中观景气4月第2期：乘用车销售景气延续，港口吞吐量环比回升

Industry Overview - Passenger car sales continue to show strong performance, while port throughput has rebounded on a month-on-month basis [2][6] - Real estate sales have weakened again in April, with new home sales declining year-on-year [6][11] - Durable goods show mixed performance, with passenger car sales growth rebounding, while domestic air conditioning sales growth has slowed [6][12] Downstream Consumption - In 30 major cities, the transaction area of commercial housing decreased by 18.6% year-on-year, with first, second, and third-tier cities seeing declines of 10.1%, 22.0%, and 20.7% respectively [7][15] - For the week of April 7-13, passenger car sales increased by 13% year-on-year, indicating strong purchasing demand [7][12] - The average price of live pigs increased by 1.5% week-on-week, while the prices of domestic soybeans and corn remained stable [14][18] Cyclical Manufacturing - Construction demand remains weak, with new job postings showing a slight increase [8][37] - Steel and cement prices have declined, while float glass prices have increased [22][33] - The operating rate of enterprises in the manufacturing sector has decreased, but the number of new job postings has increased by 36.8% year-on-year [37][39] Upstream Resources - The price of thermal coal has slightly decreased, with the Qinhuangdao port Q5500 thermal coal price at 663 yuan per ton, down 0.3% week-on-week [46][47] - Copper prices have rebounded, with SHFE copper prices increasing by 1.2% week-on-week [48][50] Logistics and Mobility - The migration index has declined, but port throughput has increased by 7.2% month-on-month [9][10] - Domestic flight operations have increased by 3.5% week-on-week, while international flights have recovered to 85.3% of the levels seen in the same period of 2019 [9][10]