关注上游价格分化，中游开工淡季

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoint The report focuses on the differentiation of upstream prices and the off - season of mid - stream operations, presenting the latest developments in the production and service industries, as well as the trends in upstream, mid - stream, and downstream sectors [1][3][4][5]. Summary by Section 1. Middle - view Event Overview - Production Industry: The Ministry of Transport plans to launch a special action to improve and upgrade highway service areas next year, with the primary task of enhancing charging service capabilities and promoting the construction and renovation of charging facilities [1]. - Service Industry: Beijing relaxes non - Beijing household purchase conditions and supports multi - child family housing needs; the central bank conducts 400 billion yuan of MLF operations, with a net injection of 100 billion yuan this month, and has increased MLF operations for 10 consecutive months [2]. 2. Industry Overview - Upstream: International crude oil prices have recently declined, and liquefied natural gas prices continue to fall; PTA prices have risen significantly, while polyethylene prices have slightly declined [3]. - Mid - stream: Chemical product operating rates remain low, power plant coal consumption has increased, and asphalt operating rates for infrastructure have declined [4]. - Downstream: The sales of commercial housing in first, second, and third - tier cities continue to pick up, while the number of domestic flights has decreased [5]. 3. Key Industry Price Indicators - Agriculture: On December 24, the spot price of corn was 2,241.4 yuan/ton (- 0.19% year - on - year), eggs were 6.3 yuan/kg (- 4.26% year - on - year), palm oil was 8,520 yuan/ton (0.71% year - on - year), cotton was 15,217.5 yuan/ton (0.50% year - on - year), and pork was 17.4 yuan/kg (- 0.91% year - on - year) [39]. - Non - ferrous Metals: On December 24, the spot price of copper was 94,853.3 yuan/ton (2.88% year - on - year), zinc was 23,250 yuan/ton (1.14% year - on - year), aluminum was 21,883.3 yuan/ton (0.57% year - on - year), nickel was 130,800 yuan/ton (11.92% year - on - year), and the second - listed aluminum was 17,118.8 yuan/ton (1.86% year - on - year), and rebar was 3,229.3 yuan/ton (0.81% year - on - year) [39]. - Ferrous Metals: On December 24, the spot price of iron ore was 810.6 yuan/ton (1.08% year - on - year), wire rod was 3,475 yuan/ton (1.83% year - on - year), and glass was 13.3 yuan/square meter (- 0.75% year - on - year) [39]. - Non - metals: On December 24, the spot price of natural rubber was 14,983.3 yuan/ton (- 0.77% year - on - year), the China Plastic City price index was 756 (- 0.07% year - on - year) [39]. - Energy: On December 24, the spot price of WTI crude oil was 58.4 US dollars/barrel (5.90% year - on - year), Brent crude oil was 62.4 US dollars/barrel (5.87% year - on - year), liquefied natural gas was 3,424 yuan/ton (- 5.47% year - on - year), coal was 802 yuan/ton (- 0.37% year - on - year) [39]. - Chemical Industry: On December 24, the spot price of PTA was 4,970.5 yuan/ton (7.44% year - on - year), polyethylene was 6,430 yuan/ton (- 2.82% year - on - year), urea was 1,755 yuan/ton (2.33% year - on - year), and soda ash was 1,225.7 yuan/ton (0.23% year - on - year) [39]. - Real Estate: On December 11, the building materials composite index was 115.1 points (- 0.68% year - on - year), and the national concrete price index was 90.4 points (- 0.06% year - on - year) [39].