Group 1 - The core viewpoint of the article emphasizes the importance of monitoring the earnings growth of listed companies as a key driver for market performance [8][74] - A-share companies release four periodic reports annually: quarterly reports, semi-annual reports, quarterly reports, and annual reports, while Hong Kong stocks have similar requirements but with more flexible disclosure timelines [4][5] - The earnings growth of listed companies is crucial for the long-term upward trend of stock indices, as it influences both valuation and dividends [8][9] Group 2 - The overall earnings situation of A-shares can be observed through the CSI All Share Index, which showed a significant earnings growth of over 20% in 2021, but faced stagnation in 2023 and 2024, with a slight decline of approximately 0.23% in 2024 compared to 2023 [21][23] - In Q1 2025, A-share companies experienced a year-on-year earnings growth of about 4.46%, which slowed to approximately 2.19% in Q2 2025, influenced by external factors such as tariff crises and declining profits in major state-owned energy enterprises [23][24][25] - The CSI 300 index, representing large-cap stocks, showed stable earnings growth, with a year-on-year increase of around 3%-5% in recent quarters, reflecting the resilience of large companies during economic fluctuations [27][28] Group 3 - The CSI 500 index, representing mid-cap stocks, exhibited significant earnings volatility, with a year-on-year growth of 6.51% in Q1 2025 and 3.6% in Q2 2025, indicating recovery after previous declines [30][31] - The CSI 1000 index, representing small-cap stocks, had a remarkable earnings growth of 68.02% in 2021, but faced declines in 2023 and 2024, with a recovery in Q1 2025 at 16.13%, followed by a slowdown to 0.44% in Q2 2025 [34][36] - The ChiNext Index, representing growth-oriented stocks, showed a strong earnings growth of 30.79% in Q1 2025, which decreased to 13.39% in Q2 2025, reflecting the inherent volatility of growth stocks [36] Group 4 - The Hang Seng Index, representing Hong Kong stocks, experienced a year-on-year earnings growth of 16.32% in Q1 2025, but saw a significant drop to only 0.14% in Q2 2025, with technology and healthcare sectors performing well while energy sector profits declined [38][40] - The H-share Index, representing large-cap Hong Kong stocks, displayed stable earnings growth, similar to the Hang Seng Index, but also faced a slowdown in Q2 2025 [40][41] - The Hang Seng Consumer Index showed a strong recovery with a year-on-year growth of 29.48% in Q2 2025, driven by new consumer companies listing in Hong Kong [62][63] Group 5 - The healthcare sector in Hong Kong, represented by the Hang Seng Healthcare Index, demonstrated significant earnings growth, with a year-on-year increase of 172.89% in Q1 2025 and 59.75% in Q2 2025 [68][70] - The Hong Kong technology sector also showed robust earnings growth, with a year-on-year increase of 128.92% in Q1 2025 and 51.24% in Q2 2025, indicating a strong recovery in this sector [72]

Core Insights - The 25th China International Industry Fair showcased over 3,000 exhibitors from 28 countries, highlighting trends in high-end, intelligent, and green industrial development [1] - The fair featured significant achievements in China's industrial sector, including the C919 aircraft and high-speed maglev trains, supported by 1,500 foundational projects [2] - The event served as a platform for companies to enhance collaboration and innovation within the industrial ecosystem, with substantial interest from international buyers [3] Historical Context - China's industrial landscape has been reshaped by a complete industrial chain and continuous innovation, establishing a strong presence in the global market [2] - The exhibition included historical industrial artifacts, showcasing the evolution of China's manufacturing capabilities [2] Current Trends - The fair emphasized the transformation of industrial robots into intelligent collaborators capable of environmental perception and autonomous decision-making [3] - The event facilitated the release of the "Shanghai Industrial Mother Machine Industry Capability Handbook," promoting over 80 cooperative projects with a total contract value exceeding 3 billion yuan [3] Future Outlook - The exhibition highlighted emerging technologies such as controllable nuclear fusion and AI-driven manufacturing systems, indicating a shift towards zero-carbon futures [4] - Innovations like advanced packaging technology and heavy-load robots were showcased, reflecting China's role as a key player in global industrial innovation [5] - The fair underscored China's transition from a technology follower to a significant contributor and leader in global industrial development [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies and suggestions are provided for selected varieties in each sector [9]. - A seller - dominated options portfolio strategy, along with spot hedging or covered strategies, should be constructed to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2511) is 495, with a price increase of 6 and a price change rate of 1.21% [4]. 