证券研究报告：固定收益报告 生产热度整体回落，原油有色价格回升 ——高频数据跟踪 20250823 核心观点 高频经济数据关注点：第一，生产端热度整体回落，高炉、沥青、 PTA 开工率均下降，螺纹钢产量下降，轮胎开工率回升。第二，房地 产市场边际走弱，商品房成交面积下降，土地供应面积有所回升。第 三，物价走势分化，原油、有色价格上涨，焦煤、螺纹钢下跌，农产 品价格延续季节性上行趋势。第四，航运指数持续下行，SCFI、CCFI 及 BDI 均下降。短期重点关注新一轮稳增长刺激政策落地、房地产市 场恢复情况及国际地缘政治变动影响。 生产：高炉、螺纹钢、沥青、PTA 热度均下降，轮胎开工 率回升 发布时间：2025-08-25 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 《生产热度回升，原油金属价格下降 ——高频数据跟踪 20250818》 - 2025.08.19 固收周报 8 月 22 日当周，焦炉产 ...

因航司临时更改执飞机型产生纠纷的情况并不少见。北京商报推出《飞机机型临时调整，付费升舱变强 制降舱，消费者权益保障标准不清》报道后，"变更机型维权"引发热议。8月7日，北京商报记者进一步 调查发现，面对前序延误等因素导致的执飞机型变动，多家航司虽以"机型不属合同内容"声明免责，却 普遍缺乏明确的补偿规则。因体验感标准难统一，航司难以按"一刀切"规定补偿，目前仍以舱位变动为 标准。专家建议，航司应出台"宽体变窄体"补偿标准，或在售票阶段明示风险。 "宽体变窄体"成投诉重灾区 在黑猫投诉平台上，有531条投诉包含"机型更改"关键词。小红书等社交媒体平台上也有大量关于机型 更换的吐槽和维权笔记。北京商报记者梳理发现，这些消费者的投诉主要涉及宽体机更换为窄体机、具 有"打卡"意义的特殊机型被更换。 从宽体机更换为窄体机的投诉来看，不少消费者认为宽体机遇到气流时颠簸更小、乘坐体验感更好；有 消费者认为部分宽体机的公务舱座椅能躺平、舒适度更高；也有消费者为了完善的机上娱乐系统和空中 WiFi，特地选择了由宽体机执飞的航班。 以海航为例，《海南航空控股股份有限公司旅客、行李国内运输总条件》7.1.2规定，航班时刻表或其他 ...

Core Points - United Airlines has resolved the technical issues that led to the grounding of its flights and is working to restore operations [1] - The Federal Aviation Administration (FAA) approved United Airlines' request for a ground stop due to the technical problems [1] - Major airports affected by the ground stop include Chicago, Denver, Newark, Houston, and San Francisco [1] - As of 9:45 PM Eastern Time, approximately 31% of United Airlines flights were delayed, and 1% were canceled [1]

Group 1 - The Federal Aviation Administration (FAA) issued a ground stop order for United Airlines due to a technical failure affecting multiple airports [1][3] - The technical issue impacted all flights, with 827 flights delayed and 23 flights canceled, while flights already in the air continued to their destinations [3] - Recent incidents involving United Airlines include a serious engine failure on July 25, where a flight had to declare an emergency shortly after takeoff [4][5] Group 2 - The affected airports include major hubs such as Denver, Houston, Newark, San Francisco, and Chicago [3] - The airline is working to restore its systems, but passengers may experience delays throughout the night [3] - The July 25 incident involved a Boeing 787 aircraft that had to circle for over 30 minutes to reduce weight before safely landing [5]

Core Viewpoint - United Airlines has suspended flights at multiple airports in the U.S. due to technical issues, with expectations of further delays that evening [1] Group 1: Company Operations - United Airlines reported technical problems leading to flight suspensions at various U.S. airports on August 6 [1] - The Federal Aviation Administration (FAA) issued a grounding order for United Airlines flights at several airports [1] - Airports affected include Boston and Las Vegas, with partial closures reported, while Denver and Chicago have suspended United Airlines flights [1] Group 2: Customer Impact - Passengers expressed frustration on social media, with reports of discomfort while waiting on grounded United Airlines flights in Chicago [1]

