化工中游分化，农业上游回落

Report Summary 1) Report Industry Investment Rating No information provided regarding the industry investment rating. 2) Core Viewpoints - The development of the green fuel industry is of great significance, which can replace oil, ensure energy security, reduce carbon emissions, and promote green development. It is an important direction for the development of new - quality productive forces in the energy field [1] - Due to the continuous escalation of the conflict in the Middle East, COSCO Shipping Lines has suspended new booking services for relevant routes [2] - The prices of international crude oil and liquefied natural gas continue to rise, while the pork price declines. In the mid - stream, the PX operating rate increases while the PTA operating rate is at a low level. The power plant coal consumption increases, and the road asphalt operating rate declines. In the downstream, the sales of commercial housing in first - and second - tier cities decline seasonally, and the number of domestic flights decreases [3][4] 3) Summary by Related Catalogs A. Production Industry - The National Energy Administration held a special symposium on the development of the green fuel industry, emphasizing its importance in energy substitution, carbon reduction, and new - energy utilization [1] B. Service Industry - COSCO Shipping Lines suspended new booking services for routes to and from some Middle - Eastern countries due to the conflict escalation. The new booking suspension includes routes to and from most parts of the UAE, Qatar, Bahrain, Iraq, Saudi Arabia (except Jeddah), and Kuwait. - The price of Seedance 2.0 is announced. The price is 28 yuan per million tokens for video input and 46 yuan per million tokens without video input. A 15 - second video costs about 15 yuan at the 46 - yuan price [2] C. Upstream - Energy: The prices of international crude oil and liquefied natural gas continue to rise [3][36] - Agriculture: The pork price declines [3][36] D. Mid - stream - Chemical: The PX operating rate increases, while the PTA operating rate is at a low level [4] - Energy: The power plant coal consumption increases [4] - Infrastructure: The road asphalt operating rate declines [4] E. Downstream - Real Estate: The sales of commercial housing in first - and second - tier cities decline seasonally [4] - Service: The number of domestic flights decreases [4] F. Key Industry Price Indicators | Industry | Indicator | Value (3/4) | YoY | | --- | --- | --- | --- | | Agriculture | Corn spot price | 2298.6 yuan/ton | 0.88% | | | Egg spot price | 6.3 yuan/kg | 3.46% | | | Palm oil spot price | 8960.0 yuan/ton | 3.58% | | | Cotton spot price | 16582.8 yuan/ton | - 0.80% | | | Average pork wholesale price | 17.2 yuan/kg | - 4.07% | | Non - ferrous Metals | Copper spot price | 101851.7 yuan/ton | - 0.29% | | | Zinc spot price | 24470.0 yuan/ton | - 0.22% | | | Aluminum spot price | 23966.7 yuan/ton | 2.44% | | | Nickel spot price | 140883.3 yuan/ton | - 2.05% | | | Aluminum spot price (daily) | 16650.0 yuan/ton | 0.04% | | | Rebar spot price | 3142.8 yuan/ton | 0.54% | | Ferrous Metals | Iron ore spot price | 769.7 yuan/ton | 0.79% | | | Wire rod spot price | 3317.5 yuan/ton | - 0.23% | | | Glass spot price | 13.4 yuan/square meter | 0.00% | | Non - metals | Natural rubber spot price | 16625.0 yuan/ton | 2.92% | | | China Plastics City price index | 825.6 | 5.25% | | Energy | WTI crude oil spot price | 74.6 dollars/barrel | 13.61% | | | Brent crude oil spot price | 81.4 dollars/barrel | 15.33% | | | Liquefied natural gas spot price | 3538.0 yuan/ton | 20.67% | | | Coal price (coal) | 793.0 yuan/ton | - 0.63% | | | PTA spot price | 5515.7 yuan/ton | 3.69% | | Chemical | Polyethylene spot price | 7325.0 yuan/ton | 8.73% | | | Urea spot price | 1865.0 yuan/ton | 1.91% | | | Soda ash spot price | 1202.9 yuan/ton | 0.00% | | Real Estate | National cement price index | 128.2 | - 0.90% | | | Building materials composite index | 113.6 points | - 0.22% | | | National concrete price index | 89.8 points | 0.00% | [36]