宏观日报 | 2025-06-12 关注能源、化工上游价格变动 中观事件总览 生产行业：新能源车产销增加。1）中国汽车工业协会数据显示，1至5月份，汽车产销量分别完成1282.6万辆和1274.8 万辆，同比分别增长12.7%和10.9%。其中，新能源汽车产销量分别完成569.9万辆和560.8万辆，同比分别增长45.2% 和44%，新能源汽车新车销量达到汽车新车总销量的44%。在出口方面，1至5月，汽车出口249万辆，同比增长7.9%。 其中，新能源汽车出口85.5万辆，同比增长64.6%。 服务行业：关注养老服务相关方案推进。 1）国际标准化组织近期正式发布由我国牵头制定的《老龄化社会老龄 化包容性数字经济通用要求与指南》国际标准，这也是首个人口老龄化视角下的数字经济国际标准。标准针对在 线购物、数字银行、数字医院、社交媒体等老年人参与数字经济的高频场景提出了具体建议。 数据来源：央视，iFind，华泰期货研究院 行业总览 上游：1）能源：国际油价小幅上行。2）化工：尿素、纯碱价格回落。 中游：1）化工：PX开工率回升。2）农业：生猪制品开工回升。 下游：1）地产：一、二线城市商品房销售与去年同期持平，处 ...

Industry Investment Rating - Not provided in the report Core Viewpoints - In the production industry, attention should be paid to the progress of green infrastructure pilot projects, such as the first - batch pilot work of new power system construction organized by the National Energy Administration [1] - In the service industry, attention should be paid to the promotion of pension service - related programs, like the release of an international standard on the digital economy from an aging perspective led by China [1] - The credit spreads of the entire industry fluctuate slightly [3] Summary by Directory 1. Mid - level Event Overview Production Industry - The National Energy Administration is carrying out the first - batch pilot work on new power system construction, focusing on national hub nodes and non - hub nodes with good energy resources. It aims to increase the proportion of green electricity in data centers through the "green power aggregated supply" model [1] Service Industry - The International Organization for Standardization has released an international standard on the digital economy from an aging perspective led by China, which provides specific suggestions for elderly people's high - frequency digital economic scenarios [1] 2. Industry Overview Upstream - Coal inventories are at a three - year high recently [2] Mid - stream - The PX开工率 is continuously rising, and the urea开工率 is stable and at a three - year high; the asphalt开工率 is rising; the开工 rate of pig product processing is increasing [2] Downstream - The sales of commercial housing in first - and second - tier cities have a seasonal rebound but are still at a near - three - year low; the number of domestic flights has decreased [2] 3. Market Pricing - The credit spreads of the entire industry fluctuate slightly [3] 4. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 69.83 | 80.55 | 75.09 | 78.86 | 63.16 | 1.10 | | Mining | 36.41 | 46.76 | 44.37 | 49.14 | 42.27 | 11.50 | | Chemical Industry | 67.53 | 68.59 | 62.96 | 64.22 | 57.43 | 0.00 | | Steel | 43.64 | 57.03 | 52.34 | 57.01 | 49.92 | 11.40 | | Non - ferrous Metals | 47.06 | 56.23 | 53.30 | 60.33 | 53.49 | 14.60 | | Electronics | 55.98 | 78.46 | 65.50 | 79.10 | 67.58 | 24.80 | | Automobile | 64.33 | 76.43 | 45.92 | 52.66 | 44.05 | 0.00 | | Household Appliances | 44.70 | 53.93 | 44.90 | 53.92 | 47.29 | 12.30 | | Food and Beverage | 42.71 | 43.83 | 43.40 | 46.81 | 39.58 | 4.10 | | Textile and Apparel | 50.19 | 57.43 | 50.48 | 56.71 | 50.28 | 4.90 | | Light Industry Manufacturing | 56.31 | 198.86 | 