行业比较月报：一页纸精读行业比较数据：11月-20251127

Investment Chain - Since November, prices of tin, silver, and gold have increased. In October 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to -1.70%, with real estate development investment declining by 14.70%. Manufacturing fixed asset investment growth rate fell to 2.7%, and infrastructure investment growth rate decreased to 1.51% [7][8] - In November 2025, prices of copper, aluminum, lead, zinc, and nickel have decreased, while the price of thermal coal slightly increased to 698 RMB/ton. The average price of ordinary cement has risen, and steel prices have decreased [7][8] Consumer Chain - The consumer confidence index rose to 89.60 in September 2025. In October 2025, the nominal year-on-year growth rate fell to 2.90%, with a cumulative nominal year-on-year growth rate decline of 4.30%. The sales area of commercial housing in October saw a year-on-year growth rate drop to -7.63% [8][9] - In October 2025, automobile sales decreased by 8.82% year-on-year, and home appliance retail sales fell by 10.25% year-on-year. In December 2024, tourism revenue in Beijing increased by 11.40% year-on-year, while in March 2024, tourism revenue in Hainan decreased by 20.03% [8][9] Export Chain - In October 2025, the year-on-year growth rate of exports to the United States increased, while exports to the EU, Japan, and ASEAN saw a decline. Cumulative year-on-year growth rates for refined oil, coke, and shipbuilding increased, while exports of agricultural products, toys, furniture, lighting, coal, steel, plastics, auto parts, and aluminum decreased [9][10] - The export amount year-on-year growth rate fell to 20.21% in October 2025, with textile exports decreasing by 9.10% and machinery exports declining by 1.10% [9][10] Price Chain - In November, pork prices decreased, and oil prices also saw a decline. As of November 25, 2025, WTI crude oil price fell to 57.95 USD/barrel. The price of PVC dropped to 4400 RMB/ton, while the price of pure MDI rose to 19350 RMB/ton and the price of polymer MDI decreased to 14550 RMB/ton [10][11]