宏观日报 | 2026-01-28 上游价格持续回升 中观事件总览 生产行业：1）2025年12月开始中国化工品价格筑底回升，当前化工品价格已出现趋势性反转。截至2026年1月26 日，中国化工品价格指数涨至4084，月环比上涨4.2%，12月化学原料及化学制品制造业、化学纤维制造业PPI同比 降幅均有所收窄，显示行业价格压力正持续缓解。 服务行业：1）新修订的《中华人民共和国药品管理法实施条例》27日公布，将于5月15日起施行。国家药监局表 示，这是条例实施二十多年来，首次全面修订。鼓励创新，是这次修订的一个突出特点。支持以临床价值为导向 研究和创制新药，提升仿制药质量和疗效，明确写进新修订条例的总则。2） 数据来源：iFind，华泰期货研究院 行业总览 上游：1）化工：PTA价格持续上行。2）能源：国际原油、液化天然气价格回升。 中游：1）化工：PX开工率持续高位。2）能源：电厂耗煤量低位延续。3）基建：道路沥青开工低位 下游：1）地产：一、二、三线城市商品房销售季节性回落。2）服务：国内航班班次回升。 风险 经济政策超预期，全球地缘政治冲突 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的 ...

Industry Investment Rating - Not provided in the given content Core Viewpoints - The macro - economic operation in November continued to be stable, with the national industrial added value above designated size increasing by 4.8% year - on - year and 0.44% month - on - month, and the total retail sales of consumer goods reaching 4,389.8 billion yuan, increasing by 1.3% year - on - year and decreasing by 0.42% month - on - month [1] - China has issued the first batch of L3 - level conditional autonomous driving vehicle access permits, marking a key step in the commercialization of L3 - level autonomous driving [1] - The goal is to cultivate service outsourcing leading enterprises and build service outsourcing clusters by 2030, with further improvement in the development level of service outsourcing [1] Summary by Directory Upstream - Energy: International crude oil and liquefied natural gas prices dropped significantly. On December 15, the spot price of WTI crude oil was $57.4 per barrel, down 4.39%; the spot price of Brent crude oil was $61.1 per barrel, down 4.13%; the spot price of liquefied natural gas was 3,652 yuan per ton, down 5.73% [2][36] - Agriculture: Palm oil prices declined slightly. On December 15, the spot price of palm oil was 8,504 yuan per ton, down 1.44% [2][36] Midstream - Chemical: The operating rates of PX, PTA, and polyester declined. On December 15, the spot price of PTA was 4,649.7 yuan per ton, down 0.81% [3][36] - Energy: Coal consumption of power plants increased [3] - Infrastructure: The construction of road asphalt was in the off - season [3] Downstream - Real estate: The sales of commercial housing in first, second, and third - tier cities increased [4] - Service: Flight frequencies and movie box office decreased [4]