宏观日报：上游价格回升-20260116

Report Summary 1) Investment Rating No investment rating information is provided in the report. 2) Core View The report presents an overview of recent events and market conditions across multiple industries, including production, service, upstream, mid - stream, and downstream sectors. It also includes price and data updates for various commodities and industries, indicating market trends such as price fluctuations and changes in production and consumption indicators. 3) Summary by Directory A. Macro - Events - Production Industry: China Aerospace Science and Technology Corporation held its 2026 annual work conference, emphasizing the implementation of major aerospace projects, industrial transformation, and the development of strategic and future industries [1] - Service Industry: In 2025, the annual social financing scale increment was 35.6 trillion yuan, 3.34 trillion yuan more than the previous year. The central bank decided to cut re - loan and rediscount rates by 0.25 percentage points from January 19, 2026 [2] B. Industry Overview - Upstream: International crude oil and liquefied natural gas prices continued to decline, while egg, zinc, and nickel prices rose [3] - Mid - stream: PX had a high operating rate, while polyester and PTA had low operating rates. Power plant coal consumption was at a low level [4] - Downstream: Second and third - tier city commercial housing sales increased, and the number of domestic flights rose [5] C. Key Industry Price Indicators - Agriculture: On January 14, the spot price of eggs increased by 9.45% year - on - year, and the spot price of palm oil increased by 2.09% year - on - year [37] - Non - ferrous Metals: The spot price of zinc increased by 0.92% year - on - year, while the spot price of nickel decreased by 1.76% year - on - year on January 14 [37] - Energy: The spot price of WTI crude oil increased by 6.65% year - on - year, and the spot price of Brent crude oil increased by 7.86% year - on - year on January 14 [37] - Chemical Industry: The spot price of polyethylene increased by 3.04% year - on - year, and the spot price of urea increased by 1.01% year - on - year on January 14 [37] - Real Estate: The building materials composite index increased by 0.11% year - on - year on January 14, while the national concrete price index decreased by 0.01% year - on - year [37]