167.29 | 166.01 | 156.61 | 8.30 | | Pharmaceutical and Biological | 57.67 | 65.83 | 67.40 | 74.32 | 66.68 | 17.60 | | Public Utilities | 26.96 | 32.22 | 30.73 | 34.60 | 29.06 | 13.70 | | Transportation | 33.79 | 36.99 | 34.76 | 39.07 | 33.24 | 7.30 | | Real Estate | 403.85 | 187.61 | 146.74 | 126.56 | 113.61 | 6.50 | | Commercial Trade | 48.40 | 52.24 | 48.09 | 52.23 | 45.37 | 5.30 | | Leisure Services | 75.14 | 106.06 | 107.84 | 128.21 | 120.84 | 98.00 | | Banking | 24.57 | 26.56 | 19.97 | 19.61 | 17.94 | 4.10 | | Non - banking Finance | 30.74 | 34.45 | 32.24 | 36.24 | 30.34 | 7.10 | | Comprehensive | 68.97 | 51.39 | 46.45 | 52.02 | 46.01 | 2.50 | | Building Materials | 34.78 | 46.19 | 43.78 | 48.38 | 40.81 | 9.60 | | Building Decoration | 46.17 | 56.39 | 52.42 | 58.00 | 52.43 | 12.20 | | Electrical Equipment | 54.28 | 84.01 | 78.85 | 84.52 | 78.64 | 39.40 | | Mechanical Equipment | 37.35 | 43.94 | 41.86 | 49.79 | 44.51 | 25.20 | | Computer | 69.00 | 74.00 | 62.09 | 64.12 | 53.12 | 0.00 | | Media | 228.94 | 44.27 | 43.19 | 47.55 | 40.77 | 0.10 | | Communication | 243.53 | 36.87 | 28.67 | 29.93 | 23.64 | 0.00 | [45] 5. Key Industry Price Index Tracking | Industry | Index Name | Frequency | Update Time | Price | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | 5/15 | 2304.3 | 0.81% | | | | Spot price of eggs | Daily | 5/15 | 0.8 | 4.65% | | | | Spot price of palm oil | Daily | 5/15 | 8588.0 | 0.59% | | | | Spot price of cotton | Daily | 5/15 | 14512.3 | 2.56% | | | | Average wholesale price of pork | Daily | 5/15 | 20.9 | - 0.10% | | | Non - ferrous Metals | Spot price of copper | Daily | 5/15 | 78938.3 | | | | | Spot price of zinc | Daily | 5/15 | 22880.0 | 0.61% | | | | Spot price of aluminum | Daily | 5/15 | 20366.7 | 3.75% | | | | Spot price of nickel | Daily | 5/15 | 126525.0 | 1.42% | | | | Spot price of aluminum | Daily | 5/15 | 16906.3 | 1.12% | | | Steel | Spot price of rebar | Daily | 5/15 | 3189.9 | 0.86% | | | | Spot price of iron ore | Daily | 5/15 | 793.3 | 2.20% | | | | Spot price of wire rod | Daily | 5/12 | 3377.5 | 0.30% | | | Building Materials | Spot price of glass | Daily | 5/15 | 14.8 | - 2.50% | | | Chemical Industry | Spot price of natural rubber | Daily | 5/15 | 14838.3 | 2.63% | | | | China Plastic City Price Index | Daily | 5/15 | 840.4 | 1.06% | | | Energy | Spot price of WTI crude oil | Daily | 5/15 | 63.2 | 8.75% | | | | Spot price of Brent crude oil | Daily | 5/15 | | 8.13% | | | | Spot price of liquefied natural gas | Daily | 5/12 | 4278.0 | - 0.37% | | | | Coal price | Daily | 5/15 | 777.0 | - 1.40% | | | Chemical Industry | Spot price of PTA | Daily | 5/15 | 4991.7 | 6.47% | | | | Spot price of polyethylene | Daily | 5/15 | 7508.3 | 0.58% | | | | Spot price of urea | Daily | 5/15 | 1946.7 | 1.83% | | | | Spot price of soda ash | Daily | 5/15 | 1462.5 | 0.00% | | | Real Estate | Cement price index: National | Daily | 5/15 | 143.5 | - 0.93% | | | | Building materials composite index | Daily | 5/15 | 116.5 | 0.52% | | | | Concrete price index: National index | Daily | 5/15 | 99.8 | - 0.53% | | [46]