1. Report Information - Report Title: Fixed Income Report - Release Time: December 8, 2025 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [1][2] 2. Core Views - High - frequency economic data focuses on: production heat is differentiated; real estate market has seasonal improvement; prices continue to rise; the Baltic Dry Index continues to rise rapidly. Short - term focus on consumer and investment incremental policies and real estate market recovery [2][33] 3. Detailed Summaries by Section Production - Steel: Coke oven capacity utilization increased by 0.62 pct, blast furnace开工率 decreased by 0.93 pct, and rebar production decreased by 16.77 tons [3][10] - Petroleum Asphalt: Asphalt开工率 increased by 0.1 pct but remained at a low level [3][10] - Chemicals: PX开工率 decreased by 0.92 pct, and PTA开工率 remained flat [3][10] - Automobile Tires: All - steel tire开工率 increased by 0.17 pct, and semi - steel tire开工率 increased by 1.73 pct [3][11] Demand - Real Estate: The transaction area of commercial housing continued to rise, the inventory - to - sales ratio declined, land supply area decreased from a high level, and the premium rate of residential land transactions rebounded [4][15] - Movie Box Office: Increased by 1.648 billion yuan compared with the previous week [4][15] - Automobiles: The average daily retail sales of automobile manufacturers increased by 54,500 vehicles, and the average daily wholesale sales increased by 90,300 vehicles [4][18] - Shipping Freight Rates: SCFI index decreased by 0.39%, CCFI index decreased by 0.62%, and BDI index increased by 6.52% [4][21] Prices - Energy: Brent crude oil price rose by 0.87% to $63.75 per barrel, and coking coal futures price rose by 9.49% to 1,165 yuan per ton [5][23] - Metals: LME copper, aluminum, and zinc futures prices increased by 4.38%, 1.24%, and 1.56% respectively, and domestic rebar futures price increased by 2.13% [5][24] - Agricultural Products: The overall price increased, with the wholesale price index of agricultural products rising by 1.81%. Pork, eggs, vegetables, and fruits prices changed by - 0.84%, + 1.22%, + 2.42%, and + 2.63% respectively compared with the previous week [5][26] Logistics - Subway Passenger Volume: Decreased in Beijing and Shanghai [29] - Flight Volume: Domestic and international flight volumes decreased [31] - Urban Traffic: The peak congestion index of first - tier cities decreased slightly [31]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - High - frequency economic data focuses on four aspects: production end heat is differentiated, the real - estate market has seasonal improvement, prices continue to rise, and the Baltic Dry Index continues to rise rapidly. Short - term attention should be paid to the implementation of incremental policies on the consumption and investment sides and the recovery of the real - estate market [2][33] 3. Summary by Relevant Catalogs 3.1 Production: Steel Output Declines, Asphalt Operating Rate Rises Slightly at a Low Level - **Steel**: Coke oven capacity utilization increased by 0.62 pct, blast furnace operating rate decreased by 0.93 pct, and rebar output decreased by 16.77 tons. On the week of December 5th, the coke oven capacity utilization of domestic independent coking plants (230 samples) was 72.64%, the blast furnace operating rate of steel mills (247 samples) was 80.16%, and the national building materials steel mill rebar output was 189.31 tons [3][10] - **Petroleum Asphalt**: The operating rate increased by 0.1 pct but remained at a low level. On the week of December 3rd, the domestic petroleum asphalt plant operating rate was 27.9% [3][10] - **Chemical Industry**: PX operating rate decreased by 0.92 pct, and PTA operating rate remained flat. On December 4th, the domestic chemical PX operating rate was 89.21%, and the PTA operating rate was 73.81% [3][10] - **Automobile Tires**: The operating rate of all - steel tires increased by 0.17 pct, and that of semi - steel tires increased by 1.73 pct. On the week of December 4th, the operating rate of automobile all - steel tires was 63.5%, and that of semi - steel tires was 70.92% [11] 3.2 Demand: Seasonal Improvement in Commodity Housing Transactions, Rapid Uptrend of BDI Index - **Real Estate**: The commodity housing transaction area continued to rise, the inventory - to - sales ratio declined, the land supply area declined from a high level, and the residential land transaction premium rate rebounded. On the week of November 30th, the commodity housing transaction area of 30 large and medium - sized cities was 2.4449 million square meters, the inventory - to - sales ratio of 10 large cities was 89.07, the land supply area of 100 large and medium - sized cities was 34.2804 million square meters, and the residential land transaction premium rate was 3% [15] - **Movie Box Office**: It increased by 1.648 billion yuan compared with the previous week. On the week of November 30th, the national movie box office revenue was 211.1 million yuan [15] - **Automobile**: On the week of November 30th, the daily average retail sales of manufacturers increased by 54,500 vehicles, and the daily average wholesale sales increased by 90,300 vehicles [18] - **Shipping Freight Rates**: The SCFI index decreased by 0.39%, the CCFI index decreased by 0.62%, and the BDI index increased by 6.52%. On the week of December 5th, the SCFI was 1397.63 points, the CCFI was 1114.89 points, and the BDI was 2727 points [21] 3.3 Prices: Prices of Crude Oil, Metals, Coking Coal, and Agricultural Products All Rise - **Energy**: Brent crude oil price increased by 0.87% to $63.75 per barrel. On December 5th, the settlement price of Brent crude oil futures (continuous contract) was $63.75 per barrel [23] - **Coking Coal**: The futures price increased by 9.49% to 1165 yuan per ton. On December 5th, the settlement price of coking coal futures (active contract) was 1165 yuan per ton [23] - **Metals**: The futures price changes of LME copper, aluminum, and zinc were +4.38%, +1.24%, and +1.56% respectively, and the domestic rebar futures price increased by 2.13%. On December 5th, the closing price of LME copper futures (active contract) was $11,665 per ton, LME aluminum was $2900.5 per ton, LME zinc was $3098.5 per ton, and the domestic rebar futures settlement price was 3164 yuan per ton [24] - **Agricultural Products**: The overall price increased, with the 200 - index of agricultural product wholesale prices rising by 1.81%. The price changes of pork, eggs, vegetables, and fruits compared with the previous week were - 0.84%, +1.22%, +2.42%, and +2.63% respectively. On December 5th, the 200 - index of agricultural product wholesale prices was 128.78, the average wholesale price of pork was 17.68 yuan per kg, eggs were 7.44 yuan per kg, 28 kinds of key - monitored vegetables were 5.93 yuan per kg, and 7 kinds of key - monitored fruits were 7.41 yuan per kg [26][27] 3.4 Logistics: Both Domestic and International Flight Volumes Decline, and the Urban Congestion Index Drops Slightly - **Subway Passenger Volume**: It decreased in both Beijing and Shanghai. On December 4th, the seven - day moving average of Beijing's subway passenger volume was 9.6202 million person - times, and that of Shanghai was 10.5057 million person - times [29] - **Flight Execution Volume**: Both domestic and international flight volumes declined. On December 5th, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight execution volume was 12,359.14 flights, the seven - day moving average of domestic (Hong Kong, Macao, and Taiwan) flight execution volume was 364.43 flights, and the seven - day moving average of international flight execution volume was 1816.14 flights [31] - **Urban Traffic**: The peak congestion index of first - tier cities dropped slightly. On December 5th, the seven - day moving average of the peak congestion index of first - tier cities was 1.72 [31]