【广发宏观贺骁束】高频数据下的9月经济：数量篇

Group 1 - The core viewpoint of the article highlights a mixed economic performance in September, with some sectors showing improvement while others face challenges due to high base effects and seasonal fluctuations [10][28]. Group 2 - Power generation data for coal-fired plants showed a significant year-on-year decline of 12.6% as of September 25, attributed to typhoon weather and better hydropower output, leading to reduced coal consumption [1][7]. - Industrial operating rates exhibited mixed results, with blast furnace operating rates increasing by 6.2 percentage points year-on-year, while some sectors like polyester filament saw a decline of 3.1 percentage points [2][8]. - Steel production from key enterprises showed a mixed trend, with rebar production declining by 2.4% month-on-month, while hot-rolled coil production increased by 0.6% [10][12]. Group 3 - Infrastructure funding availability improved, with a funding rate of 59.54% as of September 23, reflecting a month-on-month increase of 0.32 percentage points [3][12]. - The average daily passenger volume for subways in major cities was 60.01 million, showing a year-on-year increase of 2.9% despite a month-on-month decline of 3.8% [13][14]. Group 4 - Real estate sales showed a month-on-month increase of 13.2% in major cities, with a year-on-year increase of 2.9% noted, indicating a recovery from low bases [4][16]. - The retail growth rate for passenger vehicles slowed to 1% year-on-year, while new energy vehicle sales increased by 10% [20][21]. Group 5 - Home appliance sales growth slowed significantly, with offline sales for air conditioners, refrigerators, and washing machines dropping by over 60% year-on-year in mid-September [5][22]. - Container throughput at domestic ports continued to grow at a rate of 7.3% year-on-year, although shipments to the U.S. showed a decline of 22.1% [24][6].