A股行业中观景气跟踪月报：继续看好中上游PPI涨价链条持续性

附录数据：工业企业：量（营收、增加值、价（PPI、利（利润）绝对景气和相对景气判断 规模以上工业企业:利润总额:累计同比:%规模以上工业企业:营业收入:累计同比:%规模以上工业企业:工业增加值:累计同比:%规模以上工业企业:PPI:当月同比:%图2：工业企业：短期供给（存货、长期供给（固定资产投资）2025年10月板块/大类行业/细分行业第二产业：工业工业 采矿业工业 制造业工业 电力、热力、燃气及水生产和供应石油化工 石油、煤炭及其他燃料加工业电力设备 电气机械和器材制造业仪器仪表 仪器仪表制造业采矿业 有色金属矿采选业交运设备铁路、船舶、航空航天和其他运输设备制造公用事业 电力、热力生产和供应业采矿业 黑色金属矿采选业交运设备 汽车制造业食品饮料 烟草制品业矿物加工 有色金属冶炼和压延加工业其他 废弃资源综合利用业其他 金属制品、机械和设备修理石油化工 化学纤维制造业采矿业 石油和天然气开采业石油化工 化学原料和化学制品制造公用事业 水的生产和供应业TMT设备 计算机、通信和其他电子设备制造公用事业 燃气生产和供应业机械设备 金属制品业轻工制造 造纸和纸制品业矿物加工 黑色金属冶炼和压延加工采矿业 煤炭开采和洗选业食品饮料 农副食品加工业食品饮料 酒、饮料和精制茶制造业石油化工 橡胶和塑料制品业采矿业 非金属矿采选业轻工制造 印刷和记录媒介复制业纺织服饰 纺织服装、服饰业轻工制造 木材加工和木、竹、藤、棕、草制品机械设备 通用设备制造业纺织服饰 纺织业食品饮料 食品制造业纺织服饰 皮革、毛皮、羽毛及其制品和制鞋轻工制造 家具制造业轻工制造 文教、工美、体育和娱乐用品制造机械设备 专用设备制造业矿物加工 非金属矿物制品业石油化工 医药制造业

绝对景气和相对景气判断环比改善指标数量历史分位数均值1 26%1 49%1 21%0 20%2 49%2 30%2 2%1 91%1 69%1 66%1 65%1 61%1 53%1 48%1 43%1 42%1 41%1 30%1 29%1 29%1 26%1 20%1 16%1 16%0 49%0 44%0 39%0 38%0 31%0 24%0 23%0 22%0 21%0 21%0 20%0 20%0 20%0 16%0 10%0 10%0 2%0 2%

规模以上工业企业:产成品存货:同比:%环比变化pct 以来历史分位0.9 24%0.0 58%0.9 32%-5.2 0%1.3 8%3.2 53%0.5 3%1.5 84%0.2 60%2.6 84%8.4 59%5.3 43%-1.4 26%2.6 68%2.2 50%3.5 2%2.6 33%-0.8 36%2.2 54%1.6 44%1.8 50%-5.2 0%0.8 11%2.3 15%-0.6 72%-1.6 38%-0.1 35%-4.1 51%-0.2 25%-2.0 40%-0.2 29%-2.1 3%-4.1 6%-0.1 2%-0.5 6%-0.7 10%-1.1 0%-0.7 1%-2.6 1%-0.7 9%-0.3 1%-1.5 2%

