国内高频指标跟踪（2026年第8期）：节后生产修复

Policy Focus - Recent policies emphasize post-holiday work initiation and pre-conference policy direction, with a focus on the silver economy and elderly care services to boost domestic demand[5] - The State Council meeting on February 24 highlighted the importance of consumer subsidies to stimulate silver consumption demand and improve elderly care services[5] Economic Indicators - Post-holiday travel and service consumption demand remain strong, with migration scale index at 142.4%, significantly higher than historical levels[6][8] - New and second-hand housing sales show year-on-year improvement, particularly in second-tier cities, while first-tier city real estate policy effects are still under observation[6][8] Production and Investment - Production activities are recovering overall, with industries like coking, steel, and chemicals showing marginal increases in operating rates[6][8] - Infrastructure and housing construction recovery is slow, with asphalt and cement operating rates at historically low levels[6][8] Price Trends - Consumer and industrial product prices are on the rise, with the iCPI index increasing to 7.7% driven by post-holiday demand for food and transportation[7][8] - Lithium carbonate prices surged due to supply disruptions from Zimbabwe, reflecting a significant increase of 117.9%[8] Liquidity and Currency - Liquidity has tightened slightly, with the central bank net withdrawing 727.4 billion yuan in the week of February 28[7] - The RMB appreciated against the USD, with the exchange rate moving from 6.91 to 6.86, aided by a reduction in the foreign exchange risk reserve ratio[7]