行业比较月报：一页纸精读行业比较数据：5月-20250523

Investment Rating - The industry investment rating is Neutral, indicating performance is expected to be in line with the CSI 300 Index [26]. Core Insights - Since May, precious metal prices have risen significantly, while fixed asset investment growth has decreased to 4.00% as of April 2025 [2][11]. - Retail sales growth has improved, with a nominal year-on-year growth rate of 4.70% in April 2025, and the decline in property sales area growth has narrowed to -3.38% [3][12]. - Exports to the US and EU have decreased, while exports to Japan and ASEAN have increased, reflecting a mixed export performance [4][13]. - Oil prices have dropped, with WTI at $61.57 per barrel as of May 21, 2025, and pork prices have also seen a decline [5][14]. Summary by Sections Investment Chain - Precious metal prices, including gold, copper, and aluminum, have risen since May 2025. Fixed asset investment growth in manufacturing and infrastructure has decreased, with real estate development investment showing a smaller decline [2][11]. Consumption Chain - Retail sales have shown a recovery, with automotive sales increasing by 9.78% year-on-year in April 2025. The home appliance retail sector has seen a significant growth of 42.55% year-on-year [3][12]. Export Chain - The export growth rate for furniture, lamps, and other products has increased, while agricultural products and machinery exports have seen declines. Exports to Japan and ASEAN have improved, contrasting with declines to the US and EU [4][13]. Price Chain - Oil prices have decreased, while prices for certain agricultural products like pork have also fallen. The price of PVC has dropped to 4838 yuan per ton, while MDI prices have increased [5][14].