固定资产投资(不含农户)完成额:累计同比:%环比变化pct 以来历史分位-1.5 27%0.1 41%-1.3 10%-2.8 39%0.5 90%0.1 7%0.4 1%-2.3 98%-2.2 79%-3.3 49%-5.6 71%-1.7 79%3.6 80%-1.9 28%-4.5 36%-0.9 83%-0.3 48%3.4 23%-2.3 5%-1.7 14%-0.1 2%1.5 39%-2.2 21%-1.2 17%0.0 26%-1.9 51%-3.6 43%-3.4 25%-0.8 37%-1.1 7%-2.2 16%-4.8 42%-4.9 37%-2.3 41%-2.9 35%-4.9 30%-6.3 40%-3.1 31%-2.3 19%-1.3 11%-1.9 4%-1.4 2%整体生产订单量价库存新订单在手订单进口出厂价格采购量从业人员供应商配送时间整体生产订单量价库存新订单在手订单进口出厂价格采购量从业人员供应商配送时间大型企业企业类型行业中型企业小型企业高技术制造业8%10%11%51%29%18%59%35%21%12%43%45%44%17%4%22%73%16%12%0.20.30.41.01.70.21.10.70.50.0-0.80.10.10.3-0.60.22.0-0.4-0.449.2050.0049.2045.5047.6047.0053.6048.2049.5047.3047.3048.4050.1053.1049.3048.9049.1049.8049.0049.7048.8044.5045.9046.8052.5047.5049.0047.3048.1048.3050.0052.8049.9048.7047.1050.2050.10 50.5049.8051.9049.7045.2047.8048.1053.2048.2051.6048.5048.2048.5050.8054.1051.0048.8048.2051.9051.6049.4050.8049.5045.5047.2048.0053.3049.1050.4048.0046.8047.9050.5053.7050.8048.9046.6050.5051.9049.3050.5049.4044.7047.1047.8051.5048.3049.5047.7047.4048.0050.3052.6050.3049.5046.4050.3050.60制造业PMI% 年来分位数 最新较上月环比变化pct 2025-11 2025-10 2025-09 2025-08 2025-07基础原材料行业54%1.148.4047.3047.5048.2048.00消费品行业10%-0.749.4050.1050.6049.2049.50非制造业PMI%年来分位数最新较上月环比变化pct2025-112025-102025-092025-082025-07新订单6%-0.345.7046.0046.0046.6045.70订单 在手订单21%0.043.6043.6044.4043.4042.30新出口订单31%1.747.9046.2049.8048.8048.80投入品价格23%1.050.4049.4049.0050.3050.30量价库存 销售价格36%1.349.1047.8047.3048.6047.90存货1%-1.244.8046.0044.9045.7045.30从业人员3%0.145.3045.2045.0045.6045.60供应商配送时间27%0.351.2050.9051.1051.3051.20业务活动预期9%0.156.2056.1055.7056.2055.80建筑业4%0.549.6049.1049.3049.1050.60行业 服务业7%-0.749.5050.2050.1050.5050.00商务活动4%-0.649.5050.1050.0050.3050.10额增速高位放缓，金银珠宝零售保持高增；白酒、猪肉价格磨底中，乳品和牛羊肉价格继续回升

；注：环比改善指相比上个月同比增速加快或降幅收窄，下同。好于内销6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%-8.0%

消费者信心指数

8.0%7.0%6.0%5.0%4.0%3.0%2.0%

社零总额社零：商品零售额社零：除汽车以外的消费品零售额

10.0%9.0%8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%

限额以上：零售总额70.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%

100.0%乘用车出口量 乘用车内销量

新能源车出口量 新能源车内销量；注：如无特别说明，报告中折线图均为量、价或销售额的同比增速，下同。40.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%

70.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%

45.0%60.0%50.0%40.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%限额以上：家电和音像器材零售额

空调内销量 空调出口量

冰箱内销量 冰箱出口量 洗衣机内销量 洗衣机出口量P4年同期水平附近，鹅绒价格修复显著，终端服装零售额增速稳中有升15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%

10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

80.0%60.0%40.0%20.0%0.0%-20.0%-40.0%-60.0% 乙二醇(MEG) 精对苯二甲酸棉花 聚酯切片

涤纶长丝DTY 涤纶长丝

白鹅绒 灰鹅绒15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%-2.0% 涤纶短纤 粘胶短纤 腈纶短纤

纱线 干茧 生丝

限额以上：服装零售额基数下保持双位数正增，线下和网上零售增速平稳，电影票房以价换量，快递反内卷单价提升

上市获批数略高于去年同期16.0%14.0%12.0%10.0%8.0%6.0%4.0%2.0%0.0%

1.0%0.5%0.0%-0.5%-1.0%-1.5%-2.0%-2.5%-3.0%

2.0%1.0%0.0%-1.0%-2.0%-3.0%-4.0% 限额以上：粮油食品饮料烟酒零售额

白酒批发价格总指数

牛奶零售价 酸奶零售价10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%-30.0%-35.0%

30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0% 牛肉价格 羊肉价格

白条鸡价格 毛鸭价格

猪肉价格8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%-1.0%-2.0%

40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%

2023-122024-022023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10 限额以上：中西药品零售额

