宏观日报：能源上游价格震荡，化工中游开工上行-20251104

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The energy upstream prices are fluctuating, while the chemical mid - stream starts to increase. The report also presents various events in the production and service industries, as well as price and operation data of different industrial chains from upstream to downstream [1][3]. 3. Summary by Related Catalogs 3.1 Mid - level Event Overview 3.1.1 Production Industry - On November 3, affected by rising production costs and continuous supply shortages, TSMC has started annual price negotiation with customers, with an expected 3% - 10% increase in advanced process prices in 2026. Samsung Electronics has suspended DDR5 DRAM contract quotes in October, and other storage manufacturers are expected to resume quotes around mid - November [1]. 3.1.2 Service Industry - China has decided to resume travel agencies' business of organizing Chinese citizens' group tours to Canada. The visa - free policy for France and other countries will be extended to December 31, 2026, and Sweden will be visa - free from November 10, 2025, to December 31, 2026 [1]. 3.2 Industry Overview 3.2.1 Upstream - Black: Iron ore prices have rebounded [3]. - Agriculture: Palm oil prices have declined [3]. - Energy: Liquefied natural gas prices have dropped [3]. 3.2.2 Mid - stream - Chemical: The PX start - up rate has been rising, and the urea start - up rate has remained stable [3]. - Energy: Coal inventories in power plants have increased [3]. - Infrastructure: The asphalt start - up rate has gone up [3]. 3.2.3 Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities have decreased [3]. - Service: The number of domestic flights has increased [3]. 3.3 Key Industry Price Index Tracking - Agriculture: On November 3, the spot price of corn was 2150.0 yuan/ton (- 0.20% year - on - year), eggs were 6.2 yuan/kg (- 1.13% year - on - year), palm oil was 8714.0 yuan/ton (- 3.39% year - on - year), cotton was 14859.2 yuan/ton (+ 0.19% year - on - year), and pork was 18.0 yuan/kg (- 0.28% year - on - year) [32]. - Non - ferrous Metals: On November 3, the spot price of copper was 86941.7 yuan/ton (- 1.48% year - on - year), zinc was 22328.0 yuan/ton (+ 0.59% year - on - year), aluminum was 21450.0 yuan/ton (+ 1.53% year - on - year), and nickel was 122216.7 yuan/ton (- 0.11% year - on - year) [32]. - Ferrous Metals: On November 3, the spot price of iron ore was 817.4 yuan/ton (+ 2.31% year - on - year), rebar was 3178.2 yuan/ton (+ 0.55% year - on - year), and wire rod was 3335.0 yuan/ton (+ 0.53% year - on - year) [32]. - Non - metals: On November 3, the spot price of glass was 13.9 yuan/square meter (0.00% year - on - year), and natural rubber was 14658.3 yuan/ton (- 1.29% year - on - year) [32]. - Energy: On November 3, the spot price of WTI crude oil was 61.0 dollars/barrel (- 0.85% year - on - year), Brent crude oil was 65.1 dollars/barrel (- 1.32% year - on - year), liquefied natural gas was 4320.0 yuan/ton (+ 2.53% year - on - year), and coal was 817.0 yuan/ton (+ 0.99% year - on - year) [32]. - Chemical: On November 3, the spot price of PTA was 4558.8 yuan/ton (+ 0.51% year - on - year), polyethylene was 7088.3 yuan/ton (- 0.49% year - on - year), urea was 1590.0 yuan/ton (- 2.15% year - on - year), and soda ash was 1204.3 yuan/ton (- 0.47% year - on - year) [32]. - Real Estate: On November 3, the national cement price index was 136.3 (+ 1.43% year - on - year), the building materials composite index was 113.0 points (+ 0.89% year - on - year), and the national concrete price index was 91.0 points (- 0.10% year - on - year) [32].