什么是航班截载时间？ 缩至30分钟，能给您带来哪些便利？ 抵达更从容，哪怕路上稍微耽搁，也有更大几率顺利值机，不用再慌慌张张赶时间；中转更高效，为中转旅客提供更宽松的时间窗口；体验更顺畅，减少 因值机截止过早带来的匆忙与压力。 航班截载时间是航空运输中的一个重要概念，指航空公司和机场停止为某航班办理值机手续(包括领取登机牌、托运行李)的截止时间。例如：某航班计划 10:00起飞，截载时间为9:30，则旅客最晚需在9:30前完成值机和行李托运。 为什么需要设置截载时间？ 机场需在起飞前完成以下工作：行李运输，将托运行李从值机柜台运送至飞机货舱；配载平衡，根据旅客和行李重量调整飞机重心；舱单制作，向机组提 交最终旅客、行李和货邮数据。 设置截载时间是保障航班安全、降低运行风险的必要措施。 齐鲁晚报.齐鲁壹点于洋通讯员王侃 从烟台机场获悉，为进一步提升出行效率，优化旅客体验，自2025年9月6日起，烟台机场国内航班截载时间将缩短至30分钟，这意味着乘客办理值机手续 的时间更充裕，行程安排更从容。 温馨提示：如遇特殊情况，可随时拨打机场服务热线0535-6299999，或咨询现场工作人员。 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report indicates that consumption is showing signs of recovery, while different sectors of the economy are experiencing varying trends. The weekly economic index has rebounded, with both production and demand sub - indices rising. However, there are also areas of decline, such as in real estate sales and some export price indicators [1]. 3. Summary by Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 6.9%, a 0.1 - percentage - point increase from the previous value. The WEI production sub - index was 7.9%, up 0.1 percentage points, and the WEI demand sub - index was 5.7%, up 0.2 percentage points. The supply - demand gap was - 2.2%, up 0.1 percentage points [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production last week was 25.1%, a 9.7 - percentage - point increase. The blast furnace operating rate was 83.3%, down 0.3 percentage points, and the automobile semi - steel tire operating rate was 73.1%, up 1.0 percentage point [1]. 3.3 Infrastructure - The cement shipment rate last week was 39.8%, down 0.3 percentage points. The cement mill operating rate was 37.9%, up 0.3 percentage points, and the petroleum asphalt plant operating rate was 30.7%, down 2.2 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities last week was - 14.3%, a 1.9 - percentage - point decline. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 13.0%, a 11.0 - percentage - point decline [1]. 3.5 Consumption - The year - on - year of the daily average retail sales of passenger cars last week was 8.0%, a 12.0 - percentage - point increase. The 4 - week moving average year - on - year of movie box office was 45.6%, up 18.5 percentage points. The 4 - week moving average year - on - year of domestic flight execution numbers was 1.4%, up 0.3 percentage points, and the 4 - week moving average year - on - year of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 2.0%, up 1.4 percentage points [2]. 3.6 Export - South Korea's export year - on - year in mid - August was 18.0%, a 22.3 - percentage - point increase from the first ten - day period. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) last week was - 54.4%, down 0.2 percentage points, and the 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was 17.6%, down 0.9 percentage points [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index last week was - 9.2%, a 2.0 - percentage - point decline. The 4 - week moving average year - on - year of the average wholesale price of pork was - 23.3%, down 2.4 percentage points, and the 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 18.1%, down 2.6 percentage points [2]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index last week was 3.5%, a 0.7 - percentage - point increase. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 14.4%, down 0.2 percentage points. The 4 - week moving average year - on - year of the rebar price was 2.5%, up 1.1 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 19.0%, up 2.1 percentage points, and the 4 - week moving average year - on - year of the cement price index was - 10.1%, up 0.4 percentage points [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - This week's main concerns include a significant rebound in Beijing's new and second - hand housing sales due to the new property market policies, a slight decline in rebar and cement prices as anti - involution cools down, stronger travel momentum during the