中泰证券：【中泰研究丨晨会聚焦】固收肖雨：地产回升动能减弱｜高频数据观察-20241030

Core Insights - The report indicates a weakening momentum in the real estate sector, with mixed signals in various high-frequency data points observed from October 21 to October 28, 2024 [2]. Production Analysis - The national blast furnace operating rate increased by 0.46 percentage points week-on-week, but decreased by 3.97 percentage points year-on-year. In Tangshan, the operating rate fell by 0.98 percentage points week-on-week and 16.60 percentage points year-on-year [2]. - The operating rate for automotive steel tires showed mixed results, with a week-on-week increase of 1.78 percentage points for full steel tires but a decrease of 0.08 percentage points for semi-steel tires [2]. - The overall operating rate for chemical fiber production increased, with PX operating rate rising by 2.10 percentage points week-on-week [2]. Demand Analysis - The sales area of commercial housing showed a slight week-on-week increase of 0.06% as of October 28, with first and second-tier cities rising by 9.28% and 6.38% respectively, while third-tier cities saw a decline of 20.45% [2]. - Land transaction area decreased by 12.47% week-on-week, with first-tier cities increasing by 154.73% while second and third-tier cities declined by 6.45% and 18.23% respectively [2]. - The average land premium rate across 100 major cities was 2.66%, down by 4.62 percentage points from the previous week [2]. - Passenger car wholesale daily average sales increased by 14.50% week-on-week to 92,400 units, but showed a year-on-year decline of 7.70% [2]. Price Analysis - Food prices exhibited mixed trends, with wholesale prices for lamb, eggs, and chicken rising by 0.52%, 0.66%, and 1.17% respectively, while pork and beef prices fell by 0.89% and 0.03% [2]. - Commodity prices generally declined, with Brent crude oil futures down by 3.86% week-on-week and WTI crude oil futures down by 4.51% [2]. - The industrial product price index showed mixed results, with the Nanhua Industrial Product Index rising by 1.05% week-on-week [2]. - The exchange rate of the RMB depreciated slightly, with the USD/RMB rate increasing by 0.22% to 7.13 [2].