A股行业中观景气跟踪月报（2025年11月）：继续看好中上游PPI涨价链条持续性-20251204

Core Insights - The report maintains a positive outlook on the sustainability of price increases in the midstream and upstream PPI chain, indicating a favorable environment for investment opportunities in these sectors [1] Industrial Sector Monthly Tracking - The automotive manufacturing, oil and coal extraction and processing, black metal mining, and electricity and heat sectors show improvements in economic indicators, while sectors like pharmaceuticals, food and beverage, textiles, and non-metallic materials are in a phase of supply clearing and potential recovery [2] - As of October 2025, industries with improving inventory and fixed asset growth include pharmaceuticals, non-metallic mining and products, light manufacturing, textiles, and food and beverage [2] Economic Conditions - The manufacturing PMI for November 2025 slightly rebounded to 49.2%, with price conditions improving due to reduced internal competition; raw material prices are in an expansion phase [3] - Order conditions have improved, particularly in export orders, while inventory replenishment sentiment has decreased, with the service sector returning to contraction [3] High-Frequency Indicators by Sector - Consumer Sector: Service consumption outperforms durable goods, with strong resilience in external demand [3] - Automotive sales, particularly in new energy vehicles, show a year-on-year retail sales growth of 7.3% in October 2025, despite a 0.8% decline in overall passenger vehicle sales [3] - Home appliance sales face high base pressure, with negative growth expected in domestic production for major appliances due to previous demand overextension [3] - Retail growth in textiles stabilizes, with upstream raw material prices showing signs of recovery [3] - Advanced Manufacturing: Prices for new energy products remain high, with significant growth in sales of engineering machinery and heavy trucks [3] - The photovoltaic sector sees stable supply-demand dynamics, while lithium battery materials face severe supply-demand mismatches, leading to price increases [3] - Technology Sector: Improvements in telecommunications business volume and base station equipment shipments, with domestic chip sales accelerating [3] - Financial Sector: Insurance premium growth slows after product repricing, while secondary market transaction volumes recover [3] - Real Estate Chain: Real estate sales and prices remain weak, with cement prices fluctuating at low levels [3] - Cyclical Commodities: Oil prices fluctuate within a narrow range, while coal prices rise due to winter storage replenishment [3] Supply Indicators - As of October 2025, the inventory growth rate and fixed asset investment growth rate are low, indicating a continued process of supply clearing in various sectors [6]