summer with subway rides and domestic flights outperforming seasonality, and a sharp increase in vegetable prices due to extreme weather [2]. - New home sales continued to weaken this week, while second - hand home sales rebounded. New home transaction areas in first - and second - tier cities were significantly weaker than the same period last year, while second - hand home sales areas in key cities increased month - on - month and were stronger than last year. Beijing's new and second - hand housing sales showed a significant rebound [2]. - In terms of investment and production, most commodity prices declined. Rebar prices decreased slightly, glass futures prices rose significantly, cement price index decreased slightly, and asphalt prices decreased slightly [2]. - In industrial production, the performance of operating rates was divided. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [2]. - In terms of consumption, travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [2]. - In terms of inflation, pork prices decreased, vegetable prices increased significantly, and oil prices decreased [2]. - In terms of exports, SCFI and BDI declined this week, and the market supply - demand fundamentals were slightly weak, with the shipping market continuing to adjust [2]. Group 3: Summaries According to Related Catalogs 1. Real Estate Sales - New home sales in first - and second - tier cities weakened. From August 8th to August 14th, new home transactions showed a mixed performance month - on - month and a significant decline year - on - year. New home transaction areas in first - and second - tier cities were much weaker than last year, while those in third - tier cities were much stronger than the previous period and last year. Wind's 20 - city transaction area increased 2.83% month - on - month and decreased 12.96% year - on - year [7]. - Second - hand home sales increased both month - on - month and year - on - year. In key cities, the transaction areas increased month - on - month and were higher than the same period last year, with Hangzhou showing a significant 15% increase [27]. 2. Investment - Most commodity prices declined. Cement, asphalt, and rebar prices decreased slightly, while glass futures prices increased significantly [37]. 3. Production - Operating rates showed a divided performance. The operating rates of petroleum asphalt, automobile tires, and coking enterprises increased, while the operating rate of steel mills' blast furnaces decreased slightly, and the operating rates of polyester filament and PTA decreased [43]. 4. Consumption - Travel momentum was strong. Subway rides and domestic flights outperformed seasonality, while automobile consumption and movie box office were in line with seasonality [52]. 5. Exports - SCFI index declined, and BDI index and CRB spot index decreased slightly [58]. 6. Prices - Pork prices decreased, vegetable prices increased significantly, oil prices decreased slightly, and rebar prices decreased slightly [64].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Attention should be paid to the impact of new US tariffs on upstream prices, including the suspension of minimum tax - free treatment for low - value goods and the change in coal prices [1] - Keep an eye on the progress of the downstream parenting consumption policy in the service industry, with localities set to open parenting subsidy applications in late August [1] Summary by Relevant Catalogs Production Industry - On July 30 (local time), US President Trump signed an executive order to suspend the minimum tax - free treatment for low - value goods. Starting from August 29, applicable tariffs will be levied on imported goods worth $800 or less sent by non - international postal network methods, and parcels sent via the international postal system will be taxed according to ad - valorem or specific duties [1] - In mid - July, coal inventories at main production and transfer areas