国内高频 | 工业生产延续弱势（申万宏观·赵伟团队）

Core Viewpoint - The article highlights the ongoing weakness in industrial production and real estate transactions in China, with various sectors showing signs of decline or stagnation in activity levels. Group 1: Industrial Production - Industrial production continues to show weakness, with a notable decline in the operating rates of blast furnaces [4][5] - The weekly apparent consumption of five major steel products has also decreased [5] - In the petrochemical sector, there is a marginal improvement in operating rates for certain products, while downstream consumption remains relatively weak [8][12] Group 2: Construction Industry - The cement industry shows stable production and a slight increase in prices, with the national grinding operating rate remaining steady [15][19] - Cement shipment rates have slightly declined, and the inventory ratio continues to decrease [15][20] Group 3: Real Estate Market - The national average daily transaction area for commercial housing remains low, with significant declines in transactions across different city tiers [29][31] - The transaction volume in first, second, and third-tier cities has shown varying degrees of weakness [29][31] Group 4: Demand and Consumption - Freight volumes have decreased, but port cargo throughput remains higher than the same period last year [34] - Passenger traffic remains high, with flight operations slightly above last year's levels [38] - Movie attendance and box office revenues are significantly higher than in previous years, while automobile sales have seen a decline [42][45] Group 5: Price Trends - Agricultural product prices have generally increased, with notable rises in fruits, vegetables, and eggs, while pork prices have slightly decreased [55][58] - Industrial product prices have shown a significant decline, particularly in energy and chemical sectors [60][62]