宏观日报：关注地产下游优化政策推进-20251212

Report Summary Core Viewpoints - The new energy vehicle industry in China has shown strong growth, with production and sales approaching 15 million units from January to November this year, a year-on-year increase of over 30%, and exports reaching 2.315 million units, doubling year-on-year [1]. - The Central Economic Work Conference emphasizes innovation - driven development, aiming to cultivate new growth drivers, and proposes measures for the real - estate market, including risk control, inventory reduction, and supply optimization [1]. Industry Overview Upstream - Copper prices in the non - ferrous sector are continuously rising; egg prices in the agricultural sector are rebounding; and liquefied natural gas prices in the energy sector are continuously falling [2]. Midstream - In the chemical industry, the operating rates of PX and PTA are stable at a low level, while those of urea and polyester are continuously declining; power plant coal inventories are low, and coal consumption is continuously increasing; the asphalt production for road construction is at a low level [2]. Downstream - The sales of commercial housing in first, second, and third - tier cities are continuously warming up; the number of domestic and international flights is decreasing [3]. Price Index Tracking - As of December 11, 2025, the prices of some products such as corn, eggs, and copper have increased year - on - year, while the prices of palm oil, aluminum, and WTI crude oil have decreased year - on - year [39].