FDA:药品上市与补充获批数

FDA:新药上市获批数 FDA:新药补充获批数CPI】PI0整体整体食品非食品消费品服务项目不包括食品和能源食品烟酒食用油畜肉类牛肉羊肉猪肉奶类粮食蛋生活用品及服务家用器具家庭服务衣着服装鞋交通工具交通工具用燃料教育文化和娱乐旅游居住租赁房房租水、电、燃料医疗保健其他用品和服务12%9%25%11%20%35%13%25%26%0.51.50.20.60.20.21.00.31.01.00.20-2.900.90-0.200.801.20-0.30-4.400.70-0.800.601.00-0.40-4.300.50-1.000.600.900.00-1.600.30-0.400.500.8017%2%5%8%29%13%24%4%1%1.0-0.30.00.31.1-16.00-1.70-0.70-11.602.00-17.00-1.40-0.70-11.900.90-16.10-1.60-0.80-12.402.20-1.30-1.00-11.203.40-0.55.005.504.6029%29%32%3%0.50%%13%20%27%0%2%8.008.609.9012.8092.1.101.601.902.400.5-0.60-1.20-0.90-1.20-0.80-1.30-0.90-1.30-0.10.00.500.901.101.400.336%0.10-0.100.500.10-0.100.400.100.000.400.10-0.100.300.0-0.1-0.11.2450.901.100.501.001.200.700.800.800.900.900.702.100.1-0.121%81%92%54%0.30-0.200.100.000.300.000.800.000.200.001.500.000.100.101.200.00-9.00-7.10-6.00-5.400.00.6-0.10.1-0.30.0-3.10-2.10-2.40-1.90-2.00-1.90-1.50-1.9070%59%1.701.801.201.801.901.301.701.801.401.701.801.500.00.00.165%1.701.601.601.600.06%2.8099%1.201.802.201.90-0.399%0.10-1.900.00-1.900.00-1.30-0.10-2.00-0.1-0.72.80-3.70-4.20-2.002.2-7.60-15.20-13.70-7.306.4-9.50-1.40-0.700.802.401.63.604.104.605.60-4.60-8.00-8.40-7.40-0.80-1.40-2.50-1.50-2.60-1.40-1.60-1.102025-072025-082025-092025-10最新增速较上月环比变化：pct2010年来分位数CPI:当月同比%100%75%54%73%4-14.7%-14.7%-12.2%45518%32%30.3%30.9%4——%510.9%14.5%20.5%24.0%77%813.0%12.8%14.6%14.4%95%968%45610.4%15.1%22.3%11.3%15.7%21.5%13.1%15.5%21.5%13.4%15.5%19.6%86%743.6%42.0%42.9%29.4%95%8-23.5%——-1.0%-1.9%-2.2%-2.1%-1.9%12%0日月月月月月月月新造船价格新接船舶订单量工业机器人产量叉车内销量:累计叉车外销量:累计挖掘机出口量挖掘机内销量重卡销量机械32.3%30.1%28.1%25.7%5%84.7%87.3%89.4%90.4%95%877%13.3%13.4%14.5%13.6%15.6%13.3%16.4%12.1%32.3%34.5%33.7%55.0%98.2%125.6%124.6%96%10-15.6%13.2%20.3%100%10-8.2%-1.7%-6.7%80%109.4%20.0%100%82.8%6.7%-6.8%6.9%9.9%-3.0%-6.7%7.2%92.0%207.7%100%10-11.3%-6.0%-6.6%1.7%28.2%100%10日日日日日日月月月月月电解液:锰酸锂价格六氟磷酸锂价格碳酸锂价格电解镍价格氢氧化锂价格电解钴价格充电桩保有量乘用车出口量乘用车内销量新能源车出口量新能源车内销量新能源汽车79.4%72.1%56.2%52.9%70%680.7%64.7%49.3%39.5%60%7-11.6%-7.5%-2.9%1.6%1.1%96%1188%10-0.2%-0.9%4.8%3.4%9.7%9.5%19.3%6.1%3.5%0.7%88%10100%812.8%22.2%16.5%27.8%27.5%34.2%30.0%37.0%31.6%38.9%100%9周周周周周月月多晶硅料致密料:平均现货价多晶硅料粒料:平均现货价硅片:平均现货价电池片:平均现货价光伏组件:平均现货价光伏新增设备容量风电新增设备容量光伏2025/11/302025/10/312025/9/302025/8/312025/7/31近两年趋势近两年分位数近一年环比改善月数频率指标领域4

多晶硅料致密料:多晶硅料粒料:

2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

电池片:平均现货价 光伏组件:平均现货价

2023-102023-122024-022024-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

60.0%50.0%40.0%30.0%20.0%10.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10电解液:锰酸锂价格 六氟磷酸锂价碳酸锂价格

电解镍价格 氢氧化锂价格 电解钴价格

充电桩保有量8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%

70.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

50.0%40.0%30.0%20.0%10.0%0.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10新造船价格

