价格全方位多维跟踪体系（2025.11）：成本高企与利润分化并存

Core Insights - The report highlights a structural divergence in the prices of major production materials, with 23 out of 49 materials experiencing price increases, while 24 saw declines, indicating a mixed market environment [1][2][3] - Key price increases are observed in upstream coal and non-ferrous metals, particularly copper and aluminum, driven by replenishment demand and cost support [1][2] - Conversely, significant price drops are noted in agricultural products and certain chemicals, reflecting weak downstream consumption and excess supply pressures [1][2] Price Tracking of Major Production Materials - As of October 2025, coal prices have slightly rebounded to 670-680 RMB/ton, while WTI crude oil has decreased to 57 USD/barrel [3] - Non-ferrous metals, including copper and aluminum, have shown strong performance, with copper prices reaching 86,430 RMB/ton and aluminum prices exceeding 21,000 RMB/ton [1][3] - The chemical sector exhibits notable price differentiation, with sulfuric acid prices surging over 700 RMB/ton, while other chemical products like plastics and fertilizers continue to decline [1][2][3] Year-on-Year Price Changes - Year-on-year comparisons reveal that coal prices have decreased by approximately 10%-25%, with the decline rate narrowing, indicating a marginal improvement in supply-demand dynamics [2] - Agricultural products, particularly live pigs, have seen a significant price drop of around 37%, negatively impacting the overall agricultural sector [2] - The non-ferrous metals sector has shown resilience, with electrolytic copper and aluminum prices increasing by 17.4% and 7.3% respectively, reflecting strong international metal market conditions and domestic demand recovery [2] Industry Price Trends - The report indicates that industries such as new energy, new materials, and high-end equipment are experiencing high material price levels and ongoing cost pressures, while traditional sectors like textiles and construction are facing low output prices due to weak downstream demand [4] - Profit margins remain robust in sectors like new energy vehicles and high-end manufacturing, while industries such as chemical fibers and construction materials are under pressure due to high input costs and weak output [4]