Industrial Production - Steel production continues to recover, with major varieties showing improved apparent demand[1] - Cement clinker capacity utilization rate increased, while some chemical products' operating rates improved month-on-month[1] - The operating rate of polyester in the textile industry increased, and the operating rate of automotive tires continued to recover[1] Real Estate Market - New home sales in 30 major cities decreased by 4.1% year-on-year, with a slight recovery compared to earlier months[1] - The second-hand housing listing price index fell by 1.50% compared to the previous value[1] Domestic Demand - Retail sales of passenger cars in March (1-15) were 561,000 units, down 21% year-on-year[1] - Major home appliance retail sales decreased by 31.1% year-on-year, a drop of 19.2 percentage points from the previous value[1] - Domestic flight operations increased by 5.9% year-on-year, while the Baidu migration index rose by 19%[1] External Demand - Port cargo throughput increased by 2.3% year-on-year, with container throughput up by 11.1%[1] - The export container freight index rose by 4.5% month-on-month[1] Price Trends - The Nanhua Industrial Price Index fell by 0.9%, while the Nanhua Petrochemical Index rose by 3.1%[1] - The price of rebar futures decreased by 0.6%, while the spot price fell by 0.2%[1] - The agricultural product wholesale price index dropped by 0.9%[1]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report analyzes the economic situation from multiple aspects during the period of 2026.03.08 - 2026.03.14, indicating that industrial production is recovering, personnel flow is decreasing, freight prices are slightly rising, the film market is weakening, prices are continuing to decline, construction is seasonally warming up, the real - estate market is recovering, exports show a slight increase, and the performance of major asset classes is mixed [4]. 3. Summary According to the Directory 3.1. Large - scale Assets - This week, bond indices showed mixed performance, stock indices showed mixed performance, commodities showed mixed performance, and foreign currencies, except the US dollar, generally declined. Among bond indices, the AA +, AA, and AA - indices of ChinaBond corporate bonds rose the most, with a gain of 0.04%, while the 10 - year ChinaBond Treasury bond index fell the most, with a decline of 0.15%. Among stock indices, the ChiNext index rose the most, with a weekly gain of 2.51%, and the Sci - tech Innovation 50 index fell the most, with a decline of 2.88%. Among commodities, the Nanhua Energy and Chemicals Index rose the most, with a gain of 9.76%, and the Nanhua Precious Metals Index fell the most, with a decline of 1.52%. Foreign currencies against the RMB generally fell, with the Japanese yen having the largest decline of 1.17%, and the US dollar appreciated against the RMB, with a weekly gain of 0.07% [4][9]. 3.2. Industrial Production - Production has recovered. In the upstream, the operating rate of petroleum asphalt plants decreased by 0.30 pcts week - on - week to 23.00%, the blast furnace operating rate increased by 0.67 pcts week - on - week to 78.36%, and the crude steel output decreased by 0.10% week - on - week. In the real - estate chain, the operating rate of rebar increased by 2.62 pcts week - on - week to 38.38%, the operating rate of float glass decreased by 0.10 pcts week - on - week to 71.42%, and the mill operation rate decreased by 1.94 pcts week - on - week to 14.62%. In the general consumer goods chain, the operating rate of polyester filament increased by 4.3 pcts week - on - week to 88.79%, the PTA operating rate increased by 0.64 pcts week - on - week to 80.33%, and the methanol operating rate decreased by 1.22 pcts week - on - week to 85.61%. In the automobile chain, the operating rate of automobile semi - steel tires increased by 3.68 pcts week - on - week to 77.71%, and the operating rate of automobile all - steel tires increased by 4.32 pcts week - on - week to 70.22% [4][12]. 3.3. People and Goods Flow - Personnel flow has decreased, and freight prices have risen slightly. In terms of personnel flow, the 7 - day moving average (7DMA) of the national migration scale index decreased by 14.30% week - on - week, the 7DMA of the number of domestic flights decreased by 7.34% week - on - week, and the 7DMA of the number of international flights decreased by 4.63% week - on - week. The subway passenger volume in Shanghai, Shenzhen, and Guangzhou increased week - on - week, while that in Beijing decreased. In terms of freight flow, the 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.03% week - on - week, and the total volume was slightly higher than the same period last year [4][32]. 3.4. Consumption - The film market has weakened, and price performance has continued to decline. In the previous period, automobile wholesale and retail sales decreased month - on - month, and the 4WMA of the year - on - year growth rate of wholesale and retail sales increased. This period, the weekly box office of movies decreased by 64.00% week - on - week, and the 7DMA of the number of movie - goers decreased by 63.00% week - on - week. Agricultural product prices decreased slightly, with the pork price decreasing by 4.99% week - on - week and the vegetable price decreasing by 5.18% week - on - week [4][48]. 