Report Industry Investment Rating No relevant content provided. Report's Core View The report updates the high - frequency data of the national economic fundamentals from October 6th to October 10th, 2025. The national high - frequency fundamental index shows an expanding year - on - year increase, while the bull - bear signal of interest - rate bonds remains unchanged. Different sectors have different trends, such as a slight decline in real - estate sales, an expanding increase in infrastructure investment, etc. [1][8][9] Summary by Directory Total Index - The national high - frequency fundamental index is 128.1 points (previous value: 128.0 points), with a year - on - year increase of 5.9 points (previous increase: 5.8 points), and the year - on - year increase is expanding. The bull - bear signal of interest - rate bonds remains unchanged, with a signal factor of 5.0% (previous value: 5.0%). [1][8][9] Production - The high - frequency industrial production index is 127.3 (previous value: 127.2), with a year - on - year increase of 5.5 points (previous increase: 5.4 points), and the year - on - year increase is expanding. The electric - furnace operating rate slightly declined, with the current rate at 59.6% (previous value: 60.3%). [1][8][14] Real - Estate Sales - The high - frequency real - estate sales index is 42.3 (previous value: 42.4), with a year - on - year decrease of 6.1 points (previous decrease: 6.2 points), and the year - on - year decline is narrowing. The land premium rate of large and medium - sized cities increased, with the current rate at 4.8% (previous value: 1.9%), while the transaction area of commercial housing in 30 large and medium - sized cities decreased to 11.4 million square meters (previous value: 25.7 million square meters). [1][9][22] Infrastructure Investment - The high - frequency infrastructure investment index is 121.8 (previous value: 121.5), with a year - on - year increase of 8.1 points (previous increase: 7.3 points), and the year - on - year increase is expanding. The daily average pig - iron output slightly declined to 241.5 tons (previous value: 241.8 tons). [1][9][36] Export - The high - frequency export index is 143.7 (previous value: 143.7), with a year - on - year increase of 1.6 points (previous increase: 1.8 points), and the year - on - year increase is narrowing. The CCFI index continued to decline to 1015 points (previous value: 1087 points), and the RJ/CRB index decreased to 299.3 points (previous value: 300.3 points). [1][9][39] Consumption - The high - frequency consumption index is 120.6 (previous value: 120.5), with a year - on - year increase of 3.6 points (previous increase: 3.5 points), and the year - on - year increase is expanding. The daily average box office of movies slightly declined to 14,803 million yuan (previous value: 15,858 million yuan). [1][9][50] CPI - The month - on - month CPI forecast remains at 0.2% (previous value: 0.2%). The average wholesale price of pork continued to decline to 18.7 yuan/kg (previous value: 19.3 yuan/kg). [2][9][57] PPI - The month - on - month PPI forecast is 0.0% (previous value: - 0.1%). The crude - oil price slightly declined, with the Brent crude - oil futures settlement price at 65 US dollars/barrel (previous value: 66 US dollars/barrel), while the copper and aluminum prices continued to rise. The LME copper spot settlement price is 10,718 US dollars/ton (previous value: 10,358 US dollars/ton), and the LME aluminum spot settlement price is 2,753 US dollars/ton (previous value: 2,685 US dollars/ton). [2][9][60] Transportation - The high - frequency transportation index is 131.5 (previous value: 131.3), with a year - on - year increase of 10.0 points (previous increase: 9.8 points), and the year - on - year increase is expanding. The subway passenger volume in first - tier cities declined to 3,097 million person - times (previous value: 3,550 million person - times). [2][9][72] Inventory - The high - frequency inventory index is 162.4 (previous value: 162.3), with a year - on - year increase of 8.5 points (previous increase: 8.6 points), and the year - on - year increase is narrowing. The electrolytic - aluminum inventory declined to 13.6 million tons (previous value: 18.8 million tons). [2][9][78] Financing - The high - frequency financing index is 239.2 (previous value: 238.6), with a year - on - year increase of 30.2 points (previous increase: 30.1 points), and the year - on - year increase is expanding. The net financing of local government bonds is negative, with a value of - 246 billion yuan (previous value: 632 billion yuan). [2][9][89]