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研究报告全文：股票研究EquityResearchResearchDepartment研究部15December2022行业报告CriticalSectorDataUpdateSectorReport行业关键数据更新证告券报研究究ResearchReport报研告券Equity证行业关键数据更新CriticalSectorDataUpdateCriticalDataSectorSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page1of24CriticalSectorDataUpdateSectorPetrochemicalsFigure11-YCrudeOilPricesFigure210-YCrudeOilPrices一年国际油价十年国际油价BrentOilWTIOilDubaiOilBrentOilSpotUSbblBrentOilSpotUSbbl150SpotSpotSpotWTIOilSpotUSbblWTIOilSpotUSbbl140DubaiOilSpotUSbbl140YTD6804-05DubaiOilSpotUSbbl130YTDYOY436407429120100wow998164110100mom-114-111-1296090yoy119907080201341241307052wHL7168696020122013201420152016201720182019202020212022-205040-60Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22SourceBloombergSourceBloombergFigure33-YDomesticGasolineDieseletailPriceCap三年国内汽油柴油最高零售价GasolineDiesel1300000GasolineRMBTonneDieselRMBTonneRMBRMB1200000TonneTonneYTD1181281100000YTDYOY2182411000000wow0000900000mom-59-62800000yoy119129700000114561050052wHL60000085967730500000Dec19Jun20Dec20Jun21Dec21Jun22Dec22SourceChinaNDRCSectorNonferrousMetalsFigure41-YGoldPricesDollarIndexFigure510-YGoldPricesDollarIndex一年国际金价和美元指数十年国际金价和美元指数GoldpriceUSDOzDollarIndexRHSGoldpriceUSDOzDollarIndexRHS2300120DollarIndex2100117115GoldPriceRHS11420002000110YTD-158411117001081051900YTDYOY021261001051400wow08-1018001029511009990mom13-2517009680085yoy1474938016005002051114907552wHL16229515008720070Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-2220122013201420152016201720182019202020212022SourceBloombergSourceBloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page2of24CriticalSectorDataUpdateFigure671-YCopperPricesStockFigure8910-YCopperPricesStock一年铜价格与库存十年铜价格与库存LMECopperPriceUSDTonneLMECopperPriceUSDTonneLMECopperInventoryTonne-RHS1200040000012000LMECopperInventoryTonne-RHS80000011000350000700000LMECopperLMECopper1000010000600000PriceInventory30000080009000500000YTD-124-39250000YTDYOY-47NA800060004000002000007000300000wow-03-2140001500006000200000mom17-4920005000100000100000yoy-74-3540005000000106741809252012201320142015201620172018201920202021202252wHLDec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22717069600SHFECopperpriceRMBTonneSHFECopperpriceRMBTonneSHFECopperInventoryTonne-RHSSHFECopperInventoryTonne-RHS900004500008500045000080000400000400000700003500007500035000060000300000SHFECopperSHFECopper65000300000PriceInventory5000025000055000250000YTD-581057400002000004500020000030000150000YTDYOY-20NA1500003500020000100000wow0120410000025000100005000050000mom-08310015000020122013201420152016201720182019202020212022Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22yoy-358987484016795152wHL5449027171SourceBloombergSourceBloombergFigure10111-YAluminumPricesFigure121310-YAluminumPricesStockStock一年铝价格与库存十年铝价格与库存LMEAluminumPriceUSDTonneLMEAluminumPriceUSDTonneLMEAluminumInventoryTonne-RHSLMEAluminumInventoryTonne-RHSLME50006000000AluminumLMEAluminum442020000004500PriceInventory18000005000000392040001600000YTD-129-47935001400000400000034203000YTDYOY106NA12000002920100000025003000000wow-2425800000200024202000000mom-03-10160000015004000001000yoy-59-50619201000000200000384999055050052wHL142002114271450Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-220020122013201420152016201720182019202020212022SHFEAluminumpriceRMBTonneSHFEAluminumpriceRMBTonneSHFEAluminumInventoryTonne-RHSSHFEAluminumInventoryTonne-RHS300001200000SHFE26000400000AluminumSHFEAluminum350000PriceInventory24000250001000000300000YTD-81-7182200020000800000250000YTDYOY58NA2000020000015000600000wow-19-441500001800010000400000mom-04-33110000016000500005000200000yoy-19-7161400000023865348315Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-2252wHL201220132014201520162017201820192020202120221722091242SourceBloombergSourceBloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page3of24CriticalSectorDataUpdateFigure14151-YZincPricesStockFigure161710-Yand10-YZincPricesStock一年锌价格与库存十年及十年锌价格与库存LMEZincPriceUSDTonneLMEZincPriceUSDTonneLMEZincInventoryTonne-RHSLMEZincInventoryTonne-RHS510026000050001400000LMEZincLMEZinc4500PriceInventory460012000002100004000YTD-84-8164100350010000001600003000YTDYOY162NA360080000025003100600000wow01-4611000020001500mom41-1512600400000600001000200000yoy-10-82421005000016001000044992075752012201320142015201620172018201920202021202252wHLDec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22269736625SHFEZincpriceRMBTonneSHFEZincInventoryTonne-RHSSHFEZincpriceRMBTonne35000450000SHFEZincInventoryTonne-RHS4000003200020000030000SHFEZincSHFEZinc30000180000350000PriceInventory2500028000160000300000YTD04-6472600014000020000250000YTDYOY117NA240001200001500020000022000100000wow-11139150000200008000010000mom18-11718000600001000005000yoy48-698160004000050000140002000000286451793581200002012201320142015201620172018201920202021202252wHL2154017931Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22SourceBloombergSourceBloombergFigure181-YNickelPricesStockFigure1910-YNickelPricesStock一年镍价格与库存十年镍价格与库存LMENickelPriceUSDTonneLMENickelPriceUSDTonneLMENickelInventoryTonne-RHSLMENickelInventoryTonne-RHSLMENickelLMENickel5600012000060000500000PriceInventory5100045000011000050000YTD367-47746000400000100000350000YTDYOY416NA41000400003600090000300000wow-461531000800003000025000026000200000mom-626670000200001500002100060000100000yoy484-50216000100005000011000500004807810699852wHL00191164947060004000020122013201420152016201720182019202020212022Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22SourceBloombergSourceBloombergFigure201-YLeadPricesStockFigure2110-YLeadPricesStock一年铅价格与库存十年铅价格与库存LMELeadPriceUSDTonneLMELeadPriceUSDTonne3000LMELeadInventoryTonne-RHS60000LMELeadLMELead3500LMELeadInventoryTonne-RHS450000PriceInventory2800400000500003000YTD350000-53-55426002500YTDYOY-17NA4000030000024002000250000wow-14252200300001500200000mom-17-902000150000200001000100000yoy-45-56118005001000050000249755450160052wHL001749237501400020122013201420152016201720182019202020212022Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22SourceBloombergSourceBloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page4of24CriticalSectorDataUpdateFigure2210-YChinaGrowthRateofFigure23242-Y10-YChinaPMIandValue-AddedofIndustryCaixinPMI十年中国工业增加值增长速度两年和十年中国PMI与财新PMICHVAIOYIndex60mom-28pptChinaPMISurveysManufacturing58yoy-16pptChinaCaixinManufacturingPMI567552wHL-2940545250ChinaPMIChinaCaixin30SurveysManufacturing48ManufacturingPMI46mom-12ppt02ppt2044yoy-21ppt-05ppt425035171052wHL47446040Nov20Feb21May21Aug21Nov21Feb22May22Aug22Nov220Jul-14Jul-19Apr-13Apr-18Oct-20Oct-15Jan-22Jun-22Jan-17Jun-17Mar-21Mar-16Feb-14Feb-19Nov-12Dec-14Nov-17Dec-19Nov-22Sep-13Sep-18Aug-21Aug-16May-20May-1570-10ChinaPMISurveysManufacturing65ChinaCaixinManufacturingPMI-206055504540353020122013201420152016201720182019202020212022SourceNationalBureauofStatisticsofChinaSourceChinaFederationofLogisticsandPurchasingHSBCpmicaixincomSectorAutomobilesFigure258-YYearlyComparisonofCarFigure268-YYearlyComparisonofCarSalesSalesGrowthYoY八年汽车销量年度对比八年汽车销量年度增长对比同比Auto35000002015201620173500000602015201620171000SalesPVSalesCVSales2018201920202018201920202021RHS2022RHS2021RHS2022RHSYTDYOY24119-3233000000300000040800mom-71-70-752060025000002500000yoy-79-56-2340400278591824215583695522000000200000052wHL1180903965120215783-2020015000001500000-400010000001000000-60-200500000500000-80-40000-100-600JulAprOctJulJanJunMarFebAugDecSepNovMayAprOctJanJunFebMarNovDecAugSepMaySourceChinaAssociationofAutomobileSourceChinaAssociationofAutomobileManufacturersManufacturersSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page5of24CriticalSectorDataUpdateFigure272-YPVRetailDiscountRateFigure281-YInventoryCoefficient两年乘用车零售折扣率一年库存系数DiscountInventoryRateptsCoefficientptsDiscountRateInventoryCoefficient1620YTD12004219YTDYOY-1610191418mom-040007171216yoy170039