中观高频景气图谱（2025.9）：上游资源品回暖，电气机械边际修复

Group 1 - The overall performance of upstream resource products remains weak, but there are signs of recovery on a month-on-month basis, with coal prices rising and the oil and petrochemical sectors showing improvement [4] - In the midstream manufacturing sector, electrical equipment shows month-on-month improvement, while machinery performs well on the domestic demand side but faces pressure from external demand; the automotive sector remains at a low level, and the textile and apparel sector exhibits a mixed pattern [4] - The downstream consumer sector shows stable performance in home appliances, with increased consumption resilience; however, the food and beverage sector remains weak under price pressures, and the pharmaceutical and biological sectors show divergence, particularly with a continued decline in traditional Chinese medicine prices [4] Group 2 - Supportive services and finance sectors show month-on-month improvement in banks and a recovery in the funding environment; non-bank financial services remain active but with slowing growth; transportation shows divergence with container shipping rates rebounding while overall shipping rates face pressure; the environmental protection sector shows improvement with positive indicators [4] - The chemical industry shows a mixed performance with excess returns tracking indicators related to fuel oil and methanol futures prices, indicating a correlation with market movements [5][10] - The steel industry shows excess returns correlated with iron ore and steel production metrics, indicating a relationship with operational rates and inventory levels [21][24] Group 3 - The non-ferrous metals sector shows excess returns linked to various high-frequency indicators, including LME base metal indices and copper prices, suggesting a strong correlation with market trends [30][31] - The construction materials sector's excess returns are associated with cement price indices and glass settlement prices, indicating a relationship with construction activity [32][36] - The coal industry shows excess returns linked to thermal coal and coking coal prices, reflecting market dynamics and demand fluctuations [39][42] Group 4 - The oil and petrochemical sector's excess returns are influenced by gasoline and diesel wholesale prices, as well as production capacity utilization rates, indicating a strong correlation with market conditions [46][47] - The electrical equipment sector's excess returns are tracked against the prices of photovoltaic components and polysilicon, suggesting a relationship with renewable energy trends [50][51] - The automotive sector's excess returns are linked to tire production rates and average daily sales of passenger vehicles, indicating a correlation with consumer demand [53][58] Group 5 - The machinery sector's excess returns are associated with various price indices, indicating a relationship with global shipping rates and equipment pricing [60][66] - The transportation sector shows excess returns correlated with container freight indices, reflecting market conditions and trade dynamics [67][70] - The electronic sector's excess returns are linked to indices such as the DXI and NAND flash prices, indicating a relationship with technology market trends [72][74] Group 6 - The light industry sector's excess returns are tracked against TDI prices and real estate transaction metrics, indicating a correlation with housing market activity [78][83] - The textile and apparel sector's excess returns are influenced by various textile price indices, reflecting market conditions and consumer preferences [90][93] - The retail sector shows excess returns linked to order price indices, indicating a relationship with consumer spending trends [97][100] Group 7 - The agriculture, forestry, animal husbandry, and fishery sector's excess returns are correlated with food product price indices and wholesale vegetable prices, indicating a relationship with agricultural market conditions [101][106] - The food and beverage sector's excess returns are influenced by prices of staple food products and agricultural wholesale prices, reflecting market dynamics [113][117] - The pharmaceutical and biological sector's excess returns are linked to traditional Chinese medicine price indices, indicating a correlation with market trends [118][123]