国内高频 | 服务消费相关指标走强（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the current state of industrial production, construction, and demand trends in China, highlighting weak performance in various sectors while noting some marginal improvements in construction and consumer behavior. Industrial Production - The operating rate of blast furnaces continues to decline, with a decrease of 1.1% week-on-week to 81.1%, and a year-on-year drop of 0.8 percentage points [2] - Steel apparent consumption fell by 2.68% week-on-week and decreased by 2.4 percentage points year-on-year to 1.2% [2] - Steel social inventory continues to decline, down 2.9% week-on-week [2] Construction Industry - Cement production and demand show marginal improvement, with the national grinding operating rate increasing by 0.5% week-on-week to 38.9% [23] - Cement shipment rates decreased by 0.8% week-on-week to 44.4%, with a year-on-year decline of 2.1% [23] - Cement inventory ratio continues to decline, down 1.9% week-on-week [23] Chemical and Automotive Sectors - The operating rate in the petrochemical chain is at a historical low, with soda ash operating rate down 6.3% week-on-week to 80.7% [12] - The automotive sector shows weak performance, with semi-steel tire operating rates up 1.7% week-on-week to 70.9%, but down 8.1% year-on-year [12] Demand Trends - National commodity housing transactions have decreased, with a 24% week-on-week drop in average daily transaction area across 30 major cities [46] - The migration scale index remains stable, with a year-on-year increase of 0.5 percentage points to 19.8% [58] - Movie attendance and box office revenue have surged, with attendance up 322% year-on-year and revenue up 313.9% [64] Price Trends - Agricultural product prices are generally rising, with vegetable prices up 2.1% week-on-week, while pork prices fell by 0.7% [88] - The South China industrial product price index increased by 1% week-on-week, with energy prices up 0.3% and metal prices up 1.7% [100]