新接船舶订单量

工业机器人产量50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%

80.0%60.0%40.0%20.0%0.0%-20.0%-40.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10叉车内销量:累计 叉车外销量:累计

挖掘机出口量 挖掘机内销量

重卡销量快增长领域 指标 频率 近一年环比改善月数 近两年分位数 近两年趋势 2025/11/302025/10/312025/9/302025/8/312025/7/31电信业务总量 月 7 55% 1.6% 1.5% 1.6%电信业务收入 月 5 10% 0.9% 0.9% 0.8% 0.7%移动通信基站产量 月 6 100% 18.2% 14.1% 3.2% 1.3%通信电子电子台股营收游戏

光模块出口金额光模块出口数量光模块出口均价通讯器材零售额DRAM价格NANDFlash价格DXI指数费城半导体指数集成电路产量光电子器件产量智能手机出货量智能手机上市新机型量发光二极管集成电路设计IC制造印刷电路板原料印刷电路板制造被动元件连接器光学动态随机存储器动态随机存储器芯片DRAM模组触摸屏面板主板PC手机电池国产游戏审批数量:累计中国游戏市场销售收入:累计

月 1月 2月 6月 6工作日 8工作日 9月 5日 9日 7月 6月 8月 6月 3月 5月 2月 2月 7月 6月 4月 5月 5月 4月 2月 7月 7月 4月 5月 4月 3月 4月 4月 6月 6月 6月 7月 5月 6月 6

5%14%32%70%100%92%4%100%60%45%45%10%14%81%18%18%73%23%68%77%27%23%14%45%45%41%18%41%14%36%32%73%36%73%77%73%45%55%

353.1%56.8%-9.5%868.3%42.6%29.4%

-16.9% -15.7% -15.8%2.2% 4.4% 6.3%-18.7% -19.2% -20.8%28.0% 28.7% 30.1%289.3% 164.9% 111.7%48.1% 43.4% 58.2%-6.3% -4.0% -6.2%466.0% 188.6% 140.3%46.1% 23.1% 9.9%11.0% 10.4%9.5% 21.0% 20.5%7.1% 5.5%-1.9% -3.3%18.8% 15.0%-24.1% -24.0% -3.1%9.2% 9.6% 9.0%30.1% 31.9% 32.3%7.5% 7.2% 6.6%10.7% 11.3% 11.3%12.7% 12.9% 12.5%7.2% 7.3% 7.3%8.3% 4.6%7.6% 8.0% 8.8%13.4% 9.4% 4.5%14.2% 7.6% 3.1%12.3% 12.2% 6.6%-5.1% -5.2% -4.7%-7.5% -6.7% -6.7%2.3% 2.3% 2.8%-2.2% -1.7% -3.8%22.9% 25.0% 27.4%21.5% 22.5% 23.0%17.7% 16.7% 15.1%21.8% 23.0% 23.7%-2.0% -0.7% 1.1%-2.2% -2.8% -2.6%26.3% 24.6% 23.5%7.2% 7.1% 8.5%

-13.9%10.1%-21.9%32.0%73.8%60.8%-10.4%131.5%7.2%10.1%20.5%5.9%-1.7%10.1%32.6%6.5%12.3%13.9%8.0%7.0%12.4%1.3%-1.4%5.5%-3.3%-4.7%3.9%-3.1%30.5%25.1%16.6%25.7%-2.7%-1.1%20.6%12.6%快增长

