国内高频 | 工业生产持续分化（申万宏观·赵伟团队）

Core Viewpoint - The article highlights the divergence in industrial production, the continued recovery in infrastructure construction, and the weakness in real estate transactions, indicating mixed signals in the economic landscape [2][4][29]. Group 1: Industrial Production - The high furnace operating rate increased by 0.9 percentage points year-on-year to 6.8%, while the apparent consumption continued to weaken, dropping by 1.9 percentage points to 0% [4]. - Chemical production showed significant declines, with soda ash and PTA operating rates down by 4.1 percentage points to 1.7% and 5.5 percentage points to 12.1%, respectively [11]. - The automotive sector also faced challenges, with the operating rate for semi-steel tires decreasing by 0.3 percentage points to 6.2% [11]. Group 2: Construction Industry - Infrastructure construction is showing signs of recovery, with the asphalt operating rate rising by 0.1 percentage points to 9.2% [2][23]. - However, cement production and demand have declined, with the national grinding operating rate and cement shipment rate down by 3.3 percentage points to 9% and 1.3 percentage points to 4.2%, respectively [17]. Group 3: Real Estate and Demand - National new housing daily transaction area remains weak, with a year-on-year increase of 9.6% to 0%, particularly in first and third-tier cities [29]. - The migration scale index decreased by 7.6% year-on-year to 12.8%, indicating a marginal decline in human mobility [40]. Group 4: Price Trends - Agricultural product prices have declined, with pork, eggs, and fruit prices down by 0.2%, 0.2%, and 0.5% respectively, while vegetable prices increased by 1.7% [56]. - The industrial product price index rose by 0.2%, with the metal price index also increasing by 0.2% [62].