Core Viewpoint - The article highlights improvements in industrial production, sustained high levels of infrastructure construction, and a rebound in real estate transactions, indicating a potential recovery in the economy [2][5][24]. Group 1: Industrial Production - Industrial production has shown improvement, with the blast furnace operating rate increasing by 3.5% week-on-week and 3.5 percentage points year-on-year to 83.9% [5][12]. - The chemical production chain has also seen a rise, with soda ash and PTA operating rates increasing by 1.1% and 5.5% respectively, year-on-year changes being +2.7 percentage points to 12.5% and +8.5 percentage points to 75% [12][16]. - The automotive sector has experienced an uptick, with the operating rate of semi-steel tires rising by 6% week-on-week and 5.8 percentage points year-on-year to 73.5% [12]. Group 2: Construction and Infrastructure - Infrastructure construction remains at a high level, with national grinding operating rates and cement shipment rates increasing by 4.3% and 1.2 percentage points respectively, year-on-year changes being +5.8 percentage points to 44.7% and +1.1 percentage points to 46.4% [16][22]. - The asphalt operating rate has slightly decreased by 1.8% week-on-week but remains at a high level year-on-year at 38.4% [22]. Group 3: Real Estate and Demand - Real estate transactions have improved, with the average daily transaction area of new homes rising by 9.6 percentage points year-on-year to 6.3 million square meters, particularly in first and second-tier cities [25][28]. - Port cargo throughput related to exports has shown strong performance, with year-on-year increases of 1.3 percentage points to 8.5% [32]. Group 4: Price Trends - Agricultural product prices have rebounded, with prices for eggs, vegetables, and pork increasing by 1.3%, 0.8%, and 0.3% respectively [57]. - Industrial product prices are showing divergence, with the Nanhua Industrial Price Index increasing by 0.1% week-on-week, while energy and chemical prices decreased by 0.2% [63].

Core Viewpoint - The article highlights the divergence in industrial production, the continued recovery in infrastructure construction, and the weakness in real estate transactions, indicating mixed signals in the economy [2][4][29]. Group 1: Industrial Production - Industrial production shows divergence, with the blast furnace operating rate increasing by 0.9 percentage points year-on-year to 6.8%, while the apparent consumption continues to weaken, down 1.9 percentage points to 0% [2][4]. - The chemical sector shows significant declines, with soda ash and PTA operating rates down 4.1 percentage points to 1.7% and 5.5 percentage points to 12.1%, respectively [11]. - The automotive sector also experiences weakness, with the semi-steel tire operating rate down 0.3 percentage points to 6.2% [11]. Group 2: Construction and Infrastructure - Infrastructure construction continues to recover, with the asphalt operating rate increasing by 0.1 percentage points to 9.2% [2][23]. - Cement production and demand show a decline, with the national grinding operating rate and cement shipment rate down 3.3 percentage points to 9% and 1.3 percentage points to 4.2%, respectively [17]. Group 3: Real Estate and Demand - Real estate transactions remain weak, with the average daily transaction area for new homes showing a year-on-year increase of 9.6% but still at a low level [2][29]. - The migration scale index shows a year-on-year decline of 7.6% to 12.8%, indicating reduced movement intensity [2][40]. Group 4: Price Trends - Agricultural product prices are declining, with pork, eggs, and fruit prices down by 0.2%, 0.2%, and 0.5% respectively, while vegetable prices have increased by 1.7% [56]. - Industrial product prices are rebounding, with the Nanhua Industrial Price Index up by 0.2%, and the metal price index also increasing by 0.2% [62].

Core Viewpoint - The article highlights the divergence in industrial production, the continued recovery in infrastructure construction, and the weakness in real estate transactions, indicating mixed signals in the economic landscape [2][4][29]. Group 1: Industrial Production - The high furnace operating rate increased by 0.9 percentage points year-on-year to 6.8%, while the apparent consumption continued to weaken, dropping by 1.9 percentage points to 0% [4]. - Chemical production showed significant declines, with soda ash and PTA operating rates down by 4.1 percentage points to 1.7% and 5.5 percentage points to 12.1%, respectively [11]. - The automotive sector also faced challenges, with the operating rate for semi-steel tires decreasing by 0.3 percentage points to 6.2% [11]. Group 2: Construction Industry - Infrastructure construction is showing signs of recovery, with the asphalt operating rate rising by 0.1 percentage points to 9.2% [2][23]. - However, cement production and demand have declined, with the national grinding operating rate and cement shipment rate down by 3.3 percentage points to 9% and 1.3 percentage points to 4.2%, respectively [17]. Group 3: Real Estate and Demand - National new housing daily transaction area remains weak, with a year-on-year increase of 9.6% to 0%, particularly in first and third-tier cities [29]. - The migration scale index decreased by 7.6% year-on-year to 12.8%, indicating a marginal decline in human mobility [40]. Group 4: Price Trends - Agricultural product prices have declined, with pork, eggs, and fruit prices down by 0.2%, 0.2%, and 0.5% respectively, while vegetable prices increased by 1.7% [56]. - The industrial product price index rose by 0.2%, with the metal price index also increasing by 0.2% [62].

