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Report Summary 1. Industry Investment Rating No information provided regarding the report's industry investment rating. 2. Core Viewpoints - The report presents an overview of the mid - and upstream, mid - stream, and downstream industries, along with relevant policy events and price trends. In the production industry, there are updates on the export control of rare - earth related items, and in the service industry, there are new consumption pilot programs. The prices of some upstream products are falling, the operating rates of some mid - stream industries are changing, and downstream real estate is warming up while some service sectors are declining [1][2][3][4]. 3. Summary by Directory 3.1 Mid - view Event Overview - Production Industry: At the Ministry of Commerce's regular press conference on the 18th, the spokesperson responded to the latest progress of the export control of rare - earth related items. Some Chinese exporters have initially met the requirements for applying for general licenses, and some applications have been received and approved [1]. - Service Industry: The General Office of the Ministry of Commerce and the General Office of the Ministry of Finance have issued a notice to carry out pilot projects on new consumption formats, models, and scenarios in 50 cities including Beijing. On December 17, a work deployment and promotion meeting was held, emphasizing that pilot cities should improve implementation plans and ensure the effectiveness of the pilot work [1]. 3.2 Industry Overview 3.2.1 Upstream - Non - ferrous Metals: The prices of nickel and lead have slightly declined [2]. - Agriculture: The price of palm oil has slightly declined [2]. - Energy: The prices of international crude oil and liquefied natural gas continue to decline [2]. 3.2.2 Mid - stream - Chemical Industry: The operating rates of PX and PTA continue to decline [3]. - Energy: The coal consumption of power plants has increased [3]. - Infrastructure: The asphalt operating rate is at a low level [3]. 3.2.3 Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities continue to pick up [4]. - Service: The number of domestic and international flights has declined, and movie box office has also declined [4]. 3.3 Key Industry Price Indicators Tracking - Agriculture: On December 18, the prices of corn, eggs, palm oil, cotton, and pork showed different trends, with palm oil down 1.15%, eggs down 0.60%, and others showing small increases or decreases [42]. - Non - ferrous Metals: The prices of copper, zinc, aluminum, nickel, etc. on December 18 also had different changes, such as nickel down 1.49% and zinc up 0.02% [42]. - Energy: The prices of WTI crude oil, Brent crude oil, liquefied natural gas, and coal on December 18 had different trends, with Brent crude oil down 4.07% and WTI crude oil up 4.53% [42]. - Chemical Industry: The prices of PTA, polyethylene, urea, and soda ash on December 18 showed different changes, with polyethylene down 1.46% and PTA up 0.69% [42]. - Real Estate: The cement price index, building materials composite index, and concrete price index on December 18 also had different trends, with the cement price index up 0.81% and the concrete price index down 0.06% [42].