Report Industry Investment Rating No relevant content provided. Core View of the Report The report updates the high - frequency data of the Guosheng fixed - income fundamental index from July 21 to July 25, 2025, covering various aspects such as production, demand, prices, transportation, inventory, and financing. It shows that the fundamental high - frequency index is stable, with different trends in each sub - index, including changes in growth rates and fluctuations in specific indicators [1][9]. Summary by Related Catalogs 1. Total Index: Fundamental High - Frequency Index Stable - The current Guosheng fundamental high - frequency index is 126.8 points (previous value 126.7 points), with a week - on - week increase of 0.1 points and a year - on - year increase of 5.3 points, and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds weakens, with the signal factor at 4.6% (previous value 4.7%) [1][9]. 2. Production - The industrial production high - frequency index is 126.1 (previous value 126.0), with a week - on - week increase of 0.1 points and a year - on - year increase of 5.0 points, and the year - on - year growth rate remains unchanged. The PX operating rate has been declining continuously. The current PX operating rate is 82.4% (previous value 83.2%) [1][13]. 3. Real Estate Sales - The real estate sales high - frequency index shows that property transactions are picking up. The transaction area of commercial housing in 30 large and medium - sized cities is 21.0 million square meters (previous value 17.1 million square meters), and the premium rate of land transactions in 100 large and medium - sized cities is 7.8% (previous value 6.7%) [25]. 4. Infrastructure Investment - The infrastructure investment high - frequency index is 119.8 (previous value 119.5), with a week - on - week increase of 0.2 points and a year - on - year increase of 4.2 points, and the year - on - year growth rate expands. The operating rate of petroleum asphalt devices has decreased, with the current operating rate at 28.8% (previous value 32.8%) [9][34]. 5. Export - The export high - frequency index is 143.9 (previous value 144.0), with a week - on - week decrease of 0.1 points and a year - on - year increase of 3.7 points, and the year - on - year growth rate narrows. The China Containerized Freight Index (CCFI) has been declining continuously, with the current CCFI index at 1261 points (previous value 1304 points) [9][36]. 6. Consumption - The consumption high - frequency index is 119.7 (previous value 119.7), with a week - on - week increase of 0.0 points and a year - on - year increase of 2.5 points, and the year - on - year growth rate expands. Retail and wholesale sales of passenger vehicle manufacturers continue to rise. The current retail sales of passenger vehicle manufacturers are 58,207 units (previous value 47,548 units), and the wholesale sales are 57,826 units (previous value 46,085 units) [9][49]. 7. CPI - The month - on - month CPI forecast is 0.1% (previous value 0.0%). Fruit prices continue to decline. The average wholesale price of 7 key monitored fruits is 7.1 yuan/kg (previous value 7.3 yuan/kg) [1][55]. 8. PPI - The month - on - month PPI forecast is 0.2% (previous value 0.1%). The price of thermal coal has rebounded. The closing price of thermal coal (produced in Shanxi) at Qinhuangdao Port is 649 yuan/ton (previous value 637 yuan/ton) [1][61]. 9. Transportation - The transportation high - frequency index is 129.2 (previous value 129.0), with a week - on - week increase of 0.2 points and a year - on - year increase of 8.9 points, and the year - on - year growth rate expands. Passenger volume and flight operation numbers have decreased. The subway passenger volume in first - tier cities is 39 million person - times (previous value 41.14 million person - times), and the number of domestic flights is 14,428 flights (previous value 14,653 flights) [2][71]. 10. Inventory - The inventory high - frequency index is 161.0 (previous value 160.9), with a week - on - week increase of 0.1 points and a year - on - year increase of 9.4 points, and the year - on - year growth rate remains unchanged. Soda ash inventory has declined. The current soda ash inventory is 1.874 million tons (previous value 1.895 million tons) [2][77]. 11. Financing - The financing high - frequency index is 232.7 (previous value 232.1), with a week - on - week increase of 0.6 points and a year - on - year increase of 29.6 points, and the year - on - year growth rate expands. Net financing of local government bonds and credit bonds has increased. The net financing of local government bonds is 292.9 billion yuan (previous value 150.5 billion yuan), and the net financing of credit bonds is 54.9 billion yuan (previous value 44.6 billion yuan) [2][87].