高频数据跟踪：钢铁生产回落，物价整体上行

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - High - frequency economic data focuses on multiple aspects: At the production end, the overall production of the steel industry chain declines, while the operating rates of asphalt, PTA, and tires increase; the real - estate market experiences a marginal decline with a slight drop in commercial housing transaction area; prices rise overall, with increases in crude oil, coking coal, and rebar prices, and a decrease in copper prices, and agricultural products enter a seasonal upward trend; shipping indices show a differentiated trend, with domestic SCFI and CCFI decreasing and BDI rebounding significantly; with the arrival of summer, service consumption such as tourism and entertainment grows, and both movie box - office and domestic flight volume increase. Short - term attention should be paid to the implementation of a new round of stable - growth stimulus policies, the recovery of the real - estate market, and the impact of international geopolitical changes [2][34]. 3. Summary by Relevant Catalogs 3.1 Production: Steel Industry Chain Declines, Asphalt, PTA, and Tire Operating Rates Increase - Steel: In the week of July 11, the coke oven capacity utilization rate decreased by 0.48 pct, the blast furnace operating rate decreased by 0.31 pct, and the rebar output decreased by 4.42 tons. The inventory increased by 0.41 tons [3][9]. - Petroleum Asphalt: In the week of July 9, the operating rate increased by 1.0 pct [9]. - Chemical Industry: On July 10, the domestic chemical PX operating rate decreased by 0.74 pct, and the PTA operating rate increased by 1.43 pct [3][9]. - Automobile Tires: In the week of July 10, the all - steel tire operating rate increased by 0.81 pct, and the semi - steel tire operating rate increased by 2.51 pct [3][10]. 3.2 Demand: Marginal Decline in Commercial Housing Transactions, BDI Hits Bottom and Rebounds - Real Estate: In the week of July 6, the commercial housing transaction area decreased, the inventory - to - sales ratio decreased, the land transaction area continued to rise, and the residential land transaction premium rate decreased [3][16]. - Movie Box - Office: In the week of July 6, it increased by 198 million yuan compared with the previous week [3][16]. - Automobile: In the week of July 6, the daily average retail sales of automobile manufacturers decreased by 55,700 vehicles, and the daily average wholesale sales decreased by 115,700 vehicles [3][20]. - Shipping Indices: In the week of July 11, SCFI fell by 1.71%, CCFI fell by 2.18%, and BDI rebounded significantly by 15.81% [3][22]. 3.3 Prices: Crude Oil, Coking Coal, and Rebar Rise, Agricultural Products Start to Rise - Energy: On July 11, the Brent crude oil price increased by 3.02% to $70.36 per barrel [24]. - Coking Coal: On July 11, the futures price increased by 7.0% to 909.5 yuan per ton [24]. - Metals: On July 11, the LME copper, aluminum, and zinc futures prices changed by - 1.92%, + 0.17%, and + 0.09% respectively, and the domestic rebar futures price increased by 1.65% [25]. - Agricultural Products: The overall price increased and entered a seasonal upward trend. The agricultural product wholesale price 200 index increased by 0.93%. The prices of pork, eggs, vegetables, and fruits changed by + 0.10%, - 0.28%, + 1.84%, and + 2.05% respectively compared with the previous week [27][28]. 3.4 Logistics: Increase in Domestic Flight Volume, Decline in Peak Congestion Index of First - Tier Cities - Subway Passenger Volume: On July 10, the seven - day moving average of Beijing's subway passenger volume increased by 202,000, and that of Shanghai decreased by 214,300 [30]. - Executed Flight Volume: On July 11, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) executed flight volume increased, while that of international flights decreased [32]. - Urban Traffic: On July 11, the seven - day moving average of the peak congestion index of first - tier cities continued to decline [32].