宏观日报：地产下游小幅回暖-20251128

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The downstream real estate sector shows a slight recovery, while the service industry's domestic flight frequency experiences a minor decline [1][3]. - Upstream nickel and egg prices rise, while international crude oil and liquefied natural gas prices fluctuate downward. Mid - stream PX, urea, and PTA prices fall, power plant coal consumption is at a low level, and asphalt construction is in the off - season [3]. 3) Summary by Related Catalogs A. Mid - view Event Overview - Production Industry: At the National Development and Reform Commission's November press conference on November 27, the commission responded to market hot - spot issues such as humanoid robots and the expansion of infrastructure REITs project issuance. It aims to prevent high - repetition humanoid robot products from flooding the market and promote the healthy and standardized development of the embodied intelligence industry [1]. - Service Industry: Li Qiang chaired an executive meeting of the State Council to deploy the promotion of provincial - level overall planning of basic medical insurance. This is an important measure to improve the universal medical insurance system [1]. B. Industry Data - Upstream: - Non - ferrous Metals: Nickel prices rise slightly, with the spot price on November 27 at 119,366.7 yuan/ton, a 1.98% year - on - year increase [3][38]. - Agriculture: Egg prices recover, with the spot price on November 27 at 6.4 yuan/kg, a 2.74% year - on - year increase [3][38]. - Energy: International crude oil and liquefied natural gas prices fluctuate downward. On November 27, the spot price of WTI crude oil is 58.7 dollars/barrel, a 1.33% year - on - year decrease; the spot price of Brent crude oil is 62.5 dollars/barrel, a 1.53% year - on - year decrease; and the spot price of liquefied natural gas is 4,084 yuan/ton, a 2.34% year - on - year decrease [3][38]. - Mid - stream: - Chemical Industry: PX, urea, and PTA prices fall. On November 27, the spot price of PTA is 4,628.3 yuan/ton, a 0.61% year - on - year decrease; the spot price of polyethylene is 6,980 yuan/ton, a 0.26% year - on - year decrease [3][38]. - Energy: Power plant coal consumption is at a low level [3]. - Infrastructure: Asphalt construction is in the off - season [3]. - Downstream: - Real Estate: The sales of commercial housing in first - tier cities rise slightly [3]. - Service: The number of domestic flights decreases slightly [3].