Group 1 - The overall performance of upstream resource products remains low, with internal structural differentiation continuing. The coal industry maintains stable conditions, with a slight month-on-month increase in thermal coal prices. The oil and petrochemical sector continues to show weakness, with a widening year-on-year decline in gasoline and natural gas prices. Basic chemicals are under pressure, with prices of PVC and methanol continuing to decline. Non-ferrous metals remain relatively stable, with slight increases in copper and aluminum prices. Demand for construction materials is weak, with cement and glass prices still in negative territory year-on-year [3][4][5] - In the midstream manufacturing sector, the new energy chain performs well, with improvements in power equipment and a rebound in prices of polysilicon and components. The machinery equipment industry continues its recovery, with marginal improvements in demand for transportation and engineering equipment. The automotive sector shows short-term recovery but remains weak overall, with operating rates and sales improving month-on-month but still below last year's levels. The textile and apparel sector shows significant differentiation, with stable raw material prices but slow recovery in downstream orders [3][4][5] - The downstream consumer sector continues to show a differentiated pattern, with the home appliance sector remaining robust, and sales of small household appliances and kitchen appliances performing well. The food and beverage sector shows a month-on-month rebound, with overall mild increases in agricultural product prices. The pharmaceutical and biotechnology sector experiences increased differentiation, with prices of traditional Chinese medicinal materials continuing to decline. The social services sector continues to recover, with hotel and tourism-related indicators improving month-on-month and increased consumer activity [3][4][5] Group 2 - Supportive services and finance show a continued recovery trend, with the banking system's performance improving month-on-month, and liquidity rebounding, leading to a marginal easing of the funding environment. Non-bank financial services remain highly active but with slowing growth. Transportation shows differentiation, with shipping and container freight rates rebounding while overall freight rates face slight pressure. The environmental protection sector continues to warm up, with improvements in air quality and related investment indicators [3][4][5]

Group 1 - The overall performance of upstream resource products remains weak, but there are signs of recovery on a month-on-month basis, with coal prices rising and the oil and petrochemical sectors showing improvement [4] - In the midstream manufacturing sector, electrical equipment shows month-on-month improvement, while machinery performs well on the domestic demand side but faces pressure from external demand; the automotive sector remains at a low level, and the textile and apparel sector exhibits a mixed pattern [4] - The downstream consumer sector shows stable performance in home appliances, with increased consumption resilience; however, the food and beverage sector remains weak under price pressures, and the pharmaceutical and biological sectors show divergence, particularly with a continued decline in traditional Chinese medicine prices [4] Group 2 - Supportive services and finance sectors show month-on-month improvement in banks and a recovery in the funding environment; non-bank financial services remain active but with slowing growth; transportation shows divergence with container shipping rates rebounding while overall shipping rates face pressure; the environmental protection sector shows improvement with positive indicators [4] - The chemical industry shows a mixed performance with excess returns tracking indicators related to fuel oil and methanol futures prices, indicating a correlation with market movements [5][10] - The steel industry shows excess returns correlated with iron ore and steel production metrics, indicating a relationship with operational rates and inventory levels [21][24] Group 3 - The non-ferrous metals sector shows excess returns linked to various high-frequency indicators, including LME base metal indices and copper prices, suggesting a strong correlation with market trends [30][31] - The construction materials sector's excess returns are associated with cement price indices and glass settlement prices, indicating a relationship with construction activity [32][36] - The coal industry shows excess returns linked to thermal coal and coking coal prices, reflecting market dynamics and demand fluctuations [39][42] Group 4 - The oil and petrochemical sector's excess returns are influenced by gasoline and diesel wholesale prices, as well as production capacity utilization rates, indicating a strong correlation with market conditions [46][47] - The electrical equipment sector's excess returns are tracked against the prices of photovoltaic components and polysilicon, suggesting a relationship with renewable energy trends [50][51] - The automotive sector's excess returns are linked to tire production rates and average daily sales of passenger vehicles, indicating a correlation with consumer demand [53][58] Group 5 - The machinery sector's excess returns are associated with various price indices, indicating a relationship with global shipping rates and equipment pricing [60][66] - The transportation sector shows excess returns correlated with container freight indices, reflecting market conditions and trade dynamics [67][70] - The electronic sector's excess returns are linked to indices such as the DXI and NAND flash prices, indicating a relationship with technology market trends [72][74] Group 6 - The light industry sector's excess returns are tracked against TDI prices and real estate transaction metrics, indicating a correlation with housing market activity [78][83] - The textile and apparel sector's excess returns are influenced by various textile price indices, reflecting market conditions and consumer preferences [90][93] - The retail sector shows excess returns linked to order price indices, indicating a relationship with consumer spending trends [97][100] Group 7 - The agriculture, forestry, animal husbandry, and fishery sector's excess returns are correlated with food product price indices and wholesale vegetable prices, indicating a relationship with agricultural market conditions [101][106] - The food and beverage sector's excess returns are influenced by prices of staple food products and agricultural wholesale prices, reflecting market dynamics [113][117] - The pharmaceutical and biological sector's excess returns are linked to traditional Chinese medicine price indices, indicating a correlation with market trends [118][123]