3.5. Investment - Construction shows seasonal warming, and the real - estate market has recovered. This period, the cement inventory - to - capacity ratio decreased by 0.3% week - on - week, the cement price index decreased by 0.38% week - on - week, and the cement shipment rate increased by 5.2% week - on - week. The rebar inventory increased by 2.6% week - on - week, the proportion of profitable steel mills nationwide decreased by 1.73% week - on - week, and the apparent demand for rebar increased by 80.0% week - on - week. Overall, the terminal demand for construction shows seasonal warming. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 4.7% week - on - week. By city - tier, the commercial housing transaction areas in first - and third - tier cities increased, while that in second - tier cities decreased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 4.31% week - on - week, and the national second - hand housing listing price index decreased by 0.8% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [4][58]. 3.6. Exports - Container throughput has increased slightly, and shipping indices have recovered. This period, the port cargo throughput decreased by 0.42% week - on - week, and the container throughput increased by 1.4% week - on - week. The BDI index increased by 0.90% week - on - week, the domestic SCFI index increased by 14.85% week - on - week, and the CCFI index increased by 1.70% week - on - week [4][74].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Production resumption is relatively moderate, with the growth rate of the resumption rate narrowing compared to the same period last lunar year. The resumption of real - estate projects is better than that of non - real - estate projects, showing a "faster in the south, slower in the north" pattern. Industrial production resumption is also mild, and the marginal change in the national production rhythm after the weakening of northern weather disturbances needs further attention [3][9]. - Land transactions have rebounded significantly, but the growth of new and second - hand housing transactions has narrowed. The land premium rate in 100 cities has reached a high level since 2021. New - home sales in first - tier cities remain relatively strong, while those in second - and third - tier cities have declined. Second - hand housing sales in 15 cities first increased and then decreased. The "small spring" of the real estate market in March 2026 and the possibility of incremental real - estate optimization policies in each city need continuous attention [3][10]. - International energy prices such as crude oil and natural gas have risen significantly. As of March 6, the IPE Brent crude oil futures settlement price increased by 27.9% from last Friday, and the UK natural gas price rose by 74.9%. Due to the attack on Iranian oil facilities and the near - blockade of the Strait of Hormuz, the development of the Middle East situation and the transmission of rising oil prices to domestic PPI need to be focused on [2][11]. 3. Summary of Each Section According to the Catalog 1.1 Financial Market - Bond indices closed higher, and the Nanhua Energy and Chemical Index rose significantly. Equity indices declined across the board. The gold - copper ratio increased slightly, the gold - silver ratio rebounded, the gold price fluctuated upward, and the silver price declined [12][14][16]. 1.2 Industrial Production 1.2.1 Power Generation - Coal consumption of power plants in eight southern provinces rebounded significantly, and the thermal coal price first increased and then decreased [18][19]. 1.2.2 Coking - The operating rate of coking enterprises declined marginally, while the prices of coking coal and coke futures increased [20]. 1.2.3 Steel - The output of rebar increased, and the futures prices of iron ore and rebar rose. The inventory of major steel products continued to increase, and the arrival volume of iron ore at six northern ports continued to decline [23][25][28]. 1.2.4 Building Materials - The capacity utilization rate of cement clinker increased slightly, and the copper and aluminum inventories increased significantly. The national cement price index declined marginally, and the glass price first decreased and then increased [28][29][31]. 1.2.5 Chemical Industry - The methanol operating rate decreased slightly, while the prices of crude oil and natural gas increased significantly. The operating rate of soda ash fluctuated upward, the operating rate of polyester filament in the Yangtze River Delta region rebounded, and the PTA operating rate increased significantly [40][41][42]. 1.2.6 Automobile - The operating rates of automobile semi - steel tires and all - steel tires increased significantly [45][46]. 