摘要 2026年2月10日第一财经研究院中国高频经济活动指数（YHEI）为1.35，较2月3日下降0.05。具体来 看，截至2月10日的一周内，服务业相关指标"8城市地铁流量指数"和"30城市商品房销售指数"分别下降 0.02和0.07；工业相关指标"沿海煤炭运价指数"走低0.27，是本周YHEI回落的重要原因。 国家统计局公布1月物价数据。1月，CPI同比增长0.2%，增速低于上月0.6个百分点。其中，1月，核心 CPI同比增长0.8%，增速低于上月0.4个百分点；食品CPI同比增速在过去两个月有所上升后，当月走低 至-0.7%。具体看食品方面，春节错期是1月食品CPI同比回到负增长区间的重要原因。1月，猪肉、蛋类 和奶类价格均同比下降，当月分别下降13.7%、9.2%和0.8%。鲜菜、水产品和鲜果价格同比增速分别由 上月的18.2%、1.6%和4.4%降至6.9%、0.7%和3.2%。其他指标方面，同样受到春节错期影响，1月，旅 行社及其他旅游服务、邮递服务和家政服务价格分别同比下降6.6%、1.6%和3.5%。环比来看，1月， CPI增长0.2%，增速与上月持平。其中，消费品价格环比增速低于上月0.1个 ...

Group 1: Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) was 1.05 as of January 13, 2026, a decrease of 0.09 from January 6, 2026. The decline was primarily attributed to a drop in the coastal coal freight index by 0.09 [2][1] - The import dry bulk freight index remained stable compared to the previous week [2] Group 2: Monetary Policy - As of January 13, 2026, the central bank net withdrew 77.8 billion yuan through open market operations. The reverse repurchase amount for the week was 517.2 billion yuan, with 595 billion yuan maturing [4][5] Group 3: Interest Rates and Financing - The overnight interbank rate rose by 17 basis points to 1.5% over the past week, and the seven-day repurchase rate increased by 8 basis points to 1.57% [9][10] - The one-year swap rate increased by 1.43 basis points to 1.52%, while the five-year swap rate decreased by 0.42 basis points to 1.64% [12][9] - The yields on one-year, five-year, and ten-year government bonds fell by 10, 2.23, and 3.1 basis points to 1.26%, 1.64%, and 1.85%, respectively [15][9] Group 4: Industrial Sector - As of January 13, 2026, the price of steel billets increased by 1.37% week-on-week, while cement prices decreased by 1.12% [22][23] - The operating rate of short-process steel mills rose from 67.71% to 70.83% over the past month [22] - The operating rate for full steel tire production decreased to 58.02%, down from 58.15% the previous week [22] Group 5: Shipping and Real Estate - The coastal bulk freight index decreased by 5.98 points to 1012.77 points as of January 13, 2026 [30] - In first-tier cities, new and second-hand housing transaction areas increased by 0.05% and 32.04%, respectively [31][33] - The land transaction area in 100 cities was 12.64 million square meters, a week-on-week decrease of 63.63% [31] Group 6: Consumer Prices - In December 2025, the Consumer Price Index (CPI) rose by 0.8% year-on-year, with urban prices increasing by 0.9% and rural prices by 0.6% [39][41] - The Producer Price Index (PPI) fell by 1.9% year-on-year, with a month-on-month increase of 0.2% [39][41] Group 7: Global Perspective - The US dollar index rose by 0.58 points to 99.18, while the RMB/USD exchange rate decreased by 48 basis points to 6.9765 [42][44] - The VIX index increased by 1.23 points to 15.98 [49]

Group 1: Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) for October 14, 2025, is 1.00, down 0.05 from October 7, 2025 [1][4] - The decline in the YHEI is attributed to a decrease in the "import dry bulk freight index," which fell 0.25 to 1.01 [1][4] - Post-National Day holiday, the "8-city subway flow index" decreased by 0.04 to 1.15, while the "30-city commodity housing sales index" increased by 0.08 to 0.41 [1][4] Group 2: Price Indices - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, with the core CPI increasing by 1.0%, marking a continuous rise for five months [2][49] - Food prices saw a year-on-year decline of 4.4%, with pork and fresh fruit prices dropping to 17.0% and 4.2%, respectively [2][49] - The Producer Price Index (PPI) fell by 2.3% year-on-year in September, with the decline narrowing by 0.6 percentage points compared to the previous month [3][50] Group 3: Monetary Policy - As of October 14, 2025, the central bank's net fund injection was 765.8 billion yuan, with a reverse repurchase operation of 1.3658 trillion yuan [6][7] - The overnight interbank rate decreased by 26 basis points to 1.36%, while the seven-day repo rate fell by 17 basis points to 1.48% [11][12] Group 4: Industrial Production - As of October 14, 2025, the price of steel billets decreased by 0.68% week-on-week, while cement prices fell by 2.42% [29][31] - The operating rate of short-process steel mills dropped from 69.79% to 64.58%, while the operating rate of long-process steel mills increased from 50.00% to 51.67% [29] Group 5: Real Estate Market - After the National Day holiday, new housing transaction areas in first, second, and third-tier cities increased by 180.22%, 486.81%, and 221.87% respectively [42][43] - The transaction area for second-hand houses in first, second, and third-tier cities surged by 2267.37%, 723.57%, and 49589.55% respectively [45][46] Group 6: Global Economic Indicators - The US dollar index rose by 1.23 points to 99.05, while the RMB to USD exchange rate fell by 225 basis points to 7.1411 [53][56] - The Chicago Board Options Exchange (CBOE) VIX index increased by 3.57 points to 20.81 [61]