1、 See the last page for disclaimer Critical Sector Data Update 行业关键数据更新 17 January 2022 Page 1 of 26 Equity Research Equity Research Report 证 券 研 究 报 告 Critical Sector Data Update Sector Report 行业关键数据更新 股票研究 行业报告 证券研究报告 Research Department 研究部 17 January 2022 Critical Sector Data Update 行业关键数据更新 Crit
2、ical Sector Data Update See the last page for disclaimer Critical Sector Data Update 行业关键数据更新 17 January 2022 Page 2 of 26 Sector: Oil & Gas, Petrochemicals Sector: Nonferrous Metals, Precious Metal Figure 1 1-Y Crude Oil Prices Figure 2 10-Y Crude Oil Prices 一年国际油价 十年国际油价 Brent Oil Spot WTI Oil Spo
3、t Dubai Oil Spot YTD 11.5% 8.9% 9.0% YTD YOY 52.6% 56.3% 50.8% wow 6.4% 7.1% 4.0% mom 19.8% 18.3% 15.4% yoy 58.4% 60.1% 52.8% 52w H / L 86 / 54 85 / 52 84 / 54 - 60- 40- 20020406080100Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 N o v - 21 Ja n - 22B re n t O i l S p o t (U S $ /b b l )W T I O
4、i l S p o t (U S $ /b b l )D u b a i O i l Sp o t (U S$ /b b l ) - 80- 40040801201602012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Bre n t O i l Sp o t (U S$ /b b l )W T I O i l Sp o t (U S$ /b b l )D u b a i O i l Sp o t (U S$ /b b l ) Source: Bloomberg Source: Bloomberg Figure 3 3-Y Domesti
5、c Gasoline & Diesel Retail Price Cap 三年国内汽油柴油最高零售价 Gasoline (RMB /Tonne) Diesel (RMB /Tonne) YTD 0.0% 0.0% YTD YOY 19.0% 21.8% wow 0.0% 0.0% mom 0.1% 0.1% yoy 16.4% 18.9% 52w H / L 9251 / 7506 8360 / 6615 5 ,0 0 0 .0 06 ,0 0 0 .0 07 ,0 0 0 .0 08 ,0 0 0 .0 09 ,0 0 0 .0 01 0 ,0 0 0 .0 01 1 ,0 0 0 .0 0
6、1 2 ,0 0 0 .0 0Ja n /1 9 Ju l /1 9 Ja n /2 0 Ju l /2 0 Ja n /2 1 Ju l /2 1 Ja n /2 2G a so l i n e (R MB/ T o n n e )D i e se l (R MB/ T o n n e ) Source: China NDRC Figure 4 1-Y Gold Prices & Dollar Index Figure 5 10-Y Gold Prices & Dollar Index 一年国际金价和美元指数 十年国际金价和美元指数 Gold Price Dollar Index (RHS)
7、 YTD -0.7% -0.5% YTD YOY -3.3% 6.1% wow 0.8% -0.8% mom 1.0% -1.4% yoy -0.7% 4.9% 52w H / L 1908 / 1684 97 / 90 87909396991021051 ,0 0 0 1 ,1 0 0 1 ,2 0 0 1 ,3 0 0 1 ,4 0 0 1 ,5 0 0 1 ,6 0 0 1 ,7 0 0 1 ,8 0 0 1 ,9 0 0 2 ,0 0 0 2 ,1 0 0 2 ,2 0 0 2 ,3 0 0 Ja n - 21 M a r - 21 M a y - 21 Ju l - 21 S e p
8、 - 21 Nov - 21 Ja n - 22G o l d p ri ce (U SD /O z) D o l l a r In d e x (R H S) 707580859095100105110200 500 800 1 ,1 0 0 1 ,4 0 0 1 ,7 0 0 2 ,0 0 0 2 ,3 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022G o l d p ri ce (U SD /O z) D o l l a r In d e x (R H S) Source: Bloomberg Source: Bloo