3.2 Options Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of various options are provided, along with their changes. These indicators are used to describe the strength of the options underlying market and the timing of market turning points. For example, the volume PCR of crude oil options is 0.66, with a change of - 0.07, and the open interest PCR is 1.10, with a change of 0.01 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of various options are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 570, and the support level is 480 [6]. 3.2.3 Implied Volatility - The implied volatility of various options is presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 40.31, and the weighted implied volatility is 43.83, with a change of 5.56 [7]. 3.3 Options Strategies and Suggestions 3.3.1 Energy - related Options - **Crude Oil Options** - **Fundamentals**: OPEC +'s production return plan may exacerbate the supply surplus, but the Russia - Ukraine situation causes supply disruptions. The US EIA apparent demand is weak, and the economic recovery after interest rate cuts needs to be observed [8]. - **Market Analysis**: Since July, crude oil has shown a pattern of weakening, followed by range - bound consolidation, and then a rebound. - **Options Factor Research**: The implied volatility of crude oil options fluctuates at a level slightly higher than the average. The open interest PCR is above 1.00, indicating some support below. The pressure level is 570, and the support level is 480 [8]. - **Options Strategies**: Construct a short neutral call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [8]. - **LPG Options** - **Fundamentals**: The maintenance of PDH plants in China is stable, but the profit of PDH plants has declined significantly. It is expected that the capacity utilization rate will decline after entering the peak season [10]. - **Market Analysis**: LPG has shown a pattern of over - decline and rebound, with pressure above [10]. - **Options Factor Research**: The implied volatility of LPG options has dropped significantly to near the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 4500, and the support level is 4200 [10]. - **Options Strategies**: Similar to crude oil options, construct a short neutral call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [10]. 3.3.2 Alcohol - related Options - **Methanol Options** - **Fundamentals**: Port and enterprise inventories of methanol have decreased, and enterprise orders to be delivered have increased due to pre - holiday downstream stocking [10]. - **Market Analysis**: Methanol has shown a weak upward trend with pressure above [10]. - **Options Factor Research**: The implied volatility of methanol options fluctuates around the historical average. The open interest PCR is below 0.80, indicating a weak and volatile market. The pressure level is 2350, and the support level is 2250 [10]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [10]. - **Ethylene Glycol Options** - **Fundamentals**: Port inventory of ethylene glycol is expected to be low and volatile in the short term and may enter a stocking cycle later [11]. - **Market Analysis**: Ethylene glycol has shown a weak downward trend [11]. - **Options Factor Research**: The implied volatility of ethylene glycol options fluctuates slightly below the average. The open interest PCR is around 0.70, indicating strong bearish power. The pressure level is 4500, and the support level is 4250 [11]. - **Options Strategies**: Construct a bearish spread combination strategy of put options for directional strategies; construct a short volatility strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene Options** - **Fundamentals**: The inventory pressure of PP is higher than that of PE, with overall inventory reduction [12]. - **Market Analysis**: Polypropylene has shown a weak downward trend [12]. - **Options Factor Research**: The implied volatility of polypropylene options has decreased to near the average. The open interest PCR is around 0.70, indicating a weak market. The pressure level is 7400, and the support level is 6700 [12]. - **Options Strategies**: Construct a long collar strategy for spot long - position hedging [12]. 3.3.4 Rubber - related Options - **Rubber Options** - **Fundamentals**: Pre - holiday stocking has ended, and the buying sentiment at home and abroad has weakened, leading to a decline in rubber prices [13]. - **Market Analysis**: Rubber has shown a weak and volatile trend [13]. - **Options Factor Research**: The implied volatility of rubber options has risen rapidly and then dropped to near the average. The open interest PCR is below 0.60. The pressure level has dropped significantly to 17000, and the support level is 14500 [13]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies [13]. 