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鉛鋅景氣指數報告2018年第5期

文(wen)章來(lai)源:中國有色金屬工業協(xie)會(hui)  發布時間:2020-04-18

2018年6月(yue),中色鉛鋅產業(ye)(ye)月(yue)度景氣(qi)指數為38.5,較上(shang)月(yue)上(shang)升0.4個點;先行合(he)成指數為62.0,較上(shang)月(yue)上(shang)升1.1個點;一致合(he)成指數為68.9,較上(shang)月(yue)上(shang)升0.1個點(近13個月(yue)鉛鋅產業(ye)(ye)月(yue)度景氣(qi)指數如表1所示)。中色鉛鋅產業(ye)(ye)月(yue)度景氣(qi)指數監測結果顯示,鉛鋅產業(ye)(ye)景氣(qi)指數持續位于“正常(chang)”區間運行。

表1  2017年6月(yue)(yue)至2018年6月(yue)(yue)中色鉛鋅(xin)產業(ye)月(yue)(yue)度景氣指數

1、景氣指數位于“正常”區間并有所回升

中色(se)鉛(qian)鋅產業(ye)(ye)月(yue)度景氣(qi)指(zhi)(zhi)數顯(xian)示,2018年6月(yue)景氣(qi)指(zhi)(zhi)數為(wei)38.5,較上月(yue)上升(sheng)0.4個點,目前(qian)景氣(qi)指(zhi)(zhi)數持續(xu)位于“正常”區間運行。中色(se)鉛(qian)鋅產業(ye)(ye)月(yue)度景氣(qi)指(zhi)(zhi)數趨勢如圖1所示。

注:<過熱><偏熱><正常><偏冷><過冷>

圖(tu)1  中色鉛(qian)鋅產業景氣指數(shu)趨勢圖(tu)

從中(zhong)(zhong)色(se)鉛(qian)鋅(xin)產(chan)業月度景(jing)(jing)氣(qi)信號燈可(ke)見(見圖2),2018年6月,在構(gou)成中(zhong)(zhong)色(se)鉛(qian)鋅(xin)產(chan)業月度景(jing)(jing)氣(qi)指(zhi)數的9個(ge)指(zhi)標中(zhong)(zhong):鉛(qian)鋅(xin)價格指(zhi)數、M2、鉛(qian)鋅(xin)礦進口量、固定資(zi)產(chan)投資(zi)、生產(chan)指(zhi)數、主營業務收入(ru)、利潤總(zong)額(e)位(wei)于“正常”區(qu)間;鉛(qian)酸(suan)蓄電(dian)池、鍍(du)鋅(xin)板(ban)位(wei)于“偏冷(leng)”區(qu)間。

注:<過熱><偏熱><正常><偏冷><過冷(leng)>

圖(tu)2  中色(se)鉛鋅產業(ye)景(jing)氣信號燈圖(tu)

2、先行合成指有所回升

2018年6月,中色鉛鋅產業(ye)先行合成指數為62.0,較上月上升1.1個點(見圖3)。

在構成中(zhong)色鉛鋅(xin)產(chan)業先行合(he)成指數的(de)6個(ge)指標(biao)中(zhong)4漲(zhang)2降(jiang)。其中(zhong)同(tong)(tong)(tong)比(bi)增(zeng)長的(de)4個(ge)指標(biao)中(zhong),LME鉛鋅(xin)價格指數同(tong)(tong)(tong)比(bi)增(zeng)長14.8%、M2同(tong)(tong)(tong)比(bi)增(zeng)長8.6%、鉛鋅(xin)礦進(jin)口量指數同(tong)(tong)(tong)比(bi)增(zeng)長23.2%、固定資(zi)產(chan)投資(zi)同(tong)(tong)(tong)比(bi)增(zeng)長7.4%。同(tong)(tong)(tong)比(bi)下降(jiang)的(de)2個(ge)指標(biao)中(zhong),鉛酸蓄電池(千伏(fu)安(an)時)同(tong)(tong)(tong)比(bi)下降(jiang)13.9%、鍍鋅(xin)板同(tong)(tong)(tong)比(bi)下降(jiang)19.3%。