151221952wHL101493141381211610Oct20Jan21Apr21Jul21Oct21Jan22Apr22Jul22Oct22Nov21Feb22May22Aug22Nov22NoteLatestdataforfigure27is102022SourceISEngineSourceChinaAutomobileDealersAssociationFigure292-YShanghaiRubberPrices两年上海橡胶价格RubberShanghaiRubberShanghaiRMBMTRMBMT22000YTD-974YTDYOY-72wow0717000mom172yoy-951489552wHL12000108007000Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22SourceBloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page6of24CriticalSectorDataUpdateSectorShippingLogisticsPortsFigure301-YBDIFigure3110-YBDI一年波罗的海干散货运价指数十年波罗的海干散货运价指数BDI6000BDIBDI6000YTD-38850005000YTDYOY-33940004000wow-2030003000mom4420002000yoy-49110001000336952wHL96500Dec-21Mar-22Jun-22Sep-22Dec-2220122013201420152016201720182019202020212022SourceBloombergSourceBloombergFigure321-YBDTIBCTIFigure3310-YBDTIBCTI一年波罗的海原油运价指数及波罗的海成十年波罗的海原油运价指数及波罗的海成品油运价指数品油运价指数BDTIBCTI3000BDTIBCTIBDTIBCTI27802500YTD1654155222802000YTDYOY114913011780wow-011051500mom6447012801000yoy159813497805002496201152wHL6795430280Dec-21Mar-22Jun-22Sep-22Dec-2220122013201420152016201720182019202020212022SourceBloombergSourceBloombergFigure341-YVLSFOHSFOFigure3510-YBUNKER一年彭博低硫和380Centistoke船用燃油十年彭博380Centistoke船用燃油价格价格新加坡新加坡VLSFO380cstHSFOUSDmetrictonneUSDmetrictonneVLSFO380cstHSFO380cstHSFO1200900800YTD-60-1781000700YTDYOY529285800600wow-2611500600400mom-149-140400300yoy-17-11620020011370771010052wHL057703680020122013201420152016201720182019202020212022Dec-21Mar-22Jun-22Sep-22Dec-22SourceBloombergSourceBloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page7of24CriticalSectorDataUpdateFigure369-YChinaPMIManufacturing-NewExportOrderIndex九年中国采购经理指数制造业新出口订单ChinaPMI55ChinaPMIManufacturing-NewExportOrderIndexManufacturingNewExport50OrderIndexmom-0945yoy-1840495052wHL35416030252020122013201420152016201720182019202020212022SourceChinaFederationofLogisticsPurchasingFigure371-YChinaImportExportFigure381-YChinaImportExportUSDYoYUSDMoM一年中国月度进出口值增长美元同比一年中国月度进出口值增长美元环比ChinaMonthlyExportImportUSDYoYChinaMonthlyExportImportUSDMoMChinaChinaMonthlyExportUSDYoYChinaChinaChinaMonthlyExportUSDMoMMonthly35ChinaMonthlyImportUSDYoYMonthlyMonthly30ChinaMonthlyImportUSDMoMExportExportImport30Import2025yoyRMB09-11012010yoyUSD-87-106-95150China10ChinaChina10MonthlyMonthlyMonthly5Export20ExportImportImport0mom301383425RMB40mom10-096120USDSourceChinaCustomsSourceChinaCustomsFigure391-YCCBFIFigure406-YCCBFI一年中国沿海散货运价指数六年中国沿海散货运价指数ChinaCostalBulkFreightIndexCCBFI18001800ChinaCostalBulkFreightIndexCCBFIChinaCostalBulkFreight16001600IndexCCBFIYTD-1314001400YTDYOY-13912001200wow0610001000mom38800800yoy-246600600162352wHL20162017201820192020202120221032SourceShanghaiShippingExchangeSourceShanghaiShippingExchangeFigure411-YSCFICCFIFigure426-YSCFICCFI一年出口集装箱运价指数六年出口集装箱运价指数ShanghaiContainerizedFreightIndexSCFIShanghaiContainerizedFreightIndexSCFIShanghaiChina5500ChinaContainerizedFreightIndexCCFIContainerizedContainerized63005000ChinaContainerizedFreightIndexCCFIFreightIndexFreightIndex4500SCFICCFI53004000YTD-777-589350043003000YTDYOY-4411733002500wow-28-37200023001500mom-211-18510001300yoy-763-565500300051103588201620172018201920202021202252wHLDec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-2214431730SourceShanghaiShippingExchangeSourceShanghaiShippingExchangeSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page8of24CriticalSectorDataUpdateFigure431-YThroughputStatisticsFigure445-YThroughputStatistics一年港口吞吐量统计五年港口吞吐量统计PortsThroughputYoYContainerThroughputYoYPortsThroughputYoYContainerThroughputYoYVolumeofContainer1240FreightHandledThroughput1030YTDYOY05408mom54266204yoy444310213792302636052wHL00105695019440201720182019202020212022-2-10-4-6-20-30NoteLatestdataforfigures43-44are102022SourceChinaMinistryofTransportSourceChinaMinistryofTransportFigure451-YTransportationStatisticsFigure465-YTransportationStatistics一年公路旅客货运量统计五年公路旅客货运量统计PassengerFreightFreightPassengerNumberYoYFreightVolumeYoYPassengerNumberYoYNumberVolumeTurnoverFreightVolumeYoYYTDFreightTurnoverYoYFreightTurnoverYoY-295-48-33230200YOY20mom-83-66-4515010yoy-337-79-21100052w463506204450HL26209382371002020172018201920202021202230504010050150NoteLatestdataforfigures45-46are102022SourceNationalBureauofStatisticsofChinaSourceNationalBureauofStatisticsofChinaSectorEnergyOperationFigure476-Y5500KcalThermalCoalFigure483-YCoalInventoryatFOBatQinhuangdaoQinhuangdao六年秦皇岛5500大卡动力煤平仓价三年秦皇岛煤炭库存QHDQ5500YTD00YTDYOY982016201720182019wow0010KtQHDInventory202020212022900800mom-07RMBt700yoy-0780060076052wHL700730500600400QHDInventory300500YTD92200YTDYOY41400100wow-643000JanFebMarAprMayJunJulAugSepOctNovDecNov-19May-20Nov-20May-21Nov-21May-22Nov-22mom220yoy13159852wHL406SourceCCTDSourceCCTDSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page9of24CriticalSectorDataUpdateFigure495-YAustraliaNEWCThermalCoalSpotPrice五年澳大利亚纽卡斯尔动力煤现货价格AustraliaNEWCThermalCoalUSDtSpotPriceAustraliaNEWCthermalcoalspotpriceYTD1508480440YTDYOY1631400wow47360mom283320280yoy1639240452852wHL200165916012080400Nov-18May-19Nov-19May-20Nov-20May-21Nov-21May-22Nov-22SSourceCCTDFigure505-YMonthlyChinaPowerFigure515-YMonthlyChinaConsumptionyoyUtilizationHoursforThermalCapacity五年中国月度用电量增长同比五年中国火电装机月度利用小时MonthlyPowerConsumptionyoy201720182019202020212022HoursYTDYOY3820172018201920202021202230500mom-3625yoy222045016952wHL-221540010MonthlyThermal5Capacity350Utilization0YTDYOY-135300mom-11210yoy-0615250JanFebMarAprMayJunJulAugSepOctNovDec454JanFebMarAprMayJunJulAugSepOctNovDec52wHL302NoteLatestdataforfigures50-51are102022SourceNationalEnergyAdministrationSourceChinaElectricityCouncilSectorPropertyFigure521-YDomesticPropertyFigure5310-YDomesticPropertySectorSectorYoYDataAccumulativeYoYDataAccumulative一年商品房投资新开工及销售增长十年商品房投资新开工及销售增长累计同比累计同比CommodityRealEstateNew-startsRealEstateInvestmentYoYRealEstateInvestmentYoYProperty50New-startsGFAYoYInvestmentGFANew-startsGFAYoYSalesGFACommodityPropertySalesGFAYoY22CommodityPropertySalesGFAYoY40CommodityPropertySalesAmountYoYCommodityPropertySalesAmountYoYResidentialPropertySalesGFAYoY30ResidentialPropertySalesAmountYoYYTDYOY-98-389-23312ResidentialPropertySalesGFAYoYResidentialPropertySalesAmountYoY20mom-45-11732210yoy-199-508-333-80-10CommodityResidential-18ResidentialPropertyProperty-20Property-28SalesSalesSalesGFA-30AmountAmount-38-40YTDYOY-266-262-285-48-50Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-222013201420152016201720182019202020212022mom392733yoy-322-325-317SourceNationalBureauofStatisticsofChinaSourceNationalBureauofStatisticsofChinaSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page10of24CriticalSectorDataUpdateFigure541-YASPofCommodityFigure5510-YASPofCommodityPropertiesandYoYMonthlyPropertiesandYoYAccumulative一年商品房销售均价及同比增长月度十年商品房销售均价及同比增长年度累计ASPofRMBsqmRMBsqm1200061200012Commodity115004Properties1011000210000810500080006YTDASPRMBsqm978510000-24MonthlyASPRMBsqm97479500-460002YTDASPYoY-439000-6400008500-8MonthlyASPYoY16-28000-1020007500-12-47000-140-6Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-222013201420152016201720182019202020212022ASPofCommodityPropertiesSoldLHSASPofCommodityPropertiesSoldLHSASPofCommodityPropertiesSoldYoYRHSASPofCommodityPropertiesSoldYoYRHSSourceNationalBureauofStatisticsofChinaSectorNon-BankFinanceFigure565-YSectorPremiumsFigure575-YPCInsurancePremiumsYTDyoyYTDyoy五年行业保费收入同比增长月度累计五年财产险保费收入同比增长月度累计SectorPremiumsRMBbnYTDYOY50mom271700200201720182019201720182019202020212022yoy62600202020212022150979350052wHL25914001003002005010000PCInsurance00Premiums100RMBbn50200YTDYOY97300100mom156JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDecyoy72140652wHL648NoteLatestdataforfigures56-57are102022SourceChinaBankingandInsuranceRegulatorySourceChinaBankingandInsuranceRegulatoryCommissionCommissionFigure585-YHumanInsuranceFigure595-YLifeInsurancePremiumsYTDyoyPremiumsYTDyoy五年人身险保费收入同比增长月度累计五年寿险保费收入同比增长月度累计HumanInsurancePremiumsRMBbnYTDYOY35500201720