国内高频 | 人流出行延续高位（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the recent trends in industrial production, demand, and pricing, highlighting the recovery in construction and real estate transactions, as well as the mixed performance of various sectors in the economy [2][50][104]. Group 1: Industrial Production Tracking - The industrial production shows a divergence, with high furnace operation maintaining resilience while steel consumption has declined. The high furnace operating rate increased by 0.1% week-on-week and rose by 0.1 percentage points year-on-year to 2.3% [2] - In the petrochemical sector, the operation rate for soda ash decreased by 0.3% week-on-week and fell by 0.6 percentage points year-on-year to -3.0%, while PTA's operating rate increased by 0.2% week-on-week and rose by 0.4 percentage points year-on-year to -5% [14] - The construction industry saw a marginal recovery in cement production, with the grinding operation rate decreasing by 3.8% week-on-week but increasing by 3.6 percentage points year-on-year to 3.4% [26] Group 2: Demand Tracking - The real estate market showed improvement, with the average daily transaction area of commercial housing in 30 major cities increasing year-on-year to 106.8%. Notably, second-tier cities experienced a significant recovery, with transactions rising to 137.8% year-on-year [50] - The transportation metrics related to domestic demand, such as railway freight volume and highway truck traffic, increased by 2.1 and 20.2 percentage points year-on-year to 3.1% and 26%, respectively [62] - The migration scale index rose by 36.8 percentage points year-on-year to 52.7%, indicating a strong recovery in travel activity [74] Group 3: Price Tracking - Agricultural product prices generally declined, with egg and vegetable prices dropping by 3.4% week-on-week, while fruit prices remained stable [104] - The industrial product price index decreased by 0.5% week-on-week, with the energy and chemical price index falling by 1.1% and the metal price index rising by 0.4% [116]