行业比较专刊：上游资源品景气提升，下游消费景气分化

Core Viewpoints - Overall, downstream consumption shows differentiation, while the midstream manufacturing sector is recovering, and upstream industries are experiencing a rebound [1] Upstream Industry - The upstream industry is seeing a recovery in sentiment, with steel and building materials prices rebounding in September. The price of thermal coal has slightly increased, and the prices of copper and aluminum futures have expanded their month-on-month growth. The lithium carbonate price is expected to escape its current below-cost operation, and the rare earth price index has risen for the second consecutive month [1][9] - In September, chemical product prices generally declined, indicating a downturn in the industry. WTI crude oil prices have decreased for the second month, and inventories also fell in September [1][9] Midstream Industry - The midstream manufacturing sector is showing signs of recovery, with high growth in the production and installation of power batteries in August. Global and Asian semiconductor sales have slightly increased, and excavator sales continue to grow significantly. However, the shipping index shows a mixed trend, and the sales of heavy trucks have seen an expanded year-on-year decline [1][9] Downstream Industry - Downstream consumption is experiencing differentiation, with a slight decline in retail sales growth in August, while online retail sales of physical goods have increased year-on-year. In the home appliance sector, retail sales growth has slightly accelerated. In the food sector, the prices of two tracked dairy products fell in September, and fresh milk prices have reached a low point [1][9] - In the agricultural sector, meat prices are showing mixed trends, and due to a significant drop in international grain prices last month, a correction has occurred this month. In the automotive sector, both passenger and commercial vehicle sales continue to shrink, but the sales growth of new energy vehicles has accelerated year-on-year. In the consumer electronics sector, smartphone shipments maintained high year-on-year growth [1][9]