&投资、销售和供给增速降幅扩大，水泥价格低位震荡，玻璃纯碱价格趋稳，TDI、MDI、聚醚等价格修复4432%0%%9%3555354%0%15%2255-3.2%10.4%30.1%4.1%25.4%45.6%32.7%0.1%35.0%24.7%36.4%5.5%69.7%36.3%70%8-47.3%0%759%-9.9%%417-12.4%-6.0%-5.3%-3.6%-2.4%96%8-12.4%-11.5%-9.4%-10.1%-6.2%70%83%729.3%-4.3%7.7%-5.1%6.3%-2.2%1.9%2.2%7.4%4.5%90%656%67%日日日日日周月月月月刨花板价格人造板价格TDI价格MDI价格商业和办公家具均价全屋定制均价家具零售额家具5.3%4.6%4.1%2.1%5-38.6%-38.3%-29.1%-30.7%-27.8%50%7-6.9%-11.7%16.0%-13.2%-15.6%57%6-18.6%-18.2%-18.7%-18.8%-19.5%-10.9%-7.3%-15.1%-21.7%-24.1%日周日日月水泥价格混凝土价格玻璃价格纯碱价格建筑及装潢材料零售额建材-16.6%-17.1%-15.4%-17.0%70%-9.2%-9.3%-9.4%-9.4%70%-19.5%-19.5%-19.0%-19.9%85%860%-4.8%-5.4%-6.3%-7.6%-12.0%-13.0%-13.9%-14.8%10%-7.1%-6.8%-6.3%-6.7%-6.7%95%10-8.4%-8.0%-7.9%-8.3%-8.3%73%8-5.4%-5.4%-4.8%-5.6%-5.8%68%9周周周月月月月月一线城市二手房挂牌价二线城市二手房挂牌价三线城市二手房挂牌价地产开发投资完成额商品房销售面积房屋施工面积房屋竣工面积地产492.0%469.6%382.4%342.6%82%868.4%88.3%100.8%80.8%%388月月沪深两市日均成交额:累计股票市场筹资额:累计证券2.3%2.4%2.5%2.3%63679.1%7.5%14.0%11.3%12.7%10.2%12.0%9.6%41%74.0%3.7%3.7%2.7%6.8%9.6%8.8%8.0%7月月月月月保费收入保费-财产险收入保费-寿险收入保费-人身险收入保费-健康险收入保险2025/11/302025/10/312025/9/302025/8/312025/7/31近两年趋势近两年分位数频率近一年环比改善月数&复

&0.0%-2.0%-4.0%-6.0%-8.0%-10.0%-12.0%-14.0%

0.0%-5.0%-10.0%-15.0%-20.0%-25.0%-30.0%

20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%一线城市二手房挂牌价 二线城市二手房挂牌三线城市二手房挂牌价

地产开发投资完成额 商品房销售面积

房屋新开工面积 房屋施工面房屋竣工面积30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%

30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%

40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0% 水泥价格 混凝土价格

玻璃价格 纯碱价格

建筑及装潢材料零售额 家具零售额40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%

10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%

TDI价格 MDI价格

聚醚硬泡价格 软泡聚醚价

住宅家具均价 商业和办公家具均全屋定制均价领域 指标 频率近一年环比改善月数 近两年分位数 近两年趋势 原油 日 6 24% -13.9% -12.0% -8.5% -13.0% -11.1% 汽油 日 8 44% -3.4% -1.7% -1.8% -8.0% -8.3% -5.2%液化石油气LPG 日 6 24% -9.2% -12.9% -7.9% -12.5% -11.5% -7.3%丁烷 日 5 48% -5.3% -14.1% -15.3% -13.3% -18.6% -17.3%丙烷 日 6 52% -4.5% -12.6% -12.5% -13.1% -16.8% -13.7%石蜡 日 5 0% -13.9% -11.7% -12.3% -5.0% -1.3% -0.5%能源电力钢铁贵金属小金属造纸交运

沥青 周 4工业萘 周 4液化天然气LNG 日 3烟煤 日 8焦煤 日 4焦炭 日 7动力煤 日 6发电量 月 8火电发电量 月 8水电发电量 月 2风电发电量 月 5太阳能发电量 月 5铁矿石 日 7废钢 日 7钢坯 日 7普通中板 日 7缝钢管 日 6角钢 日 7钢材 周 8黄金 日 8银 日 9铜 日 9铝 日 5氧化铝 日 4铅 日 7锌 日 6锡 日 8镁锭 日 8镍 日 8钴 日 8金属硅 日 7锑 日 4铀 月 0稀土 日 9漂针浆中纸 周 6漂阔浆中纸 周 4白板纸 周 5瓦楞纸 日 6箱板纸 日 4双胶纸 月 2快递业务收入 月 1快递业务量 月 3快递单价 月 8公路运输运价 周 7集装箱运价 周 5油运BDTI 日 9沿海散货运价 周 8BDI 日 6

0%4%56%64%68%60%88%30%30%15%65%90%68%72%72%68%64%76%64%100%100%96%60%0%36%4%92%100%76%100%56%48%N/A92%22%83%88%100%72%27%5%9%82%80%20%100%64%88%

-15.7%-20.5%-2.8%-14.6%-4.7%-16.2%-0.2%1.9%-6.4%-3.2%-5.3%-6.4%-4.9%-4.8%58.7%83.8%16.1%4.8%-50.9%-4.8%-14.0%35.3%-2.8%-7.4%129.4%-16.2%25.1%24.0%-11.7%7.7%1.1%15.5%-0.9%2.0%-37.2%62.8%6.3%89.1%

