2025年8月22日 证券研究报告 | 中观高频景气图谱（2025.8） 上游资源行业景气提振 策略研究 · 策略专题 证券分析师：王开 联系人：陈凯畅 021-60933132 021-60375429 wangkai8@guosen.com.cn chenkaichang@guosen.com.cn S0980521030001 S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 中观超额收益追踪 图1：基础化工行业超额收益与燃料油收盘价 图2：基础化工行业超额收益与甲醇期货收盘价 图3：基础化工行业超额收益与聚氯乙烯期货收盘价 图4：基础化工行业超额收益与国产氯化钾批发价 图5：基础化工行业超额收益与尿素批发价 资料来源：万得，国信证券经济研究所整理。 资料来源：万得，国信证券经济研究所整理。 资料来源：万得，国信证券经济研究所整理。 期货收盘 价(连 续):燃料 油:月:平 均值:同 比 期货收盘 价(连 续):甲 醇:月:平 均值:同 比 期货收盘 价(连 续):聚氯 乙 烯 (PVC): 月:平均 值:同比 批发价: 国产氯化 钾:国内: 月:平均 值:同比 批 ...

Price Trends in Dezhou City - The prices of major consumer goods in Dezhou City showed a slight increase, with 19 out of 55 monitored items rising, 10 falling, and 26 remaining stable, resulting in an overall price increase of 0.23% compared to the previous week [1] - Agricultural production material prices remained stable, with 1 item rising, 5 falling, and 19 stable among the 25 monitored items [1] Specific Commodity Price Changes - Prices for millet and peanuts increased slightly, with millet at 5.23 yuan (up 0.77%) and peanuts at 7.26 yuan (up 0.69%) [1] - Egg prices rebounded, increasing by 4.79% to 3.06 yuan, while beef prices decreased by 1.15% to 34.37 yuan [1] Seafood and Vegetable Price Movements - Some seafood prices fluctuated, with crucian carp at 17.41 yuan (down 1.42%) and shrimp at 27.12 yuan (up 1.01%) [2] - Vegetable prices showed an upward trend, with 12 out of 17 monitored vegetable varieties increasing, leading to an overall average price of 3.07 yuan (up 3.02%) [2] Fruit and Agricultural Material Prices - Fruit prices varied, with an overall average of 4.32 yuan (up 0.23%), including apples at 6.84 yuan (up 1.33%) and bananas at 3.72 yuan (down 1.85%) [2] - Agricultural material prices showed slight fluctuations, with domestic urea averaging 1.88 yuan (down 1.45%) and domestic potassium chloride at 3.50 yuan (down 0.71%) [3]