国企一级账号阅读量 仍有小幅度下滑 整体活跃度趋于稳定 从2022年第一季度起，南都·湾财社对深圳市属国有企业及深圳国资控股或参股的上市公司 新媒体的信息发布情况进行测评，以阅读量为主要参考指标观察账号影响力，推出"深圳国 资国企新媒体信息发布观察榜"。对深圳国资国企新媒体优秀传播案例进行提炼和分析，总 结运营和传播经验，致力于促进深圳国资国企新媒体的蓬勃发展。 本月推出的是"2025年5 月深圳国资国企新媒体信息发布观察榜"（简称"深圳国资新媒体信息观察榜"）。测评对象 一共有31个深圳国企一级账号，以及23个深圳国资控股或参股的上市公司微信公众号，合计 54个账号。其中，31个深圳国企一级账号中，多家公司已上市。 相较于4月，深圳国企一级账号5月整体发文量有所增长，从文章总数来看，排名前三的分别为深圳巴士 集团（90）、特发集团（72）、深圳市东部公交（67）、深投控（67）；排名靠后的为深圳机场发布 （8）、国信证券（6）、深圳免税（1），发稿量仅为个位数。 值得关注的是，特发集团进入榜单前3位，发文量增长近半。深圳巴士集团、深圳市东部公交、深圳地 铁等头部新媒体账号表现依然稳定。 | | 深圳国资国企 ...

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].

证券研究报告：固定收益报告 发布时间：2025-06-09 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《弱资质城投如何骑乘？——信用周 报 20240603》 - 2025.06.05 固收周报 物价边际回暖，航运指数上行 ——高频数据跟踪 20250609 核心观点 高频经济数据关注点：第一，生产稳中有降，焦炉、高炉、轮胎 开工率下降，沥青、化工回升。第二，房地产持续边际改善，30 城商 品房成交面积连续四周增长，100 城土地供应面积连续三周回升。第 三，物价边际回暖，原油、焦煤价格低位上行幅度较大，铜、铝、锌、 螺纹钢价格均上涨。第四，航运指数持续大幅上行，SCFI 周上涨 8.09%，BDI 周上涨 15.16%。短期重点关注新一轮稳增长刺激政策落 地、房地产市场恢复情况及美国关税政策变动影响。 生产：焦炉、高炉、轮胎开工率下降，沥青、化工回升 6 月 6 日当周，焦炉产能利用率下降 0. ...

以下文章来源于南风窗 ，作者施晶晶 南风窗 . 冷静地思考，热情地生活。 发展交通、更新城市，服务的不是一座抽象的"城"，而是具体的人。 文 ｜ 施晶晶 编辑 ｜ 向现 来源｜ 南风窗（ID：SouthReviews） 封面来源 ｜ Unsplash 5月，3条地铁新闻适合放在一起看。 前有昆明地铁实施新的计价办法，对乘车距离超过4公里的乘客涨价；之后，重庆就两套地铁涨价方案开了听证会，征询意见。 这意味着，继2014年的北京，2019年的武汉、南京、沈阳、长沙、深圳（注：长沙深圳仅召开听证会最终未涨价），又有两座城市把地铁涨价提上了议程或 生效执行。 同样是缓解地铁运营成本上涨的压力，跟涨价或拟涨价的昆明、重庆相比，佛山地铁更显谨慎。5月起，佛山地铁以提前半小时收车、延长平峰期发车间 隔、省电等方式节约成本。 佛山地铁披露称在运营时间的最后半小时，3条线路平均每条线的客流约为200人次/图源：广州日报新花城 总的来说，" 你家"涨价开源，"我 家"省钱节流，地铁公司的收支压力又一次摆上了台面。 20多年来，中国的地铁维持在低票价水平，而早八的地铁通勤人其实不太知道各地铁公司普遍连年亏损，靠每年数十亿元的财政 ...

以下文章来源于大胡子教买房 ，作者小狮 大胡子教买房 . 真人实地调研，专注楼市研究10余年！大胡子教买房为您带来一手消息，助您预判楼市风向，实现资产 稳步增长！ 你有没有发现，最近生活里有些细微的变化？ 最近已经看到不少人吐槽自己城市的水电、燃气价格上涨了。 昨天，重庆也召开地铁票价听证会，地铁2元时代可能也有要一去不复返了。 不仅是重庆，昆明、广州这几个城市，几乎前后脚开启了公共交通涨价的动作。 这两年大家有没有同样的感受，房价下行了，但是我们的日子却在慢慢变贵。 这种生活的变贵没那么张扬，但是却已经开始让很多家庭感受到变化了。 地铁涨价，很多人第一反应是"怎么又来薅我们羊毛了"。 但事实上，这些城市不是"想赚你钱"，而是"实在扛不住了"。 重庆地铁2024年拿到43.5亿元财政补贴，昆明拿到23亿，北京更是高达248.5亿元。但即便有这么多补 贴，多数地铁公司依旧入不敷出。 为什么会这样？因为过去那种依赖房地产反哺城市运营的机制，已经撑不下去了。 过去，地铁修到哪，地价涨到哪，地方政府靠卖地挣钱，再反哺地铁和市政投入，这叫"以地养轨"。 而现在地卖不出去、楼市也冷了，地铁只能靠涨票价自救。 如果说以前地 ...

