行业景气观察：金属价格多数上涨，存储器、新能源材料价格持续强势

Core Insights - The report indicates an overall improvement in industry sentiment, particularly in resource products, midstream manufacturing, and information technology sectors, with most metal prices rising and strong performance in the new energy materials market [1][6][12] - The report suggests a potential cyclical recovery in 2026, driven by a resonance between the US and China, and recommends positioning in cyclical sectors during market adjustments [1][12] Industry Overview Information Technology - The Philadelphia Semiconductor Index, Taiwan Semiconductor Industry Index, and DXI Index have all increased, indicating positive momentum in the semiconductor sector [28] - Prices for DDR5 and DDR4 DRAM memory have risen week-on-week, reflecting strong demand driven by AI model iterations and storage needs [24][28] - The October NB LCD shipment volume has shown an expanding year-on-year growth rate over three months, suggesting a recovery in demand for laptops and displays [28] Midstream Manufacturing - Prices in the new energy supply chain have generally increased, with significant rises in VC, manganese lithium, and other materials, driven by ongoing demand and supply chain optimization [22][26] - The price index for photovoltaic products has decreased week-on-week, indicating potential challenges in the solar energy sector [22][26] - The production of packaging equipment has turned negative year-on-year, reflecting a contraction in this segment [22][26] Consumer Demand - The average price of vegetables and fruits has increased due to seasonal supply constraints and extreme weather conditions, with notable price rises in corn and other agricultural products [19][21] - The film industry has seen a decline in box office revenue, while ticket prices have increased, indicating a mixed recovery in consumer entertainment spending [19][21] Resource Products - Industrial metal prices have generally risen, with copper, zinc, and nickel showing upward trends, while coal prices have fluctuated due to weak downstream demand [27] - The average transaction volume of construction steel has increased, reflecting a recovery in construction activity [27] - Brent crude oil prices have decreased, influenced by geopolitical factors and supply dynamics [27] Financial and Real Estate - The report notes an increase in land transaction premium rates and a rise in the area of commercial housing transactions, indicating a potential recovery in the real estate market [27] - The A-share market has experienced a decline in turnover rate and daily transaction volume, suggesting cautious investor sentiment [27] Public Utilities - Natural gas prices in China have decreased, while electricity generation has seen a widening year-on-year decline, indicating challenges in the energy sector [27]