Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report focuses on the differentiation in the upstream sectors of energy and non - ferrous metals, and provides an overview of mid - view events and the industry situation [1][2]. 3. Summary by Related Catalogs Mid - view Event Overview - **Production Industry**: By the end of 2025, over 100,000 high - quality data sets were built in China. By March 2026, the daily average Token call volume exceeded 140 trillion, a more than 1000 - fold increase from the beginning of 2024 and a 40% increase from the end of 2025 [1]. - **Service Industry**: The Medium - term Lending Facility (MLF) has been increased and renewed for 13 consecutive months. On March 25, 2026, a 500 - billion - yuan MLF operation with a 1 - year term will be carried out. Chengdu and Wuhan have introduced housing - related policies, including increasing the maximum loan amount and soliciting opinions on the implementation rules for off - site personal housing loans [1]. Industry Overview - **Upstream**: Copper, aluminum, and nickel prices in the non - ferrous sector, natural rubber prices in the agricultural sector, and crude oil prices in the energy sector have declined, while natural gas prices in the energy sector have risen [2]. - **Midstream**: The PX operating rate in the chemical sector has declined, the PTA operating rate has increased, power plant coal consumption in the energy sector has decreased, and the operating rate of pig products in the agricultural sector has increased [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined, and the number of domestic and international flights is at a high level compared to the same period [3].

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints - Upstream prices are continuously falling, with international crude oil prices and egg prices declining, and black commodity prices at a low level [1][2] - The government is promoting policies to boost automobile consumption and providing tax - preferential policies for cross - border e - commerce export returned goods [1] - There are different trends in the mid - stream and downstream industries, such as changes in the operating rates of chemical and energy industries in the mid - stream, and seasonal fluctuations in real estate sales and stable high levels of domestic flights in the downstream [2][3] 3. Summary by Related Catalogs 3.1. Macro - event Overview **Production Industry**: The Ministry of Commerce will work with relevant departments to optimize car trade - in programs, conduct car circulation consumption reform pilots, and improve industry management systems in 2026 to boost car consumption [1] **Service Industry**: From January 1, 2026, to December 31, 2027, cross - border e - commerce export returned goods under specific customs supervision codes, due to unsold or return reasons, will be exempt from import tariffs and import - related VAT and consumption tax, and export - related tariffs can be refunded [1] 3.2. Industry Overview **Upstream**: - Energy: International crude oil prices are falling [2] - Agriculture: Egg prices have dropped significantly [2] - Black: Black commodity prices are at a low level [2] **Mid - stream**: - Chemical: The operating rates of PX and urea remain high, while the operating rate of polyester has dropped significantly [2] - Energy: The coal consumption of power plants has increased [2] - Agriculture: The operating rate of pork products has increased [2] **Downstream**: - Real Estate: The sales of commercial housing in second - and third - tier cities have seasonally declined [3] - Service: The number of domestic flights has remained stable at a high level [3] 3.3. Key Industry Price Index Tracking (as of February 9) - **Agriculture**: Corn price is 2271.4 yuan/ton (0.00% yoy), egg price is 7.1 yuan/kg (- 12.96% yoy), palm oil price is 8972.0 yuan/ton (- 0.47% yoy), cotton price is 15986.0 yuan/ton (- 0.65% yoy), pork average wholesale price is 18.3 yuan/kg (- 0.76% yoy) [35] - **Non - ferrous Metals**: Copper price is 101646.7 yuan/ton (0.79% yoy), zinc price is 24656.0 yuan/ton (- 1.26% yoy), aluminum price is 23406.7 yuan/ton (1.90% yoy), nickel price is 138650.0 yuan/ton (- 0.20% yoy), another aluminum price is 16506.3 yuan/ton (0.08% yoy) [35] - **Black Metals**: Steel rebar price is 3170.0 yuan/ton (- 0.61% yoy), iron ore price is 786.9 yuan/ton (- 2.25% yoy), wire rod price is 3367.5 yuan/ton (- 0.96% yoy) [35] - **Non - metals**: Glass price is 13.3 yuan/square meter (0.15% yoy), natural rubber price is 16125.0 yuan/ton (0.62% yoy), China Plastic City price index is 786.7 (- 0.56% yoy) [35] - **Energy**: WTI crude oil price is 63.6 US dollars/barrel (- 2.55% yoy), Brent crude oil price is 68.1 US dollars/barrel (- 1.83% yoy), liquefied natural gas price is 3620.0 yuan/ton (0.39% yoy), coal price is 799.0 yuan/ton (- 0.50% yoy) [35] - **Chemical**: PTA price is 5144.3 yuan/ton (- 0.57% yoy), polyethylene price is 6800.0 yuan/ton (- 3.20% yoy), urea price is 1765.0 yuan/ton (- 0.70% yoy), soda ash price is 1201.4 yuan/ton (- 0.12% yoy) [35] - **Real Estate**: The national cement price index is 131.7 (- 0.79% yoy), the building materials composite index is 114.0 (- 0.43% yoy), the national concrete price index is 89.8 (- 0.42% yoy) [35]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In July, China's monthly electricity consumption exceeded 1 trillion kWh for the first time, and in 2024, China's annual power generation reached 10,086.9 billion kWh, ranking first in the world and accounting for 32.27% of global power generation. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - On August 26, the State Council conducted the 15th special study on "accelerating the innovative development of service trade and actively cultivating new drivers for foreign trade development." The focus is on the development of emerging import - export business in the service industry [1]. 