圖(tu)3  中色(se)鉛鋅產業合(he)成指數(shu)曲(qu)線(xian)圖(tu)

3、產業運行特點及對近期運行趨勢的判斷

2018年(nian)以來(lai),鉛鋅產業(ye)面(mian)臨來(lai)自(zi)環保和(he)原(yuan)料供(gong)應的雙重壓力,產量增長有限;產業(ye)內部礦(kuang)、冶利潤分化加劇(ju),消(xiao)費動力不足。產業(ye)整體運行態(tai)勢(shi)主要(yao)呈現如下五方面(mian)特點(dian):

一(yi)是再生(sheng)(sheng)(sheng)鉛(qian)(qian)(qian)(qian)(qian)產(chan)(chan)(chan)(chan)(chan)能(neng)投資偏(pian)熱(re),帶動產(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)投資增長。受《生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)者責(ze)任延伸(shen)制度推行方(fang)案》強調(diao)鉛(qian)(qian)(qian)(qian)(qian)酸(suan)蓄電池生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)(ye)(ye)對產(chan)(chan)(chan)(chan)(chan)品全生(sheng)(sheng)(sheng)命周期責(ze)任影響,鉛(qian)(qian)(qian)(qian)(qian)酸(suan)蓄電池生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)(ye)(ye)利用(yong)自身鉛(qian)(qian)(qian)(qian)(qian)酸(suan)蓄電池終端(duan)銷售渠(qu)道優勢(shi),積極(ji)布局完(wan)善回收體系,并將產(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)鏈向后端(duan)再生(sheng)(sheng)(sheng)鉛(qian)(qian)(qian)(qian)(qian)冶煉延伸(shen)。雖部分鉛(qian)(qian)(qian)(qian)(qian)酸(suan)蓄電池生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)(ye)(ye)已和現(xian)有(you)(you)再生(sheng)(sheng)(sheng)鉛(qian)(qian)(qian)(qian)(qian)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)(ye)(ye)達(da)成(cheng)合(he)作共識(shi),但(dan)多數鉛(qian)(qian)(qian)(qian)(qian)酸(suan)蓄電池生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)(chan)企(qi)業(ye)(ye)(ye)(ye)表現(xian)出積極(ji)的再生(sheng)(sheng)(sheng)鉛(qian)(qian)(qian)(qian)(qian)產(chan)(chan)(chan)(chan)(chan)能(neng)建(jian)設意向。受此影響,疊加(jia)在當前環(huan)保(bao)大形勢(shi)下鉛(qian)(qian)(qian)(qian)(qian)鋅(xin)產(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)普遍(bian)加(jia)大環(huan)保(bao)、安全投資,鉛(qian)(qian)(qian)(qian)(qian)鋅(xin)產(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)投資同比有(you)(you)所增長。2018年5月鉛(qian)(qian)(qian)(qian)(qian)鋅(xin)產(chan)(chan)(chan)(chan)(chan)業(ye)(ye)(ye)(ye)完(wan)成(cheng)投資19.5億(yi)元(季(ji)調(diao)后數據),同比增長7.4%。

