宏观高频数据追踪：一线城市楼市表现亮眼，制造业生产恢复好于建筑施工行业

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The real - estate high - frequency data shows a marginal improvement, but its sustainability needs further observation. The performance of the real - estate market in first - tier cities is remarkable, and attention should be paid to the "small spring" of the real - estate market in March [2][8]. - The resumption of work and production rate of national construction sites is lower than that of the same lunar period last year. The production of the construction industry is weak, while the manufacturing industry provides some support for industrial production. Attention should be paid to the recovery of industrial production in North China after the influence of weather factors fades [2][9]. - The international crude oil market is in a volatile state. Geopolitical factors significantly affect oil prices. The release of strategic oil reserves by multiple countries may impact the oil price, and the future development of the Middle East situation also needs attention [2][10]. 3. Summaries According to the Directory 3.1 Financial Market - Interest rate and credit bond indices show differentiated performance, and the Nanhua Energy and Chemical Index rises [11][13]. - The gold - copper ratio shows a marginal increase, and the gold - silver ratio decreases. The gold price rises marginally, and the silver price first rises and then falls [14]. 3.2 Industrial Production 3.2.1 Power Generation - The coal consumption of power plants in eight southern provinces decreases, and the price of thermal coal shows a marginal decline [16][17]. 3.2.2 Coking - The operating rate of coking enterprises rises marginally, and the prices of coking coal and coke futures increase [18]. 3.2.3 Steel - The output of rebar increases, and the arrival volume of iron ore at six northern ports rises significantly. The prices of iron ore futures and spot increase, and the rebar futures price also goes up [20][21][23]. 3.2.4 Building Materials - The capacity utilization rate of cement clinker continues to rise, and the accumulation rate of copper and aluminum inventories slows down. The price of glass rises, while the national cement price index shows a marginal decline [25][26][28]. 3.2.5 Chemical Industry - Most of the operating rate data shows an upward trend, and the crude oil price continues to rise significantly. The methanol operating rate continues to decline, while the soda ash operating rate rises marginally [38]. 3.2.6 Automobile - The operating rates of automobile semi - steel tires and all - steel tires increase slightly [39][40]. 3.3 Resumption of Work and Production - The resumption of work and production progress of 10,692 national construction sites is lower than that of the same lunar period last year, and the resumption of non - real - estate projects is better than that of real - estate projects [41][42]. 3.4 Logistics and Transportation 3.4.1 Freight - The road logistics freight rate index remains stable, and the railway freight volume continues to rise [42][43]. 3.4.2 Passenger Transport - The subway passenger volume fluctuates within a narrow range, and the number of domestic and international flights drops significantly [45]. 3.5 Terminal Demand 3.5.1 Credit - The negative spread between bill rediscount and certificate of deposit narrows, and the rediscount rate of six - month national - owned enterprise bills rises marginally [46][48][51]. 3.5.2 Real Estate - The transaction area of new houses fluctuates upward, and the sales area of second - hand houses in Beijing, Shanghai, and Shenzhen rebounds significantly. The land transaction area of 100 cities rises marginally, while the land premium rate drops significantly [52][53][66]. 3.5.3 Construction - The apparent demand for rebar rebounds significantly, and the proportion of profitable steel mills turns from a decline to an increase [66][67]. 3.5.4 Consumption - The total number of movie screenings decreases seasonally, and the vegetable price continues to fall [67][75][76]. 3.5.5 Export - The SCFI freight rate rises, and the port container throughput continues to recover. The CCFI index of the Persian Gulf - Red Sea route rises significantly month - on - month, while the Baltic Dry Index fluctuates downward [79][84][86].