Report Information - Report Type: Fixed Income Report - Release Date: August 11, 2025 - Analysts: Liang Weichao, Cui Chao [2] Investment Rating - The provided content does not mention the industry investment rating. Core Viewpoints - High - frequency economic data shows that the production end has differentiated heat, with the steel industry chain warming up, while asphalt and tire operating rates declining. The transaction area of commercial housing is rising slightly, and prices are showing a differentiated trend with falling crude oil prices and rising prices of coking coal, non - ferrous metals, rebar, and agricultural products. The domestic SCFI and CCFI shipping indices are continuously falling, while the BDI is slightly rising. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [2][33] Summary by Directory 1. Production - Steel Industry Chain: The utilization rate of coke oven capacity increased by 0.27 pct, the blast furnace operating rate increased by 0.29 pct, and rebar production increased by 10.12 tons in the week of August 8. The inventory of rebar also increased by 6.05 tons [2][9] - Petroleum Asphalt: The operating rate decreased by 1.4 pct in the week of August 6 [9] - Chemical Industry: The PX operating rate remained flat compared with the previous week, while the PTA operating rate increased by 2.0 pct on August 7 [9] - Automobile Tires: The operating rate of all - steel tires decreased by 0.08 pct, and that of semi - steel tires decreased by 0.1 pct in the week of August 7 [10] 2. Demand - Real Estate: In the week of August 3, the transaction area of commercial housing in 30 large and medium - sized cities increased by 21.81 square meters, the inventory - to - sales ratio of commercial housing in 10 large cities decreased by 14.75, the land supply area in 100 large and medium - sized cities increased by 127.18 square meters, and the transaction premium rate of residential land decreased by 6.33% [14] - Movie Box Office: In the week of August 3, the total national movie box office revenue increased by 562 million yuan compared with the previous week [14] - Automobile: In the week of July 31, the average daily retail sales of automobile manufacturers increased by 31,000 vehicles, and the average daily wholesale sales increased by 94,000 vehicles [18] - Shipping Index: In the week of August 8, the SCFI decreased by 3.94%, the CCFI decreased by 2.56%, and the BDI increased by 1.64% [3][21] 3. Prices - Energy: The price of Brent crude oil decreased by 4.65% to $66.43 per barrel in the week of August 7. The futures price of coking coal increased by 9.37% to 1,219.5 yuan per ton in the week of August 8 [23] - Metals: The futures prices of LME copper, aluminum, and zinc increased by 1.40%, 1.69%, and 3.83% respectively, and the domestic rebar futures price increased by 0.06% on August 8 [24] - Agricultural Products: The overall price of agricultural products rebounded, with the 200 - index of agricultural product wholesale prices rising by 0.75%. The prices of pork, eggs, vegetables, and fruits changed by - 0.92%, - 2.72%, + 4.74%, and - 0.71% respectively compared with the previous week on August 8 [25][27] 4. Logistics - Subway Passenger Volume: The seven - day moving average of subway passenger volume in Beijing and Shanghai increased by 281,600 and 672,900 person - times respectively in the week of August 7 [29] - Flight Volume: The seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume decreased by 2.29 flights, that of domestic (Hong Kong, Macao, and Taiwan) increased by 7.29 flights, and that of international flights increased by 11.86 flights in the week of August 7 [30] - Urban Traffic: The seven - day moving average of the peak congestion index in first - tier cities decreased by 0.01 to 1.66 on August 8 [30] 5. Summary - The steel industry chain is warming up, and the price of crude oil is falling. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [33]

Core Insights - The logistics sector in China is operating smoothly from August 4 to August 10, with various modes of transportation showing positive trends in cargo movement [1] Transportation Sector Summary - National railway transported 78.697 million tons of goods, reflecting a week-on-week increase of 1.29% [1] - National highway freight traffic reached 53.3 million vehicles, marking a week-on-week growth of 1.34% [1] - Ports monitored completed a cargo throughput of 269 million tons, with a significant week-on-week increase of 10.87% [1] - Container throughput at ports reached 6.792 million TEUs, showing a robust week-on-week growth of 19.58% [1] Aviation and Postal Services Summary - Civil aviation supported 137,000 flights, including 4,808 cargo flights, with a week-on-week increase of 1.26% [1] - International cargo flights accounted for 3,211, while domestic cargo flights were 1,597 [1] - Postal and express delivery services saw a collection volume of approximately 3.525 billion items, reflecting a week-on-week decline of 1.97% [1] - Delivery volume was about 3.514 billion items, with a week-on-week decrease of 2.52% [1]

