tight supply and increased pre-holiday stocking demand [38][41] - Industrial metal prices are under pressure, with copper and aluminum prices decreasing by 1.4% and 1.5% respectively, influenced by hawkish statements from Federal Reserve officials [43][44] Group 4: Logistics and Passenger Flow - Long-distance passenger transport demand has improved, with domestic flight operations increasing by 0.5% week-on-week and 5.0% year-on-year [52][57] - The logistics sector has shown a recovery, with highway truck traffic and railway freight volume increasing by 1.9% and 0.2% respectively [58][59]