中观高频景气图谱（2025.10）：上游企稳回升，中游分化修复

Group 1 - The overall performance of upstream resource products remains low, with internal structural differentiation continuing. The coal industry maintains stable conditions, with a slight month-on-month increase in thermal coal prices. The oil and petrochemical sector continues to show weakness, with a widening year-on-year decline in gasoline and natural gas prices. Basic chemicals are under pressure, with prices of PVC and methanol continuing to decline. Non-ferrous metals remain relatively stable, with slight increases in copper and aluminum prices. Demand for construction materials is weak, with cement and glass prices still in negative territory year-on-year [3][4][5] - In the midstream manufacturing sector, the new energy chain performs well, with improvements in power equipment and a rebound in prices of polysilicon and components. The machinery equipment industry continues its recovery, with marginal improvements in demand for transportation and engineering equipment. The automotive sector shows short-term recovery but remains weak overall, with operating rates and sales improving month-on-month but still below last year's levels. The textile and apparel sector shows significant differentiation, with stable raw material prices but slow recovery in downstream orders [3][4][5] - The downstream consumer sector continues to show a differentiated pattern, with the home appliance sector remaining robust, and sales of small household appliances and kitchen appliances performing well. The food and beverage sector shows a month-on-month rebound, with overall mild increases in agricultural product prices. The pharmaceutical and biotechnology sector experiences increased differentiation, with prices of traditional Chinese medicinal materials continuing to decline. The social services sector continues to recover, with hotel and tourism-related indicators improving month-on-month and increased consumer activity [3][4][5] Group 2 - Supportive services and finance show a continued recovery trend, with the banking system's performance improving month-on-month, and liquidity rebounding, leading to a marginal easing of the funding environment. Non-bank financial services remain highly active but with slowing growth. Transportation shows differentiation, with shipping and container freight rates rebounding while overall freight rates face slight pressure. The environmental protection sector continues to warm up, with improvements in air quality and related investment indicators [3][4][5]