严重的冰雪天气迫使欧洲各地数百架航班取消，扰乱了包括法航-荷航集团（EPA：AF）在内的航空公 司及更广泛的交通网络，欧洲之星铁路也受到影响。 责任编辑：张俊 SF065 严重的冰雪天气迫使欧洲各地数百架航班取消，扰乱了包括法航-荷航集团（EPA：AF）在内的航空公 司及更广泛的交通网络，欧洲之星铁路也受到影响。 责任编辑：张俊 SF065 ...

"终于要通了。"听闻雅康高速即将通车的喜讯，省交通运输厅公路规划勘察设计研究院副总工程师余明掩饰 不住内心的激动。 他回想起一件"小事"：2012年，雅安至康定高速公路现场勘测过程中，为了掌握现场地形地质条件，他和同 事在没有路的情况下顺着泥石流溪沟，冒着危岩落石，艰难涉水爬石，深入现场勘测，为设计提供翔实的基础材 料。 作为设计院一位亲历了四川公路、高速公路建设过程的"老人"，现场勘测虽然辛苦，但与上世纪80年代相 比，当时的技术、条件已经好了很多。不过在雅康高速上，大家却感受到了不一般的难：崇山峻岭、深切河谷， 山实在太高了，爬一天只能勘测一个点位，有的地方无路可走，人也压根爬不上去。 雅西高速石棉栗子坪"双螺旋"。（黄刚 摄 视觉四川） 1996年8月20日，香港港龙航空公司开通成都至香港的定期往返航班。 （资料图片） 这个12月，四川交通领域大事件不断：11日，成都双流国际机场年旅客吞吐量突破5000万人次，成为我国内 地第四个迈上5000万台阶的机场；28日，成都至雅安铁路将建成通车，动车开进"川西咽喉"；12月底，雅康高速 全线、汶马高速100公里+将建成通车，进藏高速公路开进甘孜、阿坝首府；同样 ...

2 l 宏观经济高频数据一览表 l 生产端 l 消费端 l 地产基建 l 进出口 l 物价通胀 l 交通运输 宏观经济 高频数据一览表 宏观经济 高频数据统计周报 2025.12.22-2025.12.28 分析师： 蒋开来 中央编号： BWL381 联系电话： 852-6430 1060 邮箱： jiangkl@cnzsqh.hk 1 目录 3 宏观经济高频数据一览表 | 指标名称 数据频率 | | | 更新时间 | 最新值 | 前值 | | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | 生产 | | | | | | | | | 焦炉开工率(%) | | 周频 | 2025/12/26 | 70. 33 | 70. 48 | e | -0.15 | | 高炉开工率(%) | | 周频 | 2025/12/26 | 78. 3 | 78. 45 | P | -0. 15 | | PX开工率(%) | | 周频 | 2025/12/29 | 88. 40 | 89.21 | 3 | -0. 81 | | PTA开工率(%) | | 周频 | ...

据航班追踪网站 FlightAware 消息，受强冬季风暴预警影响，美国多家航空公司在周五这一假日出行高 峰时段，取消及延误航班达数千架次。该网站数据显示，截至美国东部时间当日中午12 时，全美共计 1097 架次航班被取消，3608 架次航班延误。美国国家气象局于当日下午发布冬季风暴预警，称 "这场 风暴将从即日持续至周六清晨，给五大湖地区、大西洋中北部北部区域及新英格兰南部地区带来危险出 行条件"。 ...

Group 1 - The "Follow the Movie to Travel China" initiative is launched at the 2025 China International Tourism Trade Fair, showcasing the integration of culture and tourism through innovative formats [1][3] - The initiative is becoming a significant path for promoting cultural consumption, stimulating tourism dynamics, and enhancing regional brand building [3][5] - The collaboration between the National Film Administration and various sectors has led to the creation of diverse movie-themed travel routes, trains, flights, and cruises, enhancing the immersive travel experience for tourists [5][9] Group 2 - The integration of film IP and tourism is emerging as a new engine for cultural consumption, revitalizing cities and cultural narratives through cinematic storytelling [7][9] - The initiative has resulted in a 33% year-on-year increase in visitor reception at relevant locations, indicating a strong correlation between film and tourism growth [5] - The synergy between film and tourism is driving significant growth in related sectors such as dining, accommodation, and transportation, further contributing to economic growth [9]