3.3.5 Polyester - related Options - **PTA Options** - **Fundamentals**: The weekly production and capacity utilization rate of domestic PTA have decreased, and social inventory has decreased [14]. - **Market Analysis**: PTA has shown a weak downward trend [14]. - **Options Factor Research**: The implied volatility of PTA options fluctuates at a level slightly higher than the average. The open interest PCR is around 0.70, indicating a volatile market. The pressure level is 5000, and the support level is 4600 [14]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies [14]. 3.3.6 Alkali - related Options - **Caustic Soda Options** - **Fundamentals**: The caustic soda market is stable, with some fluctuations in the liquid caustic soda market and stability in the flake caustic soda market. Some chlor - alkali enterprises have maintenance or under - capacity operation, which has a certain positive impact on local prices [15]. - **Market Analysis**: Caustic soda has shown a downward - trending and volatile pattern [15]. - **Options Factor Research**: The implied volatility of caustic soda options is at a relatively high level. The open interest PCR is below 0.90, indicating a weak and volatile market. The pressure level is 3000, and the support level is 2440 [15]. - **Options Strategies**: Construct a bearish spread combination strategy for directional strategies; construct a long collar strategy for spot long - position hedging [15]. - **Soda Ash Options** - **Fundamentals**: The inventory of soda ash plants has decreased, and the inventory - available days have also decreased [15]. - **Market Analysis**: Soda ash has shown a weak and volatile trend at a low level [15]. - **Options Factor Research**: The implied volatility of soda ash options is at a relatively high historical level. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1300, and the support level is 1160 [15]. - **Options Strategies**: Construct a short volatility combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [15]. 3.3.7 Urea Options - **Fundamentals**: The enterprise and port inventories of urea have increased, and the supply has returned, resulting in a continuous increase in enterprise inventory [16]. - **Market Analysis**: Urea has shown a weak and volatile trend at a low level [16]. - **Options Factor Research**: The implied volatility of urea options fluctuates slightly around the historical average. The open interest PCR is below 0.60, indicating strong bearish pressure. The pressure level is 1800, and the support level is 1620 [16]. - **Options Strategies**: Construct a short bearish call + put options combination strategy for volatility strategies; construct a long collar strategy for spot long - position hedging [16].

Group 1 - The potential government shutdown is expected to begin on October 1, with a 74% probability according to Polymarket data, raising concerns in the market [1] - The upcoming non-farm payroll report for September, a key economic indicator, may be delayed due to the shutdown, impacting investors' ability to assess economic health and Federal Reserve policy [2][3] - Historical patterns suggest that markets may exhibit resilience during government shutdowns, as seen in 2013 and late 2018, where declines were often reversed as attention shifted to other factors [3][4] Group 2 - The current political deadlock is more severe than previous instances, but analysts believe the market's reaction may not differ significantly from past shutdowns [4] - Investors are currently adjusting their portfolios, with some taking profits from high-performing tech stocks and reallocating to energy stocks, which have shown gains recently [4]

Group 1 - New stock subscription: Dao Sheng Tian He with subscription code 780026, issue price 5.98 yuan per share, subscription limit of 27,500 shares [7] - Industrial and Information Technology Ministry and eight other departments issued the "Non-ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", targeting an average annual growth of around 5% in added value for the non-ferrous metal industry and a 1.5% average annual growth in the production of ten non-ferrous metals [7] - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'", aiming for widespread application of AI in transportation by 2027 and deep integration by 2030 [8] Group 2 - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the People's Bank of China issued the "Petrochemical and Chemical Industry Stabilization Growth Work Plan (2025-2026)", focusing on guiding project planning and enhancing high-end supply [9] - The People's Bank of China held its 110th monetary policy committee meeting, emphasizing the need for a moderately loose monetary policy and enhancing counter-cyclical adjustments to promote stable economic growth [9] - In August, profits of industrial enterprises above designated size increased by 20.4% year-on-year, reversing a decline of 1.5% in the previous month, with cumulative profits from January to August showing a 0.9% year-on-year increase [10]

