关注AI上游供给变动

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report focuses on the upstream supply changes in AI and also presents the overall situation of the production and service industries, as well as the industry overview from upstream to downstream [1] 3. Summary by Related Catalogs 3.1. Meso - level Event Overview Production Industry - On December 9th, at the regular press conference, in response to the question about the US President Trump's approval to sell NVIDIA H200 AI chips to China, the Chinese Foreign Ministry Spokesperson Guo Jiakun stated that China advocates mutual - benefit and win - win cooperation between China and the US [1] Service Industry - On December 9th, Premier Li Qiang met with the President of the World Bank, the Managing Director of the International Monetary Fund, and the Secretary - General of the United Nations Conference on Trade and Development. He said China will adhere to the strategic basis of expanding domestic demand [1] 3.2. Industry Overview Upstream - Non - ferrous metals: Copper prices continue to rise - Energy: Liquefied natural gas prices continue to decline - Chemical industry: Chemical product prices have recently shown small collective fluctuations [1] Mid - stream - Chemical industry: The operating rates of PX, PTA, and polyester have decreased; the urea operating rate remains stable at a three - year high - Energy: Coal consumption of power plants has increased - Infrastructure: Asphalt production is in the off - season [1] Downstream - Real estate: The sales of commercial housing in first, second, and third - tier cities have been warming up recently - Services: The number of domestic and international flights has decreased [1] 3.3. Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Value | YoY | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | H | Yuan/ton | 12/9 | 2237.1 | 0.51% | | | | Spot price: Eggs | Daily | Yuan/kg | 12/9 | 6.5 | - 0.46% | | | | Spot price: Palm oil | H | Yuan/ton | 12/9 | 8628.0 | - 1.98% | | | | Spot price: Cotton | H | Yuan/ton | 12/9 | 15022.5 | 0.06% | | | | Average wholesale price: Pork | Daily | Yuan/kg | 12/9 | 17.6 | - 0.96% | | | Non - ferrous metals | Spot price: Copper | Daily | Yuan/ton | 12/9 | 92270.0 | 3.98% | | | | Spot price: Zinc | Daily | Yuan/ton | 12/9 | 23154.0 | 1.91% | | | | Spot price: Aluminum | H | Yuan/ton | 12/9 | 21933.3 | 0.97% | | | | Spot price: Nickel | H | Yuan/ton | 12/9 | 120600.0 | 0.14% | | | | Spot price: Aluminum | H | Yuan/ton | 12/9 | 17231.3 | 0.25% | | | Ferrous metals | Spot price: Rebar | H | Yuan/ton | 12/9 | 3199.7 | - 0.99% | | | | Spot price: Iron ore | Daily | Yuan/ton | 12/9 | 802.8 | - 1.24% | | | | Spot price: Wire rod | Daily | Yuan/ton | 12/9 | 3395.0 | 0.07% | | | Non - metals | Spot price: Glass | H | Yuan/square meter | 12/9 | 13.7 | - 0.51% | | | | Spot price: Natural rubber | Daily | Yuan/ton | 12/9 | 14858.3 | - 0.50% | | | | China Plastic City Price Index | H | - | 12/9 | 765.3 | - 0.10% | | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 12/9 | 58.9 | - 0.74% | | | | Spot price: Brent crude oil | H | US dollars/barrel | 12/9 | 62.5 | - 1.08% | | | | Spot price: Liquefied natural gas | H | Yuan/ton | 12/9 | 3862.0 | - 4.74% | | | | Coal price: Coal | H | Yuan/ton | 12/9 | 808.0 | - 0.86% | | | Chemical industry | Spot price: PTA | H | Yuan/ton | 12/9 | 4682.9 | - 0.55% | | | | Spot price: Polyethylene | Daily | Yuan/ton | 12/9 | 6803.3 | - 1.66% | | | | Spot price: Urea | Daily | Yuan/ton | 12/9 | 1717.5 | 0.88% | | | | Spot price: Soda ash | H | Yuan/ton | 12/9 | 1205.7 | - 0.30% | | | Real estate | Cement price index: National | H | - | 12/9 | 135.4 | 0.01% | | | | Building materials composite index | H | Points | 12/9 | 115.0 | - 0.79% | | | | Concrete price index: National index | Daily | Points | 12/9 | 90.4 | 0.00% | | [40]