-6.6%-19.7%-10.4%-24.4%-9.5%-11.5%-9.3%3.3%-0.2%1.9%11.0%38.2%3.4%-2.3%-5.7%-5.0%-7.8%-6.5%-6.3%45.4%46.8%13.8%1.2%-44.2%-0.6%-10.5%15.3%-7.3%-3.1%-16.4%7.4%-3.8%16.7%-8.8%1.2%-0.5%12.2%-6.2%-5.6%8.5%16.1%-6.6%-0.9%-35.8%48.7%7.9%41.6%

-4.2%-10.3%-22.0%-19.8%-13.7%-24.4%-19.4%2.8%-1.0%-0.7%14.0%42.0%-4.1%-3.8%-10.6%4.8%-0.6%0.4%0.8%45.6%48.3%6.1%3.5%-29.4%-5.8%-9.3%6.0%-6.3%-12.7%-14.9%8.6%-2.7%22.8%-8.0%-3.5%10.6%-7.3%-5.6%8.9%17.2%-7.1%0.5%-47.8%30.7%0.0%2.4%

-1.6%2.9%-0.5%-4.9%16.6%43.5%3.3%-1.4%1.0%8.4%-0.8%1.1%1.4%39.1%39.7%8.1%5.5%-3.7%-6.0%7.7%-5.0%-7.7%75.7%14.1%33.7%-6.8%-4.2%2.4%-7.3%-7.2%9.2%17.8%-7.4%0.8%18.6%7.4%11.6%

1.6%-6.7%2.7%-1.0%-3.9%15.7%43.2%-1.9%-8.8%-1.3%-0.8%-5.1%-3.0%-3.4%35.4%26.9%8.0%7.3%-6.2%-0.3%7.5%-4.1%-9.3%46.5%16.8%30.0%-4.0%-4.0%-4.2%-6.7%0.0%9.9%18.7%-7.4%2.3%-5.2%6.8%17.3%

3.0%-12.0%-1.8%-30.6%-39.5%-36.3%-26.5%2.3%-2.1%-2.3%16.4%40.4%-11.8%-17.4%-11.5%-9.7%-7.3%-11.3%-13.1%41.4%22.4%2.2%2.1%-21.0%-8.1%-6.7%2.8%-10.8%-12.0%16.2%-23.4%17.6%14.9%-5.5%-3.3%-4.2%-5.7%-1.8%10.1%19.3%-7.7%1.4%-49.9%-14.4%6.7%-27.4%】油价窄幅震荡，油气天然气价格同比降幅收敛，冬储补库推动煤价上行20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%-30.0%-35.0%

40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%

20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022024-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

液化石油气LPG 丁烷 丙烷

石蜡 沥青30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%

20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10工业萘 液化天然气LNG

2023-102023-122024-022024-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

动力煤20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%-60.0%

30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%

60.0%50.0%40.0%30.0%20.0%10.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10 烟煤 火电发电量 水电发电

风电发电量 太阳能发电量】钢铁钢材价格底部回稳、趋势上行60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%

20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%-30.0%

10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022024-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

废钢 钢坯

普通中板 缝钢管 角钢】贵金属、工业金属价格震荡走高90.0%80.0%70.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%

30.0%25.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%

2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022024-042024-062023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

锑 稀土

锡 镁锭】包装纸价格反弹回升，油运干散运价上行50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%

20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%

5.0%0.0%-5.0%-10.0%-15.0%2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022024-042023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

白板纸 瓦楞纸

箱板纸 双胶纸3.0%2.5%2.0%1.5%1.0%0.5%0.0%-0.5%-1.0%-1.5%

2023-102023-122023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-102023-102023-122024-022023-102023-122024-022024-042024-062024-082024-102024-122025-022025-042025-062025-082025-10

集装箱运价

油运BDTI 沿海散货运价 BDI频率中国化工产品价格指数(CCPI工作日

近一年环比改善月数7

24%

2025/11/302025/10/312025/9/302025/8/312025/7/312025/6/30-10.8% -11.3% -10.2% -11.0% -10.5% 煤化工橡胶塑料氯碱氟化工化肥维生素化纤蛋白质

丙烯纯苯甲苯丙烯酸甲醇醋酸正丁醇丙烯腈丁酮轿车轮胎经销商价格指数沥青丙酮苯酚双酚A聚氯乙烯聚碳酸酯PC(注塑低粘)LDPE(薄膜)甲醛环氧树脂环氧氯丙烷不饱和树脂(191)钛白粉钛精矿(TiO2≥46%)纯碱电石聚氯乙烯(PVC)氢氟酸尿素液氨合成氨硫酸钾氯化钾硫磺硫酸维生素A维生素B1维生素B2维生素B6维生素维生素B3维生素B5维生素B9维生素(99维生素D3维生素E维生素PTA氨纶己内酰胺锦纶POY赖氨酸色氨酸苏氨酸固体蛋氨酸液体蛋氨酸