Core Insights - The article discusses the rising attention towards "anti-involution" in the market, highlighting significant misunderstandings regarding the concept, particularly in the context of supply-side reforms and the various hidden mechanisms involved in "anti-involution" [4]. Deep Dive Topics - The "anti-involution" topic has gained traction, but there is a considerable divergence in understanding, with many interpreting it through a supply-side reform lens, which may lead to misinterpretations [4]. - The article emphasizes that beyond production adjustments and self-discipline discussions, there are numerous hidden strategies associated with "anti-involution" [4]. Hot Topics - Since June, there has been a resurgence of the "golden-haired girl" trading phenomenon overseas, with domestic sentiment also heating up. The article questions which data might exceed expectations and whether the market's main narrative will shift due to the effects of tariffs [8]. - The importance of "strategic resources" has been underscored in the context of changing global trade dynamics, prompting an exploration of which resources in China possess strategic attributes and how they should be developed in the future [10]. High-Frequency Tracking - The role of "export grabbing" is evolving, with a shift from emerging markets to the United States, indicating a change in export dynamics [13]. - Credit improvement is primarily driven by short-term loans to enterprises, reflecting a trend in financial data [17]. - The June economic data reveals five significant anomalies, suggesting new changes in the economy that may be hidden [21]. - The article notes that the third quarter will serve as a verification period for tariff-induced inflation effects, with a focus on the June Consumer Price Index (CPI) data [24]. - Domestic infrastructure construction has shown a continuous recovery, while industrial production remains relatively stable, although there is a divergence in the construction sector and a slowdown in real estate transactions [26]. - The expiration of tariff exemptions has led to declines in most developed markets, indicating a potential impact on international trade dynamics [29].

Group 1: Industrial Production - Industrial production shows seasonal characteristics of a downturn, with a slight decrease in blast furnace operating rates, down 0.3 percentage points year-on-year to 1.0% [2][48] - Midstream production is mixed, with soda ash and polyester filament operating rates increasing by 0.4 percentage points to -3.0% and 3.8% respectively, while PTA operating rates decreased by 0.2 percentage points to 5.0% [2][48] - Cement production and demand remain weak, with national grinding operating rates down 3.6 percentage points to -4.6% and cement shipment rates down 0.2 percentage points to -4.2% [2][48] Group 2: Construction and Infrastructure - Overall infrastructure construction is weak, with asphalt operating rates slightly declining by 0.4 percentage points to 5.3% [2][48] - Cement inventory continues to rise, with a year-on-year increase of 1.1 percentage points to 3.3% [13] Group 3: Demand and Shipping - Port cargo throughput and container throughput have rebounded, increasing by 5.7 percentage points to 3.6% and 4.1 percentage points to 5.3% respectively [2][48] - The average daily transaction area of new homes in 30 major cities has significantly decreased, down 13.9 percentage points year-on-year to -5.1%, with first-tier cities experiencing a drop of 38.3 percentage points to -14.2% [24][48] Group 4: Price Trends - Agricultural product prices have generally declined, with significant drops in egg, fruit, and pork prices, down 1.5%, 1.3%, and 0.4% respectively [3][49] - Industrial product prices have rebounded, with the South China industrial product price index increasing by 3.1% [3][49]

Group 1: Industrial Production - Industrial production shows signs of seasonal weakness, with blast furnace operating rates slightly down by 0.3 percentage points year-on-year to 1%[4] - Midstream production is mixed, with soda ash operating rates up by 0.4 percentage points to -3% and polyester filament operating rates up by 0.4 percentage points to 3.8%[4] - Cement grinding rates decreased by 3.6 percentage points year-on-year to 4.6%, indicating weak construction activity[4] Group 2: Downstream Demand - Port cargo throughput increased by 5.7 percentage points year-on-year to 3.6%, while container throughput rose by 4.1 percentage points to 5.3%[5] - Daily average transaction area of new homes in 30 major cities fell significantly, down by 38.3 percentage points year-on-year to 14.2%[5] - Shipping prices saw a substantial increase, with the CCFI composite index rising by 8% week-on-week, particularly on the US West Coast where rates surged by 14.8%[5] Group 3: Price Trends - Agricultural product prices declined, with egg prices down by 1.5%, fruit prices down by 1.3%, and pork prices down by 0.4%[5] - Industrial product prices showed a rebound, with the Nanhua Industrial Price Index increasing by 3.1% week-on-week, and the energy chemical price index rising by 5.6%[5] - The metal price index decreased slightly by 0.2% week-on-week, indicating mixed trends in industrial commodities[5] Group 4: Risks - Potential risks include unexpected changes in trade conditions, uncertainties in policy responses, and the effectiveness of policy transmission mechanisms[6]

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and the divergent trends in shipping prices, indicating a mixed economic recovery landscape. Group 1: Industrial Production - Industrial production remains stable, with the blast furnace operating rate showing resilience, down by 0.5 percentage points year-on-year to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament have improved, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8%, respectively [2][17] - The operating rate of automotive semi-steel tires has also improved significantly, up by 15.5 percentage points to -2.4% year-on-year [2][17] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates significantly below last year's levels, up by 1.5 percentage points to -3.5% and down by 0.6 percentage points to -6.9%, respectively [2][28] - Asphalt operating rates have seen a notable increase, up by 4.8 percentage points to 6.8% year-on-year [2][40] Group 3: Downstream Demand - The transaction volume of commercial housing continues to decline, with the average daily transaction area of new homes down by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, down by 15.3% to -6.2% and 7.1% to -0.3% year-on-year, respectively [2][63] - Shipping prices are showing divergent trends, with the price on the West America route continuing to rise, while prices on the Southeast Asia route have significantly dropped [2][93] Group 4: Price Trends - Agricultural product prices are mixed, with vegetable and egg prices declining by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - The industrial product price index has risen by 2% week-on-week, with the energy and chemical price index up by 2.1% and the metal price index up by 1.8% [3][117]