来源：国家统计局 其中显示，生猪(外三元)价格为11.3元/千克，环比下跌2.6%。 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月下旬与11月中旬相比，15 种产品价格上涨，30种下降，5种持平。 ...

智通财经APP获悉，12月4日，国家统计局数据显示，据对全国流通领域9大类50种重要生产资料市场价格的监测，2025年11月下旬与 11月中旬相比，15种产品价格上涨，30种下降，5种持平。其中，生猪(外三元)价格环比下降2.6%，焦煤(主焦煤)环比下降2.5%。 本文编选自"国家统计局"官网，智通财经编辑：蒋远华。 | (%55%脚仍如避裂)果因 | 直 | 3051.8 | -12.0 | -0.4 | | --- | --- | --- | --- | --- | | 花生(油料花生米) | 匿 | 7525.0 | -42.7 | -0.6 | | 八、农业生产资料 | | | | | | 尿素(中小颗粒) | 를 | 1676.7 | 28.8 | 1.7 | | 复合肥(硫酸钾复合肥,氮磷钾含量45%) | 電 | 3256.4 | 40.4 | 1.3 | | 农药(草甘滕,95%原药) | 直 | 27050.0 | -162.5 | -0.6 | | 九、林产品 | | | | | | 天然橡胶(标准胶SCRWF) | 直 | 14806.9 | 6.9 | 0.0 | | 纸浆(进口针叶浆 ...

Core Viewpoint - The National Bureau of Statistics reported a 1.7% decrease in the price of live pigs (external three yuan) in mid-November compared to early November 2025, indicating a trend in the livestock market [1]. Price Changes Summary 1. General Price Trends - In mid-November 2025, 30 products saw price increases, while 17 experienced declines, and 3 remained stable compared to early November [1]. 2. Key Product Price Changes - **Black Metals**: - Rebar (Φ20mm, HRB400E) rose by 20.5 CNY to 3139.0 CNY, a 0.7% increase [2]. - Ordinary medium plate (20mm, Q235) fell by 18.1 CNY to 3393.7 CNY, a 0.5% decrease [2]. - **Non-ferrous Metals**: - Electrolytic copper (1) increased by 427.1 CNY to 86636.3 CNY, a 0.5% rise [2]. - Zinc ingot (0) decreased by 32.9 CNY to 22483.8 CNY, a 0.1% drop [2]. - **Chemical Products**: - Sulfuric acid (98%) surged by 81.6 CNY to 866.9 CNY, a 10.4% increase [2]. - Caustic soda (liquid, 32%) dropped by 12.1 CNY to 846.0 CNY, a 1.4% decrease [2]. - **Energy Products**: - Liquefied natural gas (LNG) fell by 55.8 CNY to 4268.1 CNY, a 1.3% decrease [2]. - Gasoline (95 National VI) rose by 50.3 CNY to 8050.6 CNY, a 0.6% increase [2]. - **Agricultural Products**: - Live pigs (external three yuan) decreased by 0.2 CNY to 11.6 CNY/kg, a 1.7% decline [3]. - Corn (yellow corn, second grade) increased by 22.2 CNY to 2168.1 CNY, a 1.0% rise [3]. 3. Agricultural Production Materials - Urea (medium and small particles) increased by 28.1 CNY to 1647.9 CNY, a 1.7% rise [3]. - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen, phosphorus, and potassium content 45%) rose by 67.3 CNY to 3216.0 CNY, a 2.1% increase [3]. 4. Forest Products - Natural rubber (standard rubber SCRWF) surged by 323.6 CNY to 14800.0 CNY, a 22% increase [3]. - Pulp (imported needle pulp) rose by 52.4 CNY to 5572.4 CNY, remaining stable [3].

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for October 2025, with 26 products experiencing price increases, 22 seeing declines, and 2 remaining stable [1] Price Trends - The price of national live pigs (external three yuan) reached 12.0 yuan per kilogram, reflecting a significant increase of 10.1% compared to mid-October [1]