1.3 Resumption of Work and Production - The resumption progress of 10,692 construction sites across the country was the same as that of the same period last lunar year. The labor attendance rate of real - estate projects was better than that of non - real - estate projects year - on - year [47][48]. 1.4 Logistics and Transportation 1.4.1 Freight - The road logistics freight rate index increased marginally, and the railway transportation volume and postal parcel collection volume both increased [48][49][51]. 1.4.2 Passenger Transport - The subway passenger volume returned to the pre - holiday level, and the number of domestic flights decreased [52][53]. 1.5 Terminal Demand 1.5.1 Credit - The negative spread between bill rediscount and certificate of deposit first narrowed and then widened, and the rediscount rate of six - month national stock bills declined [54][55][56]. 1.5.2 Real Estate - The land premium rate of 100 - city land transactions increased significantly, and the new - home transaction area first increased and then decreased. The new - home transactions in first - tier cities remained relatively strong, while those in second - and third - tier cities declined. The second - hand housing transaction area of 15 cities first increased and then decreased [57][65][69]. 1.5.3 Building Construction - The apparent demand for rebar rebounded, and the proportion of profitable steel mills declined slightly [69][70]. 1.5.4 Consumption - The total number of movie screenings decreased seasonally, and vegetable prices declined significantly. The average wholesale price of pork continued to decline, and the average wholesale price of fruits increased marginally [70][73][75]. 1.5.5 Export - The SCFI freight rate increased, and the port cargo throughput rebounded. The SCFI index increased significantly, and the CCFI index of most routes turned from decline to increase month - on - month [83].

Economic Overview - The macroeconomic policy aims for a GDP growth target of 4.5% to 5% for the year, with a focus on stabilizing growth and enhancing technology and industry[4] - The issuance of special bonds has slowed down, but construction activity has seen a slight increase, indicating a mixed response in the investment sector[4] Consumption and Production - Post-holiday consumption has been generally flat, with seasonal declines in both goods and services consumption observed[4] - Production recovery is mild, with overall performance remaining weak compared to previous years[9] Price Trends - CPI has shown a marginal decline, while PPI has surged significantly due to geopolitical influences, particularly in energy and chemical products[10] - Brent and WTI crude oil prices increased by 17.5% and 19.0% respectively, leading to substantial price hikes in downstream products[10] Market Dynamics - The real estate market has seen a decline in sales, with new and second-hand home transactions dropping, while land market activity has shown signs of recovery[9] - The construction sector's operational indicators have seasonally rebounded, although absolute values remain low compared to historical data[9] International Trade - Strong overseas demand is noted, with South Korea's exports growing by 29% year-on-year, while Vietnam's exports have significantly declined from 34% to 6%[9] - International shipping rates have risen sharply due to geopolitical tensions, impacting domestic freight rates[9] Financial Market - After the month-end, funding rates have decreased, with the central bank net withdrawing 12,474 billion yuan in funds[10] - The 10-year government bond yield rose by 0.6 basis points to 1.78%, while the one-year yield fell by 3.1 basis points to 1.29%[10] Risk Factors - Uncertainties in geopolitical situations and domestic demand recovery not meeting expectations pose significant risks to the economic outlook[15]

Industrial Sector - After the Spring Festival, industrial production continues to recover, with industrial product price index rising rapidly, driven by international oil prices[2] - Steel and construction material production increased, with cement clinker capacity utilization rate and float glass operating rate rising month-on-month[2] - Daily average pig iron production decreased month-on-month, while polyester operating rate in textiles rebounded[2] Real Estate - New home sales in 30 major cities decreased by 21.7% year-on-year, but the growth rate improved by 54.5 percentage points compared to the previous week[2] - The second-hand housing listing price index fell by 0.69% month-on-month as of February 23[2] Domestic Demand - Domestic flight execution increased by 19.9% year-on-year, with the Baidu migration index up by 54.6%[2] - Retail sales of major home appliances decreased by 31.1% year-on-year, a drop of 19.2 percentage points compared to the previous value[2] External Demand - Port cargo throughput increased by 1.4% year-on-year, while container throughput rose by 10.9%[2] - Vietnam's export value grew by 18.3% year-on-year, and South Korea's exports increased by 31.4%[2] Price Trends - The Nanhua Industrial Price Index rose by 8.4%, with the Nanhua Petrochemical Index increasing by 16.2%[2] - The agricultural product wholesale price index fell by 1.5% month-on-month, indicating seasonal decline[2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The fundamentals of natural rubber are intertwined with both positive and negative factors. Affected by geopolitical factors, the market is expected to maintain a volatile and slightly bullish trend [95]. - The natural rubber futures main contract is expected to maintain a volatile and slightly bullish trend. For trading strategies, consider a bullish approach for single - side trading, a long 2605 and short 2609 contract for arbitrage, and hold off on options for now [96]. 