地产下游季节性回落，能化上游持续上行

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The downstream real estate sector shows a seasonal decline, while the upstream energy and chemical sectors continue to rise [1] - Due to the near - stagnation of shipping in the Strait of Hormuz, major Middle Eastern oil - producing countries have significantly cut oil production, reducing the global oil supply by about 6% [1] - In 2026, the national general public budget allocates 1.94 trillion yuan for national defense spending, a 6.9% increase from the previous year [1] 3. Summary by Directory Upstream - Energy: International crude oil and liquefied natural gas prices are continuously rising [2] - Agriculture: Egg and palm oil prices are rising [2] - Chemical: Polyethylene and PTA prices are continuously increasing [2] Midstream - Chemical: The operating rates of PX and urea remain at a high level [3] - Energy: The coal consumption of power plants has decreased [3] - Infrastructure: The operating rate of road asphalt is at a low level [3] Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have a seasonal decline [4] - Service: The number of domestic flights is fluctuating at a high level [4] Key Industry Price Indexes - In agriculture, on March 10, the spot price of eggs increased by 4.30% year - on - year, and the spot price of palm oil increased by 4.24% year - on - year [37] - In the energy sector, on March 10, the spot price of WTI crude oil increased by 33.05% year - on - year, and the spot price of liquefied natural gas increased by 30.71% year - on - year [37] - In the chemical industry, on March 10, the spot price of PTA increased by 7.30% year - on - year, and the spot price of polyethylene increased by 12.40% year - on - year [37] - In the real estate sector, on March 10, the national cement price index decreased by 1.10% year - on - year [37]