宏观周报

Economic Performance - The operating rate of blast furnaces in 247 steel mills nationwide was 81.91%, a decrease of 0.15 percentage points from the previous week[22] - The capacity utilization rate for these steel mills was 88.51%, down by 0.09 percentage points, but still at a relatively high level[24] - The average daily pig iron output was 2.3575 million tons, a slight decrease of 0.25 thousand tons from the previous week[24] - The cement clinker capacity utilization rate was 43.7%, a significant drop of 17.45 percentage points from the previous week[30] Agricultural and Commodity Prices - The average wholesale price index for agricultural products was 123.03, down 5.74% from the average price in October[76] - The average wholesale price index for "vegetable basket" items was 124.49, a decrease of 6.54% compared to October[76] - The average price of grain and oil products was 114.34, down 0.21% from the previous period[77] Short-term Inflation and Interest Rates - The overnight SHIBOR rate was 1.4560%, down 0.0140 percentage points from November 15[86] - The 1-day pledged repo rate was 1.6057%, a decrease of 0.0104 percentage points from the previous week[86] - The 7-day pledged repo rate was 1.8000%, down 0.0290 percentage points from November 15[90] Policy Changes - Beijing and Shanghai will cancel the distinction between ordinary and non-ordinary housing standards starting December 1[92] - Guangzhou plans to introduce new residency policies to attract talent and investment[92] - The Ministry of Finance has allocated a local government debt limit of 6 trillion yuan, with some provinces already starting to issue bonds[94]