1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - The economic prosperity level has declined, with both supply and demand weakening, but the internal structure shows significant differentiation. The manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling back into the contraction range, indicating weakened manufacturing repair momentum due to the combined effect of weakening demand and seasonal factors [3]. - Different enterprises and industries continue to show differentiated prosperity, with an overall downward trend. The prosperity indices of large, medium, and small enterprises have decreased to varying degrees. In terms of industries, high - tech manufacturing and equipment manufacturing supported by industrial upgrading maintain resilience, while the basic raw materials industry has a low and declining prosperity, and the consumer goods industry's prosperity index has fallen below the boom - bust line [5]. - The service industry's prosperity hovers at a low level, and the construction industry's prosperity has significantly declined. The service industry's new order index, input price index, and sales price index have changed to different extents, and the construction industry has been affected by seasonal factors, with a sharp decline in new orders and business activity expectations [7]. 3. Summary by Related Contents Manufacturing Industry - **Demand**: The new order index was 49.2%, down 1.6 percentage points from the previous value, falling below the boom - bust line again. The new export order decreased by 1.2 percentage points to 47.8%, and the difference between new orders and new export orders narrowed to 1.4 percentage points, indicating a relatively larger decline in domestic demand. The backlog order index fell 0.9 percentage points to 45.1%, further confirming insufficient demand [4]. - **Production and Inventory**: The PMI production index in January was 50.6%, down 1.1 percentage points from the previous value, still above the boom - bust line. The production - operation activity expectation has declined but is still above the boom - bust line. The supplier delivery time has slightly decreased and is still in the expansion range. The finished - goods inventory index rose 0.4 percentage points to 48.6%, indicating a low - level improvement in inventory [4]. - **Price**: The raw material purchase price index rose 3 percentage points to 56.1% due to rising international commodity prices. The ex - factory price index rose 1.7 percentage points to 50.6%, but the increase was significantly smaller than that of the purchase price index. The price scissors gap continued to widen, suppressing enterprises' purchasing willingness, and the enterprise purchase volume index fell 2.4 percentage points to 48.7%, falling into the contraction range [5]. - **Enterprise Size**: The prosperity index of large enterprises fell 0.3 percentage points to 50.3%, still in the expansion range; the medium - sized and small - sized enterprises decreased to 48.7% and 47.4% respectively, remaining in the contraction range [5]. Service Industry - The service industry's prosperity index in January was 49.5%, down 0.2 percentage points from the previous month, remaining stable at around 49.5% for three consecutive months. The new order index decreased by 0.2 percentage points to 47.1%, the input price index decreased by 0.4 percentage points to 49.7%, and the sales price index increased by 0.8 percentage points to 48.9%. Industries such as monetary and financial services, capital market services, and insurance have higher business activity indices, while industries such as wholesale, accommodation, and real estate have business activity indices below the critical point [7]. Construction Industry - The construction industry's prosperity index dropped significantly by 4 percentage points to 48.8%, falling into the contraction range. Affected by seasonal factors, construction activities slowed down in January, demand dropped sharply, and business activity expectations became more cautious. The new order index decreased by 7.3 percentage points to 40.1%, and the business activity expectation index decreased by 7.6 percentage points to 49.8%, indicating that enterprises lack confidence in the industry's development [7].