上游价格持续分化

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the continuous price differentiation in the upstream industry and provides an overview of mid - level events, industry status in the upstream, mid - stream, and downstream sectors. Upstream prices show a trend of divergence, with some rising and some falling, while the mid - stream and downstream industries have their own development characteristics such as low - level operation in some mid - stream industries and recovery in some downstream industries. 3. Summary by Related Catalogs Mid - level Event Overview - Production Industry: The State Administration for Market Regulation has deployed key tasks for 2026, including deepening fair competition governance, breaking administrative monopolies, strengthening anti - monopoly and anti - unfair competition law enforcement, promoting the development quality of business entities, and strengthening the regular supervision of the platform economy [1] - Service Industry: The 2026 Tariff Adjustment Plan will be implemented from January 1, 2026, with 935 items of goods subject to import provisional tax rates lower than the most - favored - nation tax rates, and new national sub - items added. Also, regulations on the deduction of advertising and business promotion expenses for certain industries have been announced [2] Industry Overview - Upstream: In the chemical industry, PTA prices are rising; in the non - ferrous metals sector, copper prices are rising; in the energy industry, LNG prices are falling [3] - Mid - stream: Chemical product start - up rates are at a low level, power plant coal consumption is increasing, and asphalt start - up is in the off - season [4] - Downstream: The sales of commercial housing in first, second, and third - tier cities are continuously warming up, and the number of domestic flights is increasing [4] Key Industry Price Index Tracking - Agriculture: On December 29, the spot prices of corn, palm oil, cotton, and the average wholesale price of pork increased year - on - year, while the spot price of eggs decreased [37] - Non - ferrous Metals: On December 29, the spot prices of copper, zinc, aluminum, and nickel increased year - on - year [37] - Ferrous Metals: On December 29, the spot price of线材 increased year - on - year, while the spot prices of rebar and iron ore decreased slightly [37] - Non - metals: On December 29, the spot price of natural rubber increased year - on - year, while the spot price of glass and the China Plastic City price index decreased [37] - Energy: On December 29, the spot prices of WTI crude oil and Brent crude oil increased slightly year - on - year, while the spot price of liquefied natural gas and coal price decreased [37] - Chemical Industry: On December 29, the spot price of PTA increased year - on - year, while the spot price of polyethylene decreased [37] - Real Estate: On December 29, the cement price index and the building materials composite index decreased slightly year - on - year, and the concrete price index remained unchanged [37]