Core Insights - The National Bureau of Statistics reported that in late October 2025, compared to mid-October, 26 out of 50 monitored important production materials saw price increases, while 22 experienced declines, and 2 remained stable. Notably, the price of live pigs (external three yuan) increased by 10.1% [1][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar (Φ20mm, HRB400E) rose by 0.4% to 3122.3 yuan per ton, while ordinary medium plates (20mm, Q235) fell by 0.6% to 3425.5 yuan per ton [2]. - In the non-ferrous metals category, electrolytic copper (1) increased by 1.6% to 86808.8 yuan per ton, while aluminum ingots (A00) rose by 0.9% to 21098.8 yuan per ton [2]. - In the chemical products category, sulfuric acid (98%) surged by 9.1% to 714.3 yuan per ton, while methanol (first-class) decreased by 2.3% to 2161.3 yuan per ton [2]. - In the petroleum and natural gas category, liquefied natural gas (LNG) saw a significant increase of 10.3% to 4237.1 yuan per ton, while liquefied petroleum gas (LPG) dropped by 3.0% to 4240.4 yuan per ton [2]. - In the coal category, anthracite (washed middle block) rose by 3.4% to 904.0 yuan per ton, while ordinary mixed coal (4500 kcal) increased by 5.9% to 587.4 yuan per ton [2]. - In the agricultural products category, the price of live pigs (external three yuan) increased by 10.1% to 12.0 yuan per kilogram, while corn (yellow corn, second grade) decreased by 0.1% to 2152.8 yuan per ton [3]. Group 2: Summary of Price Movements - The overall trend indicates a mixed performance across various sectors, with notable price increases in agricultural products and certain metals, while other categories like chemicals and petroleum products experienced declines [1][2][3]. - The data reflects ongoing volatility in the market, influenced by supply chain dynamics and demand fluctuations across different industries [1][2].

Investment Rating - The report does not explicitly provide an overall investment rating for the industry but highlights various sectors with their respective valuation metrics [1][2]. Core Insights - The report tracks A-share valuations and industry sentiment, indicating that the overall market is experiencing varied valuation levels across different indices and sectors [1][2]. - Key sectors such as real estate, steel, and IT services are noted for their high PE ratios, suggesting potential overvaluation, while white goods are highlighted as undervalued [1][2]. Valuation Comparisons - The report provides a detailed comparison of PE and PB ratios across major indices, with the CSI All Share (excluding ST) PE at 21.3x and PB at 1.8x, indicating historical percentiles of 79% and 39% respectively [1][4][5]. - The report identifies industries with PE ratios above the historical 85th percentile, including real estate, steel, and IT services, while white goods are noted for being below the 15th percentile [1][7]. Industry Sentiment Tracking - **New Energy**: The report notes a slight decline in downstream prices for photovoltaic products, while upstream polysilicon prices have increased by 6.3%. The demand for lithium materials remains strong due to stable orders in the traditional peak season [1][2]. - **Real Estate Chain**: Steel prices have decreased, with rebar prices down by 1.7% and iron ore prices down by 1.4%. Cement prices are also under pressure due to insufficient demand [2]. - **Consumer Goods**: Pork prices have seen a slight decline, while liquor prices have stabilized. Agricultural products like corn and wheat have mixed price movements [2]. - **Midstream Manufacturing**: Excavator sales have increased by 25.4% year-on-year, driven by infrastructure projects and equipment upgrades. Heavy truck sales have surged by 82.9% year-on-year, reflecting strong demand [2]. - **Cyclical Industries**: The report highlights fluctuations in metal prices due to geopolitical tensions and economic concerns, with precious metals seeing significant price increases [2]. Key Industry Valuations - The report lists specific industry valuations, with real estate at a PE of 120.0 and a PB of 16.6, indicating a high valuation relative to historical norms. In contrast, the white goods sector has a PE of 10.4, suggesting it is undervalued [1][7].

Group 1 - The core observation indicates that in the monitoring of prices for 50 important production materials across nine categories, there were 15 products with price increases, 31 with decreases, and 4 remaining stable from mid to late September 2025 [1] - The national price of live pigs (external three yuan) is reported at 12.4 yuan per kilogram, reflecting a decrease of 4.6% compared to mid-September [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for August 2025, with 17 products experiencing price increases, 28 products seeing price decreases, and 5 products remaining stable [1] Price Trends - The price of live pigs (external three yuan) is reported at 13.7 yuan per kilogram, reflecting a month-on-month decrease of 0.7% [1]

Group 1 - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates that, compared to early August 2025, 27 products saw price increases, 17 experienced declines, and 6 remained stable [1] - Specifically, the price of live pigs (external three yuan) is 13.8 per kilogram, which represents a decrease of 0.7% compared to the previous period [1]

Core Insights - The National Bureau of Statistics reported on the price changes of important production materials in circulation as of mid-August 2025, indicating a mixed trend in market prices [1] Price Changes Summary - Among the 50 monitored important production materials across 9 categories, 27 products saw price increases, 17 experienced declines, and 6 remained stable [1] - Notable price increases included ordinary mixed coal (4500 kcal) which rose by 4.3% and soybean meal (with crude protein content ≥43%) which increased by 2.6% [1] - Conversely, the price of live pigs (external three yuan) decreased by 0.7% [1]