Group 1 - The "Yingcai Ju Chang" campus recruitment event attracted 36 companies, including state-owned enterprises, listed companies, and unicorns, offering over 1,400 high-end positions at Peking University [1] - Changping District has enhanced its recruitment policies this year, providing a monthly living subsidy of 1,000 yuan for one year to master's graduates and offering free temporary housing for job seekers [1] - The event successfully attracted 260 job seekers, resulting in 78 preliminary employment intentions [1] Group 2 - The recruitment event featured innovative technology, allowing students to interact with job postings through a "touch" system that links to the "Jingchang Labor" mini-program for easy resume submission [2] - The "AI Smart Service Area" provided advanced employment services, including facial recognition resume generation and printing terminals [2] - Over seven years, the event has served nearly 300,000 graduates and young people, facilitating the release of over 58,000 job postings from more than 7,500 companies [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - During the upcoming National Day holiday (October 1 - 8), the market has certain seasonal patterns, such as the risk of pre - holiday adjustment in the stock index and post - holiday upward movement, and pre - holiday depreciation and post - holiday repair of the RMB exchange rate. Gold has a relatively low risk for holding positions during the holiday, and there may be opportunities in commodity sectors like coking coal, steel, and non - metallic building materials in the month after the holiday [1]. - The gap between strong domestic expectations and weak reality has intensified. In August, China's economic data showed signs of weakness, and external tariff pressure increased. Recently, the government has frequently mentioned pro - growth policies, and attention should be paid to post - holiday policy expectations and the possible correction of the current "off - peak in peak season" expectation [1]. - The outlook for US inflation is clearer. The US economic data in August shows a mixed picture, with the ISM manufacturing index in contraction, CPI rising, PPI falling, and employment data underperforming expectations, which further supports the Fed's interest rate cut. The Fed has cut interest rates by 25 basis points, and the subsequent interest rate cut cycle is expected to be smooth. Meanwhile, the risk of a US government shutdown has increased, and the US has imposed additional tariffs [2]. - In the commodity market, the black and new energy metal sectors are sensitive to domestic supply - side factors, while precious metals and agricultural products are related to overseas inflation expectations. Different commodity sectors have different fundamentals and investment opportunities [3]. 3. Summary by Relevant Catalogs Market Analysis - **Holiday Risk Management**: During the National Day holiday, there are 6 overseas trading days. Historically, the stock index has a risk of pre - holiday adjustment and post - holiday rise, and the RMB exchange rate has a pattern of pre - holiday depreciation and post - holiday repair. Gold has a low risk for holding positions during the holiday, and post - holiday opportunities can be found in coking coal, steel, and non - metallic building materials. Important events during the holiday include the US government's temporary spending bill, US September non - farm payroll data, and the OPEC+ meeting [1]. - **Domestic Economic Situation**: In August, China's economic data showed "slow industry, weak investment, and sluggish consumption". External tariff pressure increased, and the government has frequently mentioned pro - growth policies. Attention should be paid to post - holiday policy expectations and the possible correction of the "off - peak in peak season" expectation [1]. US Economic Situation - **Inflation and Interest Rates**: The US ISM manufacturing index in August was in contraction for the sixth consecutive month, with new orders improving and the price index falling again. The CPI rose to 2.9% year - on - year, while the PPI growth slowed. The employment data was worse than expected, supporting the Fed's interest rate cut. The Fed cut interest rates by 25 basis points, and the subsequent interest rate cut cycle is expected to be smooth [2]. - **Other Economic Indicators**: The US retail sales in August increased by 0.6% month - on - month, and new home sales unexpectedly soared to an annualized 800,000 units. The risk of a