Core Viewpoint - The launch of the hydrogen-powered zero-carbon freight line by Fuyou Trucks marks a significant step towards sustainable logistics in China, utilizing advanced technology to enhance efficiency and reduce emissions [1][2]. Company Summary - Fuyou Trucks, established in 2015, is the only company in the domestic complete vehicle transportation sector listed in the "2025 Global Unicorn List" by Hurun Research Institute, focusing on digitalizing and standardizing the freight transaction chain through big data and AI [1]. - The company has been recognized for its ESG practices, receiving an award at the 2025 Entrepreneur ESG Development Forum [1]. Industry Summary - The newly opened hydrogen-powered freight line spans approximately 450 kilometers, connecting major logistics hubs and aims to replace fuel-powered vehicles with hydrogen fuel vehicles for zero emissions [2]. - The hydrogen heavy trucks used in this operation are jointly developed by China National Heavy Duty Truck Group and Toyota, featuring a 300KW hydrogen fuel cell power system, emphasizing zero carbon emissions and long-range capabilities [2]. - The logistics industry is witnessing a shift towards hydrogen-powered commercial vehicles, with expectations that the hydrogen heavy truck market will grow significantly by 2030 [3]. - Recent reports indicate that hydrogen heavy trucks are becoming economically viable in various transportation scenarios, with increasing market potential and accelerated industry promotion expected by 2025 [4]. - Government initiatives are supporting the hydrogen industry, including exemptions from highway tolls for hydrogen vehicles in Shandong Province, which will last for approximately six more months [4].

Core Insights - The logistics industry is becoming increasingly important in the modern economy, with the Qingdao to Hangzhou route playing a crucial strategic role in the national logistics network [1][4]. Group 1: Qingdao as a Logistics Hub - Qingdao, with its advantageous geographical location and thriving port economy, stands out in the logistics sector, facilitating the flow of various goods across the country [4]. - The range of products exported from Qingdao includes famous local specialties like seafood and beer, as well as modern industrial products such as electronics and machinery [4]. Group 2: Hangzhou's E-commerce Influence - Hangzhou, known as the e-commerce capital and home to Alibaba, has significantly driven the growth of logistics demand, highlighting the importance of the Qingdao to Hangzhou logistics route [5]. - Major logistics companies are increasing their investments in this key route to meet the rising market demand for quality services [5]. Group 3: Transportation Methods and Technology - The logistics transportation between Qingdao and Hangzhou utilizes both land and sea transport, each with its advantages; land transport is faster, while sea transport is cost-effective for bulk goods [8]. - The rapid advancement of technology, including drone delivery and smart warehouse management, is enhancing the efficiency and convenience of logistics operations [8]. Group 4: Future Outlook - Despite the rapid growth of the logistics industry along the Qingdao to Hangzhou route, challenges such as improving transportation efficiency while being environmentally friendly and managing rising transportation costs remain [9]. - Continuous innovation and exploration of effective solutions are essential for logistics companies to address these challenges [9].

Core Viewpoint - The official operation of the dedicated railway line at Neijiang International Logistics Port marks a significant development in enhancing regional logistics capabilities and connectivity in the Sichuan province, facilitating trade with ASEAN and international markets [1] Summary by Relevant Sections Infrastructure Development - The dedicated railway line has a total investment of approximately 850 million yuan, with a length of 2.398 kilometers and covering an area of about 522.2 acres [1] - The initial freight handling capacity is projected to be around 1.78 million tons per year, which will increase to 2.67 million tons per year after the completion of the second phase [1] Logistics and Trade Facilitation - The railway line effectively connects the Chengyu Railway and the Neiliu Railway, leveraging the advantages of the southern freight corridor in Sichuan [1] - It integrates freight resources from the new western land-sea corridor, providing favorable conditions for the operation of international freight trains such as the China-Europe Railway Express [1] - The initial focus of freight transportation will be on inbound goods, primarily bulk minerals and construction materials [1]

