"今年6月2号高炉投产后，生产将达到行业先进水平。"张玉东说。 抚顺新钢铁是一家有着60余年历史的"老钢企"。2025年2月，该公司响应国家传统钢铁企业向绿色化、 智能化转型的政策要求，主动淘汰原有5座小型高炉，投资15.8亿元启动高炉绿色自动化升级改造项 目，新建两座1400立方米现代化高炉。1号新高炉已于2025年12月投产。 说起高炉升级的价值，张玉东算了一笔账："新高炉投用后，带来了三重效益：一是降成本，吨铁生产 成本降低70元；二是提效率，生产实现全程自动化，生产效率大幅提升；三是更绿色，高炉全流程达到 超低排放标准，碳排放降低15%。" 紧邻1号新高炉，2号新高炉正在加紧建设，塔吊吊臂起落间，预制好的炉体模块被精准拼接。 "新技术改变的不仅是传统钢企的生产方式，也让高炉建设变得像搭积木一样高效。我们采取分体式预 制模块化施工，将核心结构与设备基础单元预制完成，再运到现场快速组装。"炼铁厂设备管理室液压 工程师毛剑说，采用这种建设方式，高炉建设周期由18个月至20个月缩短至15个月。 高炉建设现场，工人正在焊接管道。 杜季亮 摄 本报记者 姜义双 崔振波 "嘀嘀……"随着清脆的提示音在车间响起，天车 ...

（来源：辽宁日报） 转自：辽宁日报 本报记者 姜义双 崔振波 "嘀嘀……"随着清脆的提示音在车间响起，天车缓缓移动，抓斗精准抓取炉渣，送至运料车上。2月26日，抚顺新钢铁有限责任公司偌大的厂房里，天车在 轨道上穿梭，传送带不停地输送着物料，却少见工人身影。 "这是新投产的1400立方米新高炉，上料、熔炼、水冲渣全程自动化。"炼铁厂副厂长张玉东说，以往天车吊运、高炉出铁、皮带运输、闸门开关等人工岗， 现在全都实现了自动化操作，工人坐在控制室里就能把控生产全流程。 以项目建设撬动产业结构优化升级。一季度，抚顺市预计开复工项目203个，力促抚顺新钢铁高炉等168个续建项目尽快复工，推动人参产业数字化供应链综 合服务平台等35个新建项目早开工。 高炉建设现场，工人正在焊接管道。 杜季亮 摄 抚顺新钢铁是一家有着60余年历史的"老钢企"。2025年2月，该公司响应国家传统钢铁企业向绿色化、智能化转型的政策要求，主动淘汰原有5座小型高炉， 投资15.8亿元启动高炉绿色自动化升级改造项目，新建两座1400立方米现代化高炉。1号新高炉已于2025年12月投产。 说起高炉升级的价值，张玉东算了一笔账："新高炉投用后，带来了三重 ...

Group 1: Production Trends - In January, the manufacturing PMI dropped to 49.3%, a decrease of 0.8 percentage points, indicating a contraction in manufacturing activity[3] - The average PMI over the past two months shows a recovery trend, rising 0.5 percentage points to 49.7% compared to November 2025[15] - The operating rate of blast furnaces in the metallurgical chain increased by 2.2 percentage points year-on-year to 1% during the weeks leading up to the Spring Festival[21] Group 2: Demand Insights - Export activity is expected to remain strong due to a delayed Spring Festival, with foreign trade cargo volume increasing by 13.9% year-on-year in the weeks leading up to the festival[5] - Retail sales are projected to see a slight rebound of around 1.9% in January-February 2026, supported by extended holiday periods and local consumption stimulus policies[40] - The demand for consumer goods has been impacted by previous "trade-in" policies, leading to a low performance in retail sales for household appliances and vehicles[43] Group 3: Price Dynamics - The Producer Price Index (PPI) is expected to show weak recovery, with January PPI rising to -1.4% year-on-year, indicating limited upward pressure from upstream prices[57] - The Consumer Price Index (CPI) is anticipated to exhibit a "V-shaped" trend due to the timing of the Spring Festival, with food prices providing moderate support[7] - The overall inflationary pressure remains subdued, with core CPI expected to stay low due to weak demand and reduced government subsidies[7] Group 4: Investment Outlook - Investment is expected to improve moderately in early 2026, supported by government debt financing and new policy measures aimed at infrastructure projects[49] - The net financing of government bonds in January showed positive performance, indicating a supportive environment for infrastructure investment[49] - The operating rates for asphalt and grinding processes maintained resilience, reflecting stable investment activity in the construction sector[49]