US government shutdown has increased, and the US has imposed additional tariffs on various imported products [2]. Commodity Market - **Black and New Energy Metal Sectors**: These sectors are sensitive to domestic supply - side factors. The black sector is still dragged down by downstream demand expectations, and attention should be paid to the "anti - involution" situation. The long - term supply limitation in the non - ferrous sector has not been alleviated, but the marginal supply has slightly increased recently [3]. - **Precious Metals and Agricultural Products**: Precious metals and agricultural products are related to overseas inflation expectations. Although gold experienced "selling on the fact" after the Fed's interest rate cut, it is still expected to strengthen due to the de - dollarization trend and the interest rate cut cycle. Agricultural products are driven by tariffs and inflation expectations in the short term but need fundamental support and are subject to Sino - US negotiation disturbances [3]. - **Energy and Chemical Sectors**: The medium - term fundamental supply of energy is considered relatively loose, as OPEC+ plans to increase production in October. In the chemical sector, the "anti - involution" space of products like methanol, PVC, caustic soda, and urea is worth noting [3]. Strategy - For commodities and stock index futures, it is recommended to allocate long positions in industrial products and precious metals at low prices [4]. Macroeconomic Data - **US Economic Heat Map**: It shows various economic indicators such as GDP growth, investment, employment, inflation, consumption, fiscal revenue and expenditure, and trade from January 2024 to September 2025, reflecting the overall economic situation of the US [7]. - **European Economic Heat Map**: Presents data on GDP growth, industrial confidence, investment, employment, consumption, inflation, trade, credit, and fiscal surplus in Europe from October 2024 to September 2025 [8]. - **Chinese Economic Heat Map**: Displays China's GDP growth, trade, investment, consumption, inflation, financial, and fiscal data from September 2024 to August 2025, showing the characteristics of China's economic operation [9].

Group 1 - Tongyu Heavy Industry successfully delivered the world's largest ring rolling machine core component, the main roller shaft, marking a breakthrough in high-end equipment manufacturing and localization of key technologies [2] - VinGroup initiated the construction of a $6.7 billion liquefied natural gas (LNG) plant in Hai Phong, Vietnam, with a total capacity of 4,800 megawatts, expected to be operational by the end of 2030 [2] - The low-altitude intelligent navigation application platform was officially launched in Xining, showcasing the ability to create a dynamic 3D reconstruction of the city within one hour, providing high-precision maps for low-altitude applications [2] Group 2 - China successfully launched the Fengyun-3 08 satellite using the Long March 4B rocket, marking the 596th flight of the Long March series [2]

Investment Rating - The report maintains a "Weaker than the market" rating for the U.S. stock market [1] Core Insights - The U.S. stock market has shown signs of slowing capital inflow, with significant industry differentiation observed [1][4] - The S&P 500 index has experienced a slight decline of 0.3% this week, while the Nasdaq fell by 0.7% [3] - Energy, automotive, utilities, and technology hardware sectors have shown positive performance, while retail, media, and materials sectors have faced declines [3][4] Summary by Sections Price Trends - The S&P 500 index decreased by 0.3%, and the Nasdaq dropped by 0.7% this week - The performance ranking of styles is as follows: Large-cap value (+0.1%) > Small-cap value (-0.1%) > Large-cap growth (-0.8%) > Small-cap growth (-1.0%) [3] Capital Flows - Estimated capital flow for S&P 500 components was +$12.5 billion this week, down from +$134.6 billion last week - 10 sectors saw capital inflows, while 14 experienced outflows - Notable inflows were seen in semiconductors (+$23.6 million), automotive (+$15.9 million), and technology hardware (+$9.5 million) [4] Earnings Forecast - The earnings per share (EPS) forecast for S&P 500 components was adjusted upward by 0.3% this week - 21 sectors saw an increase in earnings expectations, while materials and retail sectors experienced declines [5]

