Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Economic growth shows a slowdown in the decline of container shipping freight rate indices, with power plant daily consumption falling from a high level, and demand - side indicators showing mixed trends [1][4]. - Inflation presents a situation where pork prices are slowly falling at a low level, and there are fluctuations in CPI and PPI components [2][4]. Group 3: Summary by Directory 1. Economic Growth: Slowdown in the Decline of Container Shipping Freight Rate Indices 1.1 Production: Power Plant Daily Consumption Falls from a High Level - Power plant daily consumption has declined. On August 19, the average daily consumption of 6 major power - generating groups was 912,000 tons, a 4.5% drop from August 12. On August 14, the daily consumption of power plants in eight southern provinces was 2.369 million tons, a 5.3% drop from August 6 [4][11]. - Blast furnace operating rates fluctuated slightly. On August 15, the national blast furnace operating rate was 83.6%, down 0.2 percentage points from August 8, while the capacity utilization rate was 90.2%, up 0.2 percentage points. The blast furnace operating rate of Tangshan steel mills remained flat at 92.6% [4][17]. - Tire operating rates were weakly stable. On August 14, the operating rate of truck - used all - steel tires was 63.1%, up 2.1 percentage points from August 7, and that of car - used semi - steel tires was 72.1%, down 2.3 percentage points [4][19]. 1.2 Demand: Slowdown in the Decline of Container Shipping Freight Rate Indices - The decline in the month - on - month sales of new homes in 30 cities slowed down. From August 1 to 19, the average daily sales area of commercial housing in 30 large and medium - sized cities was 179,000 square meters, down 6.1% from July, 15.0% from August last year, and 32.4% from August 2023 [4][24]. - The retail sales of the auto market are gradually picking up. In August, retail sales increased by 2% year - on - year, and wholesale sales increased by 20% year - on - year [4][27]. - Steel prices generally fell. On August 19, rebar, wire rod, hot - rolled coil, and cold - rolled prices decreased by 3.5%, 3.1%, 2.8%, and 0.2% respectively compared to August 12 [4][32]. - Cement prices generally rebounded. On August 19, the national cement price index rose 1.4% from August 12, with prices in East China and the Yangtze River region rising 4.4% and 4.3% respectively [4][33]. - Glass prices stopped falling and rebounded. On August 19, the active glass futures contract price was 1,215 yuan/ton, up 13.9% from August 12 [4][37]. - The decline of container shipping freight rate indices slowed down. On August 15, the CCFI index decreased by 0.6% from August 8, and the SCFI index decreased by 2.0% [4][40]. 2. Inflation: Slow Fall of Pork Prices at a Low Level 2.1 CPI: Slow Fall of Pork Prices at a Low Level - Pork prices are slowly falling at a low level. On August 19, the average wholesale price of pork was 20.2 yuan/kg, a 0.2% drop from August 12 [4][46]. - The agricultural product price index is slowly rising. On August 19, the agricultural product wholesale price index rose 0.8% from August 12, with different fluctuations in various varieties [4][51]. 2.2 PPI: Weak Fluctuation of Oil Prices - Oil prices are weakly fluctuating. On August 19, the spot prices of Brent and WTI crude oil were $67.6 and $62.4 per barrel respectively, down 0.01% and 1.3% from August 12 [4][54]. - Copper and aluminum prices declined. On August 19, the LME 3 - month copper and aluminum prices decreased by 0.2% and 1.4% respectively compared to August 12 [4][58]. - The month - on - month increase of the domestic commodity index narrowed. On August 19, the Nanhua Industrial Products Index decreased by 2.5% from August 12, and the CRB index decreased by 0.3% from August 11 [4][58].