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report - A-share major indices rose significantly this week, with the Science and Technology Innovation 50 Index up over 9%. The four stock index futures also increased, with small and mid-cap stocks outperforming large-cap blue-chip stocks. The market had a good start in the first trading week of 2026. Market trading activity rebounded significantly compared to last week, and northbound capital trading became active again. [5][87] - Overseas, the number of initial jobless claims in the US last week was lower than expected, and the number of Challenger corporate layoffs in December hit a 17 - month low. Domestically, in December, both CPI and PPI increased, with the year - on - year increase of CPI expanding and the month - on - month change turning from decline to increase, and the decline of PPI narrowing. The three official PMI indices announced before the holiday rebounded from below the boom - bust line to the expansion range. Multiple factors support the upward movement of A - shares. [87] 3. Summary by Relevant Catalogs 3.1. Market Review | Futures/Spot | Contract/Index Name | Weekly Change (%) | Friday Change (%) | Closing Price | | --- | --- | --- | --- | --- | | Futures | IF2603 | 3.13 | 0.71 | 4743.8 | | | IH2603 | 3.63 | 0.62 | 3134.8 | | | IC2603 | 9.17 | 2.99 | 8037.8 | | | IM2603 | 8.23 | 3.07 | 8048.4 | | Spot | CSI 300 | 2.79 | 0.45 | 4758.92 | | | SSE 50 | 3.40 | 0.39 | 3134.32 | | | CSI 500 | 7.92 | 2.05 | 8056.69 | | | CSI 1000 | 7.03 | 1.98 | 8129.18 | [8] 3.2. News Overview - The US ISM manufacturing index in December 2025 slightly decreased from 48.2 to 47.9, remaining below 50 for 10 consecutive months and hitting a new low since October 2024. The ISM services PMI index rose 1.8 points to 54.4, the highest since October 2024. [11] - ADP data showed that private - sector employment in US enterprises increased by 41,000 in December, reversing the previous month's decline but lower than market expectations. The number of JOLTS job openings in the US in November 2025 dropped to 7.146 million, far lower than the expected 7.6 million, hitting a new low since September 2024. The number of layoffs in December was 35,553, a 17 - month low. [11] - On January 9, the National Bureau of Statistics announced that in December 2025, China's CPI increased by 0.8% year - on - year (previous value: 0.7%) and 0.2% month - on - month (previous value: - 0.1%); PPI decreased by 1.9% year - on - year (previous value: - 2.2%) and increased by 0.2% month - on - month (previous value: 0.1%). [11] 3.3. Weekly Market Data - **Domestic Major Indices**: The Shanghai Composite Index rose 3.82% weekly, the Shenzhen Component Index rose 4.40%, the Science and Technology Innovation 50 Index rose 9.80%, the SME 100 Index rose 4.94%, and the ChiNext Index rose 3.89%. [14] - **Overseas Major Indices (as of Thursday)**: The S&P 500 rose 0.92%, the UK FTSE 100 rose 0.94%, the Nikkei 225 rose 3.18%, and the Hang Seng Index fell 0.41%. [15] - **Industry Sector Performance**: Most industry sectors rose, with the comprehensive, national defense and military industry, and media sectors strengthening significantly. Only the banking sector fell. [19] - **Industry Sector Main Capital Flow**: Main capital in most industries showed a net outflow, with significant net outflows in the electronics, power equipment, and communication sectors. [22] - **SHIBOR Short - Term Interest Rates**: SHIBOR short - term interest rates rose and then fell, and capital prices remained at a low level. [27] - **Other Data**: This week, major shareholders had a net reduction of 11.98 billion yuan in the secondary market, and the market value of restricted shares lifted was 164.993 billion yuan. Northbound capital had a total trading volume of 1266.11 billion yuan. The basis of the main contracts of IF, IH, IC, and IM strengthened. [30][38] 3.4. Market Outlook and Strategy - A - share major indices and the four stock index futures rose this week, and small and mid - cap stocks were stronger than large - cap blue - chip stocks. Multiple factors support the upward movement of A - shares. The economic climate has returned to the expansion range, and inflation recovery has a positive impact on the stock market at the macro - level. [87] - The US labor market is showing a mild recovery, pushing up the US dollar exchange rate. However, due to the settlement needs of export enterprises and the expectation of economic recovery, the RMB is still in an appreciation channel, and the exchange rate remains strong, supporting the expectation of loose monetary policy in the first quarter. [87] - Since the Spring Festival this year is relatively late, the market has begun to trade the policy expectations of the Two Sessions to be held in early March in advance, and the spring market of A - shares is significantly advanced. [87]

Core Viewpoint - The latest poll conducted by the Japanese government under Prime Minister Suga Yoshihide has recorded the lowest approval ratings since 1998, indicating significant public concern over economic conditions in Japan [1][2]. Group 1: Economic Concerns - 73% of respondents identified "prices" as the area in which Japan is deteriorating, marking a 2% increase from the previous survey and the highest level since the poll's inception in 1998 [1][2]. - 52% of participants believe that "economic conditions" are also worsening, while 41% think that "national finances" are in decline [3]. Group 2: Positive Developments - In terms of areas perceived to be improving, "disaster prevention," "healthcare," and "education" ranked highest, but the approval rates were low at 22%, 20%, and 16% respectively [3].