Report Information - Report Date: September 27, 2025 [1] - Report Title: High - frequency Economic Weekly (2025.9.21 - 2025.9.27) [3] - Analysts: Huang Weiping, Luan Qiang [1] - Research Support: Wang Zheyi [1] Industry Investment Rating No industry investment rating information is provided in the report. Core View The report shows that personnel flow has declined while demand has improved month - on - month. Industrial production is generally stable, personnel and freight flows have changed, consumption shows a mixed picture, investment in construction and the real - estate market has improved, exports have seen some fluctuations, and there have been some important policies and events during the period [3]. Summary by Directory 1. Big - class Assets - This week, bond indices generally declined. The China Bond 7 - 10 - year China Development Bank Bond Index fell the most, with a weekly decline of 0.19%. - Most stock indices rose. The Science and Technology Innovation 50 Index rose the most, with a weekly increase of 6.47%. - Commodities showed mixed performance. The Nanhua Precious Metals Index rose the most, with a gain of 4.48%, while the Nanhua Black Index fell the most, with a decline of 1.95%. - Most foreign currencies depreciated against the RMB. The Japanese yen had the largest decline, with a weekly decline of 0.95%, and the US dollar appreciated against the RMB, with a weekly increase of 0.31% [3] 2. Industrial Production - Production is marginally stable. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% month - on - month, the weekly operating rate of petroleum asphalt plants increased by 5.70 pcts to 40.10%, the weekly blast furnace operating rate increased by 0.47 pcts to 84.47%, and the weekly crude steel output decreased by 0.67%. - In the real - estate chain, the weekly operating rate of rebar decreased by 2.31 pcts to 40.65%, the operating rate of float glass remained flat at 76.31% compared with last week, and the mill operation rate remained flat at 38.55% compared with last week. - In the consumer goods chain, the operating rate of polyester filament remained flat at 91.54% compared with last week, the PTA operating rate decreased by 0.81 pcts to 76.48%, and the methanol operating rate increased by 0.12 pcts to 79.51%. - In the automotive chain, the operating rate of automobile semi - steel tires decreased by 0.08 pcts to 73.58%, and the operating rate of automobile all - steel tires increased by 0.06 pcts to 65.72% [3] 3. People and Goods Flow - Personnel flow has significantly declined. The 7 - day moving average (7DMA) of the national migration scale index decreased by 7.21% week - on - week. The 7DMA of domestic flight operations decreased by 2.93% week - on - week, and the 7DMA of international flight operations decreased by 1.01% week - on - week. The passenger volume in Beijing and Shanghai increased, while the subway passenger volume in Guangzhou and Shenzhen decreased. - Freight prices decreased slightly. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.04% week - on - week, and the total volume was higher than the same period in previous years [3] 4. Consumption - Automobile wholesale and retail sales increased year - on - year. In the previous period, the year - on - year growth rates of passenger car market wholesale and retail sales were 6.00% and 9.00% respectively, and both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate increased. - The film box office and the number of moviegoers decreased. The weekly film box office decreased by 55% week - on - week, and the 7DMA of the number of moviegoers decreased by 55% week - on - week. - Agricultural product prices showed a mixed performance. The weekly price of pork decreased by 0.31%, while the weekly price of vegetables increased by 4.23% [3] 5. Investment - Construction showed good performance. The weekly cement inventory - to - capacity ratio increased by 0.4 pcts, the weekly cement price index increased by 2.97%, and the weekly cement shipment rate increased by 0.4 pcts. The rebar inventory decreased by 2.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts week - on - week, and the apparent demand for rebar increased by 5.0% week - on - week. - The real - estate market improved. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 21.2% week - on - week. The transaction areas of first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 1.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [3] 6. Exports - Port throughput increased slightly. The weekly port cargo throughput increased by 0.1%, and the weekly container throughput increased by 0.2%. - Most shipping indices declined. The BDI index increased by 2.54% week - on - week, while the SCFI index and the CCFI index decreased by 6.98% and 2.93% respectively week - on - week [3] 7. Important Policies/Events - On September 22, the LPR quotation remained unchanged. - On September 22, the State Council Information Office held a press conference to introduce the development of the financial industry during the 14th Five - Year Plan period, without involving short - term policy adjustments. - On September 24, the central bank announced an operation of 600 billion MLF on September 25. - On September 26, the central bank's third - quarter monetary policy meeting continued to emphasize a "moderately loose" monetary policy [3]