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [8] Core Views - The express delivery sector is expected to see significant profit recovery due to an early price increase trend, while the aviation sector is still at the bottom of the economic cycle, with potential for mid-term improvements in supply and demand [1][2][3] Summary by Sections Express Delivery - In June, the retail sales and express delivery volumes showed year-on-year increases of 5.3% and 15.8% respectively, although the growth rate has slowed compared to May [3] - The price increase trend has started in core grain-producing areas, which could lead to significant profit recovery for express delivery companies if this trend spreads across all price ranges [3][10] - Key companies recommended include ZTO Express, YTO Express, and Shunfeng Express [10] Aviation - The summer travel season has shown weak performance, with domestic ticket prices declining by 7.5% year-on-year, despite a slight increase in passenger load factor [2][16] - The aviation sector is currently at a low point, but improvements in supply growth and demand could enhance profitability in the medium term [26] - Recommended stocks include China National Aviation and Huaxia Airlines, which are expected to benefit from supply-demand improvements [26] Logistics - The logistics sector is experiencing an early price increase in express delivery, and the bulk supply chain is expected to recover alongside rising commodity prices [3][65] - The cross-border e-commerce logistics sector is showing resilience as tariff impacts diminish [3] Shipping and Ports - In July, shipping rates for container shipping and oil transport declined, while dry bulk shipping rates increased due to seasonal demand [35][36] - The report anticipates stable supply-demand dynamics in August, with shipping rates expected to remain volatile [35] Road and Rail - The road transport sector is under pressure due to rising risk preferences and potential impacts from upstream industry dynamics [5] - Rail transport is expected to see flat growth in passenger traffic during the summer, with ongoing observations needed for the impact of upstream industry changes [5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - In the fifth week of July, futures sentiment cooled down, and spot prices mostly had small month - on - month declines, but prices were still higher than at the end of June. Food prices reversed from a decline to an increase. Container shipping prices continued to fall, and port cargo volume decreased month - on - month but remained high year - on - year. In the industrial sector, the incremental measures from the Politburo meeting in July were slightly weaker than expected, causing futures sentiment to cool and investment product prices to decline. In the investment sector, typhoon and rainfall affected construction activities, leading to a continued decline in cement prices. In the real estate sector, the end - of - month sales rush for new homes was evident, while second - hand home sales continued to decline, in line with seasonality [4][34]. - For the bond market, short - term implementation of anti - involution policies, price transmission, and the impact of production control on industrial growth are worthy of attention. "Broad credit" disturbances may increase compared to July. Externally, the results of China - US economic and trade negotiations were in line with expectations, and the market reaction was muted. Export resilience remains, but its elasticity is decreasing, and the weakening of "rush exports" may gradually materialize. Internally, the strong futures market last week driven by major infrastructure projects and "anti - involution" led to spot price increases. This week, futures sentiment cooled, and spot demand weakened due to weather conditions. Although industrial product prices generally corrected, they were still higher than before July. In the future, price increase elasticity may be limited in the short term, but the recovery trend is hard to disprove, which may support equity sentiment. Urban renewal may accelerate, and the implementation of policy - based financial instruments is expected. August is the policy effect verification stage, increasing the importance of data observation [4][35]. Summary by Directory Inflation - related - Food prices reversed from a decline to an increase. The wholesale price index of 200 agricultural products and the wholesale price index of basket products increased by 0.05% and 0.03% month - on - month respectively. The average wholesale price of pork decreased by 0.84% month - on - month, while vegetable prices rose, and the decline in fruit prices narrowed [4][10]. Import - Export related - Container shipping prices continued to decline. The CCFI index decreased by 2.3% month - on - month, and the SCFI decreased by 2.6% month - on - month. From July 21st to July 27th, port container throughput and cargo throughput decreased by 6.5% and 4.3% month - on - month respectively, but increased by 11.5% and 13.3% year - on - year. The BDI index decreased by 3.1% month - on - month, and the CDFI index increased by 0.2% month - on - month [12]. Industrial related - The price of thermal coal continued to rise. The price of thermal coal (Q5500) at Qinhuangdao Port increased by 1.4% month - on - month with a narrowing increase. The price of rebar reversed from an increase to a decrease, with a 0.26% month - on - month decline in spot price. The apparent demand for rebar decreased by 6.1% month - on - month, and the year - on - year decline widened to 5.7%. Copper prices decreased month - on - month, affected by the Fed's cautious attitude towards interest rate cuts and the strengthening of the US dollar. Glass prices also reversed from an increase to a decrease as futures market sentiment cooled [14][18][19]. Investment related - Cement prices continued to weaken, with a 1.40% month - on - month decline in the national cement price index and a narrowing decline. In the real estate sector, from July 25th to July 31st, the transaction area of new homes in 30 cities increased by 25% month - on - month but decreased by 15.4% year - on - year. The transaction area of second - hand homes in 17 cities decreased by 4.6% month - on - month but increased by 5.1% year - on - year [20][29]. Consumption - From July 1st to July 27th, passenger car retail sales decreased by 19% month - on - month compared to the same period in June but increased by 9% year - on - year. From July 21st to July 27th, retail sales decreased by 30% month - on - month and increased by 5% year - on - year. Brent and WTI crude oil prices increased by 1.8% and 3.3% month - on - month respectively, boosted by factors such as a trade agreement between the US and Europe and supply - side constraints [30].

