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EquityResearchEquityResearchReportCriticalSectorDataUpdateSectorReport行业关键数据更新股票研究行业报告证券研究报告ResearchDepartment研究部16July2019avCriticalSectorDataUpdate行业关键数据更新SeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新16July2019Page1of24CriticalSectorDataUpdateSector:Oil&Gas,PetrochemicalsSector:NonferrousMetals,PreciousMetalFigure11-YCrudeOilPricesFigure210-YCrudeOilPrices一年国际油价十年国际油价BrentOilSpotWTIOilSpotDubaiOilSpotYTD25.2%31.2%24.5%YTDYOY-7.6%-13.0%-4.9%wow3.0%3.0%3.3%mom5.2%13.5%9.3%yoy-7.4%-12.5%-10.3%52wH/L86/5076/4284/4930405060708090Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19BrentOilSpot(US$/bbl)WTIOilspot(US$/bbl)DubaiOilSpot(US$/bbl)0408012016020092010201120122013201420152016201720182019BrentOilSpot(US$/bbl)WTIOilSpot(US$/bbl)DubaiOilSpot(US$/bbl)Source:BloombergSource:BloombergFigure33-YDomesticGasoline&DieselRetailPriceCap三年国内汽油柴油最高零售价Gasoline(RMB/Tonne)Diesel(RMB/Tonne)YTD8.2%9.0%YTDYOY-3.0%-3.3%wow1.8%1.9%mom0.4%0.3%yoy-8.7%-9.4%52wH/L9686/77668710/68605,000.006,000.007,000.008,000.009,000.0010,000.0011,000.0012,000.00Jul/16Jan/17Jul/17Jan/18Jul/18Jan/19Jul/19Gasoline(RMB/Tonne)Diesel(RMB/Tonne)Source:ChinaNDRCFigure41-YGoldPrices&DollarIndexFigure510-YGoldPrices&DollarIndex一年国际金价和美元指数十年国际金价和美元指数GoldPriceDollarIndex(RHS)YTD10.9%0.9%YTDYOY0.2%5.7%wow1.3%-0.6%mom5.5%-0.6%yoy14.1%2.6%52wH/L1423/117498/9487909396991021051,0001,1001,2001,3001,4001,500Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19Goldprice(USD/Oz)DollarIndex(RHS)7075808590951001052005008001,1001,4001,7002,0002,30020092010201120122013201420152016201720182019Goldprice(USD/Oz)DollarIndex(RHS)Source:BloombergSource:BloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新16July2019Page2of24CriticalSectorDataUpdateFigure6&71-YCopperPrices&StockFigure8&910-YCopperPrices&Stock一年铜价格与库存十年铜价格与库存LMECopperPriceLMECopperInventoryYTD0.3%116.2%YTDYOY-10.7%N/Awow2.8%-3.4%mom2.8%13.2%yoy-3.4%11.1%52wH/L6556/5736302975/111775SHFECopperPriceSHFECopperInventoryYTD-2.5%22.4%YTDYOY-7.8%N/Awow1.4%3.1%mom1.0%4.1%yoy-4.2%-38.1%52wH/L50660/45900264601/97979100,000150,000200,000250,000300,000350,0004,0004,5005,0005,5006,0006,5007,000Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19LMECopperPrice(USD/Tonne)LMECopperInventory(Tonne-RHS)050,000100,000150,000200,000250,000300,00015,00020,00025,00030,00035,00040,00045,00050,00055,000Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19SHFECopperprice(RMB/Tonne)SHFECopperInventory(Tonne-RHS)0100,000200,000300,000400,000500,000600,000700,000800,00002,0004,0006,0008,00010,00012,00020092010201120122013201420152016201720182019LMECopperPrice(USD/Tonne)LMECopperInventory(Tonne-RHS)050,000100,000150,000200,000250,000300,000350,000400,000450,000010,00020,00030,00040,00050,00060,00070,00080,00020092010201120122013201420152016201720182019SHFECopperprice(RMB/Tonne)SHFECopperInventory(Tonne-RHS)Source:BloombergSource:BloombergFigure10&111-YAluminumPrices&StockFigure12&1310-YAluminumPrices&Stock一年铝价格与库存十年铝价格与库存LMEAluminumPriceLMEAluminumInventoryYTD-0.2%-25.6%YTDYOY-15.9%N/Awow1.2%-0.3%mom4.4%-11.2%yoy-10.4%-18.2%52wH/L2206/17591304000/926100SHFEAluminumPriceSHFEAluminumInventoryYTD1.8%-37.7%YTDYOY-4.9%N/Awow1.1%-0.6%mom-0.1%-7.1%yoy-0.8%-54.3%52wH/L15035/13275917655/4190500200,000400,000600,000800,0001,000,0001,200,0001,400,0001,4201,5201,6201,7201,8201,9202,0202,1202,2202,320Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19LMEAluminumPrice(USD/Tonne)LMEAluminumInventory(Tonne-RHS)0100,000200,000300,000400,000500,000600,000700,000800,000900,0001,000,0008,0009,00010,00011,00012,00013,00014,00015,00016,000Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19SHFEAluminumprice(RMB/Tonne)SHFEAluminumInventory(Tonne-RHS)01,000,0002,000,0003,000,0004,000,0005,000,0006,000,00005001,0001,5002,0002,5003,00020092010201120122013201420152016201720182019LMEAluminumPrice(USD/Tonne)LMEAluminumInventory(Tonne-RHS)0200,000400,000600,000800,0001,000,0001,200,00002,0004,0006,0008,00010,00012,00014,00016,00018,00020,00020092010201120122013201420152016201720182019SHFEAluminumprice(RMB/Tonne)SHFEAluminumInventory(Tonne-RHS)Source:BloombergSource:BloombergSeethelastpagefordisclaimerCriticalSectorDataUpdate行业关键数据更新16July2019Page3of24CriticalSectorDataUpdateFigure14&151-YZincPrices&StockFigure16&1710-Yand5-YZincPrices&Stock一年锌价格与库存十年及五年锌价格与库存LMEZincPriceLMEZincInventoryYTD-0.9%-39.3%YTDYOY-17.3%N/Awow3.4%-8.2%mom-0.4%-21.9%yoy-1.2%-67.5%52wH/L2933/2300256175/50425SHFEZincPriceSHFEZincInventoryYTD-2.9%297.4%YTDYOY-15.0%N/Awow2.4%-7.1%mom-2.6%34.6%yoy-14.1%-1.7%52wH/L23050/19335124038/2010310,00060,000110,000160,000210,000260,000310,0001,4001,6001,8002,0002,2002,4002,6002,8003,0003,200Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19LMEZincPrice(USD/Tonne)LMEZincInventory(Tonne-RHS)15,00065,000115,000165,000215,000265,00012,00014,00016,00018,00020,00022,00024,00026,00028,000Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19SHFEZincprice(RMB/Tonne)SHFEZincInventory(Tonne-RHS)0200,000400,000600,000800,0001,000,0001,200,0001,400,00005001,0001,5002,0002,5003,0003,5004,00020092010201120122013201420152016