08.05 航班9C8929/32（虹桥=广州）取消不补。 08.05 航班9C6786（联）（乌海-深圳）（武汉-深圳）取消不补。 08.05 航班9C6539/40（联）（深圳=石家庄=通辽）取消不补。 08.05 航班9C6873/74（深圳=宁波）取消不补。 08.05 航班9C6482（联）（长春-深圳）（东营-深圳）取消不补。 08.05 航班9C8955/50（虹桥=深圳）取消不补。 08.05 航班9C6596（联）（大连-深圳）（济南-深圳）取消不补。 08.05 航班9C6304（联）（兰州-南阳-深圳）取消不补。 08.05 航班9C8615/16（深圳=重庆）取消不补。 08.06 航班9C6595（联）（深圳-济南）（深圳-大连）取消不补。 08.06 航班9C6481（联）（深圳-东营）（深圳-长春）取消不补。 08.06 航班9C8613/14（深圳=重庆）取消不补。 08.06 航班9C6303（联）（深圳-南阳-兰州）取消不补。 08.06 航班9C6785（联）（深圳-武汉）（深圳-乌海）取消不补。 08.06 航班9C8955/50（虹桥=深圳）取消不补。 08.06 航 ...

俄罗斯民航管理局表示，为确保飞行安全，索契机场已暂停航班。 ...

Report Overview - There is no information about the industry investment rating [1][3][46][47] Core Views - The report focuses on the impact of the "anti-involution" policy on upstream prices, covering production and service industries, and also provides an overview of industry data and trends [1][3] Summary by Relevant Catalogs Industry Events - In the production industry, the National Conference of Heads of Industry and Information Technology Departments emphasized consolidating the effectiveness of comprehensive rectification of the "involution-style" competition in the new energy vehicle industry, strengthening governance of key industries such as photovoltaics, and promoting the construction of a mandatory national standard system in the industrial and information technology fields [1] - In the service industry, the national childcare subsidy system implementation plan was announced. Starting from January 1, 2025, families with one, two, or three children can receive an annual subsidy of 3,600 yuan per child until the child reaches the age of 3 [1] Industry Data - **Upstream**: International oil prices fluctuated and declined; egg prices rose slightly; glass prices increased [3][47] - **Midstream**: The PX operating rate decreased [3] - **Downstream**: The sales volume of commercial housing in third-tier cities remained at a low level; the number of domestic flights during the summer increased [3] Industry Credit Spreads - The credit spreads of various industries showed different trends. For example, the credit spread of the agriculture, forestry, animal husbandry, and fishery industry decreased from 60.41 last week to 58.97 this week; the credit spread of the mining industry decreased from 39.96 last week to 38.75 this week [46] Key Industry Price Indicators - The prices of various industries also showed different trends. For example, the spot price of corn was 2,332.9 yuan/ton on July 28, with a year-on-year change of 0.00%; the spot price of eggs was 6.8 yuan/kg on July 28, with a year-on-year increase of 3.82% [47]

今天，北京持续强降雨，给交通带来一定影响。目前，北京大兴机场和首都机场航班执行情况如何？今 天上午，由于受到天气影响，大兴机场部分航班延误或取消。今天大兴机场预计执行航班1001架次，截 至11时，已执行226架次，取消73架次。目前，取消的航班还在增加。据气象部门预测，大兴机场本轮 降雨将持续至今天13时，请旅客朋友密切关注天气信息和航班动态，合理规划行程。首都机场今天计划 起降航班1291架次，预计进出港旅客19.8万人次，截至11时，已执行371架次，取消33架次。当前，首 都机场主要道路通行正常，整体运行平稳。(央视新闻) ...

Core Viewpoint - The capital airport has implemented adjustments to flight schedules due to thunderstorms, aiming to minimize the impact on passenger travel [1] Group 1: Weather Impact - Thunderstorms have prompted the capital airport to coordinate with air traffic control and airlines to adjust flight plans for today [1] - The airport has activated a level one response mechanism to manage operations during adverse weather conditions [1] Group 2: Flight Operations - A total of 1,291 flights are scheduled to take off and land today, with an expected passenger volume of 198,000 [1] - As of 8 AM, 183 flights have already been executed, indicating ongoing operations despite the weather [1] Group 3: Current Conditions - The weather at the capital airport has transitioned to light rain, with expectations of light to moderate rain before 10 AM [1] - Main roads leading to the airport are reported to be operating normally, contributing to overall stable operations [1]