上游价格分化

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report. 2. Core Viewpoints - The upstream prices are showing a differentiated trend, with nickel prices rising, egg prices falling, and oil and liquefied natural gas prices dropping. The mid - stream has a low - season for chemical product production, increased coal consumption in power plants, and low asphalt construction rates. The downstream real - estate market is warming up, while domestic flight frequencies are decreasing [1][2][3]. 3. Summary by Related Catalogs Upstream - Non - ferrous Metals: Nickel prices have rebounded significantly, with the price on December 25th at 127,383.3 yuan/ton, a year - on - year increase of 5.79% [2][37]. - Agriculture: Egg prices declined on the previous day, with the spot price on December 25th at 6.3 yuan/kg, a year - on - year decrease of 5.02% [2][37]. - Energy: Crude oil prices have corrected, and liquefied natural gas prices have continued to decline. The spot price of WTI crude oil on December 25th was 58.4 dollars/barrel, a year - on - year increase of 4.55%, and the spot price of liquefied natural gas was 3,356 yuan/ton, a year - on - year increase of 7.34% [2][37]. Mid - stream - Chemical Industry: It is the off - season for chemical product production [3]. - Energy: Coal consumption in power plants has increased [3]. - Infrastructure: Asphalt construction rates are at a low level [3]. Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities have continued to pick up [3]. - Services: The number of domestic flights has decreased [3]. Industry Events - Production Industry: On the afternoon of December 25th, four leading silicon wafer companies jointly raised their prices significantly, with an average increase of 12%. The average price increase of various silicon wafer models this week is between 3.3% - 9.8%, mainly due to the large increase in upstream silicon material prices. The National Tobacco Monopoly Administration is soliciting opinions on promoting the supply - demand balance of the e - cigarette market [1]. - Service Industry: The People's Bank of China and seven other departments have issued a document to support the construction of the New Western Land - Sea Corridor, including exploring digital financial international cooperation and promoting cross - border payments using central bank digital currencies [1].