化工、基建中游开工近期向好

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The recent performance of the chemical and infrastructure midstream sectors is positive, with the upstream energy seeing a rebound in international oil prices and a decline in egg prices, the midstream chemical and infrastructure sectors having high PX and urea operating rates and a continuous increase in asphalt operating rates, and the downstream real estate and service sectors showing flat sales of commercial housing in first - and second - tier cities compared to the same period last year and a cyclical decrease in domestic flight schedules [1][2][3][4] - The overall industry credit spread has recently declined slightly [5] Summary by Related Catalogs 1. Mid - view Event Overview Production Industry - Pay attention to the policy promotion of the low - altitude economy. Shenzhen will focus on building a new - generation national artificial intelligence innovation and development experimental zone and a national low - altitude economy industrial comprehensive demonstration zone to boost the development of artificial intelligence and low - altitude economy industries [1] Service Industry - The entry - exit policy for foreign tourists has been relaxed. Since June 12, 2025, Indonesian citizens can enjoy the 240 - hour transit visa - free policy, and the number of countries applicable to China's 240 - hour transit visa - free policy has increased to 55 [1] 2. Industry Overview Upstream - Energy: International oil prices have rebounded [2] - Agriculture: Egg prices have declined [2] Midstream - Chemical: The operating rates of PX and urea are at recent highs [3] - Infrastructure: The asphalt operating rate has been continuously rising recently [3] Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities are the same as the same period last year and are at a near - three - year low [4] - Service: The number of domestic flights has decreased cyclically [4] 3. Market Pricing - The overall industry credit spread has recently declined slightly [5] 4. Industry Credit Spread Tracking - The report provides the credit spread data of various industries on different time points (last year's same period, one month ago, last week, this week), and their quantiles and weekly trends, such as the credit spread of the agriculture, forestry, fishing, and animal husbandry industry being 59.58 this week, with a quantile of 1.10 [53] 5. Key Industry Price Index Tracking - The report shows the price data of key products in various industries, including frequency, unit, update time, current price, year - on - year change, and the trend in the past 5 days. For example, the spot price of corn in the agricultural industry is 2330.0 yuan/ton on June 12, with a year - on - year increase of 1.56% [54]