国内高频 | 工业生产边际改善（申万宏观·赵伟团队）

Group 1: Industrial Production - The operating rate of blast furnaces improved slightly, with a week-on-week increase of 0.4% and a year-on-year rise of 1.3 percentage points to 2.2% [1][4] - Apparent steel consumption decreased by 0.6% week-on-week and fell by 1.5 percentage points year-on-year to 0.6% [1][6] - Steel social inventory continued to decline, down 2.5% week-on-week [1] Group 2: Chemical and Automotive Industries - In the chemical sector, the operating rate of soda ash increased significantly by 4.4% week-on-week and rose by 0.2 percentage points year-on-year to -2.2% [10][11] - The operating rate of PTA rose by 3.2% week-on-week and increased by 4.1 percentage points year-on-year to -4.2% [10][14] - The operating rate of polyester filament increased by 0.4% week-on-week and rose by 3 percentage points year-on-year to 4.8%, while the operating rate of automotive semi-steel tires showed weakness, down 2.4% week-on-week and falling by 2.8 percentage points year-on-year to -13% [10][18] Group 3: Construction Industry - The cement production and demand showed marginal improvement, with the national grinding operating rate increasing by 2.1% week-on-week and rising by 5.2 percentage points year-on-year to 9.9% [22][23] - Cement shipment rate decreased by 1.5% week-on-week but increased by 1.9 percentage points year-on-year to 0.5% [22][26] - The cement inventory ratio continued to decline, down 0.5% week-on-week and up 0.9 percentage points year-on-year to 1.3% [22][30] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities decreased by 47.4% week-on-week and fell by 13.6 percentage points year-on-year to 38.4% [44][45] - The transaction volume in first-tier and second-tier cities was significantly weaker than the previous year, with first-tier cities down 30.8% week-on-week and 12.7 percentage points year-on-year to 44.5%, and second-tier cities down 61.9% week-on-week and 15.8 percentage points year-on-year to 29.8% [44][48][51] - The freight volume related to domestic demand showed a decline, with railway freight volume down 5.9 percentage points year-on-year to -10.3% and highway freight traffic down 8.4 percentage points year-on-year to -9.7% [56][58] Group 5: Price Tracking - Agricultural product prices showed differentiation, with vegetable and fruit prices decreasing by 0.9% and 0.2% respectively, while egg prices increased by 1.4% [98] - The industrial product price index rose by 1.7% week-on-week, with the energy and chemical price index increasing by 0.7% and the metal price index rising by 3.9% [110][114]