Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The overall grain production in the year has a good foundation. Summer grain production achieved stable yields and a bumper harvest, with a national summer grain output of 299.48 billion catties, the second - highest in history after last year [1]. - The retail price threshold for the super - luxury car consumption tax has been adjusted to 900,000 yuan (excluding VAT) [1]. - Guangzhou is soliciting opinions on the implementation measures for converting commercial personal housing loans to housing provident fund personal housing loans, with different measures based on the housing provident fund personal housing loan rate [2]. 3) Summary by Related Catalogs A. Mid - level Event Overview - **Production Industry** - The scope of super - luxury cars subject to consumption tax has been adjusted to include vehicles with a retail price of 900,000 yuan (excluding VAT) and above of various power types [1]. - Summer grain production overcame drought in some areas, achieving stable yields and laying a solid foundation for annual grain production [1]. - **Service Industry** - Guangzhou is seeking public opinions on the implementation measures for converting commercial personal housing loans to housing provident fund personal housing loans, with different control measures based on the loan - to - deposit ratio [2]. B. Industry Overview - **Upstream** - International oil prices are fluctuating [3]. - Egg prices are rising [3]. - **Mid - stream** - The operating rates of polyester and PX are stable [4]. - **Downstream** - The sales of commercial housing in first - and second - tier cities are stable at a low level [5]. - The number of domestic flights during the summer vacation has increased [5]. C. Industry Credit Spread Tracking - Different industries have different credit spread values and trends. For example, the credit spread of the real estate industry decreased from 101.86 last week to 99.89 this week, with a quantile of 2.70 [48]. D. Key Industry Price Index Tracking - Various industries have different price trends. For instance, the spot price of corn in the agricultural industry was 2327.1 yuan/ton on July 17, with a year - on - year decrease of 1.15%, while the spot price of eggs was 5.8 yuan/kg, with a year - on - year increase of 4.91% [49].

Industry Overview Upstream - International oil prices have rebounded, while the PTA price has declined [2] Midstream - The polyester operating rate has decreased, and the coal consumption of power plants has seasonally declined to a three-year low [3] Downstream - The sales of commercial housing in first- and second-tier cities have seasonally declined to a nearly three-year low, while the number of domestic flights during the summer vacation has increased [3] Key Events Production Industry - From January to June, the production and sales of the automotive market exceeded 15 million units, with a year-on-year increase of over 10%. The production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, with year-on-year increases of 41.4% and 40.3%. The new energy vehicle sales accounted for 44.3% of the total new vehicle sales [1] Service Industry - The agreement on visa exemption between the Chinese government and the Malaysian government will take effect on July 17, 2025. Eligible passport holders can enter, exit, or transit the other country without a visa for up to 30 days per visit and 90 days within 180 days [1] Industry Credit Spread Tracking - The industry credit spreads of various sectors, including agriculture, mining, and chemicals, have shown different trends from last year to this week, with some sectors experiencing significant declines [48] Key Industry Price Index Tracking - The prices of various commodities, such as corn, eggs, and crude oil, have shown different trends, with some increasing and some decreasing [49]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Manufacturing PMI improved in June, with large - scale enterprises above the critical point and medium - scale enterprises showing an upward trend, while small - scale enterprises declined [1]. - The credit spreads of the entire industry have recently declined slightly [3]. - Attention should be paid to the implementation of overseas tax policies, where overseas investors can enjoy tax credits under certain conditions [1]. 3. Summary by Directory 3.1 Production Industry - In June, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month. Large - scale enterprises' PMI was 51.2%, up 0.5 percentage points; medium - scale enterprises' PMI was 48.6%, up 1.1 percentage points; small - scale enterprises' PMI was 47.3%, down 2.0 percentage points [1]. 3.2 Service Industry - Three departments issued a tax credit policy for overseas investors' direct investment with distributed profits from 2025 to 2028 [1]. 3.3 Upstream - Energy: International oil prices dropped significantly year - on - year [2]. - Agriculture: Egg prices have recently rebounded [2]. 