债市基本面高频数据跟踪报告：2025年8月第2周：电厂日耗创近年新高

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Economic growth shows mixed signals with high power plant daily consumption but weakening demand in some sectors such as real - estate and shipping [4][21]. - Inflation presents different trends, with CPI affected by falling pork prices and PPI influenced by declining oil prices [2][4]. 3. Summary by Relevant Catalogs 3.1 Economic Growth: Power Plant Daily Consumption Reaches a New High in Recent Years 3.1.1 Production: Power Plant Daily Consumption Reaches a New High in Recent Years - On August 12, the average daily consumption of 6 major power - generating groups was 955,000 tons, up 7.3% from August 5. On August 6, the daily consumption of power plants in eight southern provinces was 2.502 million tons, up 12.3% from July 31 [11]. - The daily consumption of coastal eight - province power plants reached a five - year high due to high - temperature and humid weather [11]. 3.1.2 Production: Partial Decline in Blast Furnace Operating Rate - On August 8, the national blast furnace operating rate was 83.8%, up 0.3 percentage points from August 1; the capacity utilization rate was 90.1%, down 0.2 percentage points from August 1. The blast furnace operating rate of Tangshan steel mills was 92.6%, down 0.8 percentage points from August 1 [14]. - There is a possibility of stricter environmental protection control in Tangshan due to air quality concerns [14]. 3.1.3 Production: Weakly Stable Tire Operating Rate - On August 7, the operating rate of truck all - steel tires was 61.0%, down 0.1 percentage points from August 1; the operating rate of car semi - steel tires was 74.4%, down 0.1 percentage points from August 1 [16]. - On August 7, the operating rate of polyester filament in the Jiangsu - Zhejiang region was 90.7%, down 0.9 percentage points from July 31; the operating rate of downstream looms was 55.8%, up 0.2 percentage points from July 31 [16]. 3.1.4 Demand: Nine - Consecutive - Day Decline in Container Shipping Freight Index - From August 1 - 12, the average daily sales area of commercial housing in 30 large and medium - sized cities was 175,000 square meters, down 12.5% from July, 15.9% from August last year, and 32.5% from August 2023 [21]. - In August, retail sales of cars decreased by 4% year - on - year, while wholesale sales increased by 16% year - on - year [23]. - On August 12, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 0.6%, 1.0%, 2.0%, and 0.8% respectively compared to August 5. The inventory of five major steel products increased by 201,000 tons from August 1 to August 8 [30]. - On August 12, the national cement price index decreased by 0.1% compared to August 5. The average cement price has been falling both month - on - month and year - on - year [31]. - On August 12, the active glass futures contract price was 1,067 yuan/ton, down 0.6% from August 5. The decline in glass prices has slowed [36]. - On August 8, the CCFI index decreased by 2.6% and the SCFI index decreased by 3.9% compared to August 1. The container shipping market is in a wait - and - see state due to the uncertainty of Sino - US tariffs [40]. 3.2 Inflation: Pork Prices Fall to a One - Year Low 3.2.1 CPI: Pork Prices Fall to a One - Year Low - On August 12, the average wholesale price of pork was 20.3 yuan/kg, down 0.3% from August 5. The average wholesale price of pork in August decreased by 0.9% month - on - month and 24.2% year - on - year [48]. - The agricultural product price index's upward inflection point is later than in previous years. On August 12, the agricultural product wholesale price index increased by 0.8% from August 5 [54]. 3.2.2 PPI: Oil Prices Continue to Decline - On August 12, the spot prices of Brent and WTI crude oil were 67.6 and 63.2 dollars/barrel respectively, down 2.8% and 3.1% from August 5. The prices have been falling both month - on - month and year - on - year [55]. - On August 12, the LME 3 - month copper and aluminum prices increased by 1.1% and 1.7% respectively compared to August 5 [60]. - Most industrial product prices increased in August. The month - on - month increase of the domestic commodity index narrowed [60].