3. Summary by Relevant Catalogs Price Analysis - **Futures Price**: In February, the price of the natural rubber main contract RU2605 ranged from 15,835 to 17,370 yuan/ton, showing an oscillating upward trend with a significant monthly increase. As of February 27, 2026, it closed at 17,155 yuan/ton, up 795 points or 4.86% for the month [6][15]. - **Spot Price**: As of February 27, 2026, the spot price of Yunnan state - owned full - latex (SCRWF) was 16,950 yuan/ton, up 700 yuan/ton from the previous month; the spot price of Thai triple smoked sheets (RSS3) was 19,200 yuan/ton, up 500 yuan/ton; the spot price of Vietnamese 3L (SVR3L) was 17,200 yuan/ton, up 550 yuan/ton [19]. - **Port Arrival Price**: As of February 27, the Qingdao natural rubber port arrival price was 2,460 US dollars/ton, up 260 US dollars/ton from the previous month [23]. - **Basis and Spread**: Using the spot quotation of Shanghai Yunnan state - owned full - latex (SCRWF) as the spot reference price and the futures price of the natural rubber main contract as the futures reference price, the basis expanded slightly compared to the previous month. As of February 27, 2026, the basis was maintained at - 205 yuan/ton, an expansion of 95 yuan/ton from the previous month [27]. Important Market Information - **Geopolitical Events**: On February 28, local time, the US and Israel launched an air strike on Iran. Iran retaliated by launching missile strikes on Tel Aviv, Israel, and several US military bases in the Middle East. Iran's Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz, causing the oil tanker transportation in the Strait to come to a standstill [31]. - **Economic Data**: The US 1 - month PPI and core PPI showed year - on - year and month - on - month increases. The US 2025 Q4 real GDP annualized initial value had a slower growth rate compared to Q3. The US 2025 December core PCE price index also increased year - on - year and month - on - month [32][33]. - **Automobile Industry**: In January 2026, China's automobile production and sales decreased month - on - month, with production increasing slightly year - on - year and sales decreasing year - on - year. The heavy - truck sales increased significantly year - on - year. The inventory warning index of Chinese automobile dealers in February 2026 decreased both year - on - year and month - on - month [34][36][37]. - **Natural Rubber Supply**: The ANRPC member countries' total rubber production in December 2025 decreased both month - on - month and year - on - year. It is expected that the global natural rubber will be in short supply for the sixth consecutive year in 2026, with a supply gap of about 400,000 tons [35]. Supply - side Situation - **Natural Rubber Production**: As of December 31, 2025, the production of major natural rubber - producing countries such as Thailand, Indonesia, Malaysia, India, and Vietnam increased slightly month - on - month, while China's production decreased significantly month - on - month. The total production of major natural rubber - producing countries in December 2025 was 1.0077 million tons, a decrease of 43,800 tons or 4.16% from the previous month [45]. - **Synthetic Rubber Production**: As of December 31, 2025, China's monthly synthetic rubber production was 800,000 tons, a year - on - year decrease of 20.2%. The cumulative production was 8.932 million tons, a year - on - year decrease of 20.3% [49][52]. - **New Inflatable Rubber Tire Imports**: As of December 31, 2025, China's imports of new inflatable rubber tires were 9,500 tons, a month - on - month increase of 1.01% [56]. Demand - side Situation - **Automobile Tire Enterprise Operating Rates**: As of February 26, 2026, the operating rate of semi - steel tire automobile tire enterprises was 34.56%, a decrease of 40.28% from the previous month; the operating rate of full - steel tire automobile tire enterprises was 29.17%, a decrease of 33.27% from the previous month [60]. - **Automobile Production and Sales**: As of January 31, 2026, China's monthly automobile production was 2.4499 million vehicles, a year - on - year increase of 0.01% and a month - on - month decrease of 25.67%. The monthly sales were 2.3465 million vehicles, a year - on - year decrease of 3.18% and a month - on - month decrease of 28.29% [63][66]. - **Heavy - truck Sales**: As of January 31, 2026, China's monthly heavy - truck sales were 105,352 vehicles, a year - on - year increase of 45.98% and a month - on - month increase of 2.58% [69]. - **Tire Outer Tube Production**: As of December 31, 2025, China's monthly tire outer tube production was 106.263 million pieces, a year - on - year increase of 0.3% [72]. - **New Inflatable Rubber Tire Exports**: As of December 31, 2025, China's exports of new inflatable rubber tires were 58.43 million pieces, a month - on - month increase of 3.29% [78]. - **Global Automobile Sales**: In January 2026, the automobile sales in some countries showed different trends. For example, Japan's automobile sales increased, while Germany's and the US's sales decreased to varying degrees [81]. Inventory - side Situation - **Futures Inventory**: As of February 27, 2026, the natural rubber futures inventory on the Shanghai Futures Exchange was 114,470 tons, an increase of 3,540 tons from the previous month [86]. - **Domestic Inventory**: As of February 23, 2026, China's natural rubber social inventory was 1.366 million tons, a month - on - month increase of 70,000 tons or 5.4%. The total inventory of dark - colored rubber in China was 926,000 tons, an increase of 7.1%; the total inventory of light - colored rubber was 440,000 tons, a month - on - month increase of 1.9%. The total inventory of natural rubber in Qingdao (bonded and general trade) was 667,700 tons, a month - on - month increase of 61,000 tons or 10.05% [90][91]. Fundamental Analysis - **Supply**: Domestic rubber - producing areas have fully stopped tapping, and overseas areas such as Vietnam and Thailand will enter the non - tapping period in March. The pressure on the supply side has been alleviated, and the rising raw material purchase prices provide obvious support for rubber prices [92][93]. - **Demand**: During the Spring Festival holiday, the operating rates of tire enterprises dropped significantly. After the holiday, as downstream enterprises resumed work, the operating rates increased significantly, and the overall market trading atmosphere gradually recovered. In January 2026, China's automobile production and sales decreased month - on - month, but heavy - truck sales increased year - on - year [92][93]. - **Inventory**: The inventory on the Shanghai Futures Exchange increased slightly month - on - month. China's natural rubber social inventory and the total inventory in Qingdao continued to rise, and the inventory accumulation rate increased [92][93]. 后市展望 - The natural rubber futures main contract in China showed a trend of first falling and then rising in February, with a significant overall increase. In the future, geopolitical factors may lead to a sharp rebound in overseas crude oil prices, boosting the chemical sector and potentially driving the rubber sector to be stronger. The supply - side pressure is alleviated, and the cost side supports rubber prices. The demand side is also supported by the resumption of work in downstream industries. However, the obvious inventory accumulation trend of social inventory and the total inventory in Qingdao exerts pressure on spot prices [93][94].

Industrial Sector - After the Spring Festival, daily average pig iron production and float glass operating rates have increased, indicating a recovery in industrial production[2] - Cement clinker capacity utilization rate has decreased, while asphalt operating rates have also shown a decline[2] - The operating rate of polyester in the textile sector has improved, while weaving industry rates have seasonally weakened[2] Real Estate - New home sales in 30 major cities have seen a year-on-year decline of 24.6%, but this is an improvement of 2.1 percentage points compared to December 2025[2] - The second-hand housing listing price index has increased by 0.11% week-on-week as of February 16[2] Domestic Demand - Retail sales of home appliances have decreased by 12.3% year-on-year, but this represents a 10.1 percentage point improvement from previous values[2] - Domestic flight operations have increased by 17.8% year-on-year, with a growth rate improvement of 10.8 percentage points compared to the previous week[2] - National retail and catering sales during the Spring Festival have grown by 5.2% year-on-year, surpassing the 4.1% growth during the 2025 Spring Festival[2] External Demand - Port cargo throughput has increased by 15.1% year-on-year, with container throughput rising by 19.3%[2] - Exports to South Korea and Japan have grown by 23.5% year-on-year, with a significant acceleration of 25.8 percentage points compared to the previous month[2] Prices - The Nanhua Industrial Price Index has risen by 2.5%, with the non-ferrous metals index increasing by 4.5%[2] - The agricultural product wholesale price index has decreased by 3.1% week-on-week, reflecting seasonal declines[2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The real - estate market has shown seasonal recovery, and the resumption of work after the Spring Festival in 2026 is faster than the same period in the lunar calendar last year. The construction and chemical industries in the upstream of the black industry chain have relatively better start - up performance [2][14]. - During the Spring Festival holiday, residents' travel and consumption were good, but the movie - watching enthusiasm was lower than the same period last year. After the holiday, the sales of new and second - hand houses have rebounded. However, the latest land auction data is average [5][12][13]. 