1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The downstream sales of new energy vehicles have increased year - on - year but decreased month - on - month. The cross - regional passenger flow during the Dragon Boat Festival is expected to grow. The prices of some upstream commodities have declined, and the operating rates of some mid - stream industries have changed. The credit spreads of some industries have rebounded [1][2][3][4] 3. Summary by Related Catalogs 3.1. Middle - view Event Overview 3.1.1. Production Industry - In the first four months of this year, the cumulative sales of new energy pickups reached 9,000 units, a year - on - year increase of 168%. In April, the sales of new energy pickups were 2,000 units, a year - on - year increase of 127% and a month - on - month decrease of 14% [1] 3.1.2. Service Industry - During this year's Dragon Boat Festival, the cross - regional passenger flow is expected to reach 687 million person - times, about 7.7% higher than the same period in 2024. The railway transportation for the Dragon Boat Festival will start on May 30 [1] 3.2. Industry Overview 3.2.1. Upstream - Chemical industry: The price of natural rubber has declined. Black commodities: The prices of black commodities have declined in the short term [2] 3.2.2. Mid - stream - Chemical industry: The operating rate of PX has rebounded significantly recently. Infrastructure: The operating rate of asphalt has declined [3] 3.2.3. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a three - year low. Service: The number of international and domestic flights has decreased periodically [3] 3.3. Market Pricing - The credit spreads of the media, communication, and non - bank financial industries have rebounded [4] 3.4. Industry Credit Spread Tracking - The credit spreads of various industries have different trends. For example, the credit spread of the real estate industry has decreased from 234.76 BP last year to 99.89 BP this week, and the credit spread of the leisure service industry has increased to a high quantile [51] 3.5. Key Industry Price Index Tracking - The prices of various industries have different changes. For example, the price of natural rubber has decreased by 5.97% year - on - year, and the price of WTI crude oil has increased by 0.44% year - on - year [52]