3. Summary by Directory A. Middle - level Event Overview - **Production Industry**: In July, China's single - month electricity consumption exceeded 1 trillion kWh for the first time. In 2024, China's annual power generation was 10,086.9 billion kWh, ranking first in the world. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - **Service Industry**: On August 26, the State Council carried out the 15th special study. The Prime Minister pointed out to expand high - quality service imports, promote institutional opening - up of service trade, and enhance the competitiveness of service exports, especially in emerging fields [1]. B. Industry Overview - **Upstream**: The price of glass in the black industry is falling; the price of eggs in the agricultural industry is falling; the price of PTA in the chemical industry is rising, while the price of urea is falling [2]. - **Mid - stream**: The PX operating rate in the chemical industry is rising; the coal consumption of power plants in the energy industry is increasing; the operating rate of pig products in the agricultural industry is rising [2]. - **Downstream**: The sales of commercial housing in first - and second - tier cities in the real estate industry are seasonally falling; the number of domestic flights in the service industry remains stable at a high level [2]. C. Key Industry Price Index Tracking - **Agriculture**: On August 26, the spot price of corn was 2,305.7 yuan/ton, down 0.43% year - on - year; the spot price of eggs was 6.5 yuan/kg, down 3.42% year - on - year; the spot price of palm oil was 9,638.0 yuan/ton, down 0.54% year - on - year; the spot price of cotton was 15,330.8 yuan/ton, up 0.57% year - on - year; the average wholesale price of pork was 20.0 yuan/kg, down 0.99% year - on - year; the spot price of copper was 79,638.3 yuan/ton, up 0.68% year - on - year; the spot price of zinc was 22,276.0 yuan/ton, up 0.44% year - on - year [37]. - **Non - ferrous Metals**: The spot price of aluminum was 20,790.0 yuan/ton (H frequency) and 16,868.8 yuan/ton (daily frequency), up 0.89% and 1.20% year - on - year respectively; the spot price of nickel was 121,750.0 yuan/ton, down 0.15% year - on - year [37]. - **Ferrous Metals**: The spot price of rebar was 3,247.0 yuan/ton, up 0.03% year - on - year; the spot price of iron ore was 795.9 yuan/ton, up 1.94% year - on - year; the spot price of wire rod was 3,405.0 yuan/ton, with no year - on - year change; the spot price of glass was 13.9 yuan/square meter, down 2.80% year - on - year [37]. - **Non - metals**: The spot price of natural rubber was 15,066.7 yuan/ton, up 0.72% year - on - year; the China Plastics City price index was 804.2, down 0.32% year - on - year [37]. - **Energy**: The spot price of WTI crude oil was 64.8 US dollars/barrel, up 2.18% year - on - year; the spot price of Brent crude oil was 68.8 US dollars/barrel, up 3.30% year - on - year; the spot price of liquefied natural gas was 3,910.0 yuan/ton, down 1.21% year - on - year; the coal price was 783.0 yuan/ton, up 0.13% year - on - year [37]. - **Chemical Industry**: The spot price of PTA was 4,922.5 yuan/ton, up 4.16% year - on - year; the spot price of polyethylene was 7,440.0 yuan/ton, up 0.02% year - on - year; the spot price of urea was 1,712.5 yuan/ton, down 3.04% year - on - year; the spot price of soda ash was 1,290.0 yuan/ton, with no year - on - year change; the national cement price index was 130.0, up 0.05% year - on - year [37]. - **Real Estate**: The building materials composite index was 115.2 points, down 0.05% year - on - year; the national concrete price index was 93.0 points, down 0.29% year - on - year [37].

Group 1: Report Core View - Focus on the start - up situation of mid - stream manufacturing industries, including the "anti - involution" progress in the production industry and pension policies in the service industry [1][2] - Provide an overview of the upstream, mid - stream, and downstream industries, including price and start - up rate changes [3] Group 2: Industry Investment Rating - No relevant content provided Group 3: Summary by Directory Production Industry - In the photovoltaic industry, on August 19, multiple departments jointly held a symposium to further standardize the competition order, including strengthening industrial regulation, curbing low - price disorderly competition, and standardizing product quality [1] Service Industry - From January to July 2025, the stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%. The securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5%. In July 2025, the securities trading stamp duty was 1.51 billion yuan, a month - on - month increase of 29% and a year - on - year increase of 1.25 times [2] - Starting from September 1, 2025, three new personal pension withdrawal situations are added, related to medical expenses, unemployment insurance benefits, and minimum living security [2] Upstream Industry - In the black industry, glass prices have dropped significantly; in the agricultural industry, egg and palm oil prices have rebounded; in the energy industry, liquefied natural gas prices have dropped [3] Mid - stream Industry - In the chemical industry, the PX start - up rate has increased, while the start - up rates of urea and PTA have slightly decreased; in the energy industry, the coal consumption of power plants has increased; in the agricultural industry, the start - up rate of pig products has increased [3] Downstream Industry - In the real estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined; in the service industry, the number of domestic flights has remained stable at a high level [3] Key Industry Price Indicators - In the agricultural industry on August 19, the spot price of eggs increased by 5.16% year - on - year, and the spot price of palm oil increased by 4.55% year - on - year; in the non - ferrous metal industry, most metal prices decreased year - on - year; in the black metal industry, most product prices decreased year - on - year; in the energy industry, the price of liquefied natural gas decreased by 3.32% year - on - year [37]