3. Summary by Relevant Catalogs 3.1 Financial Market - The interest - rate bond index weakened, and the precious metal index had a significant increase [15][17]. 3.2 Industrial Production 3.2.1 Power Generation - The daily coal consumption of power plants in eight southern provinces rebounded, and the thermal coal price increased [21][22]. 3.2.2 Coking - The start - up rate of coking enterprises increased rapidly, and the prices of coking coal and coke both decreased [23][24]. 3.2.3 Steel - The blast - furnace start - up rate increased, and the spot and futures prices of iron ore and rebar both decreased [26][28]. 3.2.4 Building Materials - The cement price fluctuated slightly, and the inventories of copper and aluminum increased significantly [32]. 3.2.5 Chemical Industry - The start - up rates of methanol and soda ash have recovered, and the crude oil price fluctuated upward [44][45]. 3.2.6 Automobile - The start - up rates of automobile semi - steel tires and all - steel tires both decreased significantly [48][49]. 3.3 Resumption of Work and Production - The resumption rate of 10,692 construction sites nationwide increased by 1.5 percentage points year - on - year in the lunar calendar. The fund availability and worker resumption conditions were better than last year [2][50]. 3.4 Logistics and Transportation 3.4.1 Freight - The highway logistics freight rate index, railway transportation volume, and postal parcel collection volume all fluctuated downward [52][53][55]. 3.4.2 Passenger Transport - The subway passenger volume rebounded, and the number of domestic flights increased significantly [58]. 3.5 Terminal Demand 3.5.1 Credit - The negative spread between bill rediscount and certificates of deposit narrowed, and the rediscount rate of six - month national stock bills increased [57][59][62]. 3.5.2 Real Estate - The transaction areas of new and second - hand houses seasonally rebounded, and the increase rate of the second - hand house listing price index widened [5][63]. 3.5.3 Construction - The apparent demand for rebar decreased significantly, and the proportion of profitable steel mills increased marginally [75][77]. 3.5.4 Consumption - During the Spring Festival, the number of tourists and tourism spending reached record highs, but the movie box office was lower than the same period last year [12][76]. 3.5.5 Export - The CCFI freight rate decreased, and the port cargo throughput decreased significantly [88]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - High - frequency economic data focuses on four aspects: production seasonally cools down; the Spring Festival movie box - office drops nearly 40% year - on - year while tourist trips and spending hit new highs due to an extra holiday day; overall prices decline with oil, coking coal, and rebar prices falling, non - ferrous prices rising slightly, and agricultural products entering a seasonal downward trend; affected by the Spring Festival, subway ridership and peak congestion index in first - tier cities are low, while flight volume is high. Short - term attention should be paid to the progress of front - loaded fiscal efforts and the recovery of the real estate market [2][31]. 3. Summary by Relevant Catalogs Production: Seasonal Obvious Cooling - Steel: In the week of February 20, the coke oven capacity utilization rate decreased by 0.11 pct, the blast furnace operating rate increased by 0.6 pct, and the rebar output increased by 1.22 tons. The inventory of rebar increased by 57.48 tons [9]. - Petroleum Asphalt: In the week of February 11, the operating rate of domestic petroleum asphalt plants decreased by 2.8 pct at a low level [9]. - Chemicals: On February 24, the PX operating rate remained flat compared with the previous week, while the PTA operating rate decreased by 3.86 pct [9]. - Automobile Tires: In the week of February 19, the full - steel tire operating rate decreased by 28.2 pct, and the semi - steel tire operating rate decreased by 45.2 pct [10]. Demand: Spring Festival Tourism and Consumption Hit New Highs, Movie Box - Office Drops Significantly Year - on - Year - Real Estate: In the week of February 22, the commercial housing transaction area decreased, the inventory - to - sales ratio increased significantly, the land supply area dropped sharply, and the residential land transaction premium rate decreased [13]. - Movie Box - Office: In 2026, the Spring Festival movie box - office was 5.752 billion yuan, a year - on - year decrease of 39.5%; the number of moviegoers was 120 million, a year - on - year decrease