3月经济初窥-2025-03-19

Investment Rating - The report does not explicitly state an investment rating for the industry [22]. Core Insights - The industrial sector's operating rates are generally higher than the same period last year, with notable increases in various sectors such as benzene-styrene (up 15.9%) and coke enterprises (up 3.6%) [3][4]. - Construction funding availability has improved, but physical workload still needs enhancement, with a national construction site funding availability rate of 57.2% as of March 11 [3]. - The real estate market shows positive trends, with a year-on-year increase in transaction volume in major cities, particularly in second-hand housing [5][6]. - Passenger vehicle retail sales in early March showed a significant year-on-year growth of 14%, indicating a recovery in the automotive sector [6]. - The container throughput at ports remains stable, reflecting steady export activity despite global economic uncertainties [10]. Summary by Sections Industrial Sector - High furnace operating rates reached 80.6%, with a year-on-year increase of 4.0 percentage points [3]. - The operating rate for PTA in Jiangsu and Zhejiang decreased by 6.2 percentage points year-on-year [3]. Construction and Real Estate - The funding availability rate for construction sites improved by 0.75 percentage points from February [3]. - The average daily transaction area for commercial housing in 30 major cities increased by 11.0% year-on-year [5]. Automotive Sector - Retail sales of passenger vehicles in early March increased by 14% year-on-year, with wholesale sales up by 26% [6]. - New energy vehicle sales saw a year-on-year growth of 44% [6]. Transportation and Logistics - Domestic flight execution rates showed a year-on-year decline of 2.9%, while international flights increased by 20.1% [5]. - Container throughput at ports increased by 11.3% year-on-year, indicating robust export activity [7]. Consumer Goods - The home appliance sector maintained relatively high offline sales growth, with air conditioning sales showing resilience despite some online declines [6][7]. - Food prices remained stable, with seasonal trends observed in pork and vegetable prices [9].