撰文丨关不羽 继4月15日昆明地铁涨价后，重庆地铁也要涨一波。 对于涨价的原因，重庆也没藏着掖着，听证会公告中讲得很明白： 题图由豆包生成，提示词：地铁站 城市轨交的功能是提供公共交通服务，土地升值只是锦上添花，而不是点石成金的金手指。为炒地强行 上马轨交，注定是得不偿失的。 通俗地讲，就是卖票收入太少，再不涨就不可持续了。数据摆在这儿，有足够的说服力。何况重庆轨交 的票价体系是2005年制定的，20年后涨一点也完全可以理解。所以，这次涨价本身并没有多少争议的声 音。 城市轨交涨价本身没有争议，但背后折射出的地方财政困境值得深思。 地铁售票收入不足以覆盖成本，不是一天两天了，而是轨道交通的常态。真正支撑轨交持续运营的，是 地方政府的财政补贴。 以2023年为例，公布财报的29城轨交企业中财报显示亏损的仅3家。但是，扣除政府补贴后，仅1家盈 利。财政不贴，"人均"亏损。 地方政府对轨交的补贴分两种，一种是补贴运营亏损的经营性补贴，另一种是用于投资建设的投资性补 贴。 2023年、2024年，重庆轨交集团获得的财政补贴分别为85.38亿元和43.47亿元。差了足足42亿，就是 2024年只有42.91亿的运营补贴 ...

许多城市都在拼命建地铁，但地铁本身并不是一个赚钱生意。 没有财政补贴，9成以上地市难以自负盈亏。 当然，作为公用事业，地铁定价不能简单随行就市，诉诸财政补贴并非没有道理。 据图数室统计，各大城市地铁补贴总额超千亿，最高的北京多达248.5亿，郑州、深圳、成都、宁波、苏州、青岛等也超过70亿。 日前，重庆发布轨道交通调价听证会公告，拟终结持续近20年的"2元时代"。 公告表示，票款收入与运营成本差距日益加大，需完善票价机制。 无独有偶，就在一个月前，昆明地铁刚刚完成调价；而在此前，广州地铁取消单月满15次六折优惠。 即使不涨价的，也在开源节流。有城市地铁提前半小时收车，列车班次间隔也被拉长。 不只是地铁，从高铁到自来水、煤气等公用事业，都已开启涨价通道。 去年6月，武广高铁、沪杭客专、沪昆客专、杭甬客专等4条高铁票价开涨，部分线路涨幅近20%。 过去几年来，包括深圳、成都、福州在内，全国已有130多个市县发布天然气价格调整通知。 从高铁到地铁、水电煤气等公用事业，涨价潮为何突然来了？ 地铁为何纷纷涨价？ | 公司名称 | 归母净利润 | 政府补助 | 扣除补贴后利润 | | --- | --- | --- | ...

Core Viewpoint - The proposed fare adjustment in Chongqing marks the end of the "2 yuan era" for metro services, reflecting the financial pressures faced by urban transit systems across China due to high operational costs and reduced government subsidies [1][3][4]. Group 1: Fare Adjustment Details - Chongqing's fare adjustment includes two options: shortening the initial travel distance from 6 kilometers to 4 kilometers for the same fare of 2 yuan, or increasing the starting fare to 3 yuan for distances up to 8 kilometers [5][6]. - The average monthly travel cost for citizens is expected to increase by over 24 yuan under the new fare structure [6]. Group 2: Financial Performance of Chongqing Metro - In 2023, Chongqing's metro system reported operational costs exceeding 111 billion yuan, with revenues of only around 30 billion yuan, necessitating government subsidies to avoid losses [2][9]. - The projected revenue for 2024 is 29.35 billion yuan against operational costs of 72.73 billion yuan, resulting in a net profit of only 11 million yuan [9]. Group 3: Challenges in Metro Operations - The rapid expansion of Chongqing's metro network has led to uneven passenger distribution, with some lines experiencing high traffic while others remain underutilized, impacting overall profitability [12][16]. - The structural imbalance in passenger flow has created a cycle of increasing costs and persistent losses, as new lines are built without sufficient ridership to support them [17]. Group 4: Broader Industry Context - Many cities across China face similar challenges, with only 12 metro companies projected to achieve net profits exceeding 100 million yuan in 2024, while others report losses [22][23]. - The reliance on government subsidies is widespread, with 28 cities receiving financial support, highlighting the unsustainable nature of current metro operations without adequate fare revenue [27][28].

Group 1: Consumer Incentives - Shenzhen's Nanshan District has launched a "Tuesday Enjoyment" campaign, distributing a total of 24 million yuan in restaurant and retail consumption vouchers in five rounds to stimulate consumption [13][14] - The consumption vouchers include various denominations, such as "spend 500 get 200 off," and are available for residents through specific WeChat mini-programs [14] Group 2: Transportation and Tourism - During the "May Day" holiday, Shenzhen's metro system saw a significant increase in passenger flow, with over 10 million trips recorded on April 30 and May 1, marking a 23% increase compared to the same period last year [9][6] - The K11 ECOAST cultural and artistic district attracted over 300,000 visitors since its soft opening, averaging over 150,000 daily visitors, showcasing its appeal as a new cultural hotspot in the Greater Bay Area [12] Group 3: Automotive Promotions - Longgang District organized an "Automobile Grand Gathering" event during the "May Day" holiday, offering substantial discounts and promotions from various car dealerships to boost car sales [15][16] - Discounts included significant savings on popular models, with some brands offering up to 96,000 yuan off through trade-ins and government subsidies [15] Group 4: Cultural and Recreational Activities - The Shenzhen Science and Technology Museum opened during the holiday, hosting over 200 educational activities, attracting large crowds and enhancing public interest in science [18] - Various cultural events and festivals were held in the Guangming District, including a flower-themed festival and a rabbit carnival, aimed at providing unique experiences for families and tourists [17][18]