Hua Tai Qi Huo·2025-05-23 05:30Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In the production industry, attention should be paid to automobile exports, especially BYD's performance in the European electric vehicle market, where it has surpassed Tesla [1]. - In the service industry, focus on the advancement of elderly - care service - related policies, such as the joint issuance of the guiding opinion by 19 departments including the Ministry of Civil Affairs [1]. 3. Summary by Relevant Catalogs A. Industry Overview - Upstream: - In agriculture, egg prices have declined [2]. - In the black industry, the prices of glass and soda ash have dropped in the short term [2]. - Midstream: - In the chemical industry, the PTA operating rate has rebounded, while the PX operating rate has declined recently [3]. - In the infrastructure sector, the asphalt operating rate has been continuously rising [3]. - Downstream: - In the real - estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - In the service industry, the number of domestic flights has decreased cyclically [3]. B. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have slightly declined recently [3]. C. Industry Credit Spread Tracking (as of May 16) - Different industries show various trends in credit spreads. For example, the credit spreads of industries like agriculture, forestry, animal husbandry, and fishery, and the chemical industry have decreased compared to the previous period [48]. D. Key Industry Price Index Tracking (as of May 15) - Different products in various industries have different price changes. For example, the spot price of corn has increased by 0.81%, while the spot price of glass has decreased by 2.50% [49]. E. Specific Industry Highlights - Automobile: BYD's new electric vehicle registrations in Europe in April reached 7,231, a 169% increase year - on - year, surpassing Tesla, whose registrations dropped 49% [1]. - Elderly - care Service: The Ministry of Civil Affairs and 19 other departments jointly issued a guiding opinion aiming to improve the elderly's social participation service system by 2035 [1].