9、mberg pOpRsQmNuNxOpPoOqPsOxO6McM9PtRpPsQnPjMqQoPiNoPvNaQmNnQxNsOvNwMnPuMCritical Sector Data Update See the last page for disclaimer Critical Sector Data Update 行业关键数据更新 17 January 2022 Page 3 of 26 Figure 6&7 1-Y Copper Prices & Stock Figure 8&9 10-Y Copper Prices & Stock 一年铜价格与库存 十年铜价格与库存 LME Copp
10、er Price LME Copper Inventory YTD 0.0% -3.0% YTD YOY 22.0% N/A wow 1.6% 2.7% mom 3.0% -3.2% yoy 22.3% -13.7% 52w H / L 10460 / 7777 254800 / 73450 SHFE Copper Price SHFE Copper Inventory YTD -0.2% -20.6% YTD YOY 19.3% N/A wow 0.5% 3.9% mom 1.4% -12.3% yoy 18.3% -58.8% 52w H / L 77010 / 57150 229179
11、/ 27171 5 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 0 ,0 0 04 ,0 0 05 ,0 0 06 ,0 0 07 ,0 0 08 ,0 0 09 ,0 0 01 0 ,0 0 01 1 ,0 0 0Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 Nov - 21 Ja n - 22L ME C o p p e r Pri ce (U SD /T o n n e )L ME C o p p e r In
12、ve n to ry (T o n n e - R H S) 05 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 0 ,0 0 04 5 0 ,0 0 01 5 ,0 0 02 5 ,0 0 03 5 ,0 0 04 5 ,0 0 05 5 ,0 0 06 5 ,0 0 07 5 ,0 0 08 5 ,0 0 0J a n - 21 M a r - 21 M a y - 21 J u l - 21 S e p - 21 N o v - 21 J a n - 22SH F E
13、 C o p p e r p ri ce (R MB/ T o n n e )SH F E C o p p e r In ve n to ry (T o n n e - R H S) 01 0 0 ,0 0 02 0 0 ,0 0 03 0 0 ,0 0 04 0 0 ,0 0 05 0 0 ,0 0 06 0 0 ,0 0 07 0 0 ,0 0 08 0 0 ,0 0 002 ,0 0 04 ,0 0 06 ,0 0 08 ,0 0 01 0 ,0 0 01 2 ,0 0 02012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022L ME
14、 C o p p e r Pri ce (U SD /T o n n e )L ME C o p p e r In ve n to ry (T o n n e - R H S) 05 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 0 ,0 0 04 5 0 ,0 0 001 0 ,0 0 02 0 ,0 0 03 0 ,0 0 04 0 ,0 0 05 0 ,0 0 06 0 ,0 0 07 0 ,0 0 08 0 ,0 0 09 0 ,0 0 02012 2013 201
15、4 2015 2016 2017 2018 2019 2020 2021 2022SH F E C o p p e r p ri ce (R MB/ T o n n e )SH F E C o p p e r In ve n to ry (T o n n e - R H S) Source: Bloomberg Source: Bloomberg Figure 10&11 1-Y Aluminum Prices & Stock Figure 12&13 10-Y Aluminum Prices & Stock 一年铝价格与库存 十年铝价格与库存 LME Aluminum Price LME A
16、luminum Inventory YTD 6.0% -5.1% YTD YOY 45.1% N/A wow 1.5% -2.2% mom 9.2% -9.0% yoy 49.5% -30.8% 52w H / L 3172 / 1964 1967275 / 882800 SHFE Aluminum Price SHFE Aluminum Inventory YTD 2.9% -4.0% YTD YOY 38.3% N/A wow -0.3% -1.4% mom 7.5% -6.0% yoy 41.5% 31.0% 52w H / L 24405 / 14745 392248 / 224050
17、 05 0 0 ,0 0 01 ,0 0 0 ,0 0 01 ,5 0 0 ,0 0 02 ,0 0 0 ,0 0 02 ,5 0 0 ,0 0 01 ,4 2 01 ,6 2 01 ,8 2 02 ,0 2 02 ,2 2 02 ,4 2 02 ,6 2 02 ,8 2 03 ,0 2 03 ,2 2 03 ,4 2 0J a n - 21 M a r - 21 M a y - 21 J u l - 21 S e p - 21 N o v - 21 J a n - 22L ME Al u m i n u m Pri ce (U SD /T o n n e )L ME Al u m i n u