日 6日 5日 4日 4日 8日 4日 3日 7日 5日 4日 4日 8日 9日 6日 6周 6日 5日 4日 4月 5月 6日 7日 7日 4日 3日 5日 4日 6日 7日 7日 8周 4日 5日 3日 7日 7日 5日 6周 5周 4日 7日 7日 7日 9日 8日 7日 5日 9日 8日 6日 7工作日 1工作日 3工作日 2工作日 4工作日 1工作日 5工作日 6工作日 2工作日 2工作日 3工作日 3工作日 4日 9日 8日 6日 8日 2日 5日 9日 6日 2工作日 3工作日 5工作日 6工作日 9工作日 8

0%8%12%20%56%0%0%76%16%0%4%36%72%0%4%32%8%16%8%23%77%4%20%12%12%28%8%0%8%84%84%0%24%26%60%28%28%64%0%30%84%80%76%92%67%88%96%100%76%100%100%12%4%32%0%12%12%52%52%0%0%0%40%60%72%56%28%0%0%96%28%28%0%0%0%59%32%

-21.5%-9.7%-27.8%-28.5%-8.1%-25.2%-11.8%-6.8%-10.4%-26.1%-16.9%-13.6%-7.6%-30.1%-15.8%-9.4%-11.5%-20.2%-24.7%-14.3%-29.3%-20.9%-19.7%-12.4%-9.5%-18.5%-11.2%6.8%23.6%-17.2%-10.4%-19.1%-27.8%-12.9%-12.6%10.2%-35.3%-15.9%-8.2%-9.3%-10.4%13.4%24.8%15.7%8.4%166.7%134.2%8.0%11.1%-60.9%2.1%-19.6%-36.5%-16.8%-31.0%-24.1%5.8%-33.3%-18.3%-65.8%-17.6%-6.8%-2.5%-7.6%-12.3%-16.3%-5.5%-8.1%-21.9%-23.1%-44.3%-44.0%-35.5%-4.3%-0.3%

-16.3%-10.7%-39.0%-27.3%-12.1%-23.0%-8.8%-10.9%-4.9%-22.7%-13.3%-15.1%-8.4%-23.8%-9.3%-8.0%-12.6%-28.4%-30.2%-5.6%-0.6%-1.3%-30.8%-15.8%-17.8%-12.9%-9.5%-14.5%-8.6%4.3%37.6%-15.7%-9.5%-19.2%-30.7%-12.4%-14.2%10.4%-32.1%-20.9%-11.3%-17.6%-17.7%14.9%31.8%8.3%2.8%87.0%5.6%4.7%-62.9%18.4%-28.8%-33.8%-19.0%-28.1%-22.2%34.5%-31.0%-12.4%-59.6%-22.2%-8.2%-7.3%-9.5%-12.6%-16.3%-5.1%-9.8%-25.7%-23.4%-40.4%-39.3%-31.6%4.3%2.3%

-11.0% -10.3% 0.5% -4.4% -9.2%-35.1% -27.7% -28.5% -30.2% -9.5% -20.5% -20.2% -19.8% -3.1% -3.9% -4.1%-8.8% -11.7% -1.1% -7.4% -1.5%-11.9% -16.7% -13.2% -9.6% -4.6%-18.8% -27.8% -11.2% -10.6% -14.1% -14.1% -4.7% -3.5% -6.9%-6.7% -10.8% -6.8%-18.3% -1.2% 5.4%-29.2% -20.6% -28.5% -19.4% -3.2% -3.8% -4.2%-0.6% -1.1% -1.0%8.8% 1.1% 2.7%-24.8% -28.3% -22.8% -22.8% -19.5% -23.3% -10.4% -12.8% -10.6% -11.6% -9.3%-9.3% -5.8% -3.5%-7.6% -7.4% -6.7%19.4% 8.5% 7.0%43.1% 45.2% 42.9%-12.0% -13.6% -12.0% -14.4% -21.8% -23.6% -29.1% -38.3% -3.4% -9.1% -16.7% -12.0% 17.8% -1.4% -4.4%-30.2% -21.1% -13.3% -13.5% -12.1% -12.7% -20.6% -11.6% 2.9%-19.4% -14.8% -1.6%15.7% 11.6% 10.6%32.6% 31.3% 28.9%7.5% 2.3% 1.2%3.0% -2.8% -2.5%120.9% 101.1% 99.3%60.4% 58.3% 63.4%5.3% 4.2% 4.9%5.1% 2.9% 4.1%-72.2% -77.9% 18.4% 20.0% 25.6%-28.8% -28.8% -29.5% -15.3% -4.2%-19.0% -19.0% -31.0% -33.0% -29.5% -29.6% 35.6% 35.6% 47.9%-24.5% -28.3% -17.9% -14.2% -6.3%-63.3% -53.2% -22.2% -24.3% -7.5% -10.6% -6.8% -9.1% -9.2% -11.8% -13.1% -13.4% -16.3% -16.3% -3.8% -3.4% -3.9%-7.6% -10.6% -26.3% -30.2% -26.3% -26.1% -33.8% -36.4% -37.2% -31.4% -27.9% -22.0% 7.1% 9.1% 8.4%3.5% 5.7% 9.9%