Industry Investment Rating - Not provided in the given content Core Viewpoints - The macro - economic operation in November continued to be stable, with the national industrial added value above designated size increasing by 4.8% year - on - year and 0.44% month - on - month, and the total retail sales of consumer goods reaching 4,389.8 billion yuan, increasing by 1.3% year - on - year and decreasing by 0.42% month - on - month [1] - China has issued the first batch of L3 - level conditional autonomous driving vehicle access permits, marking a key step in the commercialization of L3 - level autonomous driving [1] - The goal is to cultivate service outsourcing leading enterprises and build service outsourcing clusters by 2030, with further improvement in the development level of service outsourcing [1] Summary by Directory Upstream - Energy: International crude oil and liquefied natural gas prices dropped significantly. On December 15, the spot price of WTI crude oil was $57.4 per barrel, down 4.39%; the spot price of Brent crude oil was $61.1 per barrel, down 4.13%; the spot price of liquefied natural gas was 3,652 yuan per ton, down 5.73% [2][36] - Agriculture: Palm oil prices declined slightly. On December 15, the spot price of palm oil was 8,504 yuan per ton, down 1.44% [2][36] Midstream - Chemical: The operating rates of PX, PTA, and polyester declined. On December 15, the spot price of PTA was 4,649.7 yuan per ton, down 0.81% [3][36] - Energy: Coal consumption of power plants increased [3] - Infrastructure: The construction of road asphalt was in the off - season [3] Downstream - Real estate: The sales of commercial housing in first, second, and third - tier cities increased [4] - Service: Flight frequencies and movie box office decreased [4]

