1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The growth of mid - stream machinery manufacturing is prominent, and the downstream real estate shows a slight recovery. The plastics in the upstream chemical products are under price pressure due to oversupply and weak demand, while industrial metals remain strong due to supply shortages. In the mid - stream, the added value of the machinery industry in the first three quarters increased significantly, with the automotive and electrical machinery industries having high growth rates, and the intelligent equipment manufacturing industry also performing well. In the downstream, the cultural and tourism market is active, online retail continues to thrive, and some upgraded consumer goods show good growth, but the sales of traditional fuel - powered vehicles decline, and the real estate sales in first - tier cities increase [1]. 3. Summary by Relevant Catalogs I. Medium - term Overview - **Upstream**: As of October 26, plastics in chemical products faced price pressure due to supply surplus and weak demand during the peak season. Industrial metals remained strong due to supply shortages, with copper prices fluctuating at a high level due to global mine - end supply disruptions and aluminum prices having potential upward elasticity as the capacity utilization rate is at a high level [1]. - **Mid - stream**: In the third - quarter report data released this week, the added value of the machinery industry above the designated size in the first three quarters increased by 8.7% year - on - year, significantly higher than the national industrial average. The growth rates of the automotive and electrical machinery industries exceeded 11%, making outstanding contributions. The added value of the intelligent equipment manufacturing industry increased by 12.2%, and the output of industrial robots in the first nine months reached 595,000 sets, exceeding the whole - year figure of last year [1]. - **Downstream**: In the third - quarter report data released this week, the cultural and tourism market was active, with double - digit growth in box office revenues of the film and performance markets, and active tourism travel. Online retail continued to be active, with the proportion of online retail sales in the total social retail sales rising to 40.5%. Upgraded consumer goods showed good growth, with the retail sales of gold, silver, and jewelry products increasing by 33.5% and sports and entertainment products also growing. The retail sales of basic daily necessities such as grain, oil, food, and daily necessities increased by 8.2% and 3.7% respectively. The retail sales of automotive products decreased, and the sales of traditional fuel - powered vehicles were sluggish. The real estate sales in first - tier cities increased significantly this week [1]. II. Industry Overview - **Production Industry**: No specific content provided other than the industrial added - value and PPI data figures in the graphs [22][20]. - **Service Industry**: No specific content provided other than the data figures in the graphs [25][30]. III. Industry Pricing - **Industry Market Pricing**: No specific content provided other than the graph [31]. - **Industry Credit Spreads**: The credit spreads of various industries are presented in a table, showing the data of last year's same - period, one month ago, last week, this week, and the quantiles for industries such as agriculture, forestry, animal husbandry, and fishery; mining; chemical industry; etc. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry this week is 41.55, with a quantile of 0.00 [32]. IV. Sub - industry Tracking - **Generalized Agriculture**: Palm oil prices declined, while corn and cotton prices increased [2]. - **Chemical Industry**: Styrene and polyethylene prices decreased. Urea inventory continued to rise, PVC inventory decreased slightly, and the inventories of methanol and pure benzene showed no significant change compared with the previous period [5]. - **Non - ferrous Industry**: The prices of some non - ferrous metals such as zinc and aluminum increased, and copper prices fluctuated. The inventories of some non - ferrous metals such as lead and copper decreased cyclically [4]. - **Ferrous Industry**: The prices of some ferrous metals such as soda ash, hot - rolled coils, and rebar decreased, while the coking coal price increased significantly. The inventory of rebar decreased slightly [4]. - **Infrastructure Industry**: The concrete price remained stable, and the bagged cement price increased. The concrete shipment volume and capacity utilization rate increased slightly [6]. - **Logistics and Transportation Industry**: Railway transportation declined, while road transportation increased [7]. - **Automobile Manufacturing Industry**: The retail sales of automotive products decreased, and the sales of traditional fuel - powered vehicles were sluggish [1]. - **Real Estate Industry**: The sales of commercial housing in first - tier cities increased significantly compared with the previous period. The sales in cities like Chengdu, Fuzhou, Xiamen, and Nanjing increased more. The housing prices in Beijing, Shanghai, Hangzhou, and Hefei decreased [6].

Core Viewpoint - The cultural and tourism sector in China is experiencing stable and orderly development, with a focus on addressing weak links in the industry to enhance consumer experience and industry image [1][2] Group 1: Market Regulation - The cultural and tourism market is being regulated through targeted policies, including comprehensive supervision of the performance market and strict enforcement of real-name ticket purchasing to combat scalping [1] - Since the beginning of the 14th Five-Year Plan, over 172,000 cases have been handled by cultural market law enforcement agencies, demonstrating effective enforcement [1] Group 2: Safety Production - The industry is establishing a safety production mechanism to address safety issues, particularly during peak travel times, by conducting thorough safety inspections and providing timely travel safety tips [2] - A three-year action plan is being implemented to strengthen safety oversight, including training for key tourism enterprise leaders [2] Group 3: Optimizing Business Environment - Efforts are being made to streamline administrative processes in the cultural and tourism sector, including the integration of hotlines and the development of a mobile app for regulatory services [2] - The government has received over 332,300 service evaluations since the launch of the feedback system, indicating a high level of overall satisfaction among the public [2]

Core Insights - The Ministry of Culture and Tourism has announced that 16 pilot regions, including Haidian District in Beijing, have successfully passed the evaluation for the development of a credit economy in the cultural and tourism market [1][2] - The pilot program, initiated in August 2021, aimed to enhance credit commitment systems, promote credit brand building, optimize credit consumption environments, and strengthen integrity culture [1] - As of now, a total of 30 regions have been designated as pilot areas, contributing to improved credit regulation and market development integration, thereby enhancing the integrity level and consumer confidence in the cultural and tourism market [2] Group 1 - The pilot regions have accumulated typical experiences in enhancing credit regulation efficiency and exploring credit transaction models [1] - The first batch of pilot regions included 14 areas such as Dalian, Huangpu District in Shanghai, and Wulong District in Chongqing, which successfully passed evaluation in February 2023 [1] - The newly launched pilot program for 2023-2024 aims to explore new paths for credit empowerment in the cultural and tourism market [2] Group 2 - The selected 16 regions for the new pilot program include areas from Beijing, Hebei, Liaoning, and others, focusing on high-quality development in the cultural and tourism sector [2] - The typical experiences from these pilot regions have addressed the challenges of integrating credit regulation with market development [2] - The establishment of a replicable credit economy model is expected to lay a long-term credit foundation for the high-quality development of the cultural and tourism market [2]