行业比较跟踪：资源的空间有限

Core Viewpoints - The report emphasizes the need for a boost in midstream production in the short term [4][18][23] Economic Indicators - The Shanghai Composite Index is at 3019.47, while the Shenzhen Component Index stands at 9228.23, and the ChiNext Index is at 1762.88 [9][16][10] - The CPI for March shows a year-on-year increase of 0.1% and a month-on-month decrease of 1.0%, while the PPI has decreased by 2.8% year-on-year and 0.1% month-on-month [22] Consumer Behavior - Post-Spring Festival, the CPI drop exceeded seasonal changes, indicating potential short-term consumption volatility [18] - Per capita tourism spending has surpassed 2019 levels, suggesting a shift towards holiday consumption [18] Production and Demand Analysis - Current micro data, such as operating rates in midstream chemical sectors, indicate weaker performance compared to previous years, with high furnace operating rates at around 78%, down from 84% last year [23] - The report notes that while real estate demand has declined, stabilization in the real estate market may alleviate negative impacts on midstream steel and coal sectors [23] - The rise in non-ferrous metal prices is attributed to increases in precious and industrial metal prices, although short-term demand is not expected to change significantly [23]