Key Points - The article discusses recent economic data and trends in the US, Japan, and the Eurozone, highlighting significant changes in unemployment claims, trade deficits, and GDP growth [2][4][15][16][17]. Group 1: Important Data Review - The number of initial unemployment claims in the US rose significantly to 236,000, exceeding expectations of 220,000, while the previous week's figure was 192,000 [15]. - The US trade deficit narrowed to $52.8 billion in September, the smallest since mid-2020, with exports increasing by 3.0% and imports rising by 0.6% [15]. - Japan's GDP for Q3 was revised down, showing a contraction of 0.6% quarter-on-quarter, compared to an expected decline of 0.5% [16]. Group 2: Economic Activity Index - The US WEI index increased to 2.37% from 2.07% the previous week, indicating a rebound in economic activity [5][20]. - The German WAI index also rose to 0.19% from 0.18%, suggesting a similar trend in Germany [5][20]. Group 3: Demand - US retail sales growth slowed, with the Redbook commercial retail index dropping to 5.7% year-on-year from 7.6% the previous week [6][25]. - Mortgage rates in the US increased slightly to 6.22%, while mortgage applications rose, with the MBA market composite index climbing to 327.9, up 4.8% week-on-week [6][28]. Group 4: Prices - Commodity prices fell, with the RJ/CRB commodity price index decreasing by 2.5% week-on-week [7][46]. - The average retail price of gasoline in the US dropped to $2.82 per gallon, down 1.2% from the previous week [7][46]. Group 5: Employment - The ADP weekly employment change showed an increase, with a total of 19,000 new jobs added over the past four weeks, compared to a loss of 54,000 jobs the previous week [8][33]. - Initial unemployment claims rose to 236,000, while continuing claims fell to 1.838 million from 1.937 million the previous week [8][37]. - The INDEED job vacancy index remained stable at a weekly average of 104.6, indicating low fluctuations in job openings [9][41]. Group 6: Financial Conditions - Financial conditions in the US and Eurozone tightened, with the Bloomberg financial conditions index for the US dropping to 0.716 from 0.732 [10][49]. - Offshore dollar liquidity worsened, with the basis for the yen against the dollar widening to -32.8480 basis points [10][53]. - The 10-year bond yield spread between the US and Eurozone narrowed, while the spread between the US and Japan widened [10][56].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Trump has determined the next Fed Chair nominee, likely Kevin Hassett, which is expected to increase market risk appetite and weaken the US dollar [2][13]. - After a sharp decline, the odds of the bond market have improved, but there is a risk of further adjustment as policy expectations rise [3][23]. - Due to floods in palm oil - producing areas, the supply pressure is expected to ease, and palm oil prices may rebound [4][25]. - CSPT's decision to cut copper production in 2026 and other factors are expected to drive copper prices to continue to rise [4][45]. - OPEC+ has decided to suspend production increases in Q1 2026, and short - term oil prices will maintain a volatile trend [5][67]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - A data center cooling system problem in Chicago led to a trading halt at CME, causing disruptions in multiple markets. Gold rose about 1.5% and silver soared 5% on Friday, driven by expectations of Fed rate cuts. The Shanghai and Shanghai Gold Exchange silver inventories are falling, and the CME trading halt has reduced market liquidity. It is recommended to reduce positions [10]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Japanese Finance Minister said the rapid yen depreciation is not driven by fundamentals. Trump has determined the next Fed Chair nominee, and it is expected that Hassett will be elected, leading to increased market risk appetite and a weaker US dollar [11][13]. 3.1.3 Macro Strategy (US Stock Index Futures) - Ukraine's new negotiation representative went to the US to discuss ending the war. The CME system failure caused trading interruptions. The US rate - cut expectations are rising, and the market risk appetite has improved. The US stock index is expected to continue to repair and show a strong - biased volatile trend [15][16]. 3.1.4 Macro Strategy (Stock Index Futures) - China's November official manufacturing PMI was 49.2, slightly up from the previous value. The National Development and Reform Commission held a private enterprise symposium. The stock market trading volume has shrunk, and there may be no trend - based market in the short term. It is recommended to evenly allocate long positions in stock indices [18][19]. 