18、 m In ve n to ry (T o n n e - R H S) 05 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 0 ,0 0 04 5 0 ,0 0 01 0 ,0 0 01 2 ,0 0 01 4 ,0 0 01 6 ,0 0 08 ,0 02 0 ,0 0 02 2 ,0 0 02 4 ,0 0 06 ,0 0Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 Nov - 21 Ja n - 22SH F E
19、 Al u m i n u m p ri ce (R MB /T o n n e )SH F E Al u m i n u m In ve n to ry (T o n n e - R H S) 01 ,0 0 0 ,0 0 02 ,0 0 0 ,0 0 03 ,0 0 0 ,0 0 04 ,0 0 0 ,0 0 05 ,0 0 0 ,0 0 06 ,0 0 0 ,0 0 00 500 1 ,0 0 0 1 ,5 0 0 2 ,0 0 0 2 ,5 0 0 3 ,0 0 0 3 ,5 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
20、022L ME Al u m i n u m Pri ce (U SD /T o n n e )L ME Al u m i n u m In ve n to ry (T o n n e - R H S) 02 0 0 ,0 0 04 0 0 ,0 0 06 0 0 ,0 0 08 0 0 ,0 0 01 ,0 0 0 ,0 0 01 ,2 0 0 ,0 0 00 5 ,0 0 0 1 0 ,0 0 0 1 5 ,0 0 0 2 0 ,0 0 0 2 5 ,0 0 0 3 0 ,0 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202
21、2SH F E Al u m i n u m p ri ce (R MB/ T o n n e )SH F E Al u m i n u m In ve n to ry (T o n n e - R H S) Source: Bloomberg Source: Bloomberg Critical Sector Data Update See the last page for disclaimer Critical Sector Data Update 行业关键数据更新 17 January 2022 Page 4 of 26 Figure 14&15 1-Y Zinc Prices & S
22、tock Figure 16&17 10-Y and 10-Y Zinc Prices & Stock 一年锌价格与库存 十年及十年锌价格与库存 LME Zinc Price LME Zinc Inventory YTD -0.4% -8.0% YTD YOY 27.4% N/A wow 1.3% -4.6% mom 4.0% -10.6% yoy 30.5% -7.6% 52w H / L 3795 / 2570 298025 / 150400 SHFE Zinc Price SHFE Zinc Inventory YTD 1.4% 8.9% YTD YOY 16.9% N/A wow 1.
23、2% -1.9% mom 2.6% -7.4% yoy 19.8% 46.1% 52w H / L 27380 / 19510 123218 / 30053 1 0 ,0 0 06 0 ,0 0 01 1 0 ,0 0 01 6 0 ,0 0 02 1 0 ,0 0 02 6 0 ,0 0 03 1 0 ,0 0 03 6 0 ,0 0 01 ,6 0 02 ,1 0 02 ,6 0 03 ,1 0 03 ,6 0 04 ,1 0 0Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 Nov - 21 Ja n - 22L ME Z i n c
24、Pri ce (U SD /T o n n e )L ME Z i n c In ve n to ry (T o n n e - R H S) 0 2 0 ,0 0 0 4 0 ,0 0 0 6 0 ,0 0 0 8 0 ,0 0 0 1 0 0 ,0 0 0 1 2 0 ,0 0 0 1 4 0 ,0 0 0 1 6 0 ,0 0 0 1 8 0 ,0 0 0 2 0 0 ,0 0 0 1 2 ,0 0 01 4 ,0 0 01 6 ,0 0 01 8 ,0 0 02 0 ,0 0 02 2 ,0 0 02 4 ,0 0 02 6 ,0 0 02 8 ,0 0 03 0 ,0 0 0Ja n
25、 - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 N o v - 21 Ja n - 22SH F E Z i n c p ri ce (R MB/ T o n n e )SH F E Z i n c In ve n to ry (T o n n e - R H S) 02 0 0 ,0 0 04 0 0 ,0 0 06 0 0 ,0 0 08 0 0 ,0 0 01 , 0 0 0 , 0 0 01 , 2 0 0 , 0 0 01 , 4 0 0 , 0 0 005001 ,0 0 01 ,5 0 02 ,0 0 02 ,5 0 03 ,0 0 0
