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].

Public Transport Operations - Shenzhen's public transport services, including subways, buses, taxis, and passenger stations, will cease operations starting from 20:00 on September 23 due to a typhoon emergency mobilization order [1][3][4][5] - The subway system will end operations early, with the last trains departing at 18:00 from their respective terminals, and only allowing passengers to exit at stations thereafter [1][3] - Regular buses will stop operating at the same time, and all taxi services, including ride-hailing, will also be suspended [3][4] Rail and Air Transport - High-speed and regular trains in Guangdong province will begin to gradually stop operations from 12:00 on September 23, with a complete halt expected on September 24 [6] - Train services will resume gradually starting from the early hours of September 25, depending on the typhoon's impact [7] - Shenzhen Airport will suspend all flight operations from 20:00 on September 23, with the resumption time to be determined based on the typhoon's effects [8] Maritime Transport - All port operations, including passenger terminals, have been suspended [8]

Group 1 - The core event is a significant Israeli airstrike on Hamas leaders in Doha, Qatar, marking a shift in the geographical boundaries of conflict in the Middle East [1][6] - The strike involved approximately 15 fighter jets launching around 10 precision missiles targeting a specific location, indicating a high level of military coordination [1][2] - This action is seen as a response to domestic security concerns in Israel, particularly following a large-scale attack by Hamas on October 7, 2023, and aims to demonstrate the government's commitment to national security [2][3] Group 2 - The strike aims to weaken Hamas's political connections, particularly its operations in Doha, which has been a hub for fundraising and negotiations [2][3] - Israel's actions are also intended to challenge Qatar's role as a mediator in the region, potentially shifting the focus of negotiations to other countries like Egypt or Turkey [3][4] - The incident has raised questions about U.S. involvement and communication with Qatar, potentially straining relations between the U.S. and Gulf states, as well as impacting the overall stability of the Middle East [6]

Report Industry Investment Rating No information provided in the content. Core Viewpoints - This week, the sales of new homes in first-tier cities weakened significantly. On Friday, Beijing introduced new property market policies, and it is expected that other first-tier cities will also introduce a new round of property market policies successively. The price of rebar fluctuated, the price of cement continued to decline, and the focus was on key industries to combat excessive competition. The travel intensity remained strong, and the SCFI continued to decline [1]. Summary According to Relevant Catalogs 1. Real Estate Sales: New Home Sales in First-Tier Cities Weakened Significantly - This week (August 1 - August 7), the transaction volume of new homes decreased significantly on a week-on-week basis, and the year-on-year decline slightly narrowed. Specifically, the transaction area of new homes in first-tier cities was significantly weaker than that of the same period last year, while that in second, third, and fourth-tier cities was slightly lower than last year. The transaction area of 20 key cities monitored by Wind decreased by 27.18% week-on-week and 14.49% year-on-year [7]. - The transaction volume of second-hand homes decreased significantly on a week-on-week basis, and the year-on-year performance varied. Among key cities, on a week-on-week basis, the transaction area of each city decreased significantly compared to the previous period. On a year-on-year basis, except for Shanghai (3.83%) and Shenzhen (3.88%), the transaction volume in other cities was weaker than last year [26]. 2. Investment: Most Commodity Prices Declined - This week, most commodity prices declined. The price of rebar fluctuated within a narrow range, with the cost side supported by strict inspections of coking coal overproduction, but the demand side remained weak, and inventory continued to accumulate. The price of glass decreased as the sentiment of combating excessive competition subsided, and the price lacked upward momentum due to weak demand. The cement price index continued to decline, affected by weather and demand, and local price cuts could not offset the inventory pressure. The price of asphalt decreased, possibly affected by fluctuations in the cost of crude oil [2]. 3. Production: The Utilization Rates of Production Capacity Showed Differentiated Performance - This week, the utilization rates of production capacity showed differentiated performance. The utilization rates of coking enterprises and steel mills' blast furnaces increased, while those of petroleum asphalt, polyester filament, and PTA decreased significantly. The utilization rate of automobile tire production remained basically flat [2]. 4. Consumption: Strong Travel Momentum - In terms of consumption, automobile sales and domestic flights were stronger than the seasonal average, subway ridership was in line with the seasonal average, and movie box office was lower than the seasonal average [2]. 5. Exports: SCFI and BDI Declined - This week, the Shanghai Containerized Freight Index (SCFI) and the Baltic Dry Index (BDI) declined, while the CRB Spot Index remained basically flat. The lack of further growth momentum in transportation demand led to continued adjustments in market freight rates [2]. 6. Prices: Pork Prices Declined, Vegetable Prices Rose Significantly, and Oil Prices Declined - This week, pork prices declined, vegetable prices rose significantly, and oil prices declined. The sharp increase in vegetable prices was mainly due to floods caused by heavy rainfall in the north, which destroyed vegetable fields and reduced the supply of vegetables. The decrease in crude oil prices was mainly due to the expected decline in global trade demand, increased supply surplus, and the subsidence of geopolitical risk premiums [2].