Core Viewpoint - Tata Motors has made a significant move by acquiring Iveco for €3.8 billion, marking a record transaction in the automotive sector for the year 2025. This acquisition is not just a financial transaction but a strategic partnership aimed at enhancing Tata's technological capabilities and market reach while allowing Iveco to leverage Tata's cost-effective manufacturing [3][5][7]. Group 1: Acquisition Details - Tata Motors will acquire all outstanding shares of Iveco at €14.1 per share, totaling approximately €3.8 billion. The deal is expected to close in the first half of 2026 [5]. - The acquisition excludes Iveco's defense business, which will be sold to Leonardo for €1.7 billion, expected to complete by the first quarter of 2026 [5][6]. - The transaction is seen as a strategic fit, with Tata needing technology and brand strength, while Iveco seeks low-cost manufacturing and access to emerging markets [6][7]. Group 2: Strategic Implications - Tata's strategy involves a phased approach: first, divesting the defense business to avoid regulatory scrutiny; second, integrating its low-cost manufacturing capabilities with Iveco's established market presence; and third, leveraging Iveco's advanced engine technology to reduce overall vehicle costs by 20% within three years [7][8]. - The new group formed post-acquisition will operate independently, with projected annual sales of 540,000 units and revenues of €22 billion, positioning Tata among the top global commercial vehicle manufacturers [8]. Group 3: Tata Motors' Background - Tata Motors has evolved from a small trading company in 1868 to a major player in the global automotive industry, with significant acquisitions in the past, including Tetley, Corus, and Jaguar Land Rover [9][11][12]. - The company has successfully utilized its Indian cost advantages and global financing capabilities to fund its expansion and acquisitions, resulting in a diversified portfolio with revenues exceeding $130 billion [12]. Group 4: Global M&A Trends - The global M&A landscape is experiencing a resurgence, with total transaction values reaching $2.6 trillion, driven by a combination of low financing costs, attractive asset valuations, and strategic realignments in supply chains [13][16]. - Factors contributing to this trend include reduced interest rates, significant cash reserves held by sovereign wealth funds and private equity, and favorable regulatory environments in various regions [14][15][16].

天眼查App显示，近日，云南云发物流有限公司成立，法定代表人为何礼，注册资本100万人民币，经 营范围为一般项目：国内货物运输代理；国内集装箱货物运输代理；纸制品销售；纸和纸板容器制造； 纸制品制造；个人卫生用品销售；木材销售；木材收购；建筑装饰材料销售；建筑用钢筋产品销售；电 子产品销售；办公设备销售；办公设备耗材销售；金属材料销售；国内贸易代理；工程技术服务（规划 管理、勘察、设计、监理除外）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 广告设计、代理；农产品的生产、销售、加工、运输、贮藏及其他相关服务；食用农产品批发；日用杂 品销售；机械设备租赁；建筑工程机械与设备租赁；家具销售；五金产品批发；五金产品零售；软件开 发；软件销售；道路货物运输站经营；运输货物打包服务；普通货物仓储服务（不含危险化学品等需许 可审批的项目）；装卸搬运；住房租赁；物业管理；货物进出口；技术进出口；进出口代理；食品进出 口；食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；租赁服务（不含许可类 租赁服务）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：道路货物运 输（不含 ...