-12.9%-6.8%-33.8%-36.3%-19.5%-14.5%-3.3%-14.9%8.0%-15.1%3.6%-18.2%-12.8%-25.5%-12.5%-13.5%-4.7%-23.0%-21.6%-4.5%-0.7%-2.4%-35.8%-19.3%-16.0%-16.9%-7.0%-9.0%-7.4%7.0%20.6%-15.2%-10.9%-21.4%-40.6%-11.8%-19.0%-3.9%-9.9%-34.6%-22.4%-19.7%-20.5%6.4%26.0%2.8%-1.8%144.4%117.6%3.9%3.3%-28.6%16.4%-26.9%7.7%-15.9%-11.8%-17.9%58.9%-26.4%170.6%-8.2%-12.5%-17.0%-15.3%-16.5%-14.9%-15.4%-3.0%-14.0%-28.9%-25.7%-23.0%-23.1%-2.4%5.8%10.6%30.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%天然橡胶顺丁橡胶顺丁橡胶丁苯橡胶丁苯橡胶2.0%0.0%2.0%0.0%-2.0%-4.0%-6.0%-8.0%-10.0%-12.0%轿车轮胎经销商价格指数卡客车轮胎经销商价格指数轿车轮胎经销商价格指数卡客车轮胎经销商价格指数60.0%50.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%沥青沥青丙酮丙酮苯酚苯酚

20.0%10.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%丙烯酸丙烯酸丙烯酸丁酯丙烯酸丁酯40.0%30.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%甲醇甲醇醋酸醋酸醋酸乙酯醋酸乙酯40.0%30.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%正丁醇正丁醇丙烯腈丙烯腈丁酮丁酮

聚乙烯聚乙烯丙烯丙烯丁二烯丁二烯60.0%50.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%纯苯纯苯甲苯甲苯苯乙烯苯乙烯20.0%15.0%20.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%乙二醇乙二醇环氧丙烷环氧丙烷

】石油化工和煤化工价格窄幅震荡，同比改善的品种数量增加】石油化工和煤化工价格窄幅震荡，同比改善的品种数量增加中国化工产品价格指数(CCPI)中国化工产品价格指数(CCPI)行业比较】国内化工品价格同比降幅保持低位行业比较】国内化工品价格同比降幅保持低位15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%第18页共22硫磺硫磺硫酸硫酸

-40.0%-40.0%尿素尿素液氨液氨合成氨合成氨

20.0%10.0%0.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%-50.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%纯碱纯碱4年同期电石电石聚氯乙烯(PVC)聚氯乙烯(PVC)

2023-102023-122024-02LDPE(薄膜LDPE(薄膜)2024-062024-082024-102024-12甲醛2025-02甲醛2025-042025-062025-082025-1050.0%40.0%30.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%含氯复合肥含氯复合肥含硫复合肥含硫复合肥15.0%10.0%15.0%10.0%5.0%0.0%-5.0%-10.0%-15.0%-20.0%-25.0%-30.0%

磷酸一铵磷酸一铵磷酸二铵磷酸二铵

氢氟酸40.0%30.0%20.0%10.0%0.0%-10.0%氢氟酸40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%二氯甲烷二氯甲烷三氯甲烷三氯甲烷

2023-10环氧树脂2023-12环氧树脂2024-022024-04环氧氯丙烷2024-06环氧氯丙烷2024-082024-102024-12不饱和树脂(191#)不饱和树脂(191#)2025-042025-062025-082025-10硫酸钾硫酸钾氯化钾氯化钾

50.0%40.0%30.0%20.0%50.0%40.0%30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%-40.0%钛白粉钛白粉钛精矿(TiO2≥46%)钛精矿(TiO2≥46%)

2023