二是環(huan)保疊加(jia)原料供給壓力(li),產(chan)(chan)(chan)量(liang)(liang)(liang)同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang)。近年(nian)(nian)(nian)環(huan)保督(du)查(cha)、執法力(li)度(du)不斷提(ti)升,受此影(ying)(ying)響鉛(qian)(qian)鋅(xin)產(chan)(chan)(chan)業(ye)以(yi)往存在的不合規散亂污企(qi)業(ye)相繼關停(ting)。不合規企(qi)業(ye)的關停(ting)對產(chan)(chan)(chan)業(ye)整體(ti)經營水平及產(chan)(chan)(chan)業(ye)集中度(du)的提(ti)高(gao)起到了(le)積極(ji)作用,但短期內對原料供給產(chan)(chan)(chan)生一定影(ying)(ying)響。據初步估(gu)算(suan),此次環(huan)保行動(dong)導致約20%鉛(qian)(qian)鋅(xin)礦(kuang)(kuang)(kuang)產(chan)(chan)(chan)能(neng)關停(ting),鉛(qian)(qian)鋅(xin)礦(kuang)(kuang)(kuang)產(chan)(chan)(chan)量(liang)(liang)(liang)同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang)。2018年(nian)(nian)(nian)1-5月(yue),中國鉛(qian)(qian)精(jing)礦(kuang)(kuang)(kuang)累(lei)計產(chan)(chan)(chan)量(liang)(liang)(liang)45.4萬(wan)噸(dun),同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang)8.8%;鋅(xin)精(jing)礦(kuang)(kuang)(kuang)累(lei)計產(chan)(chan)(chan)量(liang)(liang)(liang)117.0萬(wan)噸(dun),同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang)7.2%。鉛(qian)(qian)鋅(xin)金屬產(chan)(chan)(chan)量(liang)(liang)(liang)方(fang)面,受鉛(qian)(qian)精(jing)礦(kuang)(kuang)(kuang)產(chan)(chan)(chan)量(liang)(liang)(liang)下(xia)(xia)(xia)降(jiang),鉛(qian)(qian)精(jing)礦(kuang)(kuang)(kuang)進(jin)(jin)口量(liang)(liang)(liang)下(xia)(xia)(xia)降(jiang)影(ying)(ying)響,原生鉛(qian)(qian)產(chan)(chan)(chan)量(liang)(liang)(liang)同(tong)(tong)(tong)比(bi)(bi)有所下(xia)(xia)(xia)滑。再生鉛(qian)(qian)產(chan)(chan)(chan)量(liang)(liang)(liang)2017年(nian)(nian)(nian)同(tong)(tong)(tong)比(bi)(bi)增(zeng)速較快(kuai),但2018年(nian)(nian)(nian)受長江經濟帶清廢(fei)行動(dong)及有關環(huan)保事件影(ying)(ying)響,再生鉛(qian)(qian)產(chan)(chan)(chan)量(liang)(liang)(liang)增(zeng)速放緩。精(jing)煉(lian)鋅(xin)產(chan)(chan)(chan)量(liang)(liang)(liang)方(fang)面,雖(sui)然(ran)鋅(xin)精(jing)礦(kuang)(kuang)(kuang)產(chan)(chan)(chan)量(liang)(liang)(liang)同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang),但鋅(xin)精(jing)礦(kuang)(kuang)(kuang)進(jin)(jin)口量(liang)(liang)(liang)同(tong)(tong)(tong)比(bi)(bi)增(zeng)長,精(jing)煉(lian)鋅(xin)產(chan)(chan)(chan)量(liang)(liang)(liang)小(xiao)幅增(zeng)長。從數據上看(kan),2018年(nian)(nian)(nian)5月(yue)鉛(qian)(qian)鋅(xin)生產(chan)(chan)(chan)指數同(tong)(tong)(tong)比(bi)(bi)下(xia)(xia)(xia)降(jiang)14.6%。