26、3 ,5 0 04 ,0 0 04 ,5 0 02012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022L ME Z i n c Pri ce (U SD /T o n n e )L ME Z i n c In ve n to ry (T o n n e - R H S) 05 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 0 ,0 0 04 5 0 ,0 0 005 ,0 0 01 0 ,0 0 01 5 ,0 0 02
27、 0 ,0 0 02 5 ,0 0 03 0 ,0 0 03 5 ,0 0 02012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022SH F E Z i n c p ri ce (R MB/ T o n n e ) SH F E Z i n c In ve n to ry (T o n n e - R H S) Source: Bloomberg Source: Bloomberg Figure 18 1-Y Nickel Prices & Stock Figure 19 10-Y Nickel Prices & Stock 一年镍价格与库
28、存 十年镍价格与库存 LME Nickel Price LME Nickel Inventory YTD 2.2% 0.1% YTD YOY 14.8% N/A wow 3.4% 0.5% mom 2.1% -1.0% yoy 17.9% -57.9% 52w H / L 2439 / 1921 129800 / 48175 4 0 ,0 0 0 9 0 ,0 0 0 1 4 0 ,0 0 0 1 9 0 ,0 0 0 2 4 0 ,0 0 0 2 9 0 ,0 0 0 6 ,0 0 08 ,0 0 01 0 ,0 0 01 2 ,0 0 01 4 ,0 0 01 6 ,0 0 01 8 ,0
29、 0 02 0 ,0 0 02 2 ,0 0 02 4 ,0 0 0Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 Nov - 21 Ja n - 22L ME N i cke l Pri ce (U SD /T o n n e )L ME N i cke l In ve n to ry (T o n n e - R H S) 0 5 0 ,0 0 0 1 0 0 ,0 0 0 1 5 0 ,0 0 0 2 0 0 ,0 0 0 2 5 0 ,0 0 0 3 0 0 ,0 0 0 3 5 0 ,0 0 0 4 0 0 ,0 0 0 4 5 0
30、 ,0 0 0 5 0 0 ,0 0 0 05 ,0 0 01 0 ,0 0 01 5 ,0 0 02 0 ,0 0 02 5 ,0 0 02012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022L ME N i cke l Pri ce (U SD /T o n n e )L ME N i cke l In ve n to ry (T o n n e - R H S) Source: Bloomberg Source: Bloomberg Figure 20 1-Y Lead Prices & Stock Figure 21 10-Y Le
31、ad Prices & Stock 一年铅价格与库存 十年铅价格与库存 LME Lead Price LME Lead Inventory YTD 0.0% 0.0% YTD YOY 15.5% N/A wow 1.1% -0.3% mom 4.2% -2.4% yoy 15.5% -59.1% 52w H / L 2439 / 1921 133475 / 48175 4 0 ,0 0 0 5 0 ,0 0 0 6 0 ,0 0 0 7 0 ,0 0 0 8 0 ,0 0 0 9 0 ,0 0 0 1 0 0 ,0 0 0 1 1 0 ,0 0 0 1 2 0 ,0 0 0 1 3 0 ,0
32、0 0 1 4 0 ,0 0 0 1 ,4 0 01 ,6 0 01 ,8 0 02 ,0 0 02 ,2 0 02 ,4 0 02 ,6 0 02 ,8 0 03 ,0 0 0Ja n - 21 Ma r - 21 Ma y - 21 Ju l - 21 Se p - 21 Nov - 21 Ja n - 22L M E L e a d P ri ce (U S D /T o n n e ) 05 0 ,0 0 01 0 0 ,0 0 01 5 0 ,0 0 02 0 0 ,0 0 02 5 0 ,0 0 03 0 0 ,0 0 03 5 0 ,0 0 04 0 ,04 5 0 ,0 0 0
33、0 500 1 ,0 0 0 1 ,5 0 0 2 ,0 0 0 2 ,5 0 0 3 ,0 0 0 3 ,5 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022L ME L e a d Pri ce (U SD /T o n n e )L ME L e a d In ve n to ry (T o n n e - R H S) Source: Bloomberg Source: Bloomberg Critical Sector Data Update See the last page for disclaimer Crit
