宏观高频跟踪：地产销售逐渐转弱，基建需求仍有韧性

Real Estate - Real estate sales are gradually weakening, with new and second-hand home sales declining ahead of the Spring Festival[2] - Last week, the transaction area of commercial housing in 41 cities was 1.6189 million square meters, down 38.84% year-on-year and 22.01% month-on-month[4] - The average price index for new homes in major cities shows a mixed trend, with Beijing down 1.92% month-on-month and Shenzhen up 6.20% month-on-month[4] Infrastructure - Infrastructure demand remains resilient despite a seasonal slowdown, with the physical workload index at 29.46, down 34.03% year-on-year and 11.72% month-on-month[54] - The issuance of special bonds for 2025 has begun, with approximately 198 billion yuan issued as of January 23, 2024[45] - In December, 4,520 projects were initiated nationwide, with a total investment of approximately 26,168 billion yuan, reflecting a year-on-year increase of 45.77%[52] Manufacturing - December excavator sales reached 19,369 units, showing a month-on-month recovery[70] - Retail sales of home appliances have seen a rebound, with air conditioner sales at 361,000 units, up 8.73% month-on-month[79] - The average daily sales of passenger cars were 48,300 units last week, indicating a recovery trend[73] Inflation and Exports - Food prices, energy, and industrial product prices have shown signs of recovery[94] - Port container throughput has increased, indicating a rebound in export activities[98]