Report Information - Report Type: Fixed Income Report - Release Date: November 10, 2025 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [2] Core Views - High-frequency economic data focuses: Production end overall declined with decreased coke oven, asphalt, and PTA operating rates and reduced rebar output; blast furnace and PX operating rates increased, and automobile tire operating rates remained relatively stable. Second, commercial housing transactions increased slightly, and the land supply area in 100 large and medium-sized cities increased seasonally, with a peak expected at the end of the month. Third, overall prices declined, with oil, coking coal, copper, aluminum, and rebar prices all dropping; agricultural product prices continued to rise but at a slower rate, with vegetable prices rising continuously and pork prices stabilizing and rebounding. Fourth, in terms of shipping prices, the SCFI index rose and then fell, while the BDI rebounded significantly. Short-term focus is on the implementation of incremental policies on the consumption and investment ends and the recovery of the real estate market [2][35] Production - Steel: Coke oven capacity utilization decreased by 0.90 pct, blast furnace operating rate increased by 1.38 pct, and rebar output decreased by 4.05 tons. On the week of November 7, the coke oven capacity utilization of domestic independent coking plants (230 samples) was 71.84%, a 0.9 pct decrease from the previous week; the blast furnace operating rate of steel mills (247 samples) was 83.13%, a 1.38 pct increase from the previous week; the national building materials steel mill rebar output was 208.54 tons, a 4.05 tons decrease from the previous week; inventory was 166.84 tons, a 4.87 tons decrease from the previous week [3][10] - Petroleum Asphalt: Operating rate decreased by 1.8 pct. On the week of November 5, the operating rate of domestic petroleum asphalt plants was 29.7%, a 1.8 pct decrease from the previous week [3][10] - Chemicals: PX operating rate increased by 2.56 pct, and PTA operating rate decreased by 1.19 pct. On November 6, the domestic chemical PX operating rate was 90.49%, a 2.56 pct increase from the previous week; the PTA operating rate was 77.19%, a 1.19 pct decrease from the previous week [3][10] - Automobile Tires: All-steel tire operating rate increased by 0.12 pct, and semi-steel tire operating rate increased by 0.26 pct. On the week of November 6, the all-steel tire operating rate was 65.46%, a 0.12 pct increase from the previous week; the semi-steel tire operating rate was 73.67%, a 0.26 pct increase from the previous week [3][11] Demand - Real Estate: Commercial housing transaction area increased slightly, and the inventory-to-sales ratio decreased; land supply area increased seasonally and significantly, and the residential land transaction premium rate decreased slightly. On the week of November 2, the commercial housing transaction area in 30 large and medium-sized cities was 201.93 million square meters, a 2.01 million square meters increase from the previous week; the inventory-to-sales ratio (area) of commercial housing in 10 large cities was 82.59, an 18.6 decrease from the previous week; the land supply area in 100 large and medium-sized cities was 3749.75 million square meters, a 1761.59 million square meters increase from the previous week; the residential land transaction premium rate in 100 large and medium-sized cities was 4.17%, a 0.04 pct decrease from the previous week [3][15] - Movie Box Office: Increased by 6 million yuan compared to the previous week. On the week of November 2, the total national movie box office revenue was 215 million yuan, a 6 million yuan increase from the previous week [3][15] - Automobiles: On the week of October 31, the daily average retail sales of manufacturers increased by 86,000 vehicles, and the daily average wholesale sales increased by 107,800 vehicles. On the week of October 31, the daily average retail sales volume of national passenger vehicle manufacturers was 154,796 vehicles, an 85,525 vehicles increase from the previous week; the daily average wholesale sales volume was 210,099 vehicles, a 107,782 vehicles increase from the previous week [3][21] - Shipping Index: SCFI decreased by 3.59%, CCFI increased by 3.60%, and BDI rebounded significantly by 7.02%. On the week of November 7, the Shanghai Containerized Freight Index (SCFI) was 1495.1 points, a 55.6 points decrease from the previous week; the China Containerized Freight Index (CCFI) was 1058.17 points, a 36.78 points increase from the previous week. On November 7, the Baltic Dry Index (BDI) was 2104 points, a 138 points increase from the previous week, with a weekly increase of 7.02% [3][23] Prices - Energy: Brent crude oil price decreased by 2.21% to $63.63 per barrel. On November 7, the settlement price of Brent crude oil futures (continuous contract) was $63.63 per barrel, a $1.44 per barrel decrease from the previous week, with a weekly change of -2.21%. Coking coal futures price decreased by 1.31% to 1278.5 yuan per ton. On November 7, the settlement price of coking coal futures (active contract) was 1278.5 yuan per ton, a 17 yuan per ton decrease from the previous week, with a weekly change of -1.31% [4][25] - Metals: LME copper, aluminum, and zinc futures prices changed by -1.80%, -0.90%, and +0.54% respectively, and the domestic rebar futures price decreased by 2.35%. On November 7, the closing price of LME copper futures (active contract) was $10,695 per ton, a $196.5 per ton decrease from the previous week, with a weekly change of -1.8%; the closing price of LME aluminum futures (active contract) was $2862 per ton, a $26 per ton decrease from the previous week, with a weekly change of -0.9%; the closing price of LME zinc futures (active contract) was $3066.5 per ton, a $16.5 per ton increase from the previous week, with a weekly change of 0.54%; the settlement price of domestic rebar futures (active contract) was 3036 yuan per ton, a 73 yuan per ton decrease from the previous week, with a weekly change of -2.35% [4][26] - Agricultural Products: Overall prices continued to rise but at a slower rate. The agricultural product wholesale price 200 index rose by 0.18%. The prices of pork, eggs, vegetables, and fruits changed by +2.42%, -0.14%, +1.58%, and 0 respectively compared to the previous week. On November 7, the agricultural product wholesale price 200 index released by the Ministry of Agriculture and Rural Affairs was 125.24, a 0.22 increase from a week ago, with a weekly change of 0.18%. Among the main agricultural products, the average wholesale price of pork was 18.23 yuan per kilogram, a 0.43 yuan per kilogram increase from a week ago, with a weekly change of 2.42%; the average wholesale price of eggs was 7.35 yuan per kilogram, a 0.01 yuan per kilogram decrease from a week ago, with a weekly change of -0.14%; the average wholesale price of 28 key monitored vegetables was 5.78 yuan per kilogram, a 0.09 yuan per kilogram increase from a week ago, with a weekly change of 1.58%; the average wholesale price of 7 key monitored fruits was 7.04 yuan per kilogram, unchanged from a week ago [4][28] Logistics - Subway Passenger Volume: Beijing slightly increased, and Shanghai slightly decreased. On November 7, the seven-day moving average of Beijing subway passenger volume was 10.4051 million person-times, a 14,900 person-times increase from the previous week, with a weekly change of 0.14%; the seven-day moving average of Shanghai subway passenger volume was 10.6257 million person-times, a 92,900 person-times decrease from the previous week, with a weekly change of -0.87% [4][30] - Flight Operations: Both domestic and international flight operations continued to decrease. On November 8, the seven-day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations was 12,270.57 flights, a 108.71 flights decrease from the previous week, with a weekly change of -0.88%; the seven-day moving average of domestic (Hong Kong, Macao, and Taiwan) flight operations was 359.86 flights, a 6.43 flights decrease from the previous week, with a weekly change of -1.76%; the seven-day moving average of international flight operations was 1817.43 flights, a 2.57 flights decrease from the previous week, with a weekly change of -0.14% [4][33] - Urban Traffic: The peak congestion index in first-tier cities continued to decline. On November 8, the seven-day moving average of the peak congestion index in first-tier cities was 1.76, a 0.05 decrease from the previous week, with a weekly change of -2.97% [4][33]