Group 1 - The North American shipping rates have shown a slight rebound after four weeks of decline, with the rate from Shanghai to the West Coast reaching $2,194/FEU, a 5.0% increase from the previous period, but still down 60% from the peak on June 6 [1] - The ongoing "tariff war" has become a focal point in the market, with the U.S. extending the delay on "reciprocal tariffs" until August 1, and imposing new tariffs on multiple countries, including a 50% tariff on copper [1] - The overall demand for shipping is weakening, and the oversupply of capacity on trans-Pacific routes is driving rates down, with shipping companies expected to cut capacity by 25% in August [2][3] Group 2 - The shipping rates for the U.S. West Coast have dropped significantly, with some smaller players quoting as low as $1,400/FEU, while the majority of shipping alliances maintain rates around $1,700 to $1,800/FEU [3] - The first half of the year saw a 9.3% year-on-year decline in China's total import and export value with the U.S., with a 20.8% drop in the second quarter due to the "reciprocal tariffs" [2] - The European shipping rates have seen a slight decline, with the rate from Shanghai to European ports dropping by 0.1% and 7.0% for Mediterranean ports, while the overall economic recovery in Europe remains stable [5][6] Group 3 - The geopolitical situation in the Middle East has shown signs of easing, with Maersk resuming services at Haifa Port, while risks in the Red Sea region are increasing due to recent attacks on vessels [5] - The market for Asia-Europe shipping rates is expected to rise in the coming weeks due to operational inefficiencies and increased congestion at European ports [7] - The tariffs imposed by the U.S. on EU imports starting August 1 are likely to disrupt trade flows and strengthen cooperation between China and the EU [6]

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: July 9, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating information provided in the report. 3. Core View - The spot price increase at the beginning of July exceeded expectations, and the SCFIS settlement index further rebounded above 2,200 points. The peak - season price increase expectation has started to recover, and with good cargo volume and port congestion in Europe, the price increase in the peak season is expected to materialize. The 08 contract still has some upward space, while the 10 - month is a traditional off - season, so attention should be paid to short - selling opportunities and 08 - 10 positive spread opportunities at low levels [8]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - Spot Market: The price increase at the beginning of July was better than expected, and the SCFIS settlement index rebounded above 2,200 points. Most airlines maintained stable quotes in July, with the median of the second - half - of - July quotes around $3,660. There are few airlines that have quoted for August. The peak - season price increase expectation has recovered, and the 08 contract has upward potential, while the 10 - month contract offers short - selling opportunities and 08 - 10 positive spread opportunities [8]. 4.2 Industry News - Market Conditions (June 30 - July 4): The China Export Container Shipping Market remained stable, with the comprehensive index adjusting. The manufacturing PMI in June rose to 49.7, and the new order index entered the expansion range. The non - manufacturing PMI was above the boom - bust line [9]. - European Routes: The eurozone unemployment rate in May was 6.3%, up 0.1 percentage point month - on - month. The Shanghai - to - Europe basic port market freight rate on July 4 was $2,101/TEU, up 3.5% from the previous period [9]. - Mediterranean Routes: The market situation was similar to that of European routes, but the supply - demand fundamentals were slightly weak, and the spot market booking price decreased slightly. The Shanghai - to - Mediterranean basic port market freight rate on July 4 was $2,869/TEU, down 3.9% from the previous period [9]. - North American Routes: The US manufacturing PMI in June was 49, below the boom - bust line for four consecutive months. The Shanghai - to - US West and East basic port market freight rates on July 4 were $2,089/FEU and $4,124/FEU respectively, down 19.0% and 12.6% from the previous period [9][10]. - Geopolitical Events: Houthi attacks on Israel, US attacks on Iranian nuclear facilities, and relevant responses from China and the international community [10]. 4.3 Data Overview 4.3.1 Container Shipping Spot Prices | Route | July 7, 2025 | June 30, 2025 | Change | MoM (%) | | --- | --- | --- | --- | --- | | Shanghai - Europe (Basic Ports) | 2,258.04 | 2,123.24 | 134.8 | 6.3 | | Shanghai - US West (Basic Ports) | 1,557.77 | 1,619.19 | - 61.42 | - 3.8 | [12] 4.3.2 Container Shipping Index (European Line) Futures Market - Transaction data of multiple contracts on July 8 are provided, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 4.3.3 Shipping - Related Data Charts - Charts of global container shipping capacity, global container ship order backlog, Shanghai - Europe basic port freight rate, and Shanghai - Rotterdam spot freight rate are provided, with data sources from Wind and the Research and Development Department of Jianxin Futures [16][18]

