1. Report Industry Investment Rating The report does not explicitly provide an overall industry investment rating. However, based on the industry investment rating system, "Recommend" indicates that the industry index is expected to rise more than 5% above the benchmark index in the next 3 - 6 months, "Neutral" means the industry index is expected to move within -5% to 5% relative to the benchmark index in the same period, and "Avoid" suggests the industry index is expected to fall more than 5% below the benchmark index [58][62]. 2. Core Views of the Report In the fourth week of June, the real estate sales entered the end - of - quarter sprint stage, investment and construction demand remained weak, port container throughput increased marginally, and overall economic momentum was slightly stronger than the previous week. In terms of inflation, the decline in pork prices widened while the decline in food prices narrowed. For exports, the increase in CCFI narrowed, SCFI continued to fall, and North American route freight rates continued to decline. In industry, the operating rates mostly rebounded, coal prices rose slightly due to high - temperature weather in summer, and industrial product prices mostly continued to decline. In investment, cement demand was suppressed by rainfall and floods in the South, leading to an expanded decline in cement prices. Regarding real estate, near the end of the quarter, both new and second - hand housing sales increased seasonally but were weaker than the same period last year. For the bond market, the year - on - year increase in port containers in June narrowed and was weaker than the performance in April - May. The "rush to export" momentum weakened marginally, and the export growth rate in June might decline. With the decline in the profit and revenue growth rates of industrial enterprises in May, the necessity of boosting domestic demand increased relatively. The bond market might enter a policy waiting period in July, focusing on the introduction of incremental policies around the Politburo meeting in July [4][39][40]. 3. Summaries According to Related Catalogs 3.1 Inflation - related: Food Price Decline Narrows - The average wholesale price of pork in the country decreased by 0.33% week - on - week, and the decline widened. Vegetable prices increased by 0.1% week - on - week, while fruit prices decreased by 2.6% week - on - week. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.12% and 0.14% respectively week - on - week, and the decline in food prices narrowed [10]. 3.2 Import and Export - related: SCFI Index Continues to Decline - The overall Chinese export container shipping market was stable, but the freight rates of ocean routes showed differentiation. The CCFI index increased by 2.0% week - on - week, while the SCFI decreased by 0.4% week - on - week and continued to weaken. In North America, transport demand remained stable, and market freight rates continued to decline. From June 16th to 22nd, port container throughput and cargo throughput increased by 5.9% and 5.6% week - on - week respectively, ending the decline. However, the year - on - year average of single - week data since June was 2.2% and 0.8% respectively, significantly narrowing compared with May [12]. 3.3 Industry - related: Operating Rates Mostly Rebound, Coal Prices Rise Slightly - The price of thermal coal increased marginally. The price of thermal coal at Qinhuangdao Port increased by 1.2% week - on - week. Due to high - temperature weather, electricity consumption by residents increased, and downstream power plant loads rose significantly, leading to an increase in coal consumption. At the end of the month, production cuts in coal - producing areas increased, supply tightened, and the peak coal - using season began, driving up coal prices. - The decline in rebar prices widened. The spot price of rebar decreased by 0.73% week - on - week. In the off - season, supply increased while demand was weak, and steel prices remained weak. - Copper prices increased marginally. The average prices of Yangtze River Non - ferrous copper and LME copper increased by 0.3% and 1.0% respectively week - on - week. The spot market was in an off - season trading situation, and downstream restocking was mainly for rigid demand, limiting the elasticity of copper prices. - The spot trading of glass was dull. The overall price remained in a weak consolidation state, and downstream enterprises mainly focused on digesting inventory [19][24]. 3.4 Investment - related: Real Estate Sales Enter the End - of - Quarter Sprint - The decline in cement prices slightly expanded. The weekly average of the cement price index decreased by 1.7% week - on - week. Construction demand was weakened by rainfall in the South and floods in some areas, and cement prices generally declined. - New home sales in 30 cities continued to rise. From June 20th to 26th, the transaction area of new homes in 30 cities was 2554,000 square meters, a 41.3% week - on - week increase. Developers concentrated on launching new projects in late June, and new home sales entered the end - of - quarter sprint stage. - Second - hand housing transactions increased seasonally but were weaker than the same period last year. From June 20th to 26th, the transaction area of second - hand housing in 17 cities was 2208,000 square meters, a 5.3% week - on - week increase [28][34]. 3.5 Consumption: Supply Concerns Eased, Crude Oil Prices Declined - From June 1st to 22nd, the year - on - year increase in passenger car retail sales expanded. The year - on - year increase was 24% (the full - month year - on - year increase in May was 13%), and it increased by 8% compared with the previous month. From June 16th to 22nd, the year - on - year and week - on - week increases were 30% and 42% respectively, continuing to strengthen compared with the previous week. - Crude oil prices declined significantly. As of Friday, Brent crude oil and WTI crude oil prices decreased by 12.0% and 11.3% respectively week - on - week. The cease - fire agreement between Israel and Iran eased the geopolitical situation in the Middle East, and market concerns about the possible blockade of the Strait of Hormuz were significantly alleviated, suppressing oil prices [35].