国内高频 | 生产走势分化（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the current trends in industrial production, particularly focusing on the stability of blast furnace operations and the recovery of steel consumption, alongside the performance of various sectors such as construction and petrochemicals [6][16][28]. Group 1: Industrial Production - The blast furnace operating rate remains stable, with a week-on-week increase of 1.2% and a year-on-year maintenance at 1.5% [6]. - Steel apparent consumption has shown a week-on-week increase of 2.2%, but a year-on-year decline of 0.9 percentage points to 4.1% [6]. - Social steel inventory has decreased by 1.7% compared to the previous week [6]. Group 2: Petrochemical Sector - In the petrochemical chain, the soda ash operating rate decreased by 4.5% week-on-week but increased by 1.2 percentage points year-on-year to -1.4% [16]. - The PTA operating rate increased by 3.6% week-on-week and rose by 5.7 percentage points year-on-year to 3% [16]. - Downstream consumption in the polyester filament sector saw a week-on-week decrease of 0.9% and a year-on-year decline of 2.2 percentage points to -5.3% [16]. Group 3: Construction Industry - In the construction sector, the national grinding operating rate increased by 2.1% week-on-week and rose by 2.6 percentage points year-on-year to 14.1% [28]. - The cement shipment rate increased by 7.3% week-on-week and rose by 0.2 percentage points year-on-year to 0.8% [28]. - The cement inventory ratio has increased by 0.9% week-on-week and by 3 percentage points year-on-year to 7.3% [28]. Group 4: Glass and Asphalt Production - Glass production has remained flat compared to the previous week, with a year-on-year decline of 0.3 percentage points to -7.5% [40]. - The apparent consumption of glass decreased by 5.7% week-on-week and fell by 5.7 percentage points year-on-year to 6.6% [40]. - The asphalt operating rate, reflecting infrastructure investment, increased by 0.7% week-on-week but saw a year-on-year decline of 0.1 percentage points to -6.4% [40]. Group 5: Real Estate and Transportation - The average daily transaction area of commercial housing in 30 major cities increased by 14.8% week-on-week and saw a year-on-year increase to 25.5% [52]. - The railway freight volume related to domestic demand decreased by 3.2 percentage points year-on-year to 4.3% [64]. - The number of domestic and international flights increased by 0.5% and 1.2% week-on-week, respectively, with year-on-year increases of 7.7% and 2.2% to 10.2% and 7.1% [76]. Group 6: Price Trends - Agricultural product prices are generally weak, with pork, vegetables, and fruit prices decreasing by 1.3%, 0.9%, and 0.7% respectively [106]. - The industrial product price index decreased by 0.2% week-on-week, with the energy and chemical price index increasing by 1.2% and the metal price index decreasing by 0.6% [118].