34、ical Sector Data Update 行业关键数据更新 17 January 2022 Page 5 of 26 Figure 22 10-Y China Growth Rate of Value-Added of Industry Figure 23&24 2-Y&10-Y China PMI and Caixin PMI 十年中国工业增加值增长速度 两年和十年中国PMI与财新PMI CHVAIOY Index mom 0.5 ppt yoy -3.0 ppt 52w H / L 35.1 / 3.1 China PMI Surveys Manufacturing China Ca
35、ixin Manufacturing PMI mom 0.2 ppt 1.0 ppt yoy -1.6 ppt -2.1 ppt 52w H / L 51.9 / 49.2 53.0 / 49.2 - 20- 100102030402011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 30354045505560Dec/19Mar/20Jun/20Sep/20Dec/20Mar/21Jun/21Sep/21Dec/21C h i n a PMI Su rve ys Ma n u f a ct u ri n gC h i n a C a i
36、 xi n Ma n u f a ct u ri n g PMI 3035404550556065702011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021C h i n a PMI Su rve ys Ma n u f a ct u ri n gC h i n a C a i xi n Ma n u f a ct u ri n g PMI Source: National Bureau of Statistics of China Source: China Federation of Logistics and Purchasing;
37、HSBC; Sector: Cement and Construction Materials Figure 25 4-Y Ribbed Bar Price Figure 26 10-Y Steel Price by Type 四年螺纹钢价格 十年分品种钢材价格 Ribbed Bar Wire Rod Medium Plate Seamless Tube YTD 0.7% -0.3% -2.2% 0.0% YTD yoy 6.0% 6.4% 12.8% 13.7% wow -0.5% -0.8% -1.4% -0.5% mom -0.9% -1.9% -3.8% -1.2% yoy 8.5%
38、8.9% 12.3% 13.3% 52w H/L 5,953 / 4,261 6,174 / 4,320 6,346 / 4,326 6,905 / 5,050 3 , 0 0 0 3 , 5 0 0 4 , 0 0 0 4 , 5 0 0 5 , 0 0 0 5 , 5 0 0 6 , 0 0 0 6 , 5 0 0 J a n F e b M a r A p r M a y J u n J u l A u g S e p O c t N o v D e c2019 2020 2021 2022R M B /t 1 , 5 0 0 2 , 5 0 0 3 , 5 0 0 4 , 5 0 0
39、5 , 5 0 0 6 , 5 0 0 7 , 5 0 0 a n -12 J a n -14 J a n -16 J a n - 18 J a n - 20 J a n -22R i b b e d B a r W i r e R o dM e d i u m P la t e S e a m l e s s T u b eR M B /t Source: Mysteel Source: Mysteel Critical Sector Data Update See the last page for disclaimer Critical Sector Data Update 行业关键数据
40、更新 17 January 2022 Page 6 of 26 Sector: Aviation, Automobiles Figure 27 4-Y National Average Cement Price Figure 28 10-Y Cement Price by Region 四年全国水泥均价 十年分区域水泥价格 North Northeast East YTD 0.0% 0.0% 0.0% YTD yoy 31.7% 32.8% 12.2% wow -0.3% 0.0% -4.7% mom -0.7% -2.4% -7.8% yoy 33.7% 32.8% 12.7% 52w H/
41、L 569 / 405 696 / 416 721 / 475 South Central Southwest Northwest YTD 0.0% 0.0% 0.0% YTD yoy 15.3% 43.5% 20.5% wow -3.1% -0.7% 0.0% mom -7.5% -3.9% -1.4% yoy 17.3% 43.6% 19.9% 52w H/L 745 / 471 649 / 365 545 / 401 400 450 500 550 600 650 700 J a n F e b M a r A p r M a y J u n J u l A u g S e p O c
42、t N o v D e c2019 2020 2021 2022R M B /t 200 250 300 350 400 450 500 550 600 650 700 750 a n - 12 J a n - 14 J a n - 16 J a n - 18 J a n - 20 J a n - 22N o r t h N o r t h e a s t E a s tS o u t h C e n t r a l S o u t h w e s t N o r t h w e s tR M B / t Source: Digital Cement Source: Digital Cemen