continued to decline, while downstream steel and coking enterprises had good procurement enthusiasm and their inventories increased steadily. Domestic coal prices rose, and international coal prices fluctuated. In late July, the spot price of 5500 - kcal thermal coal at Bohai Rim ports was about 650 yuan/ton, up 30 yuan/ton from the end of June; the comprehensive price of coking and fat coal in Shanxi was 1290 yuan/ton, up 170 yuan/ton from the end of June [1] Service Industry - The State Council Information Office held a press conference to introduce the parenting subsidy system and fertility support measures. Localities will open parenting subsidy applications in late August, and localities with higher subsidy standards than the national standard can continue to implement them after evaluation and filing [1] Upstream - Energy: International oil prices rose [2] - Black: Prices of glass and rebar increased [2] Mid - stream - Chemical: The operating rate of PX decreased [3] Downstream - Real estate: Seasonal decline in commercial housing sales in first - and second - tier cities [3] - Service: An increase in the number of domestic flights during the summer vacation [3] Industry Credit Spread Tracking - Data shows the credit spreads of various industries as of July 2, including industries such as agriculture, forestry, animal husbandry and fishery, mining, chemical, etc., with different trends and quantiles [46] Key Industry Price Index Tracking - It includes price indicators of multiple industries such as agriculture, non - ferrous metals, energy, chemical, real estate, etc., showing the price, frequency, update time, year - on - year change and 5 - day trend of each indicator as of July 30 [47]

Industry Overview Upstream - Non-metallic: Glass prices continue to rebound [3] - Non-ferrous metals: Prices fluctuate [3] Midstream - Chemical industry: The operating rate of PX has declined [3] Downstream - Real estate: The sales of commercial housing in third-tier cities have seasonally declined [4] - Services: The number of domestic flights during the summer vacation has increased [4] Meso-level Event Overview Production Industry - Sino-US talks have postponed trade conflicts. From July 28th to 29th, the Chinese and US economic and trade leaders held talks in Stockholm, Sweden. According to the consensus, the suspension of the 24% US reciprocal tariffs and China's countermeasures will be extended for 90 days [1] - NVIDIA co-founder and CEO Huang Renxun believes that the wealth creation ability of artificial intelligence (AI) will exceed that of the Internet in the next 5 years [1] Service Industry - The International Monetary Fund (IMF) has raised its forecast for the global economic growth rate for this year and next year to 3.0% and 3.1% respectively. It has also significantly raised China's economic growth rate for this year to 4.8% [2] Industry Credit Spread Tracking | Industry | Last Year | Quarterly | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Fishing and Hunting | 85.59 | 77.83 | 57.09 | 47.35 | 49.07 | 0.70 | | Mining | 33.06 | 46.36 | 37.35 | 27.48 | 31.05 | 2.00 | | Chemicals | 68.16 | 62.06 | 49.18 | 42.09 | 44.87 | 1.00 | | Steel | 37.13 | 55.10 | 47.48 | 37.99 | 41.94 | 6.50 | | Non-ferrous Metals | 39.26 | 56.54 | 49.42 | 40.23 | 42.58 | 5.30 | | Electronics | 52.58 | 70.94 | 54.62 | 43.31 | 42.35 | 0.00 | | Automobiles | 57.44 | 50.32 | 39.92 | 29.66 | 34.14 | 1.20 | | Household Appliances | 36.95 | 47.58 | 47.10 | 39.12 | 43.09 | 8.10 | | Food and Beverage | 36.18 | 45.25 | 37.12 | 28.44 | 30.25 | 0.50 | | Textile and Apparel | 44.99 | 53.41 | 52.65 | 39.28 | 42.30 | 1.20 | | Light Industry Manufacturing | 47.59 | 167.09 | 146.32 | 132.29 | 133.75 | 7.70 | | Medicine and Biology | 52.07 | 71.30 | 53.47 | 43.92 | 46.74 | 0.90 | | Public Utilities | 25.15 | 33.57 | 27.41 | 20.28 | 23.82 | 2.80 | | Transportation | 26.46 | 36.88 | 30.25 | 23.79 | 26.92 | 4.50 | | Real