182019mom318500201720182019202020212022400202020212022yoy57400838730052wHL30016472002001001000000LifeInsurance100Premiums100RMBbn200200YTDYOY41300300JanFebMarAprMayJunJulAugSepOctNovDecmom304JanFebMarAprMayJunJulAugSepOctNovDecyoy69705052wHL1107NoteLatestdataforfigures58-59are102022SourceChinaBankingandInsuranceRegulatorySourceChinaBankingandInsuranceRegulatoryCommissionCommissionSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page11of24CriticalSectorDataUpdateFigure60InsuranceInvestmentFundFigure61InsuranceInvestmentFundMoMGrowthAllocation保险资金运用余额环比增长保险资金资产配置InsuranceInvestmentfund40BankDepositsBondsStocksandmutualfundsOthers1000Growth201720182019YTD5630900202020212022800mom002070010600500004001030020020100300040JanFebMarAprMayJunJulAugSepOctNovDecOct-19Apr-20Oct-20Apr-21Apr-22Oct-22Oct-21Jun-20Jun-21Jun-22Feb-21Feb-22Feb-20Dec-19Aug-20Aug-21Dec-21Aug-22Dec-20NoteLatestdataforfigures60-61are102022SourceChinaBankingandInsuranceRegulatorySourceChinaBankingandInsuranceRegulatoryCommissionCommissionSectorNewEnergyFigure623-YPhotovoltaicProductsPriceChanges三年光伏产品价格变动04USDWPolysiliconMultiWaferMultiCellModulePolysili-MultiMulticonWaferCellModuleYTD03400214218190YOYwow-18-32-0800mom-19-6709000252w011012012035HL0080090100320100Dec-19Apr-20Aug-20Dec-20Apr-21Aug-21Dec-21Apr-22Aug-22Dec-22SourcePvinsightSectorTelecommunicationFigure63CumulativeTelecomRevenueFigure64AccumulatedMobileInternetYoYGrowthRateAccessTraffic电信业务收入累计增速累计移动互联网接入流量CumulativeTelecomRevenueRMBBillionGB1093AccumulatedMobileInternetAccessTrafficLHS100Million90YoYGrowthRHSYTDYoY8025040988353343338mom-0535852009838330yoy6582828281808025150815021822121420720152wHL8191119618618418220MonthlyMobileInternet100815AccessTraffic1018250YTDYoY75mom6800yoy1632021-102021-122022-022022-042022-062022-082022-1020212022NoteLatestdataforfigures63-64are102022SourceMinistryofIndustryandInformationSourceMinistryofIndustryandInformationTechnologyofthePRCTechnologyofthePRCSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page12of24CriticalSectorDataUpdateFigure6510-YTelephoneCallMobileFigure6610-YMonthlyTeleUsersYoYMinutesMonthlyAccumulateYoY十年移动电话通话时长月度累计增长十年月度通信用户增长同比同比TelephoneCallMobileinclLocalMillionTotalTeleUsersYoYMinutesTelephonecallmobileinclLocalYTDYoY20MobileUsersYoYYoY14FixedphoneUsersYoY15YTDYoY1320MoM-0815101999001052wHL51882005TotalTeleMobileFixed-line00UsersUsersUsers-5millionmillionmillion-5-10YoY2325-01-15-10MoM0000-01-20-151863168229181852012201320142015201620172018201920202021202252wHL-251822651641991806620122013201420152016201720182019202020212022NoteLatestdataforfigures65-66are102022SourceMinistryofIndustryandInformationSourceMinistryofIndustryandInformationTechnologyofthePRCTechnologyofthePRCFigure67MonthlySmartphoneFigure68QuarterlyGlobalSmartphoneShipmentsinChinaShipments中国月度智能手机出货量季度全球智能手机出货量MonthlySmartphoneMillionShipmentsinChinaMillionSmartphoneShipmentinChinaLHSGlobalsmartphoneshipmentsLHSYoYGrowthRHSYoYGrowthRHSYTDYOY-21540030404025350YoY-4635302020300MoM9430151025025100202005QuarterlyGlobal-10015150SmartphoneShipments-20-510100YTDYOY-91-30-10YoY565-4050-150-500-20QoQ-97NoteLatestdataforfigure67is092022forfigure68isSourceCAICTSourceIDC3Q2022SectorMediaFigure691-YMonthlyInternetandFigure701-YMonthlyNumberofMobileSubscriberAdditionsGamesGranted一年月度互联网和移动用户增数一年月度网络游戏审批数InternetMobileDomesticSubscriberSubscriberGrantedTenThousandTenThousandDomesticGrantedGamesImportedGrantedGamesAdditionsAdditionsGamesMonthlyMobileInternetSubscriberAdditionsLHS80TenTenTen73MonthlyInternetSubscriberAdditionsRHS706769ThousandThousandThousand150010007060YTDYOY-10-313-4349006010008005045mom-337-850na70050040yoy-58-941na600050030930136173Oct-21Jan-22Apr-22Jul-22Oct-2252wHL40039-1343050020300200101000000000100015000NoteLatestdataforfigure69is102022SourceMinistryofIndustryandInformationSourceNationalPressandPublicationTechnologyofthePRCAdministrationSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