Core Viewpoint - The storm "Benjamin" has severely disrupted transportation across the Netherlands, prompting the issuance of an orange alert by the Royal Netherlands Meteorological Institute, with wind speeds expected to reach up to 120 kilometers per hour [1] Transportation Impact - KLM Royal Dutch Airlines has canceled dozens of flights from Amsterdam Schiphol Airport and warned of potential widespread delays, advising travelers to monitor flight updates closely [1] - The Dutch railway company has implemented an emergency operating plan, resulting in the cancellation of some train services, and has advised passengers to allow extra travel time and prepare for transfers [1] Weather Forecast - The storm is predicted to last until the 24th, with wind speeds gradually decreasing from south to north thereafter [1]

Core Insights - The upcoming National Day and Mid-Autumn Festival holiday will see significant increases in passenger traffic across various transportation modes, with Jiangsu province expecting to send 22.06 million passengers, a 5.1% year-on-year increase [1] - The railway sector in Jiangsu plans to add 166 pairs of trains, with a focus on enhancing capacity for cross-regional and intra-regional travel [1] - Airlines have optimized their capacity in advance of the holiday, with some flights already reaching an 80% occupancy rate [3] Transportation Sector - Jiangsu province's railway is set to send 11.05 million passengers, reflecting an 8.2% increase compared to the previous year [1] - The transportation department has expanded charging facilities for electric vehicles, with over 2,800 charging guns installed in service areas and approximately 350 mobile charging vehicles deployed on major highways [1] - In Shanxi province, the Taiyuan South Station will add 41 temporary passenger trains and increase capacity by over 175,000 seats during the holiday [1][2] Public Transport - Public bus services in Sichuan province are increasing their frequency to popular tourist destinations, with the Chengdu to Leshan route offering up to 3,000 tickets daily during the holiday [2] - The coordination between train arrivals and local transport services is being enhanced to facilitate quick transfers for passengers [2] Aviation Sector - Airlines are proactively adjusting their flight schedules to meet the anticipated surge in holiday travel, with certain routes already experiencing high demand and limited availability [3]

Core Viewpoint - The article discusses the impact of Typhoon "Haikashan" on transportation and logistics in the Guangdong region, highlighting the extensive cancellations and disruptions across various modes of transport due to the severe weather conditions [1][4][9]. Transportation Impact - Shenzhen and other cities in the Greater Bay Area implemented "five stops" measures (suspending classes, work, production, transportation, and business) to mitigate the typhoon's effects [4][5]. - As of September 24, a total of 3,489 flights were canceled across five airports in the Greater Bay Area, with cancellation rates reaching 100% at Zhuhai Jinwan Airport and 88% at Hong Kong Airport [7][8]. - The Guangdong provincial government organized the relocation of over 18.9 million people and suspended 210 ferry routes, with 596 ferry vessels also ceasing operations [4][9]. Rail and Road Adjustments - The Guangzhou Railway Group announced a gradual suspension of all high-speed and regular trains in Guangdong starting September 24, with plans to resume services based on the typhoon's impact [5][6]. - Emergency traffic control measures were enacted in Jiangmen, with all public transport, including buses and taxis, being suspended [5][6]. - Neighboring regions, such as Jiangxi and Fujian, also adjusted their train services, suspending all passenger trains to and from Guangdong [6][7]. Broader Implications - The article emphasizes the significant disruption to travel plans for many passengers, with crowded airports as travelers rushed to catch flights before cancellations [7][8]. - The situation reflects the broader challenges faced by industries and logistics networks in extreme weather conditions, highlighting the need for robust contingency planning [9].