Production Side - In January, the operating rate of 247 blast furnaces was 78.96%, showing a slight increase but still weak[3] - The operating rates for electric furnaces and rebar were 62.44% and 38.77%, respectively, both higher than the previous month's average[3] - Cement mill operating rate fell to 27.92%, a decrease from last month[3] - Chemical product operating rates generally improved, with soda ash, PVC, and PTA at 84.36%, 79.12%, and 76.10%, respectively, all significantly higher than last month[3] Demand Side - In January, the average transaction area of commercial housing in 30 cities decreased by 27.64% year-on-year, while land transaction area in 100 cities fell by 32.92%[4] - The average daily sales of passenger cars significantly cooled down, while movie box office revenue dropped by 11.21% year-on-year and 25.26% month-on-month[4] - The average subway passenger volume in ten major cities was 62.89 million, up 5.19% year-on-year and 0.82% month-on-month[4] Price Side - The wholesale price index for agricultural products rose by 5.55% year-on-year, while the chemical product price index increased by 3.70% month-on-month but decreased by 7.37% year-on-year[5] - Copper and aluminum prices rose by 8.45% and 6.39% month-on-month, with year-on-year increases of 32.26% and 15.58%, respectively[6] - Rebar prices remained low, with a month-on-month increase of 0.17% but a year-on-year decrease of 6.88%[6] Risk Factors - Risks include domestic policy implementation falling short of expectations and overseas policies exceeding expectations[7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report analyzes the production, demand, and inflation situation in multiple industries. In production, tire开工率 has dropped to the second - lowest level of the year, while power plant daily consumption is seasonally down and blast furnace开工率 remains high. In demand, first - tier city property sales have turned positive again, the car market retail is stable, steel prices have rebounded after a decline, cement prices are falling rapidly, glass prices are close to previous lows, and the container shipping freight rate index has stopped falling. In terms of inflation, pork prices are fluctuating at a low level, and oil prices have rebounded strongly [4]. 3. Summary According to the Directory 3.1 Economic Growth 3.1.1 Production - Power plant daily consumption is seasonally down. On May 13, the average daily consumption of 6 major power - generating groups was 74.7 tons, a 0.6% decrease from May 6. On May 7, the daily consumption of power plants in eight southern provinces was 173.7 tons, a 7.0% decrease from April 28 [4][11]. - Blast furnace开工率 remains high. On May 9, the national blast furnace开工率 was 84.6%, a 0.3 - percentage - point increase from May 2, and the capacity utilization rate was 92.1%, a 0.1 - percentage - point increase from May 2. The blast furnace开工率 of Tangshan steel mills on May 9 was 94.3%, unchanged from May 2 [4][15]. - Tire开工率 has dropped to the second - lowest level of the year. On May 8, the开工 rate of truck full - steel tires was 44.8%, a 11.5 - percentage - point decrease from May 1, and the开工 rate of car semi - steel tires was 58.4%, a 14.1 - percentage - point decrease from May 1. The loom开工率 in the Jiangsu and Zhejiang regions has slightly rebounded [4][18]. 3.1.2 Demand - First - tier city property sales have turned positive again. From May 1 - 13, the average daily sales area of commercial housing in 30 large and medium - sized cities was 19.7 square meters, a 4.1% increase from April and a 1.3% increase from the same period last year. By region, sales areas in first - tier, second - tier, and third - tier cities increased by 25.2%, decreased by 8.4%, and decreased by 4.3% year - on - year respectively [4][24]. - The car market retail is stable. In May, retail sales increased by 12% year - on - year, and wholesale sales increased by 25% year - on - year [4][29]. - Steel prices have rebounded after a decline. On May 13, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 1.6%, 1.0%, 0.6%, and decreased by 1.5% respectively compared to May 6. Steel inventory has started to accumulate. On May 9, the inventory of five major steel products was 1033.0 tons, a 1.8 - ton increase from May 2 [4][33]. - Cement prices are falling rapidly. On May 13, the national cement price index decreased by 1.8% compared to May 6. In the East China and Yangtze River regions, cement prices decreased by 2.6% and 3.9% respectively [4][34]. - Glass prices are close to previous lows. On May 13, the active glass futures contract price was 1032.0 yuan/ton, a 3.8% decrease from May 6 [4][38]. - The container shipping freight rate index has stopped falling. On May 9, the CCFI index decreased by 1.3% compared to April 30, while the SCFI index increased by 0.3% [4][42]. 3.2 Inflation 3.2.1 CPI - Pork prices are fluctuating at a low level. On May 13, the average wholesale price of pork was 20.8 yuan/kg, a 0.7% decrease from May 6. Since May, the average wholesale price of pork has increased by 0.4% month - on - month [4][49]. - The decline of the agricultural product price index is less than the seasonal average. On May 13, the agricultural product wholesale price index decreased by 1.1% compared to May 6. By variety, fruits increased by 4.2%, beef increased by 0.7%, mutton increased by 0.5%, while pork decreased by 0.7%, chicken decreased by 0.9%, vegetables decreased by 1.4%, and eggs decreased by 1.6% [4][55]. 3.2.2 PPI - Oil prices have rebounded strongly. On May 13, the spot prices of Brent and WTI crude oil were 66.2 and 63.7 dollars/barrel respectively, increasing by 5.2% and 7.8% compared to the previous week. Since May, the monthly average prices of Brent and WTI spot have decreased by 7.0% and 5.0% respectively month - on - month [4][58]. - Copper and aluminum prices have increased. On May 13, the prices of LME 3 - month copper and aluminum increased by 0.8% and 2.0% respectively compared to May 6. Since May, the LME 3 - month copper price has increased by 2.2% month - on - month, and the LME 3 - month aluminum price has increased by 0.4% month - on - month [4][62]. - Most industrial product prices have weakened. Since May, most industrial product prices have shown a downward trend, with some prices having a wider year - on - year decline [4][65].