宏观日报：3月PPI降幅扩大-20250411

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - In March 2025, the decline of PPI widened, with a year - on - year decrease of 2.5% and a month - on - month decrease of 0.4%. The decline was mainly due to international input factors, seasonal decline in energy demand, and price drops in some raw material industries [1]. - China may reduce the import of American films in response to the US tariff measures [1]. - The industry credit spread showed a slight fluctuation [4]. 3. Summary by Directory 3.1. Mid - view Event Overview - Production Industry: Concerns about the impact of tariff conflict escalation on exports. The decline of PPI was affected by international input factors, seasonal energy demand, and raw material industry price trends [1]. - Service Industry: China may moderately reduce the import of American films and introduce more excellent films from other countries [1]. 3.2. Industry Overview - Upstream: International oil prices fluctuated due to tariffs; prices of copper, zinc, and nickel dropped; cement and building material prices continued to fall [2]. - Midstream: PTA's operating rate increased, PX's operating rate declined recently, and the operating rates of polyester and urea were at a high level this year. The asphalt operating rate reached a three - year low [2]. - Downstream: The sales of commercial housing in first - and second - tier cities were weaker than the same period. International flight frequencies increased, while domestic flight frequencies decreased compared to the same period [3]. 3.3. Market Pricing - The industry credit spread showed a slight fluctuation. The credit spreads of various industries had different trends, with some showing a decline and others showing an increase or remaining stable [4][47]. 3.4. Key Industry Price Index Tracking - Agriculture: The prices of corn, eggs, palm oil, cotton, pork, etc. had different year - on - year changes, with some rising and some falling [48]. - Non - ferrous Metals: The prices of copper, zinc, aluminum, silver, etc. mostly declined year - on - year [48]. - Metals: The prices of steel products such as rebar, iron ore, and wire rod had different trends, with some showing a slight decline and some remaining stable year - on - year [48]. - Non - metals: The prices of natural rubber, glass, etc. had different year - on - year changes [48]. - Energy: The prices of WTI crude oil, Brent crude oil, and liquefied natural gas had different trends, with some rising and some falling year - on - year [48]. - Chemical Industry: The prices of PTA, polyethylene, urea, etc. had different year - on - year changes [48]. - Real Estate: The cement price index, building material comprehensive index, and concrete price index had different year - on - year trends [48].