Report Summary 1. Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints - In the week from July 20th to July 26th, among the 49 updated high - frequency indicators in Guojin Securities' fixed - income fundamental monitoring system, the number of "bullish" and "bearish" indicators is 27 and 22 respectively. "Bullish" factors are mainly reflected in the start - up rates of most industries, real estate transaction areas, consumption, travel, exports, and most agricultural product prices, while "bearish" factors are mainly shown in coal consumption, crude steel production, real estate prices, industrial product inventory and demand, etc. [2][17] - The signals released by the ten interest rate synchronous indicators are mainly "bearish", accounting for 6/10. Compared with last week, the US dollar index sent a "bearish" signal. [3][19] 3. Summary by Directory 3.1 Fundamental Thermometer - **Overview**: Among the 49 updated high - frequency indicators, 27 are "bullish" and 22 are "bearish" for the bond market. [2][17] - **High - frequency Indicator Tracking**: - **Absolute Value Tracking**: Many indicators are monitored, such as economic growth (e.g., daily coal consumption and crude steel production), industrial production (e.g., start - up rates of various industries), real estate (e.g., housing and land transaction areas), infrastructure, inventory, consumption, travel, and inflation. The qualitative judgment for each indicator is provided, with some being "bullish" and some "bearish". [14] - **Monthly Year - on - Year Tracking**: Similar to the absolute value tracking, various economic aspects are covered, and the year - on - year changes and qualitative judgments for each indicator are presented. [16] 3.2 Interest Rate Synchronous Indicators - **Overview**: The signals released by the ten interest rate synchronous indicators are mainly "bearish", with a proportion of 6/10. The US dollar index sent a "bearish" signal compared with last week. [3][19] - **Specific Indicators**: - **Enterprise Medium - and Long - Term Loan Balance Growth Rate**: 8.3%, lower than the previous value of 8.4%, "bullish". [3][18][19] - **Building Materials Composite Index**: 113.9, higher than the previous value of 111.3, "bearish". [3][18][19] - **BCI: Enterprise Recruitment Prospective Index**: 49.1%, lower than the previous value of 50.5%, "bullish". [3][18][19] - **Unemployment Benefit Eligibility Internet Search Index Year - on - Year (6MMA)**: 105.2%, lower than the previous value of 105.7%, "bearish". [3][18][19] - **PMI New Export Orders Trend Value**: - 0.25%, lower than the previous value of - 0.24%, "bullish". [3][18][19] - **PMI Supply - Demand Balance Trend Value**: 0.17%, higher than the previous value of 0.16%, "bearish". [3][18][19] - **Durable Goods Price**: 0.943, lower than the previous value of 0.944, "bullish". [3][18][19] - **Bill Financing**: 14.7 trillion, lower than the previous value of 15.1 trillion, "bearish". [3][18][19] - **US Dollar Index**: 97.5, lower than the previous value of 98.4, "bearish". [3][18][19] - **Copper - Gold Ratio**: 17.0, higher than the previous value of 16.6, "bearish". [3][18][19]