3.1.5 Macro Strategy (Treasury Bond Futures) - China's November official manufacturing PMI was 49.2, in line with expectations. The central bank conducted a 3013 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 737 billion yuan on the day. The bond market has a risk of further adjustment as policy expectations rise. It is recommended to short long - term bond varieties on rebounds [21][23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Continuous heavy rain in Indonesia's Sumatra has caused floods and landslides. The supply pressure of palm oil is expected to ease, and prices may rebound. It is recommended to consider short - term long positions [25]. 3.2.2 Agricultural Products (Sugar) - As of the end of November, about 30 sugar mills in Guangxi and Yunnan have started production. The sugar production in Guangxi in November is expected to be 100,000 tons, far lower than last year. The Zhengzhou sugar 1 - month contract is expected to oscillate, and the main funds will gradually shift to the 5 - month contract [26][31]. 3.2.3 Agricultural Products (Cotton) - In October, China's cotton product exports decreased year - on - year but increased month - on - month. The EU's clothing imports from China increased in Q3. The US cotton export signing and shipment increased in the week ending October 16. The Zhengzhou cotton is expected to be strongly volatile in the short term and cautiously optimistic in the long term [32][35]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - Malaysia plans to add 48.4 million tons of steel production capacity from 2030 - 2035. China's November automobile dealer inventory warning index was 55.6%, up year - on - year and month - on - month. Steel prices are expected to oscillate with a slight rebound, and it is recommended to take an oscillatory approach [36][38]. 3.2.5 Agricultural Products (Soybean Meal) - Oil mills maintained a high operating rate. Argentina's soybean planting was 39% complete as of November 27. The US sold 312,000 tons of soybeans to China. International markets should focus on China's soybean purchases and South American weather, and domestic soybean meal is expected to oscillate [39][41]. 3.2.6 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch has widened. Corn starch is expected to be strong in the short term, and it is recommended to operate in the price - difference range in the medium - short term and expect it to strengthen in the long term [42][43]. 3.2.7 Agricultural Products (Corn) - As of November 27, the average grain - selling progress in Northeast China was 26%, and in North China was 25%, both faster than last year. Corn futures contracts are expected to have different trends, and it is not recommended to short against the trend in the short term [43][44]. 3.2.8 Non - ferrous Metals (Copper) - CSPT agreed to reduce copper production capacity by over 10% in 2026. Chile's October copper production decreased by 7% year - on - year. Copper prices are expected to rise, and it is recommended to buy on dips [45][48]. 3.2.9 Non - ferrous Metals (Polysilicon) - Hainan's new - energy power price was cleared at the upper limit. Polysilicon prices are under pressure, and it is recommended that investors operate with caution due to high volatility [49][51]. 3.2.10 Non - ferrous Metals (Industrial Silicon) - The operating rates of silicon enterprises in Sichuan and Yunnan are declining. The market is expected to oscillate between 8800 - 9500 yuan/ton, and it is recommended to focus on range - bound operations [52][54]. 3.2.11 Non - ferrous Metals (Lead) - On November 27, LME lead had a large - scale backwardation. The old - standard electric bicycle CCC certificates will be cancelled from December 1. The lead market is short of supply and strong in demand, and it is recommended to buy on dips [55][56]. 3.2.12 Non - ferrous Metals (Zinc) - On November 27, LME zinc had a large - scale contango. Antamina's zinc ore tender price was below $30/dry ton. Zinc prices are likely to rise, and it is recommended to observe buying opportunities on the right side and hold long - spread positions [57][58]. 3.2.13 Non - ferrous Metals (Lithium Carbonate) - Frontier Lithium released its mid - term report. The lithium carbonate market may face short - term callback pressure, and it is recommended to short on highs in the short term and buy on lows in the medium term [59][62]. 3.2.14 Non - ferrous Metals (Nickel) - Indonesia simplified the RKAB approval process. The nickel market is in surplus, and nickel prices are expected to oscillate at the current level [63][64]. 3.2.15 Energy Chemicals (Carbon Emissions) - On November 28, the EUA main contract closed at €83.26/ton. EU carbon prices are supported by auction suspension and reduced supply in 2026 but may be suppressed by warm weather [65]. 3.2.16 Energy Chemicals (Crude Oil) - OPEC+ decided to suspend production increases in Q1 2026. US crude oil production reached a record high in September. Short - term oil prices will maintain a volatile trend, and it is recommended to pay attention to the Russia - Ukraine negotiation progress [67][70]. 