三(san)是產(chan)(chan)業初(chu)級(ji)消(xiao)(xiao)費(fei)(fei)(fei)同(tong)(tong)(tong)(tong)比(bi)下(xia)降(jiang),終端消(xiao)(xiao)費(fei)(fei)(fei)動力(li)不足。從消(xiao)(xiao)費(fei)(fei)(fei)數據上看,鉛(qian)(qian)(qian)鋅(xin)(xin)初(chu)級(ji)消(xiao)(xiao)費(fei)(fei)(fei)領域(yu)(yu)(yu)2018年5月鉛(qian)(qian)(qian)酸蓄電(dian)(dian)池產(chan)(chan)量(liang)(liang)1415.7千(qian)伏(fu)安(an)時(shi)(季(ji)調(diao)后(hou)數據),同(tong)(tong)(tong)(tong)比(bi)下(xia)降(jiang)13.9%;1-5月鉛(qian)(qian)(qian)酸蓄電(dian)(dian)池產(chan)(chan)量(liang)(liang)7310.8千(qian)伏(fu)安(an)時(shi)(季(ji)調(diao)后(hou)數據),同(tong)(tong)(tong)(tong)比(bi)下(xia)降(jiang)12.7%;5月鍍(du)鋅(xin)(xin)板產(chan)(chan)量(liang)(liang)405.7萬噸(dun)(季(ji)調(diao)后(hou)數據),同(tong)(tong)(tong)(tong)比(bi)下(xia)降(jiang)19.3%;1-5月鍍(du)鋅(xin)(xin)板產(chan)(chan)量(liang)(liang)2027.4萬噸(dun)(季(ji)調(diao)后(hou)數據),同(tong)(tong)(tong)(tong)比(bi)下(xia)降(jiang)19.2%。鉛(qian)(qian)(qian)鋅(xin)(xin)終端消(xiao)(xiao)費(fei)(fei)(fei)領域(yu)(yu)(yu),2018年1-5月,中國(guo)汽車累計產(chan)(chan)量(liang)(liang)1199.3萬輛,同(tong)(tong)(tong)(tong)比(bi)增長(chang)2.0%,增幅(fu)較去(qu)年同(tong)(tong)(tong)(tong)期下(xia)降(jiang)4.3個(ge)百(bai)分點(dian);冰(bing)箱累計產(chan)(chan)量(liang)(liang)3268.6萬臺,同(tong)(tong)(tong)(tong)比(bi)增長(chang)4.4%,增幅(fu)較去(qu)年同(tong)(tong)(tong)(tong)期下(xia)降(jiang)6.1個(ge)百(bai)分點(dian);洗衣機累計產(chan)(chan)量(liang)(liang)2856.6萬臺,同(tong)(tong)(tong)(tong)比(bi)增長(chang)1.2%,增幅(fu)較去(qu)年同(tong)(tong)(tong)(tong)期下(xia)降(jiang)3.2個(ge)百(bai)分點(dian)。雖然(ran)從數據上看鉛(qian)(qian)(qian)鋅(xin)(xin)終端消(xiao)(xiao)費(fei)(fei)(fei)領域(yu)(yu)(yu)產(chan)(chan)品(pin)產(chan)(chan)量(liang)(liang)仍(reng)有(you)增長(chang),但增幅(fu)較去(qu)年出現(xian)下(xia)降(jiang)。此(ci)外,鉛(qian)(qian)(qian)酸蓄電(dian)(dian)池產(chan)(chan)消(xiao)(xiao)受到新能源電(dian)(dian)池沖擊(ji),鋅(xin)(xin)消(xiao)(xiao)費(fei)(fei)(fei)雖然(ran)在城市(shi)管廊建設上仍(reng)有(you)亮點(dian),但主要消(xiao)(xiao)費(fei)(fei)(fei)領域(yu)(yu)(yu)鍍(du)鋅(xin)(xin)方面(mian),受鋼材消(xiao)(xiao)費(fei)(fei)(fei)平臺期的到來影響,總體(ti)消(xiao)(xiao)費(fei)(fei)(fei)難有(you)增長(chang),鉛(qian)(qian)(qian)鋅(xin)(xin)終端消(xiao)(xiao)費(fei)(fei)(fei)動力(li)不足。