Estate | 207.49 | 126.20 | 100.80 | 86.02 | 88.85 | 0.70 | | Commercial Trade | 39.88 | 50.24 | 42.17 | 32.90 | 36.79 | 1.50 | | Leisure Services | 73.88 | 119.48 | 118.95 | 105.46 | 105.42 | 85.50 | | Banks | 23.36 | 19.80 | 18.64 | 13.86 | 16.79 | 4.10 | | Non-bank Finance | 25.43 | 34.18 | 30.08 | 23.84 | 26.46 | 5.10 | | Comprehensive | 69.95 | 49.74 | 41.37 | 32.62 | 36.37 | 1.70 | | Building Materials | 33.33 | 46.19 | 37.31 | 24.78 | 28.14 | 0.70 | | Building Decoration | 37.97 | 54.48 | 51.32 | 42.89 | 46.49 | 9.90 | | Electrical Equipment | 53.97 | 79.25 | 72.51 | 66.34 | 69.49 | 29.00 | | Machinery and Equipment | 28.21 | 44.64 | 44.40 | 36.28 | 40.18 | 15.10 | | Computers | 66.65 | 61.96 | 46.60 | 33.72 | 36.84 | 1.00 | | Media | 240.02 | 45.79 | 37.92 | 29.70 | 34.29 | 1.30 | | Communications | 27.80 | 29.18 | 29.10 | 24.15 | 27.79 | 6.60 | [48] Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Value | YoY | 5-Day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Corn Spot Price | Daily | Yuan/ton | 7/29 | 2332.9 | -0.24% | - | | | Egg Spot Price | Daily | Yuan/kg | 7/29 | 6.8 | 3.03% | - | | | Palm Oil Spot Price | Daily | Yuan/ton | 7/29 | 9032.0 | 0.42% | - | | | Cotton Spot Price | Daily | Yuan/ton | 7/29 | 15557.5 | 0.05% | - | | | Average Wholesale Price of Pork | Daily | Yuan/kg | 7/29 | 20.5 | -1.16% | - | | Non-ferrous Metals | Copper Spot Price | Daily | Yuan/ton | 7/29 | 79043.3 | -0.91% | - | | | Zinc Spot Price | Daily | Yuan/ton | 7/29 | 22562.0 | -0.91% | - | | | Aluminum Spot Price | Daily | Yuan/ton | 7/29 | 20676.7 | -1.30% | - | | | Nickel Spot Price | Daily | Yuan/ton | 7/29 | 122683.3 | -1.39% | - | | | Lead Spot Price | Daily | Yuan/ton | 7/29 | 16850.0 | 0.26% | - | | | Rebar Spot Price | Daily | Yuan/ton | 7/29 | 3371.0 | 2.24% | - | | Ferrous Metals | Iron Ore Spot Price | Daily | Yuan/ton | 7/29 | 789.7 | -1.15% | - | | | Wire Rod Spot Price | Daily | Yuan/ton | 7/29 | 3555.0 | 1.64% | - | | | Glass Spot Price | Daily | Yuan/square meter | 7/29 | 16.1 | 8.81% | - | | Non-metals | Natural Rubber Spot Price | Daily | Yuan/ton | 7/29 | 15066.7 | -0.28% | - | | | China Plastic City Price Index | Daily | - | 7/29 | 812.3 | -0.29% | - | | | WTI Crude Oil Spot Price | Daily | US dollars/barrel | 7/29 | 66.7 | 1.15% | - | | Energy | Brent Crude Oil Spot Price | Daily | US dollars/barrel | 7/29 | 70.0 | 1.20% | - | | | Liquefied Natural Gas Spot Price | Daily | Yuan/ton | 7/29 | 4152.0 | -1.14% | - | | | Coal Price | Daily | Yuan/ton | 7/29 | 768.0 | 1.59% | - | | | PTA Spot Price | Daily | Yuan/ton | 7/29 | 4863.3 | 0.96% | - | | Chemicals | Polyethylene Spot Price | Daily | Yuan/ton | 7/29 | 7453.3 | 0.88% | - | | | Urea Spot Price | Daily | Yuan/ton | 7/29 | 1817.5 | -0.95% | - | | | Soda Ash Spot Price | Daily | Yuan/ton | 7/29 | 1315.0 | 5.20% | - | | | National Cement Price Index | Daily | - | 7/29 | 130.1 | -0.53% | - | | Real Estate | Building Materials Comprehensive Index | Daily | Points | 7/29 | 117.6 | 0.72% | - | | | National Concrete Price Index | Daily | Points | 7/29 | 94.1 | -0.82% | - | [49]

Group 1: Macroeconomic Overview - China's GDP maintained high growth in H1 2025, with a year-on-year increase of 5.3% at constant prices, reaching 6.60536 trillion yuan. The primary, secondary, and tertiary industries grew by 3.7%, 5.3%, and 5.5% respectively. Q1 GDP grew by 5.4% year-on-year, and Q2 by 5.2%. The Q2 GDP increased by 1.1% quarter-on-quarter [1] - In June 2025, the decline in commodity residential sales prices in 70 large and medium-sized cities continued to narrow year-on-year, while prices decreased month-on-month. In first-tier cities, new and second-hand residential sales prices dropped by 0.3% and 0.7% respectively month-on-month [1] Group 2: Industry Chain Conditions Upstream - Black commodities: Prices of rebar and iron ore rose slightly [2] - Chemicals: PTA prices declined [2] Midstream - Chemicals: The operating rates of polyester