3.2.17 Shipping Index (Container Freight Rates) - The UK plans to cancel the small - package tariff exemption in 2029. The SCFI index rose. The container freight market is expected to oscillate, and it is recommended to consider light - position long positions in the 02 contract [71][72].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - In July, due to entering the traditional production off - season and factors like high - temperature, rainstorm and flood disasters in some areas, the business activities of enterprises slowed down. The three major PMIs declined but remained above the critical point, and the overall economic output in China continued to expand. However, demand was weak in the short - term, and production and price trends were complex. The export's role in driving the economy was expected to weaken in the second half of the year [2]. Group 3: Summary by Related Catalogs 3.1 Overall Economic Situation - China's official manufacturing PMI in July was 49.3% (expected 49.7%, previous value 49.7%); non - manufacturing PMI was 50.1% (expected 50.2%, previous value 50.5%); comprehensive PMI was 50.2% (previous value 50.7%). The three major indexes all declined, indicating a slowdown in economic prosperity, but the overall economic output remained in the expansion range [1]. 3.2 Investment - Real estate investment remained weak. Although sales and capital sources improved, investment - side policies were restricted. Infrastructure investment slowed down due to factors like high - temperature and flood disasters affecting construction progress, despite accelerated special bond issuance. Manufacturing investment slowed down but continued to grow at a high speed, and short - term restocking motivation of manufacturing enterprises declined [2]. 3.3 Consumption - The growth rate of consumption slowed down, but its driving effect on the economy remained strong [2]. 3.4 Export - Exports maintained resilience due to the mitigation of external shocks, but as the US restocking demand weakened in the future, export growth might slow down, and its driving effect on the economy was expected to weaken in the second half of the year [2]. 3.5 Manufacturing - The manufacturing PMI in July was 49.3%, lower than expected and the previous value. New order index and production index both declined, indicating a slowdown in market demand and a continued but decelerated expansion in production. New export order index declined, showing a slowdown in external demand, while import demand rebounded. Price indexes rebounded, and both finished - product and raw - material inventory indexes declined [3][4]. 3.6 Non - manufacturing - The non - manufacturing business activity index in July was 50.1%, still above the critical point. The service industry business activity index was 50.0%, slightly down. Some service - related industries were in a high - level prosperity range, while real estate and other industries had weak prosperity. The construction industry business activity index was 50.6%, down 2.2 percentage points. Most service enterprises were optimistic about the market, while the construction industry's market expectation declined [5]. 3.7 Comprehensive - The comprehensive PMI output index in July was 50.2%, down 0.5 percentage points from the previous month, indicating that overall business activities of enterprises in China continued to expand but at a slower pace [6].

Core Viewpoints - The article highlights significant economic data from the US and Eurozone, indicating mixed signals in economic activity and demand trends [2][4][12] - It emphasizes the importance of monitoring liquidity conditions and employment statistics as indicators of economic health [9][25] Group 1: Important Data Review - In June, US durable goods orders saw a preliminary month-on-month decline of 9.3%, the largest drop since April 2020, while the manufacturing PMI for July hit a new low of 49.5, the lowest since December 2024 [12] - Eurozone's manufacturing PMI for July reached its highest level since July 2022 at 49.8, with service PMI unexpectedly rising to 51.2 [12] - A trade agreement was reached between the US and Japan, reducing tariffs on certain goods and increasing US rice imports [12][13] Group 2: Weekly Economic Activity Index - The US WEI index fell to 2.22% from 2.34% in the previous week, indicating a decline in economic activity [15] - Germany's WAI index also decreased to -0.35% from -0.30% [15] Group 3: Demand - The US Redbook retail sales year-on-year growth rate marginally decreased to 5.1% from 5.2% [17] - Mortgage rates in the US fell slightly, with the 30-year fixed mortgage rate at 6.74%, down from 6.75% the previous week, leading to a 0.8% increase in mortgage applications [20] Group 4: Employment - Initial jobless claims in the US decreased to 217,000 from 221,000 the previous week, while continuing claims rose to 1.955 million from 1.951 million [25] Group 5: Prices - Commodity prices fell, with the RJ/CRB commodity price index at 302.25, down 1.3% week-on-week [26] - US gasoline prices remained stable at $3.02 per gallon [26] Group 6: Financial Conditions - Financial conditions in the US and Eurozone have loosened, with the Bloomberg financial conditions index for the US rising to 0.644 from 0.549 [30] - Offshore dollar liquidity improved, with the 3-month basis swap for the yen against the dollar rising to -22.3589 basis points [34] Group 7: Bond Yield Spreads - The 10-year bond yield spreads between the US and Eurozone, as well as between the US and Japan, have narrowed [36]