page13of24CriticalSectorDataUpdateFigure71ChinaRetailCommodityFigure72ChinaRetailServiceE-commerceGMVGrowthE-commerceGMVGrowth中国实物电商交易金额增长中国服务业零售电商交易金额增长RMBBnRMBBn35010001800350ChinaRetail1600300300800CommodityE-commerce1400250250600YTDYOY6412002002004001000150YoY128001001502006005010000MoM1204000050-200200-50ChinaRetail0-400ServiceE-commerce0-1003M205M206M207M208M209M203M214M215M217M218M219M213M224M225M226M228M229M224M206M217M2211M2012M2010M2111M2110M2211M2210M2012M211-2M201-2M211-2M223M205M206M207M208M209M203M214M215M216M218M219M213M224M226M227M228M229M227M215M22YTDYOY-824M2010M2011M2012M2010M2111M2112M2111M2210M221-2M201-2M221-2M21ServiceE-commerceGMVYoYCommodityE-commerceGMVYoYYoY-147MoM-49SourceNationalBureauofStatisticsofChinaGuotaiSourceNationalBureauofStatisticsofChinaJunanInternationalGuotaiJunanInternationalFigure73PercentageofOnlineShoppingforPhysicalGoods实物商品网购销售额占比Percentageofonlineshoppingforphysicalgoods30YoY25271MoM0925201510503M205M206M208M209M203M215M216M218M219M213M225M226M228M229M224M207M204M217M214M227M2210M2011M2012M2010M2111M2112M2110M2211M221-2M201-2M211-2M22PercentageofOnlineShoppingforPhysicalGoodsSourceNationalBureauofStatisticsofChinaGuotaiJunanInternationalSectorPharmaceuticalBiotechnologyFigure74GlobalNewlyConfirmedFigure75VaccineDosesper100CasesandNewlyDeathsPeopleinMajorCountries全球新增确诊病例及死亡病例主要国家每100人中的总注射剂数4000000DailyNewConfirmedCases7-DayAverage17000330WorldUSUKDailyNewFranceGermanyChinaDailyNewDeaths7-DayAverageRHS300LocationConfirmed7-DayAverageWoW15000IsraelKoreaIndia3500000BrazilJapanCases27013000Global6142645458401433300000024011000210USA50690653136342500000180UK386424017009000200000015070001201500000500090100000030006030500000100000-1000SourceOurWorldinDataGuotaiJunanSourceOurWorldinDataGuotaiJunanInternationalInternationalSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page14of24CriticalSectorDataUpdateFigure76NewlyConfirmedCasesandFigure77NewlyConfirmedCasesandNewlyDeathsintheUSNewlyDeathsintheUK美国新增确诊病例及死亡病例英国新增确诊病例及死亡病例90000040002500001700LocationNewDeaths7-DayAverageWoWDailyNewConfirmedCases7-DayAverageDailyNewConfirmedCases7-DayAverageDailyNewDeaths7-DayAverageRHSDailyNewDeaths7-DayAverageRHS1500Global6656403156625680000035002000007000001300USA11105613950803000UK1984656782960000011002500150000900500000200070040000010000015005003000001000500003002000001001000005000-10000SourceOurWorldinDataGuotaiJunanSourceOurWorldinDataGuotaiJunanInternationalInternationalFigure785-YChinaGrowthRateofFigure795-YAntibioticIntermediatesValue-AddedofPharmaceuticalPricesIndustryAccumulative五年中国医药制造业增加值增长速度五年抗生素中间体价格ChinaGrowthRateofValue-AddedofPharmaceutical50025000RMBKg6-APAIndustryAccumulative7-ADCA400mom01ppt7-ACAEnzymaticMethod200004-AAyoy-306ppt300GCLEExported24852wHL-43200150001007-ACAGCLE100006-APA7-ADCAEnzymatic4-AAExported00MethodYTDYoY284179113-50800-1005000mom0000000005-200yoy8867-63-20918800370048005500215005276Nov-17Nov-18Nov-19Nov-20Nov-21Nov-22Jul-19Jul-20Jul-21Jul-2252wHLJul-18Mar-18Mar-19Mar-20Mar-21Mar-22Nov-18Nov-19Nov-20Nov-21Nov-22330044004500170003553Nov-17NoteNo3-72019datafor4-AAGCLEExporteddataSourceNationalBureauofStatisticsofChinaSourceWINDwasnotavailablefrom122018to092019Figure805-YChengduTraditionalFigure815-YDomesticVitaminsChineseMedicinalMaterialsPricePricesIndex五年中国成都中药材价格指数五年国内维生素价格ChengduTraditionalChineseMedicinal16000VAVB1RMBKg250VB280VB6MaterialsPriceIndexVCPowderVD314000YTDYoY230VEVK3MSB96230wow-2112000mom-2021010000yoy13924124800052wHL190206486000170VB2VCVK34000VAVB180VB6PowderVD3VEMSB96YTD1502000-492-172-72-93-366-359641187YoY00wow00-6600000000-25-29130Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22mom-41-110-29-3000-19-55-29yoy-660-332-115-354-413-523-109-2952w27501700960172540011009001950HL935113585011152355257801650SourceMinistryofCommerceinthePeoplesSourceChinaFeedIndustryAssociationRepublicofChinaSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page15