and PX stabilized, and the urea operating rate increased [3] Downstream - Real estate: Sales of commercial housing in first- and second-tier cities stabilized at the bottom [4] - Services: The number of domestic flights increased during the summer vacation [4] Group 3: Industry Credit Spreads - The report provides credit spread data for multiple industries as of July 2, 2025, including agriculture, mining, chemicals, and others, showing the spreads' trends over different time periods [48] Group 4: Key Industry Price Indicators - The report tracks price indicators of multiple industries as of July 15, 2025, including agriculture, energy, chemicals, and real estate, presenting the current prices, year-on-year changes, and trends over the past 5 days [49]

Industry Overview Upstream - Energy: International oil prices rebounded year-on-year yesterday and have been in a volatile trend recently [2] - Agriculture: Egg prices continued to decline [2] Midstream - Chemical: The operating rates of PTA, PX, and polyester decreased [3] Downstream - Real Estate: The sales of commercial housing in first- and second-tier cities declined seasonally [4] - Service: The number of domestic flights increased during the summer vacation [4] Market Pricing - Agricultural credit spreads have rebounded slightly recently [5] Industry Credit Spreads | Industry | Last Year | One Quarter Ago | One Month Ago | Last Week | This Week | Percentile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry, and Fishery | 102.36 | 80.56 | 60.94 | 57.09 | 25.81 | 0.00 | | Mining | 38.94 | 46.31 | 39.57 | 37.35 | 34.86 | 4.90 | | Chemical | 74.08 | 66.20 | 51.92 | 49.18 | 46.66 | 0.00 | | Steel | 46.13 | 55.63 | 46.92 | 47.48 | 45.28 | 8.10 | | Non-ferrous Metals | 45.99 | 55.48 | 52.12 | 49.42 | 47.24 | 7.80 | | Electronics | 65.47 | 73.03 | 65.42 | 54.62 | 52.29 | 1.90 | | Automotive | 62.40 | 48.88 | 41.44 | 39.92 | 37.08 | 0.00 | | Household Appliances | 44.95 | 48.00 | 46.60 | 47.10 | 45.67 | 11.10 | | Food and Beverage | 44.62 | 45.57 | 36.28 | 37.12 | 35.05 | 1.40 | | Textile and Apparel | 53.88 | 52.14 | 52.04 | 52.65 | 50.47 | 5.70 | | Light Industry Manufacturing | 51.66 | 200.14 | 149.91 | 146.32 | 140.66 | 7.10 | | Pharmaceutical Biology | - | 70.86 | 62.08 | 53.47 | 50.74 | 1.20 | | Necessities | 29.89 | 33.12 | 27.14 | 27.41 | 25.37 | 5.10 | | Transportation | 31.83 | 36.27 | 30.91 | 30.25 | 28.24 | 3.80 | | Real Estate | 232.48 | 146.23 | 101.32 | 100.80 | 95.16 | 0.50 | | Commercial Trade | 47.29 | 50.47 | 42.95 | 42.17 | 39.54 | 2.10 | | Leisure Services | 80.77 | 110.81 | 120.10 | 118.95 | 117.51 | 93.90 | | Banking | 31.25 | 27.05 | 18.83 | 18.64 | 15.98 | 1.30 | | Non-bank Finance | 30.86 | 34.30 | 29.98 | 30.08 | 27.97 | 5.00 | | Comprehensive | 72.39 | 48.02 | 42.55 | 41.37 | 39.32 | 0.40 | | Building Materials | 40.15 | 45.82 | 38.38 | 37.31 | 34.14 | 3.80 | | Building Decoration | 44.57 | 53.79 | 60.04 | 51.32 | 49.56 | 11.10 | | Electrical Equipment | 57.19 | 85.69 | 80.21 | 72.51 | 73.08 | 33.70 | | Machinery and Equipment | 34.79 | 43.22 | 43.32 | 44.40 | 43.66 | 24.20 | | Computer | 68.04 | 65.47 | 49.65 | 46.60 | 43.96 | 0.00 | | Media | 249.31 | 46.75 | 39.22 | 37.92 | 35.66 | 0.00 | | Communication | 35.73 | 32.75 | 24.50 | 29.10 | 29.42 | 8.50 | [47] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | 5-Day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot Price: Corn | Daily | Yuan/ton | 7/3 | 2367.1 | 0.61% | - | | | Spot Price: Eggs | Daily | Yuan/kg | 7/3 | 5.6 | -3.46% | - | | | Spot Price: Palm Oil | Daily | Yuan/ton | 7/3 | 8744.0 | 2.15% | - | | | Spot Price: Cotton | Daily | Yuan/ton | 7/3 | 15199.8 | 1.30% | - | | | Average Wholesale Price: Pork | Daily | Yuan/kg | 7/3 | 20.3 | -0.10% | - | | | Spot Price: Copper | Daily | Yuan/ton | 7/3 | 81021.7 | 2.71% | - | | | Spot Price: Zinc | Daily | Yuan/ton | 7/3 | 22400.0 | 0.70% | - | | Non-ferrous Metals | Spot Price: Aluminum | Daily | Yuan/ton | 7/3 | 20870.0 | 1.21% | - | | | Spot Price: Nickel | Daily | Yuan/ton | 7/3 | 122933.3 | 0.41% | - | | | Spot Price: Aluminum | Daily | Yuan/ton | 7/3 | 17100.0 | 0.16% | - | | Black Metals | Spot Price: Rebar | Daily | Yuan/ton | 7/3 | 3104.0 | 1.43% | - | | | Spot Price: Iron Ore | Daily | Yuan/ton | 7/3 | 720.2 | 0.62% | - | | | Spot Price: Wire Rod | Daily | Yuan/ton | 7/3 | 3292.5 | 1.54% | - | | | Spot Price: Glass | Daily | Yuan/square meter | 7/3 | 14.0 | 0.94% | - | | Non-metals | Spot Price: Natural Rubber | Daily | Yuan/ton | 7/3 | 13858.3 | -0.14% | - | | | China Plastic City Price Index | Daily | - | 7/3 | 825.5 | -0.44% | - | | Energy | Spot Price: WTI Crude Oil | Daily | US dollars/barrel | 7/3 | 67.5 | 3.90% | - | | | Spot Price: Brent Crude Oil | Daily | US dollars/barrel | 7/3 | 69.1 | 2.11% | - | | | Spot Price: Liquefied Natural Gas | Daily | Yuan/ton | 7/3 | 4062.0 | 1.75% | - | | | Coal Price: Coal | Daily | Yuan/ton | 7/3 | 727.0 | 0.14% | - | | Chemical | Spot Price: PTA | Daily | Yuan/ton | 7/3 | 5031.3 | -1.02% | - | | | Spot Price: Polyethylene | Daily | Yuan/ton | 7/3 | 7466.7 | -0.60% | - | | | Spot Price: Urea | Daily | Yuan/ton | 7/3 | 1829.0 | 0.35% | - | | | Spot Price: Soda Ash | Daily | Yuan/ton | 7/3 | 1252.5 | -6.36% | - | | Real Estate | Cement Price Index: National | Daily | - | 7/3 | 136.7 | -0.80% | - | | | Building Materials Composite Index | Daily | Points | 7/3 | 111.8 | 1.31% | - | | | Concrete Price Index: National Index | Daily | Points | 113 | 96.4 | -0.87% | - | [48] Policy Focus Production Industry - The Ministry of Industry and Information Technology focuses on promoting the high-quality development of the photovoltaic industry and aims to address low-price and disorderly competition [1] Service Industry - Shanghai plans to optimize the duty-free shopping environment for outbound tourists, aiming to increase the number of duty-free shops and consumption scale by 2027 [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The National Development and Reform Commission has allocated over 300 billion yuan to support the third - batch of "Two - Major" construction projects in 2025, and the 800 - billion - yuan project list for this year has been fully released [1]. - The Guangzhou Housing Provident Fund Management Center is soliciting opinions on the implementation measures for converting commercial personal housing loans to provident fund personal housing loans [1]. - International oil prices have dropped significantly, and egg prices have declined [2]. - The operating rates of urea, PX, and polyester in the chemical industry have decreased [3]. - The sales of commercial housing in first - and second - tier cities have seasonally declined, while the number of domestic flights during the summer vacation has increased [4]. - The credit spread of electrical equipment has slightly declined recently [5]. 3) Summaries by Directory A. Middle - view Event Overview - **Production Industry**: Over 300 billion yuan has been allocated for the third - batch of "Two - Major" construction projects in 2025, and the 800 - billion - yuan project list for this year is complete. There are both "hard investment" in 1459 projects and "soft construction" with reform initiatives [1]. - **Service Industry**: Guangzhou is seeking opinions on the implementation measures for converting commercial housing loans to provident fund loans, with different measures based on the personal housing loan rate of the provident fund [1]. B. Industry Overview - **Upstream**: International oil prices and egg prices have dropped [2]. - **Midstream**: The operating rates of urea, PX, and polyester in the chemical industry have decreased [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined, and the number of domestic flights during the summer vacation has increased [4]. C. Market Pricing - The credit spread of electrical equipment has slightly declined recently [5].

