国内高频指标跟踪（2024年第44期）：供需改善

Consumption - Automotive retail remains resilient with a year-on-year growth rate of 42.2% and 60.7% for retail and wholesale respectively, maintaining high levels for the year[16] - Non-durable goods consumption, particularly textiles and apparel, shows volatility with a recent year-on-year decline of 10.1%[16] - Movie attendance and box office revenues have turned negative, with year-on-year growth rates dropping to -26.2% and -19.7% respectively, indicating a decrease in consumer interest[18] Investment - Infrastructure investment is facing challenges, with new corporate medium to long-term loans in October amounting to 170 billion yuan, a decrease of 212.8 billion yuan year-on-year[24] - Real estate sales in 30 major cities show a year-on-year growth decline from 25.6% to 17.0%, with second-hand housing transactions declining faster than new homes[24] Trade - South Korea's exports saw a significant year-on-year drop of 17.8% in early November, indicating weakening external demand[31] - China's port data shows a marginal improvement in the number of ships departing, with a year-on-year increase of 6.1% and 13.2% in tonnage for major ports[31] Production - The steel industry shows marginal improvement with the overall operating rate increasing, while coal consumption in coastal provinces has exceeded seasonal levels, indicating a shift towards higher energy demand[33] - The operating rate for PTA in the petrochemical sector has improved, with a year-on-year growth rate of 12.7%[33] Inventory and Prices - Coal inventories at Qinhuangdao Port have risen above seasonal levels, nearing historical highs, while steel inventory reduction has slowed with a year-on-year decline of 12.7%[39] - Food prices continue to decline, with pork prices down 1.2% month-on-month and vegetable prices decreasing by 3.0%, leading to a reduction in year-on-year growth rates for these categories[41]