四是(shi)鉛(qian)(qian)鋅價(jia)(jia)(jia)格走勢有(you)所(suo)分(fen)化,產(chan)業(ye)內礦、冶利(li)潤(run)分(fen)化加(jia)劇。從鉛(qian)(qian)鋅金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格上(shang)(shang)(shang)看,鉛(qian)(qian)金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格受(shou)環(huan)保清(qing)廢行動(dong)導(dao)致(zhi)部分(fen)再生鉛(qian)(qian)產(chan)能關停,精(jing)鉛(qian)(qian)供給(gei)下(xia)降,下(xia)游(you)鉛(qian)(qian)酸蓄電池(chi)積極備貨影響(xiang),短期(qi)內庫存下(xia)降,支撐鉛(qian)(qian)金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格上(shang)(shang)(shang)行。2018年6月(yue)(yue)(yue)LME三(san)月(yue)(yue)(yue)期(qi)鉛(qian)(qian)金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格2451美元(yuan)/噸(dun),同(tong)比(bi)(bi)(bi)上(shang)(shang)(shang)漲13.9%,環(huan)比(bi)(bi)(bi)上(shang)(shang)(shang)漲3.4%;SHEF主力合約鉛(qian)(qian)金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格20469元(yuan)/噸(dun),同(tong)比(bi)(bi)(bi)上(shang)(shang)(shang)漲20.0%,環(huan)比(bi)(bi)(bi)上(shang)(shang)(shang)漲4.5%。鋅金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格方面,鋅金(jin)(jin)(jin)(jin)屬原料供應(ying)雖依(yi)然緊張(zhang)但與去年同(tong)期(qi)相比(bi)(bi)(bi)有(you)所(suo)趨緩(huan),加(jia)之下(xia)游(you)消費動(dong)力不足,價(jia)(jia)(jia)格呈震蕩態勢:2018年6月(yue)(yue)(yue)LME三(san)月(yue)(yue)(yue)期(qi)鋅金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格3058美元(yuan)/噸(dun),同(tong)比(bi)(bi)(bi)上(shang)(shang)(shang)漲18.3%,環(huan)比(bi)(bi)(bi)下(xia)跌0.3%;SHEF主力合約鋅金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格,同(tong)比(bi)(bi)(bi)上(shang)(shang)(shang)漲13.0%,環(huan)比(bi)(bi)(bi)上(shang)(shang)(shang)漲0.4%。當(dang)前(qian)鉛(qian)(qian)鋅金(jin)(jin)(jin)(jin)屬價(jia)(jia)(jia)格仍位(wei)于相對高位(wei)運行,因而鉛(qian)(qian)鋅采(cai)選(xuan)盈利(li)能力尚(shang)可,2018年1-5月(yue)(yue)(yue)鉛(qian)(qian)鋅采(cai)選(xuan)實現(xian)利(li)潤(run)總額71.6億元(yuan),同(tong)比(bi)(bi)(bi)增(zeng)長17.1%。鉛(qian)(qian)鋅冶煉產(chan)業(ye)受(shou)原料供應(ying)依(yi)然緊張(zhang)影響(xiang),冶煉加(jia)工費走低,目前(qian)全(quan)產(chan)業(ye)處于微利(li)運行狀態。2018年1-5月(yue)(yue)(yue)鉛(qian)(qian)鋅冶煉實現(xian)利(li)潤(run)總額5.1億元(yuan),同(tong)比(bi)(bi)(bi)下(xia)降77%。

五是環(huan)(huan)保要求不斷提(ti)升,鉛鋅產(chan)(chan)(chan)業(ye)(ye)(ye)重(zhong)金(jin)(jin)屬(shu)污(wu)染(ran)防(fang)(fang)治壓(ya)力凸顯。根(gen)據(ju)《關于(yu)加強涉(she)重(zhong)金(jin)(jin)屬(shu)行業(ye)(ye)(ye)污(wu)染(ran)防(fang)(fang)控的意見》(環(huan)(huan)土(tu)壤[2018]22號)文件精神(shen)要求,到2020年重(zhong)金(jin)(jin)屬(shu)污(wu)染(ran)排放總量(liang)要比(bi)2013年再下降(jiang)10%。另(ling)外,長江(jiang)經濟帶環(huan)(huan)境保護行動正在開展(zhan),根(gen)據(ju)初(chu)步統計長江(jiang)流域涉(she)及鉛企業(ye)(ye)(ye)產(chan)(chan)(chan)量(liang)占全(quan)國(guo)(guo)60%,鋅企業(ye)(ye)(ye)產(chan)(chan)(chan)量(liang)占全(quan)國(guo)(guo)50%左右。在當(dang)前(qian)環(huan)(huan)保形(xing)勢下,鉛鋅產(chan)(chan)(chan)業(ye)(ye)(ye)作為(wei)重(zhong)金(jin)(jin)屬(shu)污(wu)染(ran)重(zhong)點領域,污(wu)染(ran)防(fang)(fang)治壓(ya)力凸顯。

