关注地产下游政策推进

Report Summary 1. Investment Rating - No investment rating information is provided. 2. Core View - The report focuses on the overall situation of multiple industries, including upstream, mid - stream, and downstream sectors, and also mentions relevant policies and price trends. It points out that there are policy promotions in the downstream of the real estate industry and the service industry, and there are price fluctuations and changes in the operating conditions in various industries [1][2][3]. 3. Industry - Specific Summaries Upstream - Black: Coal prices have slightly declined [2]. - Agriculture: The prices of eggs and palm oil have rebounded, while the price of cotton has a 0.38% change. The average wholesale price of pork has a 0.45% change. The prices of some agricultural products such as corn, eggs, palm oil, and cotton are tracked in the price index table, with varying degrees of year - on - year changes [2][36]. - Energy: The price of liquefied natural gas is fluctuating, and the coal price has a - 1.57% year - on - year change on December 1 [2][36]. Mid - stream - Chemical: The operating rates of PX and urea have declined [3]. - Energy: The coal consumption of power plants is at a low level [3]. - Infrastructure: It is the off - season for asphalt construction [3]. Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities have slightly rebounded [3]. - Service: The number of domestic flights is at a low level [3]. 4. Policy Information - Production Industry: The Ministry of Industry and Information Technology encourages Chinese photovoltaic, wind power, lithium battery, and new energy vehicle enterprises to "go global" and participate in the construction of green energy projects in countries along the "Belt and Road" [1]. - Service Industry: Chinese citizens can travel and conduct business in Russia without a visa from December 1, 2025, to September 14, 2026, for up to 30 days. Many cities are intensively implementing a new round of housing purchase subsidy policies, with Changzhou offering a maximum subsidy of 200,000 yuan, and about 100 cities and districts such as Hangzhou and Wuhan increasing subsidy efforts this year [1].