宏观经济点评：5月高频数据跟踪

Production Side - As of the fourth week of May, the national blast furnace operating rate was 83.89%, up 0.26 percentage points from the previous month[3] - The rebar operating rate was 42.64%, increasing by 0.83 percentage points month-on-month[3] - The cement mill operating rate was at a low level of 41.83%, down 0.40 percentage points from the previous month[3] - The inventory of rebar was 186.42 million tons, down 0.69 percentage points month-on-month[3] Demand Side - In May, the sales area of commercial housing in 30 cities was 201.56 million square meters, down 2.12% month-on-month[60] - The land transaction area was 903.48 million square meters, down 5.97% month-on-month[60] - The average daily sales of passenger cars were 60,823 units, up 18.85% month-on-month[89] Price Trends - The average price of cement was 368.33 yuan/ton, down 1.61% month-on-month[72] - The price of rebar was 3,077.13 yuan/ton, down 2.36% month-on-month[73] - The PPI for copper was 77,042 yuan/ton, down 0.58% month-on-month[99]