Group 1: Industrial Production - Industrial production remains relatively stable, with a high furnace operating rate holding steady at 0.7% year-on-year [2][5][9] - Chemical production shows signs of recovery, with operating rates for soda ash, PTA, and polyester filament increasing by 1.9 percentage points to -3.5%, 0.4 percentage points to 2.2%, and 0.5 percentage points to 4.2% respectively [2][17] - However, the operating rate for automotive semi-steel tires has significantly declined, down 7.7 percentage points to -9.0% [2][17] Group 2: Construction Industry - Asphalt production shows marginal improvement, with a year-on-year increase of 2.2 percentage points to 6.8% [2][41] - Cement shipment rates remain low, down 1.8 percentage points to -4.2% year-on-year, while the national grinding operating rate is up 0.6 percentage points to -1.3% [2][29] Group 3: Demand Trends - Real estate transactions have significantly decreased, with average daily transaction area for new homes down 37.8% year-on-year to 32.7% [2][53] - Freight volumes related to exports have declined, with port cargo throughput down 3% year-on-year to 0.6% [2][62] - Conversely, travel intensity remains high, with the national migration scale index up 0.3 percentage points to 14.5% [2][74] Group 4: Price Trends - Agricultural product prices have generally decreased, with prices for eggs, fruits, vegetables, and pork down by 2.2%, 0.8%, 0.5%, and 0.3% respectively [3][104] - Industrial product prices have seen a slight increase, with the South China industrial price index rising by 0.3% [3][116] - The metal price index increased by 1.8%, while the energy and chemical price index fell by 1% [3][116] Group 5: Transportation and Logistics - Railway freight volume has increased, up 0.9 percentage points to 3.3% year-on-year, while port cargo throughput has decreased [2][62] - Domestic flight operations have increased, with domestic flights up 1.9% year-on-year to 3.4% [2][74] Group 6: Consumer Behavior - Movie attendance has slightly decreased, down 2.6 percentage points to 5.7% year-on-year, but box office revenue has increased by 0.3% [2][80] - Automobile sales have shown a significant recovery, with retail and wholesale volumes up 9% to 26.7% and 23.8% to 48.7% respectively [2][80] Group 7: Export Trends - Container shipping prices have decreased, with the CCFI composite index down 1.9% [2][92] - The freight rate for the US West Coast has dropped significantly, down 10.5% [2][92]

Group 1: EC Futures Contracts - EC2508 had a closing price of 1896.9 with a 0.71% increase, a volume of 28512, and an open interest of 35947 with a decrease of 388 [2] - EC2510 had a closing price of 1363.9 with a 0.29% decrease, a volume of 8414, and an open interest of 31361 [2] - EC2512 had a closing price of 1538.7 with a 0.70% increase, a volume of 1250, and an open interest of 8 with a decrease of 173 [2] - EC2602 had a closing price of 1338.7 with a 1.02% increase, a volume of 228, and an open interest of 3781 with a decrease of 31 [2] - EC2604 had a closing price of 1172.9 with a 0.11% decrease, a volume of 708, and an open interest of 5782 with an increase of 100 [2] - EC2606 had a closing price of 1319.9 with a 0.76% increase, and an open interest of 371 with an increase of 19 [2] Group 2: Month Spreads - EC2508 - 2510 month spread was 533.0, with a week - on - week increase of 53.9 [2] - EC2510 - 2512 month spread was - 174.8, with a week - on - week decrease of 5.7 [2] - EC2512 - 2602 month spread was 200.0, with a week - on - week increase of 22.2 [2] Group 3: Shipping Freight Indexes - SCHIS updated on Mondays, with a value of 2123.24 on 2025/6/30, a 9.61% increase from the previous period and a 14.11% increase from two periods ago [2] - SCFI (European Line) updated on Fridays, with a value of 2030 USD/TEU on 2025/6/27, a 10.63% increase from the previous period and a 0.49% decrease from two periods ago [2] - CCFI (European Line) updated on Fridays, with a value of 1640.72 on 2025/6/27, a 3.94% increase from the previous period and a 6.03% increase from two periods ago [2] - NCFI updated on Fridays, with a value of 1442.95 on 2025/6/27, a 11.03% increase from the previous period and a 0.64% decrease from two periods ago [2] - TCI updated daily, with a value of 957.21 on 2025/6/30, a 2.14% increase from the previous period and no change from two periods ago [2] Group 4: Capacity Arrangement - The average weekly capacity in July and August 2025 (tentatively) is 299,000 and 305,000 TEU respectively. The first week of July had good cargo receipts but no congestion. The second and fourth weeks had neutral capacity, while the third week had high capacity, which may suppress freight rates. There was one new sailing cancellation in week 33, and PA&MSC had ship delays [2] Group 5: European Line Quotations - Some shipping companies announced price increases in July. MSK opened at 3400 USD, and others were mostly between 3500 - 4000 USD. In the first half of July, some shipping companies cut prices. MSK dropped to 3100 and 2900 USD in the first and second weeks respectively, and the final average price was 3400 USD (equivalent to 2400 points on the disk). In the third week of July, MSK opened at 2900 USD [3] - HPL kept its August quotation at 3640 USD, while CMA announced an increase to 4745 USD [11]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In economic growth, cement prices have dropped to the lowest level in the same period of the past five years, while power plant daily consumption has been rising continuously. In terms of inflation, pork prices are fluctuating at a low level, and oil prices are oscillating [1][3] Summary According to the Table of Contents 1. Economic Growth: Cement Drops to the Lowest Level in the Same Period of the Past Five Years 1.1 Production: Power Plant Daily Consumption Continues to Rise - Power plant daily consumption is rising continuously. On July 1, the average daily consumption of 6 major power - generating groups was 842,000 tons, a 5.1% increase from June 24. On June 24, the daily consumption of power plants in eight southern provinces was 1.84 million tons, a 0.7% increase from June 13 [4][11] - The blast furnace operating rate remains stable at a high level. On June 27, the national blast furnace operating rate was 83.8%, unchanged from June 20; the capacity utilization rate was 90.85%, a 0.04 - percentage - point increase from June 20. The blast furnace operating rate of Tangshan steel mills was 94.2%, unchanged from June 20 [4][14] - The tire operating rate fluctuates within a narrow range. On June 26, the operating rate of automobile all - steel tires was 65.6%, a 0.2 - percentage - point increase from June 19; the operating rate of automobile semi - steel tires was 78.1%, a 0.2 - percentage - point decrease from June 19. The operating rate of looms in the Jiangsu and Zhejiang regions declined slightly [4][17] 1.2 Demand: Cement Drops to the Lowest Level in the Same Period of the Past Five Years - The property market sales continue to improve month - on - month. On July 1, the average daily sales area of commercial housing in 30 large and medium - sized cities was 235,000 square meters, a 103.0% increase from June, a 46.6% decrease from July last year, and a 5.7% increase from July 2023 [4][21] - The automobile market retail sales are stable and relatively strong. In June, retail sales increased by 24% year - on - year, and wholesale sales increased by 14% year - on - year [4][23] - Steel prices vary. On July 1, compared with June 24, rebar, wire rod, hot - rolled coil, and cold - rolled prices increased by 1.3%, decreased by 1.9%, increased by 1.6%, and decreased by 0.3% respectively [4][28] - Cement has dropped to the lowest level in the same period of the past five years. On July 1, the national cement price index decreased by 1.4% compared with June 24. The cement prices in East China and the Yangtze River regions decreased by 3.5% and 4.3% respectively, weaker than the national average [4][29] - Glass prices fluctuate weakly. On July 1, the active glass futures contract price was 988 yuan/ton, a 2.6% decrease from June 24 [4][35] - The decline of the container shipping freight rate index has slowed down. On June 27, the CCFI index increased by 2.0% compared with June 20, while the SCFI index decreased by 0.4% [4][38] 2. Inflation: Pork Prices Fluctuate at a Low Level 2.1 CPI: Pork Prices Fluctuate at a Low Level - Pork prices fluctuate at a low level. On July 1, the average wholesale price of pork was 20.2 