能源上游持续上行

Report Summary Industry Investment Rating No information provided on the industry investment rating. Core View The energy upstream sector is on an upward trend, with continuous increases in the prices of liquefied natural gas and crude oil. The domestic refined oil price has experienced a "four - consecutive increase", and it is expected to continue rising in the next adjustment window. Meanwhile, various industries show different trends, such as price changes in agriculture and non - ferrous metals, and fluctuations in the sales of real estate and the operation of service industries [1][2]. Summary by Directory 1. Mid - view Event Overview - Production Industry: On March 9, the National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 695 yuan/ton and 670 yuan/ton respectively. After conversion, 92 - octane gasoline, 95 - octane gasoline, and 0 - diesel increased by 0.55 yuan, 0.58 yuan, and 0.57 yuan per liter. It is predicted that the domestic refined oil price will continue to rise in the next adjustment window on March 23, with an expected increase of 0.5 - 1 yuan per liter [1]. - Service Industry: The Minister of Agriculture and Rural Affairs suggested appropriate reduction of oil consumption, increase in soybean and milk intake. The Minister of Transport stated that during the "15th Five - Year Plan" period, the "Artificial Intelligence +" action will be implemented to develop intelligent transportation [1]. 2. Industry Overview - Upstream: Energy (liquefied natural gas and crude oil prices rising), agriculture (palm oil price rebounding), and non - ferrous metals (copper price slightly falling) [2]. - Mid - stream: Chemical industry (PX and urea operating rates at high levels, polyester operating rate at a low level), energy (power plant coal consumption decreasing, inventory at a low level), and infrastructure [2]. - Downstream: Real estate (seasonal decline in the sales of commercial housing in first - and second - tier cities), and service (decline in the number of domestic flights) [2]. 3. Key Industry Price Index Tracking - Agriculture: On March 9, the spot price of corn was 2320.0 yuan/ton (up 0.93% year - on - year), eggs 6.4 yuan/kg (up 0.79% year - on - year), palm oil 9750.0 yuan/ton (up 8.94% year - on - year), cotton 16644.8 yuan/ton (up 0.30% year - on - year), and pork 17.1 yuan/kg (down 0.93% year - on - year) [32]. - Non - ferrous Metals: The spot price of copper was 100168.3 yuan/ton (down 1.98% year - on - year), zinc 24348.0 yuan/ton (down 0.03% year - on - year), aluminum 25223.3 yuan/ton (up 6.71% year - on - year), nickel 140300.0 yuan/ton (up 0.56% year - on - year), and another aluminum price 16675.0 yuan/ton (up 0.04% year - on - year) [32]. - Metals: The spot price of rebar was 3186.7 yuan/ton (up 1.78% year - on - year), iron ore 779.4 yuan/ton (up 1.62% year - on - year), and wire rod 3367.5 yuan/ton (up 1.28% year - on - year) [32]. - Non - metals: The spot price of glass was 13.5 yuan/square meter (up 0.75% year - on - year), natural rubber 16925.0 yuan/ton (down 0.59% year - on - year), and the China Plastic City Price Index was 950.0 (up 19.97% year - on - year) [32]. - Energy: The spot price of WTI crude oil was 90.9 dollars/barrel (up 35.63% year - on - year), Brent crude oil 92.7 dollars/barrel (up 27.20% year - on - year), liquefied natural gas 4926.0 yuan/ton (up 47.66% year - on - year), and coal 791.0 yuan/ton (down 0.38% year - on - year) [32]. - Chemical Industry: The spot price of PTA was 5857.3 yuan/ton (up 8.98% year - on - year), polyethylene 8650.0 yuan/ton (up 26.89% year - on - year), urea 1851.3 yuan/ton (down 0.27% year - on - year), and soda ash 1230.0 yuan/ton (up 2.26% year - on - year) [32]. - Real Estate: The national cement price index was 127.1 (down 1.25% year - on - year), the building materials composite index (up 0.39% year - on - year), and the national concrete price index was 89.8 (unchanged year - on - year) [32].