宏观日报：能源上游价格波动-20250821

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - In the production industry, attention should be paid to major green projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway, and efforts should be made to strengthen ecological civilization construction [1]. - The Hong Kong Stock Exchange will study the 24 - hour trading mechanism, following the example of Nasdaq's plan to implement a five - day, 24 - hour trading mechanism in the second half of 2026 [1]. - Since January 1, 2025, parenting subsidies are exempt from personal income tax, and relevant departments will establish an information - sharing mechanism [1]. 3. Summary by Industry Upstream - Energy: The price of liquefied natural gas has declined [1]. - Agriculture: The price of eggs has continued to rise [1]. Midstream - Chemical: The operating rate of PX has increased [2]. - Energy: The coal consumption of power plants has increased [2]. - Agriculture: The operating rate of pork products has increased [2]. Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities have seasonally declined [2]. - Service: The number of domestic flights has remained stable at a high level [2]. Key Industry Price Indicators (as of August 20) [33] | Industry | Indicator | Price | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2315.7 yuan/ton | -0.18% | | | Spot price of eggs | 6.7 yuan/kg | 5.16% | | | Spot price of palm oil | 9528.0 yuan/ton | 0.06% | | | Spot price of cotton | 15239.3 yuan/ton | 0.23% | | | Average wholesale price of pork | 20.0 yuan/kg | -1.04% | | Non - ferrous metals | Spot price of copper | 78748.3 yuan/ton | -0.91% | | | Spot price of zinc | 22142.0 yuan/ton | -1.80% | | | Spot price of aluminum | 20606.7 yuan/ton | -0.82% | | | Spot price of tin | 121933.3 yuan/ton | -1.51% | | | Spot price of aluminum | 16668.8 yuan/ton | -0.63% | | | Spot price of rebar | 3242.0 yuan/ton | 2.57% | | Ferrous metals | Spot price of iron ore | 780.8 yuan/ton | -1.76% | | | Spot price of wire rod | 3392.5 yuan/ton | 2.79% | | | Spot price of glass | 14.3 yuan/square meter | -1.38% | | Non - metals | Spot price of natural rubber | 14875.0 yuan/ton | 0.11% | | | China Plastic City Price Index | 805.3 | -0.34% | | Energy | Spot price of WTI crude oil | 61.8 dollars/barrel | 2.22% | | | Spot price of Brent crude oil | 65.8 dollars/barrel | -0.50% | | | Spot price of liquefied natural gas | 3940.0 yuan/ton | -3.19% | | | Coal price | 784.0 yuan/ton | 0.26% | | | Spot price of PTA | 4727.0 yuan/ton | -0.10% | | Chemical | Spot price of polyethylene | 7438.3 yuan/ton | 0.13% | | | Spot price of urea | 1782.5 yuan/ton | 0.28% | | | Spot price of soda ash | 1290.0 yuan/ton | -0.96% | | | National cement price index | 129.2 | 1.18% | | Real Estate | Building materials composite index | 114.7 points | 2.24% | | | National concrete price index | 93.0 points | -0.39% |