3.4 Midstream - Chemical industry: The polyester operating rate has declined [3]. 3.5 Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a three - year low [3]. - Service: The number of domestic flights has decreased cyclically [3]. 3.6 Industry Credit Spreads - The credit spreads of various industries have shown different trends. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry was 57.07 BP this week, with a certain change compared to the previous period [46]. 3.7 Key Industry Price Indicators - Prices of various industries have different trends. For example, the spot price of WTI crude oil was $65.5 per barrel on June 30, down 11.27% year - on - year; the spot price of eggs was 5.6 yuan per kilogram, down 3.93% year - on - year [47].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - The credit spreads of the entire industry have recently declined slightly, but there are risks such as unexpected economic policies and global geopolitical conflicts [3]. - Upstream: International oil prices dropped significantly yesterday, and egg prices have recently rebounded [3]. - Midstream: The operating rates of polyester, PTA, and urea in the chemical industry have seasonally declined, while the PX operating rate has remained stable [3]. - Downstream: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low, and the number of domestic flights has periodically decreased [3]. 3. Summary by Relevant Catalogs 3.1 Market Pricing - The credit spreads of the entire industry have recently declined slightly [3]. 3.2 Upstream - **Energy**: International oil prices dropped significantly compared to the previous day [3]. - **Agriculture**: Egg prices have recently rebounded [3]. 3.3 Midstream - **Chemical Industry**: The operating rates of polyester, PTA, and urea have seasonally declined, while the PX operating rate has remained stable [3]. 3.4 Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low [3]. - **Service Industry**: The number of domestic flights has periodically decreased [3]. 3.5 Industry Credit Spreads - The credit spreads of various industries have generally declined. For example, the credit spreads of the agriculture, forestry, animal husbandry, and fishery industry decreased from 56.87BP last week to 56.12BP this week; the chemical industry decreased from 50.48BP to 47.16BP [47]. 3.6 Key Industry Price Indicators - **Agriculture**: The spot price of eggs increased by 4.46% year - on - year to 5.9 yuan/kg on June 24, while the spot price of corn was 2345.7 yuan/ton, up 0.43% year - on - year [48]. - **Energy**: The spot price of WTI crude oil was 68.5 dollars/barrel on June 24, down 4.54% year - on - year; the spot price of Brent crude oil was 71.5 dollars/barrel, down 2.39% year - on - year [48]. - **Chemical Industry**: The spot price of PTA was 5114.0 yuan/ton on June 24, up 1.37% year - on - year; the spot price of urea was 1804.0 yuan/ton, down 0.88% year - on - year [48]. - **Real Estate**: The cement price index nationwide was 137.8 on June 24, down 1.95% year - on - year; the building materials composite index was 111.0, down 0.75% year - on - year [48].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The 9 - department released the "Implementation Plan for High - quality Development of the Gold Industry (2025 - 2027)", focusing on resource security, technological autonomy, and green transformation to enhance the global competitiveness and strategic security guarantee ability of China's gold industry [1]. - The Hangzhou Housing Provident Fund Management Center launched a business allowing employees to use provident funds to directly pay the down - payment for newly built commercial housing, with online handling supported, and the online function for second - hand houses is under development [1]. - The overall industry credit spread has recently declined slightly [5]. 3) Summary by Directory A. Upstream - Oil prices continue to rise, with the upward trend slightly moderating compared to last week; PTA prices have increased significantly [2]. B. Mid - stream - The recent seasonal decline in the operating rates of PTA and PX in the chemical industry is at a three - year high [3]. C. Downstream - The sales of commercial housing in first - and second - tier cities have recently declined seasonally, reaching a near - three - year low; the number of domestic flights has decreased cyclically [4]. D. Market Pricing - The industry credit spread across all industries has recently declined slightly [5]. E. Industry Credit Spread Tracking | Industry | Last Year's Same Period | First Quarter | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | |农牧渔林|68.20|81.35|77.83|60.41|58.97|0.40| |采掘|37.42|46.44|46.36|39.96|38.75|8.20| |化工|68.50|64.03|62.06|52.42|50.98|0.00| |钢铁|44.14|56.91|55.10|46.81|45.79|8.70| |有色金属|47.14|55.89|56.54|51.73|50.75|11.60| |电子|57.60|79.47|70.94|65.56|64.57|18.30| |汽车|64.73|65.98|50.32|41.90|40.50|0.20| |家用电器|44.44|53.86|47.58|46.04|45.75|11.00| |食品饮料|42.41|46.19|45.25|36.89|35.31|1.60| |纺织服装|50.71|57.83|53.41|51.88|51.16|7.00| |轻工制造|51.05|193.97|167.09|154.45|148.66|7.10| |医药生物|57.87|64.98|71.30|63.70|60.87|9.20| |必并事业|27.91|33.53|33.57|26.52|26.33|7.50| |交通运输|33.98|35.86|36.88|31.18|29.86|4.80| |房地产|234.76|151.73|126.20|101.86|99.89|2.70| |商业贸易|48.49|51.32|50.24|42.85|41.84|4.00| |休闲服务|80.43|103.67|119.48|119.25|118.64|96.80| |银行|29.04|32.54|19.80|18.03|18.25|5.00| |非银金融|30.98|36.62|34.18|28.55|29.03|6.20| |综合|69.61|50.38|49.74|43.03|41.38|0.70| |建筑材料|36.53|45.83|46.19|39.36|37.52|7.00| |建筑装饰|45.68|56.39|54.48|60.68|58.82|24.70| |电气设备|54.94|86.98|79.25|74.88|78.84|40.90| |机械设备|36.82|40.70|44.64|42.32|40.66|14.40| |计算机|69.57|69.68|61.96|50.70|48.66|0.00| |传媒|220.47|45.99|45.79|38.85|37.67|0.20| |通信|33.18|38.14|29.18|22.05|23.57|0.70| [51] F. Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 6/23 | 2345.7 | 0.43% | | | | Spot price of eggs | Daily | Yuan/kg | 6/23 | 5.9 | 5.41% | | | | Spot price of palm oil | Daily | Yuan/ton | 6/23 | 8732.0 | - 0.82% | | | | Spot price of cotton | Daily | Yuan/ton | 6/23 | 14881.8 | 0.49% | | | | Average wholesale price of pork | Daily | Yuan/kg | 6/23 | 20.1 | - 1.42% | | | Non - ferrous Metals | Spot price of copper | Daily | Yuan/ton | 6/23 | 78388.3 | - 0.28% | | | | Spot price of zinc | Daily | Yuan/ton | 6/23 | 21922.0 | - 0.36% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/23 | 20663.3 | 0.13% | | | | Spot price of nickel | Daily | Yuan/ton | 6/23 | 119616.7 | - 0.33% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/23 | 16812.5 | 0.07% | | | Ferrous Metals | Spot price of rebar | Daily | Yuan/ton | 6/23 | 3071.0 | 0.03% | | | | Spot price of iron ore | Daily | Yuan/ton | 6/23 | 724.7 | - 1.61% | | | | Spot price of wire rod | Daily | Yuan/ton | 6/23 | 3255.0 | 0.54% | | | Non - metals | Spot price of glass | Daily | Yuan/square meter | 6/23 | 13.8 | 0.14% | | | | Spot price of natural rubber | Daily | Yuan/ton | 6/23 | 13808.3 | 0.29% | | | | China Plastic City Price Index | Daily | - | 6/23 | 834.1 | 0.53% | | | Energy | Spot price of WTI crude oil | Daily | US dollars/barrel | 6/23 | 73.8 | 1.18% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 6/23 | 77.0 | 3.75% | | | | Spot price of liquefied natural gas | Daily | Yuan/ton | 6/23 | 3970.0 | 0.25% | | | | Coal price | Daily | Yuan/ton | 6/23 | 728.0 | 2.28% | | | Chemical Industry | Spot price of PTA | Daily | Yuan/ton | 6/23 | 5282.0 | 5.47% | | | | Spot price of polyethylene | Daily | Yuan/ton | 6/23 | 7556.7 | 1.59% | | | | Spot price of urea | Daily | Yuan/ton | 6/23 | 1824.0 | 1.11% | | | | Spot price of soda ash | Daily | Yuan/ton | 6/23 | 1350.0 | - 1.46% | | | Real Estate | Cement price index (national) | Daily | - | 6/23 | 138.3 | - 1.53% | | | | Building materials comprehensive index | Daily | Points | 6/23 | 111.2 | - 0.50% | | | | Concrete price index (national) | Daily | Points | 6/23 | 98.8 | - 0.25% | | [52]

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]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The report presents an overview of the mid - view events, industry trends, and market pricing in April and May 2025, covering production, service, upstream, mid - stream, downstream industries, and credit spreads [1][2][3][4][5]. 3. Summary by Related Catalogs 3.1 Mid - view Events - **Production Industry**: In April, the total social electricity consumption was 772.1 billion kWh, a year - on - year increase of 4.7%. From January to April, the cumulative total social electricity consumption was 3156.6 billion kWh, a year - on - year increase of 3.1%. The power consumption of the primary, secondary, tertiary industries and urban and rural residents' living all increased year - on - year [1]. - **Service Industry**: On May 20, 2025, the 1 - year LPR was 3.00% and the 5 - year LPR was 3.50%, both down 10 basis points from the previous period [1]. 3.2 Industry Overview - **Upstream**: Egg prices decreased year - on - year, and glass prices dropped in the short term [2]. - **Mid - stream**: The PTA operating rate rebounded, while the PX operating rate declined recently. The asphalt operating rate in infrastructure has been rising [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities decreased seasonally, reaching a near - three - year low. The number of domestic flights decreased cyclically [4]. 3.3 Market Pricing - Bank credit spreads rebounded, while credit spreads in other industries declined [5]. - The table shows the credit spreads of various industries from last year to this week, with most industries showing a downward trend in credit spreads this week compared to last week [47]. 3.4 Key Industry Price Indicators - The table presents the price indicators of multiple industries, including agriculture, non - ferrous metals, energy, chemicals, and real estate. Most prices have small year - on - year changes, with some increasing and some decreasing [48].