綜上(shang),2018年6月鉛(qian)鋅(xin)(xin)產(chan)(chan)業(ye)(ye)呈(cheng)現產(chan)(chan)量小(xiao)幅(fu)下降,原(yuan)料(liao)供應依然緊(jin)張(zhang),鉛(qian)金屬價(jia)格(ge)短(duan)期(qi)上(shang)漲(zhang),鋅(xin)(xin)金屬價(jia)格(ge)高位震蕩,產(chan)(chan)業(ye)(ye)選、冶利潤分化加劇的運行(xing)(xing)態勢。預測三季(ji)度環(huan)保仍(reng)將(jiang)是鉛(qian)鋅(xin)(xin)產(chan)(chan)業(ye)(ye)運行(xing)(xing)需(xu)關注的重(zhong)點,生(sheng)產(chan)(chan)上(shang)冶煉企業(ye)(ye)或(huo)將(jiang)根據實際運行(xing)(xing)情(qing)況(kuang)進(jin)行(xing)(xing)合理排產(chan)(chan),消費端進(jin)入(ru)鉛(qian)消費旺季(ji)或(huo)對鉛(qian)消費有所拉動,未來再生(sheng)鉛(qian)產(chan)(chan)業(ye)(ye)發展(zhan)趨(qu)勢有待觀察。三季(ji)度鋅(xin)(xin)金屬價(jia)格(ge)仍(reng)能(neng)獲得一定支撐,但長期(qi)看供需(xu)矛盾將(jiang)有所緩解,鋅(xin)(xin)價(jia)反彈空(kong)間(jian)有限。短(duan)期(qi)看鉛(qian)鋅(xin)(xin)產(chan)(chan)業(ye)(ye)仍(reng)將(jiang)處于“正常”區(qu)間(jian)運行(xing)(xing)。(馬駿執(zhi)筆)

附注:

1、鉛鋅產業景氣先行合成指數(簡稱:先行指數)用于判斷鉛鋅產業經濟運行的近期變化趨勢。該指數由以下6項指標構成:LME鉛鋅價格指數、M2、鉛酸蓄電池、鍍鋅板、鉛鋅礦進口量指數、固定資產投資指數。

2、鉛鋅產業一致合成指標(簡稱:一致指數)反映當前鉛鋅產業經濟的運行狀況。該指數由以下3項指標構成:生產指數、主營業務收入指數、利潤總額指數。

3、鉛鋅產業滯后合成指標(簡稱:滯后指數)與一致指數一起主要用來監測經濟變動的趨勢,起到事后驗證的作用。該指數由以下3項指標構成:流動資本余額、應收賬款總額、產成品余額。

4、綜合景氣指數反映當前鉛鋅產業發展景氣程度。景氣燈號圖把鉛鋅產業經濟運行狀態分為5個級別,“紅燈”表示經濟過熱,“黃燈”表示經濟偏熱,“綠燈”表示經濟運行正常,“淺藍燈”表示經濟偏冷,“藍燈”表示經濟過冷。對單項指標燈號賦予不同的權重,將其匯總而成的綜合景氣指數也同樣由5個燈區顯示。

綜合景氣指數由9項指標構成,即先行指數和一致指數的構成指標。

5、編制指數所用各項指標均經過季節調整,已剔除季節因素。

6、每月都將對以前的月度景氣指數進行修訂。當時間序列加入最新的一個月的數據后,以往月度景氣指數會或多或少地發生變化,這是模型自動修正的結果。

7、生產指數,包括國內生產鉛、鋅精礦金屬含量、精煉鉛、鋅產量。進口量指數,包括進口鉛、鋅精礦含鉛、鋅量、進口精煉鉛、鋅金屬量。

【責任編輯:李瑛】

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