国内高频 | 生产边际改善，需求保持韧性（申万宏观·赵伟团队）

Core Viewpoint - The article highlights the overall improvement in industrial production, with specific sectors showing varying performance, particularly in steel and construction industries [1][11][21]. Industrial Production Tracking - The blast furnace operating rate increased by 0.5% week-on-week to 84.7%, remaining stable year-on-year [1][4]. - Apparent steel consumption rose by 2% week-on-week, with a narrowing year-on-year decline of 3.8 percentage points to -0.1% [1][6]. - Social inventory continued to decline, down 2.3% week-on-week [1]. Sector Performance - The petrochemical and consumer sectors showed improvement, with soda ash operating rates stable at 84.9%, and a year-on-year decline narrowing to -2.2% [11]. - PTA operating rates increased by 0.4% to 76.0%, with a year-on-year improvement of 1.3 percentage points to -4.8% [11][14]. - The automotive semi-steel tire operating rate improved by 1% to 73.7%, with a year-on-year increase of 1 percentage point to -5.7% [11]. Construction Industry Insights - Cement production and demand were below last year's levels, with the nationwide grinding operating rate increasing by 1.6% week-on-week to 45.4% [21]. - Cement shipment rates remained stable at 44.8%, with a year-on-year decline of 9.3% [21][24]. - Cement inventory ratio slightly increased, up 1.2% week-on-week, but down 1.2 percentage points year-on-year to 0.7% [21]. Demand Tracking - National commodity housing transactions decreased, primarily due to significant declines in second-tier cities, with a daily average transaction area down 5.7% week-on-week [40]. - National road freight volume increased year-on-year, with rail freight volume up 1.8 percentage points to 1.5% [44]. - Passenger car retail sales decreased by 0.5% week-on-week, with a year-on-year decline of 0.7% to 25.4% [59]. Price Tracking - Agricultural product prices generally fell, with vegetable prices rising by 4.3% week-on-week, while fruit, pork, and egg prices declined [74]. - Industrial product prices showed an overall upward trend, with the South China industrial product price index rising by 0.4% week-on-week [82].