行业景气度跟踪报告（2026年2月）：涨价品种出现分化，券商景气度高增

Upstream Sector - In the upstream cyclical products, there is a price divergence, with only gold prices rising while silver and other industrial metals have declined[1] - The PPI for coal mining and washing has improved, with a year-on-year growth of -8.9% in December, up from -11.80% in November[41] - Brent crude oil prices have decreased by 6.2% to $66.30 per barrel, while WTI crude oil prices fell by 4.7% to $62.14 per barrel[15] Midstream Sector - In the steel sector, iron ore and rebar prices have increased week-on-week, with rebar prices at 3,002 RMB per ton, up 1.6%[16] - The chemical products price index has decreased by 0.9% week-on-week, indicating a downward trend in major chemical product prices[16] - The shipping industry is experiencing a decline, with the Baltic Dry Index down by 5.6%[16] TMT Sector - The semiconductor sales cycle is on the rise, with a year-on-year growth of 22.9% in China[17] - The software industry has seen a cumulative profit growth of 7.3% year-on-year[17] - The film box office revenue in China has decreased by 69.11% year-on-year, indicating a significant drop in the media sector[17] Downstream Consumption - The price of Feitian Moutai has increased, supporting the strength of the liquor market[19] - The number of breeding sows in China has decreased by 2.9% year-on-year, indicating a decline in the agricultural sector[19] - The retail sales of consumer goods in December have shown a year-on-year decline of 0.9%[19] Financial and Real Estate Sector - The cumulative year-on-year decline in China's commercial housing sales area is 8.7%[20] - The cumulative year-on-year decline in real estate development investment is 17.2%[20] - The total trading volume in the two markets has increased, with the margin financing balance remaining high, indicating a robust brokerage environment[20]