Core Viewpoint - The economic landscape in China is showing signs of expansion, with manufacturing PMI improving, while corporate profitability remains under pressure [1] Group 1: Manufacturing Sector - The Caixin China Manufacturing PMI for June recorded at 50.4, an increase of 2.1 percentage points from the previous month, aligning with April's level [1] - The manufacturing sector is experiencing a notable recovery, which is significantly higher than the decline observed in the services sector [1] Group 2: Services Sector - The Caixin China Services PMI decreased by 0.5 percentage points to 50.6, marking the lowest level since the fourth quarter of 2024 [1] Group 3: Composite PMI - The Caixin China Composite PMI rose by 1.7 percentage points to 51.3 in June, indicating a return to the expansion zone [1] Group 4: Economic Outlook - There is a resurgence in supply and demand, but employment continues to decline, and while corporate costs remain stable, sales prices are on a downward trend [1] - Business confidence is waning, and there are concerns about increased economic downward pressure in the second half of the year, highlighting the importance of the implementation of previous incremental policies and the potential for policy intensification [1]

Core Viewpoint - The overall economic climate in China is showing signs of expansion, with key indices such as the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all experiencing a rebound in June, indicating a positive trend in economic activity [1][2]. Manufacturing Sector - In June, the manufacturing PMI rose to 49.7%, marking a 0.2 percentage point increase from the previous month, continuing a two-month upward trend despite remaining below the critical 50% threshold [3]. - The production index for enterprises was at 51%, indicating stable expansion, while the new orders index returned to the expansion zone at 50.2%, up 0.4 percentage points from the previous month [4]. - The easing of external disturbances due to a temporary thaw in US-China trade relations has allowed the manufacturing sector to stabilize, with market demand showing signs of recovery [5][6]. Construction Sector - The construction industry business activity index reached 52.8% in June, up 1.8 percentage points from the previous month, indicating a rise in investment-related construction activities [7]. - The rapid progress in infrastructure project construction is highlighted by the ongoing implementation of special bonds for land acquisition and government investment funds, which are expected to stimulate further demand for infrastructure [9]. Financial Sector - The financial industry business activity index and new orders index both increased to over 60%, reflecting heightened supply and demand activities as the quarter ends, with financial support for the real economy continuing to strengthen [10]. Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.5% in June, showing a slight increase, although sectors related to consumer travel experienced a decline in activity [11]. - Despite some short-term pullbacks, there is optimism regarding the upcoming summer consumption peak, with financial policies aimed at supporting service sectors expected to provide new momentum for growth [13].

Group 1: Economic Trends - Retail sales of passenger cars increased by 24.8% year-on-year as of June 22, compared to 13.3% in May[1] - The Markit Manufacturing PMI for major overseas economies averaged 51.1 in June, up from 50.9 in May, with contributions mainly from Japan, India, and the UK[1] - The land premium rate rebounded to 7.3% in the week of June 22, with a three-week average of 3.2% compared to 4.93% in May[1] Group 2: Consumer Behavior - Subway ridership in 27 cities averaged 77.42 million daily, up 0.5% year-on-year, while domestic flight numbers were 12,700, up 0.7% year-on-year[2] - The sales area of commercial residential properties in 67 cities decreased by 16% year-on-year as of June 27, compared to a 13% decline in May[2] Group 3: Financial Indicators - As of June 30, 2025, new special bonds issued reached 2.16 trillion, accounting for 49.1% of the annual issuance plan, faster than last year's 37.8%[3] - The DR001 rate was 1.3683%, DR007 was 1.6968%, and R007 was 1.9201% as of June 27, with changes of -0.59bps, +20.27bps, and +32.91bps respectively[3]