yuan/kg, a 0.4% decrease from June 24 [4][42] - The agricultural product price index is declining moderately. On July 1, the agricultural product wholesale price index decreased by 0.3% compared with June 24 [4][47] 2.2 PPI: Oil Prices Oscillate - Oil prices oscillate. On July 1, the spot prices of Brent and WTI crude oil were 68.8 and 65.5 US dollars/barrel respectively, a 0.6% decrease and a 1.7% increase from June 24 [4][50] - Copper and aluminum prices rise. On July 1, the LME 3 - month copper and aluminum prices increased by 2.2% and 1.4% respectively compared with June 24 [4][54] - The month - on - month increase of the domestic commodity index has narrowed. On July 1, the Nanhua Industrial Products Index increased by 0.2% compared with June 24, and the CRB index increased by 0.4% [4][54] - Industrial product prices vary. Since July, the month - on - month prices of coking coal, coke, and hot - rolled sheets have increased, while the month - on - month prices of cement, glass, steam coal, and other steel products have decreased. The year - on - year decline of most industrial product prices has narrowed [59]

Group 1: Industrial Production - Industrial production shows seasonal characteristics of a downturn, with a slight decrease in blast furnace operating rates, down 0.3 percentage points year-on-year to 1.0% [2][48] - Midstream production is mixed, with soda ash and polyester filament operating rates increasing by 0.4 percentage points to -3.0% and 3.8% respectively, while PTA operating rates decreased by 0.2 percentage points to 5.0% [2][48] - Cement production and demand remain weak, with national grinding operating rates down 3.6 percentage points to -4.6% and cement shipment rates down 0.2 percentage points to -4.2% [2][48] Group 2: Construction and Infrastructure - Overall infrastructure construction is weak, with asphalt operating rates slightly declining by 0.4 percentage points to 5.3% [2][48] - Cement inventory continues to rise, with a year-on-year increase of 1.1 percentage points to 3.3% [13] Group 3: Demand and Shipping - Port cargo throughput and container throughput have rebounded, increasing by 5.7 percentage points to 3.6% and 4.1 percentage points to 5.3% respectively [2][48] - The average daily transaction area of new homes in 30 major cities has significantly decreased, down 13.9 percentage points year-on-year to -5.1%, with first-tier cities experiencing a drop of 38.3 percentage points to -14.2% [24][48] Group 4: Price Trends - Agricultural product prices have generally declined, with significant drops in egg, fruit, and pork prices, down 1.5%, 1.3%, and 0.4% respectively [3][49] - Industrial product prices have rebounded, with the South China industrial product price index increasing by 3.1% [3][49]

Core Viewpoint - The article highlights the current state of industrial production, construction activity, and price trends in China, indicating a seasonal slowdown in industrial production, weak infrastructure construction, and a rebound in port cargo volumes, alongside fluctuating agricultural and industrial prices [2][48]. Group 1: Industrial Production - Industrial production is showing signs of seasonal weakness, with a slight decrease in blast furnace operating rates, down 0.3 percentage points year-on-year to 1.0% [2][48]. - Midstream production is mixed, with soda ash and polyester filament operating rates increasing by 0.4 percentage points year-on-year to -3.0% and 3.8%, respectively, while PTA operating rates decreased by 0.2 percentage points to 5.0% [2][48]. - The construction industry is experiencing overall weak activity, with national grinding operating rates and cement shipment rates down 3.6 percentage points to -4.6% and 0.2 percentage points to -4.2%, respectively [2][48]. Group 2: Demand Trends - Port cargo volumes have rebounded, with cargo throughput and container throughput increasing by 5.7 percentage points to 3.6% and 4.1 percentage points to 5.3% year-on-year, respectively [2][48]. - The average daily transaction area of new homes in 30 major cities has significantly declined, down 13.9 percentage points to -5.1%, with first-tier cities experiencing a larger drop of 38.3 percentage points to -14.2% [2][48]. Group 3: Price Trends - Agricultural product prices have generally decreased, with significant drops in egg, fruit, and pork prices, down 1.5%, 1.3%, and 0.4% respectively [3][49]. - Conversely, industrial product prices have shown an increase, with the South China industrial price index rising by 3.1% week-on-week, and the energy and chemical price index increasing by 5.6% [3][49].