of24CriticalSectorDataUpdateFigure823-YAnalgesic-AntipyreticBulkFigure833-YACEIandSartansBulkDrugsPricesDrugsPrices三年解热镇痛类原料药价格三年普利类与沙坦类原料药价格Aceta-Metami-IbuprofenminophenzoleNaproxenAspirinCaffeineRMBKgIbuprofenLHSAcetaminophenLHSRMBKgLisinoprilLHSTelmisartanLHSYTDYoY043261811512061229MetamizoleLHSAspirinLHSCaptoprilRHSEnalaprilMaleateRHS250070003200020000mom14-10001100-56-100CaffeineLHSNaproxenRHSIrbesartanRHSValsartanRHS18000yoy-53-1000-3600-363-14360002700020001600019006809806250400235052wHL50001775009206250255180022000140001500400012000EnalaprilIrbe-Val-Telmi-1700010000CaptoprilLisinoprilMaleatesartansartansartan10003000120008000YTDYoY27-15000211672000mom6000000000001150050070001000yoy000000-23160384000625024000825064007250135002000200052wHL000062502400082506250625013000Nov-19Nov-20Nov-21Nov-22Nov-19Nov-20Nov-21Nov-22NoteNo7-92018dataforValsartanSourceWINDSourceWINDSectorPulpPaperLightIndustryFigure843-YInternationalWoodPulpPrices三年国际木浆价格SoftwoodRMBtonHardwoodRMBtonRMBImportedBleachedSoftwoodPulpPriceYTD204317ton8000ImportedBleachedHardwoodPulpPriceYTDYoY120290wow05-087000mom-04-186000yoy2703347295687152wHL500054664454400030002000Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22SourceWindSectorConsumerFoodBeverageFigure858-YRawMilkPricesFigure865-YFlourPrices八年生鲜乳价格五年面粉价格RawMilkRMBkg50YTDRawMilkPriceRMBkg-3756FlourPriceRMBkgYTDYoY-315445wow0052mom-0250yoy-46404324852wHL4113546FlourRMBkg44YTD333042201420152016201720182019202020212022201720182019202020212022YTDYoY53wow03mom03yoy5353452wHL505SourceMinistryofAgricultureofthePRCSourceMinistryofAgricultureofthePRCSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page16of24CriticalSectorDataUpdateFigure8710-YHogPorkPricesFigure883-YInventoryofReproductiveSows十年生猪及猪肉价格三年能繁母猪存栏HogRMBkgPorkRMBkgYTD4641YTDYoY9915570HogPriceRMBkgPorkPriceRMBkgmillionheadswow-0311InventoryofReproductiveSows6050mom-20-094850yoy1443465889126994052wHL51849461443042InventoryofReproductiveSows20mnheads40YTD101238YTDYoY-22020122013201420152016201720182019202020212022Apr-21Oct-21Apr-22Oct-22Jun-22Jun-21Feb-21Feb-22Dec-20Aug-21Aug-22Dec-21MoM04yoyna437952wHL4177NoteLatestdataforfigure88is102022SourceChinaAnimalAgricultureAssociationSourceNationalBureauofstatisticsofthePeoplesRepublicofChinaFigure891-YPalmOilPricesFigure9010-YPalmOilPrices一年棕榈油价格十年棕榈油价格100009000PalmOilPriceMYRMetricTonnePalmOilPriceMYRMetricTonnePalmOil90008000MYRton80007000YTD-24770006000YTDYoY16760005000wow-0750004000mom-7240003000yoy-191300081632000200052wHL314410001000Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-2220122013201420152016201720182019202020212022SourceMalaysiaDerivativesExchangeSourceMalaysiaDerivativesExchangeFigure911-YPETResinPricesFigure9210-YPETResinPrices一年聚酯切片价格十年聚酯切片价格950012000PETResinPriceRMBTonnePETResinPriceRMBTonne9000PETResin850010000RMBton8000YTD8000027500YTDYoY163700060006500wow-196000mom-5440005500yoy345000200052wHL852500450060000040000Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-2220122013201420152016201720182019202020212022SourceChinaChemicalFiberEconomicInformationSourceChinaChemicalFiberEconomicInformationNetworkNetworkSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page17of24CriticalSectorDataUpdateFigure931-YSugarPricesFigure9410-YSugarPrices一年白糖价格十年白糖价格6500SugarPriceRMBTonne7500SugarPriceRMBTonneSugar7000RMBton60006500YTD-026000YTDYoY3655005500wow055000mom0245005000yoy-1740006070350052wHL560045003000Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-2220122013201420152016201720182019202020212022SourceBloombergSourceBloombergFigure9510-YSoybeanSoybeanOilFigure9610-YImportedBarleyPricesPrices十年大豆及大豆油价格十年进口大麦价格SoybeanSoybeanOilRMBtonRMBtonYTD4641475YTDYoY99155SoybeanRMBton-LHS650014000ImportedBarleyPriceUSDtonSoybeanOilRMBton-RHSwow-0311425600012000mom-20-095500375yoy1443100005000588912699800052wHL32551849461450060004000275ImportedBarley4000USDton3500225YTD22430002000YTDYoY2612500017520122