Group 1: Economic Trends - By the end of 2025, production indicators such as high furnace operation and PTA operation showed a decline, while the manufacturing PMI rose by 0.9 percentage points to 50.1% in December[3] - The overall consumer goods industry PMI increased by 1 percentage point to 50.4% in December, despite a decline in retail sales of automobiles and home appliances[19] - The construction PMI rose by 3.2 percentage points to 52.8% at the end of 2025, despite low cement shipment rates and rebar consumption[26] Group 2: Factors Behind Economic Divergence - The new momentum in economic growth, particularly in AI-related sectors, contributed approximately 1.5 percentage points to GDP growth, while traditional sectors lagged[31] - Consumer high-frequency indicators faced "demand overdraft risks," while service consumption showed resilience, with service retail growth continuing to rise since September[37] - The previous impact of debt restructuring on investment slowed down, but the easing of this effect may lead to a return of investment to high-frequency indicators[41] Group 3: Expectations for Early 2026 - The "old-for-new" consumption policy is expected to face downward pressure, but service consumption may benefit from increased policy support, potentially enhancing resilience[45] - Infrastructure and service sector investments are anticipated to exceed expectations in early 2026 due to the easing of debt restructuring effects and the implementation of proactive investment policies[52] - The delayed Spring Festival in 2026 may extend the "export rush" window, potentially boosting January export figures compared to the previous year[7]

Production Sector - The coke oven operating rate is at 70.33%, down by 0.15% from the previous week[7] - The blast furnace operating rate is at 78.3%, also down by 0.15% from the previous week[7] - The PX operating rate decreased to 88.40%, a decline of 0.81%[7] - The PTA operating rate is at 72.84%, down by 0.97%[7] - The full steel tire operating rate is at 61.95%, a decrease of 2.19%[7] - The semi-steel tire operating rate increased to 72.05%, up by 0.66%[7] Consumption Sector - Weekly box office revenue reached 751 million yuan, an increase of 3.4 million yuan from the previous week[7] - Average daily retail sales of passenger cars reached 77,378.5 units, up by 1,567.2 units[7] - Average daily wholesale sales of passenger cars reached 96,624 units, an increase of 2,044.55 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities was 301.91 million square meters, up by 44.90% from the previous week[7] - The transaction area of second-hand houses in major cities increased to 218,053.72 square meters, up by 9,046.58 square meters[7] - The land transaction area in 100 major cities decreased to 3,073.04 million square meters, down by 1,417.45 million square meters[7] - The land premium rate in 100 major cities increased to 2.14%, up by 0.94%[7] Trade and Transportation - The Shanghai Export Container Freight Index (SCFI) rose to 1,656.32, an increase of 103.40[8] - The Baltic Dry Index (BDI) fell to 1,877.00, a decrease of 244.00[8] - The average wholesale price of pork is at 17.67 yuan per kilogram, up by 0.11 yuan[8] - The average wholesale price of vegetables decreased to 5.68 yuan per kilogram, down by 0.15 yuan[8] - The average daily number of domestic flights (excluding Hong Kong, Macau, and Taiwan) reached 12,430.43, an increase of 225.71 flights[8]

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].

Group 1: Industrial Production - Industrial production has shown improvement, with blast furnace operating rates increasing by 3.5% week-on-week and 3.5 percentage points year-on-year to 6.2% [2][5] - The chemical production chain has also seen a rebound, with soda ash and PTA operating rates rising by 1.1% and 5.5% respectively, year-on-year changes of 2.7 percentage points to 12.5% and 8.5 percentage points to -6.3% [2][12] - The automotive semi-steel tire operating rate has improved, increasing 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 rising by 4.3% and 1.1% respectively, year-on-year changes of 5.8 percentage points to -5.5% and 1.1 percentage points to -4.4% [2][16] - Asphalt operating rates have slightly decreased by 1.8% week-on-week but remain at a high level year-on-year at 12.4% [2][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%, particularly in first and second-tier cities [2][25] - Port cargo throughput related to exports has shown strong performance, with year-on-year increases of 3% to 7.2% and 7.8% to 13.4% for cargo and container throughput respectively [2][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 [3][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% and metal prices increased by 0.3% [3][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].

关注、加星，第一时间接收推送！ 文 | 赵伟、屠强 联系人| 屠强 耿佩璇 摘要 高频跟踪：工业生产表现分化，基建开工有所回暖，港口货运量仍在上行。 【工业生产】工业生产表现分化。 本周，高炉开工率同比小幅回升，录得1.2%。化工链生产有所回落， 纯碱、PTA开工同比分别-3.3pct至-6.0%、-1.2pct至-1.0%。汽车半钢胎开工仍不及去年同期，同比-0.2pct 至-3.3%。 【建筑业开工】建筑业开工表现分化。 本周，全国粉磨开工率同比-3.9pct至-6.2%；水泥出货率仍在低 位，同比-2.6pct至-3.0%。沥青开工率有所回升，同比+1.0pct至0.3%。 【下游需求】地产成交有所回升，港口货运量仍在上行。 本周，全国新房日均成交面积偏弱，同比 +20pct至-6.1%。货运方面，与出口相关的港口货物吞吐量、集装箱吞吐量回升，同比分别+5.2pct至 13.3%、+6.3pct至11.5% ；但集运价格延续回落、环比-3.2%。人流出行强度小幅回升，全国迁徙规模指 数同比+0.4pct至17.8%。国内执行航班架次同比+0.7pct至2.5%。 1. 生产高频跟踪：工业生产表现分化，基 ...