Group 1 - Xinjiang sector shows active performance with two stocks hitting the daily limit up, including Xinjiang Jiaojian and Beixin Road and Bridge [1][2] - Xinjiang Jiaojian shares increased by 10.04% to 13.81, while Beixin Road and Bridge rose by 8.83% to 4.56 [2] - New energy projects in Xinjiang, such as the 1 million kilowatt wind-storage project in Tacheng, are progressing well, enhancing the development of related industries like wind power equipment and energy storage [2][3] Group 2 - Green Energy Huichong and Xinjiang Commercial Logistics Group have formed a strategic partnership to establish logistics and emergency drone fleet bases in key regions [2][3] - Fenjiu Group is building a barley seed base in Qitai County, Xinjiang, promoting local agricultural development and creating a collaborative effect in the seed cultivation and agricultural technology sectors [3] - Multiple companies, including Anhui Construction and Xinjiang Huojun, are setting up new entities in Xinjiang to expand their market presence [2]

Core Viewpoint - The Harbin area of the Heilongjiang Free Trade Zone is focusing on high-level openness to drive high-quality development, significantly enhancing foreign trade and investment activities, particularly with Russia. Group 1: Economic Growth and Trade - From 2022 to the end of 2024, the Harbin area is expected to add 12,200 new enterprises, with foreign-funded enterprises increasing by 94.9% year-on-year [1] - The average annual growth rate of total import and export volume is 14%, with the average annual growth rate of import and export volume with Russia reaching 74.8% [1] - The actual utilization of foreign capital has increased its share in the province and city from 17.7% and 27.9% to 20.6% and 33.7%, respectively [1] Group 2: Service Platform Development - The establishment of the first comprehensive service center for Russia in the country provides three core services: government services, public services, and specialized services [2] - The center has facilitated 802 new CIPS cross-border RMB transactions, totaling 29.61 billion yuan, with international settlement volume reaching nearly 62.03 billion yuan [2] Group 3: Trade and Logistics Expansion - The Harbin Bonded Logistics Center (Type B) has been approved, and a cross-border e-commerce express supervision center is now operational [3] - The cooperation areas with Russia have expanded to include technology cooperation, logistics, deep processing of agricultural products, and advanced manufacturing [3] - The "Long Trade Pass" foreign trade platform integrates trade, customs, tax refunds, warehousing, insurance, and finance, achieving 100% coverage of railway transport data for 15 countries along the Belt and Road [3] Group 4: Investment Platform Activation - The Harbin area has introduced the Qualified Foreign Limited Partner (QFLP) investment management measures, becoming the first pilot area in Heilongjiang Province [4] - A total of 30 billion yuan has been allocated for an industrial investment mother fund and five guiding funds, with cumulative investments reaching 782 million yuan [4] Group 5: High-Tech Platform Development - The establishment of the China-Russia Industrial Innovation Cooperation Center is underway, promoting various high-tech projects and collaborations [5] - The Harbin Technology Market has been launched, housing 39 professional institutions related to investment, intellectual property, and evaluation [5] Group 6: Logistics Network Construction - The successful operation of the largest national train set and the opening of multiple international transport routes have significantly improved logistics efficiency [6] - Since the establishment of the free trade zone, 1,193 trains have been dispatched, with a 24.7% increase in dispatch frequency and a 77.3% increase in container volume compared to before [6] Group 7: Legal Framework and Support - The establishment of a free trade zone court and a legal service platform aims to provide strong legal support for high-level openness [7] - The introduction of international arbitration rules and the establishment of a Northeast Asia arbitration network in multiple languages facilitate legal processes for enterprises [7]

Group 1 - The strategic cooperation framework agreement was signed between Transfar Zhilian and CATL's Times Kijiji New Energy Technology Co., aiming to build a low-carbon logistics system and promote green transformation in the logistics industry [1][2] - The partnership will establish efficient new energy battery swap demonstration stations within Transfar's highway ports, enhancing operational efficiency by integrating logistics data and customer resources [1][2] - By 2030, CATL plans to build a nationwide battery swap network covering 80% of trunk transportation capacity and 16 major urban clusters, facilitating the low-carbon transition of the heavy truck industry [2] Group 2 - Transfar Zhilian has been developing an integrated green ecosystem that includes photovoltaic power generation, charging stations, and energy storage facilities, extending its green vision through this collaboration [2] - The project will utilize CATL's battery swap solutions, supporting multi-brand vehicle swapping and creating a sustainable energy system through a "photovoltaic + energy storage + battery swap" model [2] - The collaboration aims to connect logistics transportation data with energy management data, enabling real-time planning of energy supply nodes and optimizing resource allocation for new energy heavy trucks [3]