013201420152016201720182019202020212022201120122013201420152016201720182019202020212022mom10yoy29129652wHL405NoteLatestdataforfigure96is102022SourceNationalBureauofStatisticsofChinaSourcewwwcngraincomMinistryofAgricultureofthePRCSectorBankingFigure971-YYoYforM1M2LoanFigure9810-YYoYforM1M2Loan一年M1M2及金融机构各项贷款增长十年M1M2及金融机构各项贷款增长同比同比30M1M2LoansM1yoyM2yoyLoansyoy15M1yoyM2yoyLoansyoyyoy46124110256712411652wHL-199010920101551050Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22020122013201420152016201720182019202020212022-5-5SourceThePeoplesBankofChinaSourceThePeoplesBankofChinaSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page18of24CriticalSectorDataUpdateFigure995-YNewRMBLoanFigure1005-YPBOCMoneyOperations五年金融机构新增人民币贷款五年央行公开市场操作NewRMBLoan45000PBOCmoneyinjection100MillionRMBLatestValueNewRMBLoanPBOCmoneywithdrawal100MillionRMB100Million12100PBOCnetinjection100MillionRMB4000011000RMB9000YTDYOY58135000700030000mom967500025000yoy-4730001000398002000052wHL-1000615215000-300010000PBOCPBOC-5000MoneyMoney5000-7000InjectionWithdrawal0-9000100Million100MillionPBOCNet-11000RMBRMBInjection201720182019202020212022Feb-18Feb-19Feb-20Feb-22Feb-21Nov-18Nov-19Nov-20Nov-21Nov-22Nov-17Aug-18Aug-19Aug-20Aug-22Aug-21May-18May-19May-20May-22MTD789000892000-103000May-21YTD80110008701000-690000SourceThePeoplesBankofChinaSourceWINDFigure1011-YShiborFigure10210-YShibor一年上海银行间同业拆放利率十年上海银行间同业拆放利率Overnight1-week1-monthovernight1-week16overnight1-week300001-month3-month1-month3-monthwowpts0159-0084015614mompts-0630-030302922500012yoypts-0914-0575-0241102000022342322243152wHL0871138114908150006410000205000020122013201420152016201720182019202020212022SourceThePeoplesBankofChinaSourceThePeoplesBankofChinaFigure103NewTotalSocialFinancing社会融资规模NewTSFLatestValue700000100100Million1990000millionRMB202220212020600000YTDYOY59mom1192500000yoy-2344000006177052wHL762830000020000010000000SourceThePeoplesBankofChinaSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page19of24CriticalSectorDataUpdateSectorConstructionEngineeringFigure1041-YTransportationFAIFigure1054-YTransportationFAI一年各项交通固定资产投资增长累计同四年各项交通固定资产投资增长累计同比比InlandRailwayCumulativeYoYRailwayHighwayRiverRailwayCumulativeYoYHighwayCumulativeYoYHighwayCumulativeYoYYTDyoy-589692InlandRiverCumulativeYoYInlandRiverCumulativeYoYCoastalAreaCumulativeYoY233157119CoastalAreaCumulativeYoY52wHL30Total-ExcludeRailwayCumulativeYoY120-7809-51Total-ExcludeRailwayCumulativeYoY2510020Total-8015CoastalExclude6010AreaRailway40520YTDyoy82950244148-5052wHL-14001-10-20-15-40-20-60Oct-21Jan-22Apr-22Jul-22Oct-222018-102019-102020-102021-102022-10NoteLatestdataforfigures104-105are102022SourceNationalBureauofStatisticsofChinaChinaSourceNationalBureauofStatisticsofChinaRailwayCorporationChinaRailwayCorporationFigure1061-YChinaFAIFigure10710-YChinaFAI一年全国各产业固定资产投资增长累计同十年全国各产业固定资产投资增长累计同比比TotalPrimarySecondaryTertiaryTotalChinaFAICumulativeYoYTotalChinaFAICumulativeYoYChinaIndustryIndustryIndustryPrimaryIndustryCumulativeYoY80PrimaryIndustryCumulativeYoYSecondaryIndustryCumulativeYoYSecondaryIndustryCumulativeYoYYTDyoy53071013225TertiaryIndustryCumulativeYoYTertiaryIndustryCumulativeYoY6052w122931969520HL4907101214015201005-200-40201120122013201420152016201720182019202020212022Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22SourceNationalBureauofStatisticsofChinaSourceNationalBureauofStatisticsofChinaSectorConsumerRetailingFigure10810-YMonthlySocialRetailFigure109MonthlyComparisonofSalesYoYTotalRetailSalesGrowthAccumulative十年社会消费品零售总额月度同比社会消费品零售总额月度累计增速对比RetailSalesGrowth20122013201440201520162017Monthly400201820192021YTDYOY-013520222020RHS303mom02306yoy-592025209671052wHL1111512010Nov12Nov13Nov14Nov15Nov16Nov17Nov18Nov19Nov20Nov21Nov2215510180JulAprOctJanJunMarFebAugSepNovDecMay2052130SourceNationalBureauofStatisticsofChinaSourceNationalBureauofStatisticsofChinaSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新15December2022Page20of24