法国政府据悉考虑对国内航班征收新税。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly economic index rebounded. The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The production sub - index of WEI decreased, while the demand sub - index and the supply - demand gap increased [1]. - Production declined. The 4 - week moving average year - on - year of rebar production and the daily coal consumption of major coastal power plants decreased, and the blast furnace operating rate dropped slightly, while the operating rate of automobile semi - steel tires increased [1]. - High - frequency infrastructure indicators declined. The cement shipping rate and cement mill operating rate decreased, while the asphalt plant operating rate increased [1]. - The decline in commercial housing sales narrowed. The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities improved, but the 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities decreased [2]. - Consumption rebounded. The year - on - year daily retail sales of passenger cars increased significantly, and the 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen also increased, while the 4 - week moving average year - on - year of movie box office and domestic flight execution numbers decreased [2]. - Exports rebounded. South Korea's export year - on - year in early June increased, and the 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) and the Baltic Dry Index (BDI) also improved [2]. - Pork prices declined. The 4 - week moving average year - on - year of the average wholesale price of pork decreased, while the 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices and the average wholesale price of 28 key monitored vegetables increased [3]. - Industrial product prices declined. The 4 - week moving average year - on - year of the Nanhua Composite Index and Brent crude oil spot price increased slightly, while the 4 - week moving average year - on - year of rebar price, Qinhuangdao Port thermal coal closing price, and cement price index decreased [3]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The WEI production sub - index was 4.3%, down 0.1 percentage points from the previous value; the WEI demand sub - index was 5.9%, up 0.1 percentage points from the previous value; the supply - demand gap was 1.6%, up 0.1 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 6.1%, down 1.9 percentage points from the previous value. The blast furnace operating rate was 83.4%, down 0.1 percentage points from the previous value. The operating rate of automobile semi - steel tires was 78.0%, up 4.1 percentage points from the previous value. The 4 - week moving average year - on - year of the daily coal consumption of major coastal power plants was - 2.1%, down 1.8 percentage points from the previous value [1]. 3.3 Infrastructure - The cement shipping rate was 41.3%, down 0.1 percentage points from the previous value. The cement mill operating rate was 39.8%, down 0.2 percentage points from the previous value. The asphalt plant operating rate was 31.5%, up 0.2 percentage points from the previous value [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities was - 4.7%, up 3.3 percentage points from the previous value. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 10.2%, down 11.5 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year daily retail sales of passenger cars was 19.0%, up 13.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 21.2%, down 3.8 percentage points from the previous value. The 4 - week moving average year - on - year of domestic flight execution numbers was 2.2%, down 0.6 percentage points from the previous value. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.4%, up 1.3 percentage points from the previous value [2]. 3.6 Exports - South Korea's export year - on - year in early June was 5.4%, up 5.3 percentage points from late May. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 35.1%, up 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 18.3%, up 7.0 percentage points from the previous value [2]. 3.7 CPI - The 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices was - 1.6%, up 0.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was - 9.6%, down 4.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 3.6%, up 2.5 percentage points from the previous value [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 11.6%, up 0.2 percentage points from the previous value. The 4 - week moving average year - on - year of Brent crude oil spot price was - 16.4%, up 1.9 percentage points from the previous value. The 4 - week moving average year - on - year of rebar price was - 14.7%, down 0.1 percentage points from the previous value. The 4 - week moving average year - on - year of Qinhuangdao Port thermal coal closing price was - 30.3%, down 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the cement price index was 1.5%, down 3.2 percentage points from the previous value [3].