Core Viewpoint - United Airlines is facing significant operational disruptions due to technical issues, leading to flight cancellations and delays, which have negatively impacted its stock performance compared to major indices [1][2]. Group 1: United Airlines Operational Issues - United Airlines announced a halt to its mainline flights at several major airports in the U.S. due to technical problems, with expectations of further delays [2]. - As of the latest update, 827 flights have been delayed and 23 flights canceled, affecting key hubs such as Denver, Houston, Newark, San Francisco, and Chicago [2]. - A recent incident involved a United Airlines Boeing 787 experiencing engine failure shortly after takeoff, prompting an emergency landing with 219 passengers and 11 crew members onboard [3]. Group 2: Stock Performance and Market Context - Year-to-date, United Airlines' stock has declined over 8%, underperforming against the Dow Jones, Nasdaq, and S&P 500, which have seen increases of 3.88%, nearly 10%, and close to 8% respectively [1]. - The stock initially rose by 1.22% but quickly turned to a decline of 0.84% during after-hours trading following the announcement of the technical issues [1]. Group 3: Boeing's Challenges - Boeing's defense sector is facing potential shutdowns due to a strike by assembly workers, impacting the production of military aircraft [4]. - The strike is primarily due to failed negotiations over worker compensation, affecting the assembly of F-15 and F/A-18 fighter jets, among others [5]. - Boeing reported a revenue improvement in Q2, with earnings of $22.75 billion, a 35% increase year-over-year, although it still incurred a loss of $612 million [5][6].

Core Insights - The Indian aviation sector has reported 65 incidents of engine shutdowns during flights over the past five years, indicating a concerning trend in flight safety [1] - On average, there is one engine failure reported each month, which raises questions about the reliability of aircraft engines in the Indian market [1] - All reported incidents involved flight crews safely landing using unaffected engines, demonstrating effective emergency protocols [1] Summary by Categories Incident Data - A total of 65 engine shutdown incidents have been recorded in the last five years in India [1] - The data includes all types of engine shutdowns, both during takeoff and in-flight [1] - The average frequency of these incidents is one per month [1] Causes of Incidents - Potential causes for the engine shutdowns include fuel contamination, turbine failures, and foreign object ingestion [1]

Core Points - Xiamen Airlines plans to operate over 40,000 flights during the summer travel season, including 2,878 new routes and 1,630 additional flights [1][3] - The new domestic routes primarily connect major hubs like Xiamen and Hangzhou to seasonal destinations in Xinjiang and Inner Mongolia, with popular tourist routes being intensified [3] - Internationally, Xiamen Airlines will launch new routes to Tokyo and Singapore, while increasing flights to Amsterdam, Doha, and Osaka [3] Service Enhancements - The airline introduces a "No Accompaniment Smooth Travel" service, providing dedicated security channels to save an average of 15 minutes for unaccompanied travelers [4] - Special assistance for first-time travelers includes guided support from check-in to boarding, along with special items like first-time travel wristbands [4] - A new "Luggage Care Counter" will be available for travelers with valuable or fragile items, offering protective packaging and optional insurance services [4]