Import and Export Overview - The import volume of the equipment manufacturing industry has increased, with the Guangdong-Hong Kong-Macao Greater Bay Area's import and export value reaching 2.85 trillion yuan, a growth of 5.4% in the first four months of the year, accounting for 96.4% of Guangdong's total import and export value[1] - Exports of "new three items" and motorcycles increased by over 40%, while imports of semiconductor manufacturing equipment, computers and components, and certain consumer goods grew rapidly[1] Monetary Policy and Financial Services - As of the end of April, the broad money supply (M2) stood at 325.17 trillion yuan, reflecting a year-on-year increase of 8%[1] - The balance of domestic and foreign currency loans reached 269.54 trillion yuan, with a year-on-year growth of 6.8%[1] - The balance of RMB loans was 265.7 trillion yuan, up 7.2% year-on-year, with an increase of 1.006 trillion yuan in RMB loans over the first four months[1] Industry Trends - In the upstream sector, international oil prices have continued to rise following the tariff war, while aluminum prices have recently rebounded[2] - The chemical industry is experiencing a seasonal decline in PX operating rates, while polyester operating rates remain high[3] - In the downstream sector, real estate sales in second and third-tier cities are declining, and domestic flight frequencies have decreased compared to the same period last year[4] Market Pricing and Risks - The credit spread across all industries has recently narrowed slightly[5] - Potential risks include unexpected economic policies and global geopolitical conflicts[5]

Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report focuses on the impact of trade - war uncertainties on upstream prices and provides an overview of the mid - view events and the industry situation. It also mentions that the credit spreads of the pharmaceutical and chemical industries have recently declined slightly [1][3]. 3. Summary by Directory Mid - view Events Overview - **Production Industry**: The National Energy Administration issued a notice to promote the development of private economy in the energy field, supporting private enterprises to invest in energy infrastructure projects such as nuclear power, hydropower, oil and gas storage facilities, and LNG receiving stations [1]. - **Service Industry**: As of April 27, the average pre - sale price of domestic civil aviation tickets for the "May Day" holiday dropped slightly to about 864 yuan, up 9.75% compared to 2019 and down 7.09% compared to 2024, showing a stable trend [1]. Industry Overview - **Upstream**: International oil prices are continuously fluctuating due to tariffs; prices of copper, zinc, and nickel are oscillating; cement and building material prices are continuously falling; egg prices are rising [2]. - **Midstream**: The PTA operating rate has rebounded, the PX operating rate has recently declined, and the operating rates of polyester and urea are at this year's high. The asphalt operating rate has reached a three - year low [2]. - **Downstream**: The sales of commercial housing in first - and second - tier cities are the same as last year and at a three - year low. The number of international flights has increased, while the number of domestic flights has decreased compared to the same period [2]. Market Pricing The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Data Charts The report includes various data charts on coal consumption, inventory, operating rates of different industries, traffic congestion indexes, movie box office, flight execution, and real - estate transaction data [4]. Industry Credit Spread Tracking It provides the credit spread data of multiple industries, including past data from last year, a quarter ago, a month ago, last week, and this week, as well as the quantile data [44]. Key Industry Price Index Tracking It shows the price indexes of multiple industries, including the frequency, unit, update time, current value, year - on - year change, and the trend in the past 5 days [45].