of 35.8% [13]. - Tourism Consumption: Due to an extra day of the Spring Festival holiday, the number of tourist trips and spending both hit new highs. During the 9 - day Spring Festival holiday, there were 596 million domestic tourist trips and the total domestic tourism spending was 803.483 billion yuan [14]. - Automobile Sales: In the week of February 8, the average daily retail sales of passenger cars decreased by 9,218 units, and the average daily wholesale sales decreased by 15,720 units [18]. - Shipping Freight Rates: In the week of February 13, the SCFI index decreased by 1.19%, and the CCFI index decreased by 3.03%. On February 24, the BDI index increased by 1.62% compared with the previous week [20]. Prices: Non - ferrous Prices Rise, Agricultural Products Enter a Seasonal Downward Trend - Energy: On February 24, the Brent crude oil price decreased by 1.38% to $70.77 per barrel [22]. - Coking Coal: On February 24, the coking coal futures price decreased by 1.74% to 1,100.5 yuan per ton [22]. - Metals: On February 24, the LME copper, aluminum, and zinc futures prices increased by 1.78%, 0.26%, and 0.15% respectively, while the domestic rebar futures price decreased by 0.98% [23]. - Agricultural Products: On February 24, the overall agricultural product price declined, with the agricultural product wholesale price 200 index decreasing by 0.81%. The prices of pork, eggs, vegetables, and fruits changed by - 0.17%, - 2.46%, - 2.33%, and + 1.50% respectively compared with before the festival [25]. Logistics: Flight Volume is High, Spring Festival Personnel Flow Hits a New High - Subway Ridership: On February 24, the seven - day moving average of subway ridership in Beijing decreased by 125.34 million person - times, a week - on - week decrease of 18.32%; in Shanghai, it decreased by 171.29 million person - times, a week - on - week decrease of 23.57% [26]. - Personnel Flow: During the 2026 Spring Festival holiday, the cross - regional personnel flow in the whole society reached 2.81 billion person - times, a new high. The daily average was 310 million person - times, an 8.2% increase compared with the same period last year [29]. - Flight Volume: On February 24, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume increased by 3.37%, that of domestic (Hong Kong, Macao, and Taiwan) increased by 1.08%, and that of international flights increased by 0.35% [29]. - Urban Traffic: On February 24, the seven - day moving average of the peak congestion index in first - tier cities decreased by 5.79% compared with the previous week [29].

Core Viewpoint - The article discusses the common issues faced by car owners regarding vehicle quality, particularly slow air leaks in new tires, and outlines effective channels for consumer rights protection in the automotive sector [1][10]. Group 1: Responsibility Clarification - When encountering quality issues with a new car, the first step is to identify the responsible party, typically the seller or manufacturer if the car is still under warranty [11]. - Car owners should communicate with the 4S dealership or dealer to request inspections and written reports before considering external complaint channels [11] Group 2: Common Complaint Channels - The main complaint channels in China are categorized into three types: administrative regulatory bodies, industry organizations, and media supervision platforms [12]. Administrative Regulatory Bodies - The most authoritative complaint channel is the 12315 platform under the State Administration for Market Regulation, which has strong enforcement capabilities [13]. - Complaints regarding safety defects, fraudulent sales, or forced insurance bundling can lead to formal investigations, but the process may take 15-45 working days [15]. Industry Organizations and Associations - The China Consumers Association and its local branches handle automotive complaints and provide professional judgment on technical disputes [16]. - However, industry mediation primarily relies on negotiation and lacks enforcement power, which may lead to stalemates if companies do not cooperate [17]. Third-Party Complaint Platforms - Internet complaint platforms like Black Cat Complaints have gained popularity due to their convenience and transparency, allowing consumers to submit complaints easily [18]. - These platforms can aggregate similar complaints, increasing visibility and pressure on companies to respond, and they also report defect clues to regulatory authorities [18]. Group 3: Case Study and Recommendations - For issues like frequent tire leaks, consumers are advised to first use platforms like Black Cat Complaints for quick resolution, while also considering administrative complaints if necessary [19]. - A combination of complaint channels can enhance the chances of resolution, especially in cases where multiple consumers face the same issue [19]. - Recommendations for consumers include retaining evidence, negotiating before escalating complaints, and choosing appropriate platforms based on the nature of the issue [20].