43、t Figure 29: 9-Y RPK & PLF Figure 30: 9-Y RTK & LF 九年收入客公里及客座率 九年总收入吨公里及载运率 RPK (Mn passenger kilometers) RTK (Mn ton kilometers) PLF (pps) LF (pps) YTD YOY 7.7% 10.8% 3.7% 1.9% mom -44.5% -28.8% 1.1 (0.9) yoy -51.5% -37.0% (6.6) (3.0) 52w H/ L 75395 / 31583 9210 / 4910 79 / 62 70 / 63 02 0 , 0 0 04
44、 0 , 0 0 06 0 , 0 0 08 0 , 0 0 01 0 0 , 0 0 01 2 0 , 0 0 0304050607080902012 2013 2014 2015 2016 2017 2018 2019 2020 2021P L F ( % ) R P K ( M illio n p a s s e n g e r - k ilo m e t e r s ) - RHS 02 , 0 0 04 , 0 0 06 , 0 0 08 , 0 0 01 0 , 0 0 01 2 , 0 0 01 4 , 0 0 0304050607080902012 2013 2014 2015
45、 2016 2017 2018 2019 2020 2021L F ( % ) R T K ( M illio n t o n n e - k ilo m e t e r s ) - RHS Note: Latest data for RPK is 11/2021, for RTK is 12/2021; for LF and PLF are 10/2021. Source: Civil Aviation Administration of China Source: Civil Aviation Administration of China Figure 31: 7-Y RPK YoY G
46、rowth Figure 32: 7-Y RTK YoY Growth 七年收入客公里同比增速 七年总收入吨公里同比增速 RPK RTK mom (29.16) ppts 13.4 ppts yoy (21.55) ppts 1.1 ppts 52w H / L 203.6% / -52.1% 133.2% / -37.1% - 10 0. 0%- 50 . 0%0. 0%50 . 0%10 0. 0%15 0. 0%20 0. 0%25 0. 0%0%5%10%15%20%25%Ja n F e b Ma r Ap r Ma y Ju n Ju l Au g Se p O ct Nov De
47、c2015 2016 2017 20182019 2 0 2 0 (R H S) 2 0 2 1 (R H S) - 100 . 0%- 5 0 . 0 %0. 0%50. 0%10 0. 0%15 0. 0%0%2%4%6%8%10%12%14%16%18%20%Ja n F e b Ma r Ap r Ma y Ju n Ju l Au g Se p O ct Nov Dec2015 2016 20172018 2019 2 0 2 0 (R H S )2 0 2 1 (R H S) Note: Latest data for RPK YoY is 11/2021. Source: Civ
48、il Aviation Administration of China Source: Civil Aviation Administration of China Critical Sector Data Update See the last page for disclaimer Critical Sector Data Update 行业关键数据更新 17 January 2022 Page 7 of 26 Figure 33: 8-Y ASK & YoY Growth Figure 34: 3-Y Domestic Jet Fuel Ex-factory price 八年可用座公里及
49、增长 三年国内航油出厂价格 ASK (Million passenger-kilometers) Domestic Jet Fuel Ex-factory Price (RMB/Tonne) YTD 14.6% 0.0% YTD YOY 14.3% 49.3% mom 4.2% -9.5% yoy -15.2% 49.3% 52w H / L 96167 / 53619 3262 / 5415 0 2 0 ,0 0 0 4 0 ,0 0 0 6 0 ,0 0 0 8 0 ,0 0 0 1 0 0 ,0 0 0 1 2 0 ,0 0 0 1 4 0 ,0 0 0 (1 0 0 )(5 0 )0
50、50 100 150 200 2013 2014 2015 2016 2017 2018 2019 2020 2021ASK g ro w th (% ) ASK (Mi l l i o n p a sse n g e r - ki l o m e te rs) - R H S 01 , 0 0 02 , 0 0 03 , 0 0 04 , 0 0 05 , 0 0 06 , 0 0 07 , 0 0 08 , 0 0 09 , 0 0 0Ja n - 19 Ju l - 19 Ja n - 20 Ju l - 20 Ja n - 21 Ju l - 21 Ja n - 22D o m e s
