【广发宏观贺骁束】高频数据下的11月经济：数量篇

Group 1 - Power generation data has declined, with cumulative coal-fired power generation down 7.4% year-on-year as of November 20, compared to a 6.2% increase in October [1][6] - Industrial operating rates show mixed trends, with upstream steel and coking rates lower than previous values, while downstream polyester filament and automotive tire rates are higher [7][8] - Key steel mills report a month-on-month decline in hot-rolled and rebar production, with rebar down 0.2% and hot-rolled down 1.9% [2][9] Group 2 - Construction activity indicators are weakening in the off-season, with funding availability rates declining and asphalt operating rates down 5.4% month-on-month [11][12] - The residential living radius has improved, with metro passenger volume in major cities increasing by 3.3% year-on-year [12][13] - The photovoltaic industry manager index continues to rise, indicating a favorable manufacturing environment in the upstream and midstream sectors [3][13] Group 3 - Real estate sales are weak, with a significant year-on-year decline of 33.8% in average daily transactions in major cities [15] - Retail sales of passenger vehicles have seen an expanded decline, with a year-on-year drop of 11% in November [17] - Home appliance sales continue to decline, with online and offline sales showing significant drops compared to previous months [18][19] Group 4 - Port container throughput has slightly increased compared to October, with a year-on-year growth of 7.4% [20] - South Korea's exports have shown resilience, with an 8.2% year-on-year increase in November [21] - Overall economic indicators suggest limited changes, with some sectors showing signs of improvement while others remain under pressure [24]