高频数据跟踪：生产端持续下行，房地产边际改善

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - High - frequency economic data focuses on four aspects: production end heat declines overall, real - estate market improves marginally, price trends are differentiated, and shipping prices drop slightly with a decrease in aviation flights after the summer vacation. Short - term focus includes the implementation of anti - involution and incremental policies, real - estate market recovery, and overseas interest - rate cuts [2][30] 3. Summary by Directory 3.1 Production - Steel: In the week of September 5, the coke oven capacity utilization rate dropped 0.09 pct, the blast furnace operating rate decreased 2.8 pct, and the rebar output reduced by 1.88 tons. The inventory increased by 1.72 tons [3][9] - Petroleum asphalt: In the week of September 3, the operating rate decreased 1.2 pct [9] - Chemicals: On September 4, the PX operating rate remained flat, while the PTA operating rate increased 1.64 pct [3][9] - Automobile tires: In the week of September 4, the full - steel tire operating rate dropped 4.06 pct, and the semi - steel tire operating rate decreased 5.3 pct [3][10] 3.2 Demand - Real estate: In the week of August 31, the commercial housing transaction area increased for two consecutive weeks, the inventory - to - sales ratio decreased, the land supply area reached the highest since February, and the residential land transaction premium rate rebounded [3][13] - Movie box office: In the week of August 31, the box office decreased by 112 million yuan compared with the previous week [13] - Automobiles: In the week of August 31, the average daily retail sales of manufacturers increased by 35,000 vehicles, and the average daily wholesale sales increased by 81,000 vehicles [3][15] - Shipping index: In the week of September 5, the SCFI decreased 0.04%, the CCFI continued to decline 0.62%, and the BDI decreased 2.27% [3][18] 3.3 Prices - Energy: On September 5, the Brent crude oil price decreased 3.85% to $65.5 per barrel, and the coking coal futures price dropped 2.51% to 1,127.5 yuan per ton [3][20] - Metals: On September 5, the LME copper, aluminum, and zinc futures prices changed by - 0.05%, - 0.63%, and + 1.55% respectively, while the domestic rebar futures price rose 0.61% [3][21] - Agricultural products: The overall price continued to rise seasonally. The wholesale price index of agricultural products increased 0.91%. The prices of pork, eggs, vegetables, and fruits changed by - 0.50%, + 1.18%, + 3.85%, and + 1.31% respectively compared with the previous week [3][23] 3.4 Logistics - Subway passenger volume: On September 4, the subway passenger volumes in Beijing and Shanghai decreased [26] - Flight volume: On September 5, the domestic (excluding Hong Kong, Macao, and Taiwan), domestic (Hong Kong, Macao, and Taiwan), and international flight volumes decreased [27] - Urban traffic: On September 5, the peak congestion index of first - tier cities continued to decline [27] 3.5 Summary - The production end continues to decline, and the real - estate market improves marginally. High - frequency economic data focuses on the production end decline, real - estate market improvement, price differentiation, and shipping price and flight volume drops. Short - term focus includes anti - involution and incremental policies, real - estate market recovery, and overseas interest - rate cuts [30]