1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The growth of mid - stream machinery manufacturing is prominent, and the downstream real estate shows a slight recovery. The plastics in the upstream chemical products are under price pressure due to oversupply and weak demand, while industrial metals remain strong due to supply shortages. In the mid - stream, the added value of the machinery industry in the first three quarters increased significantly, with the automotive and electrical machinery industries having high growth rates, and the intelligent equipment manufacturing industry also performing well. In the downstream, the cultural and tourism market is active, online retail continues to thrive, and some upgraded consumer goods show good growth, but the sales of traditional fuel - powered vehicles decline, and the real estate sales in first - tier cities increase [1]. 3. Summary by Relevant Catalogs I. Medium - term Overview - **Upstream**: As of October 26, plastics in chemical products faced price pressure due to supply surplus and weak demand during the peak season. Industrial metals remained strong due to supply shortages, with copper prices fluctuating at a high level due to global mine - end supply disruptions and aluminum prices having potential upward elasticity as the capacity utilization rate is at a high level [1]. - **Mid - stream**: In the third - quarter report data released this week, the added value of the machinery industry above the designated size in the first three quarters increased by 8.7% year - on - year, significantly higher than the national industrial average. The growth rates of the automotive and electrical machinery industries exceeded 11%, making outstanding contributions. The added value of the intelligent equipment manufacturing industry increased by 12.2%, and the output of industrial robots in the first nine months reached 595,000 sets, exceeding the whole - year figure of last year [1]. - **Downstream**: In the third - quarter report data released this week, the cultural and tourism market was active, with double - digit growth in box office revenues of the film and performance markets, and active tourism travel. Online retail continued to be active, with the proportion of online retail sales in the total social retail sales rising to 40.5%. Upgraded consumer goods showed good growth, with the retail sales of gold, silver, and jewelry products increasing by 33.5% and sports and entertainment products also growing. The retail sales of basic daily necessities such as grain, oil, food, and daily necessities increased by 8.2% and 3.7% respectively. The retail sales of automotive products decreased, and the sales of traditional fuel - powered vehicles were sluggish. The real estate sales in first - tier cities increased significantly this week [1]. II. Industry Overview - **Production Industry**: No specific content provided other than the industrial added - value and PPI data figures in the graphs [22][20]. - **Service Industry**: No specific content provided other than the data figures in the graphs [25][30]. III. Industry Pricing - **Industry Market Pricing**: No specific content provided other than the graph [31]. - **Industry Credit Spreads**: The credit spreads of various industries are presented in a table, showing the data of last year's same - period, one month ago, last week, this week, and the quantiles for industries such as agriculture, forestry, animal husbandry, and fishery; mining; chemical industry; etc. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry this week is 41.55, with a quantile of 0.00 [32]. IV. Sub - industry Tracking - **Generalized Agriculture**: Palm oil prices declined, while corn and cotton prices increased [2]. - **Chemical Industry**: Styrene and polyethylene prices decreased. Urea inventory continued to rise, PVC inventory decreased slightly, and the inventories of methanol and pure benzene showed no significant change compared with the previous period [5]. - **Non - ferrous Industry**: The prices of some non - ferrous metals such as zinc and aluminum increased, and copper prices fluctuated. The inventories of some non - ferrous metals such as lead and copper decreased cyclically [4]. - **Ferrous Industry**: The prices of some ferrous metals such as soda ash, hot - rolled coils, and rebar decreased, while the coking coal price increased significantly. The inventory of rebar decreased slightly [4]. - **Infrastructure Industry**: The concrete price remained stable, and the bagged cement price increased. The concrete shipment volume and capacity utilization rate increased slightly [6]. - **Logistics and Transportation Industry**: Railway transportation declined, while road transportation increased [7]. - **Automobile Manufacturing Industry**: The retail sales of automotive products decreased, and the sales of traditional fuel - powered vehicles were sluggish [1]. - **Real Estate Industry**: The sales of commercial housing in first - tier cities increased significantly compared with the previous period. The sales in cities like Chengdu, Fuzhou, Xiamen, and Nanjing increased more. The housing prices in Beijing, Shanghai, Hangzhou, and Hefei decreased [6].

Group 1: Online Retail Performance - In July, the online retail sales of physical goods increased by 8.3% year-on-year, accelerating by 3.6 percentage points compared to June [1] - From January to July, the online retail sales of physical goods reached 707.9 billion yuan, growing by 6.3%, which is 0.3 percentage points faster than the first half of the year [1] - The proportion of online retail sales of physical goods accounted for 24.9% of total retail sales, remaining stable compared to the first half of the year [1] Group 2: Offline Retail Trends - In July, offline retail sales grew by 2.4% year-on-year, a decline of 3.2 percentage points from June [3] - From January to July, offline retail sales accumulated a growth of 4.4%, which is 0.4 percentage points slower than the first half of the year [3] - Retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 7.0%, 5.2%, 1.1%, 5.8%, and 1.9% respectively from January to July [3] Group 3: Overall Retail Market - In July, the total retail sales of consumer goods reached 38.78 billion yuan, with a year-on-year growth of 3.7%, although the growth rate decreased by 1.1 percentage points from June [5] - The growth rate in July was still higher than the average growth rate for the same period over the past three years by 1.1 percentage points [5] Group 4: Urban and Rural Consumption - In July, urban retail sales amounted to 33.62 billion yuan, growing by 3.6% year-on-year, with a decrease of 1.2 percentage points from June [7] - Rural retail sales reached 5.16 billion yuan, with a growth of 3.9%, down by 0.6 percentage points from June [7] - From January to July, urban retail sales grew by 4.8%, while rural retail sales increased by 4.7%, both showing a slight decline compared to the first half of the year [7] Group 5: Retail Sales by Category - In July, total retail sales of goods were 34.276 billion yuan, with a year-on-year growth of 4.0%, down by 1.3 percentage points from June [9] - Retail sales of limited above units reached 13.905 billion yuan, growing by 3.1%, with a decrease of 2.4 percentage points from June [9] - From January to July, retail sales of goods totaled 252.254 billion yuan, with a year-on-year growth of 4.9%, slightly down by 0.2 percentage points from the first half of the year [9] Group 6: Growth in Specific Categories - The "trade-in" policy has positively impacted sales, with retail sales of home appliances, cultural and office supplies, furniture, and communication equipment growing by 28.7%, 13.8%, 20.6%, and 14.9% respectively in July [11] - Sales of basic living goods also saw an increase, with food and daily necessities growing by 6.9% and 8.2% respectively [11] Group 7: Service Sector Growth - From January to July, service retail sales increased by 5.2% year-on-year, outpacing the growth of goods retail sales by 0.3 percentage points [12] - The growth was driven by increased demand in cultural, sports, and tourism sectors during the summer travel season [12] Group 8: Consumer Price Index (CPI) Trends - In July, the CPI remained flat year-on-year, with a decrease of 0.1 percentage points from the previous month, primarily due to falling food prices [14] - Core CPI, excluding food and energy, rose by 0.8%, marking an expansion in growth for three consecutive months [14] Group 9: Restaurant Sector Performance - In July, restaurant revenue reached 450.4 billion yuan, with a year-on-year growth of 1.1%, slightly up by 0.2 percentage points from June [15] - From January to July, restaurant revenue totaled 31.984 billion yuan, growing by 3.8%, which is a decline of 0.5 percentage points compared to the first half of the year [15]