Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating [2] - Silicomanganese: Oscillating [4] - Ferrosilicon: Oscillating [4] Core Views - The glass industry is in a stage of oversupply, and it is necessary to reduce prices, compress profits, and cut production to ease industry contradictions. Suggest paying attention to short - selling opportunities on rallies and subsequent changes in production lines on the supply side [1]. - The supply - demand contradiction of soda ash remains prominent, with increasing supply pressure and relatively stable demand. There is a large pressure for inventory reduction, and attention should be paid to changes in soda ash supply and downstream demand [1]. - The losses of silicomanganese enterprises are intensifying, and both production and operating rates have declined. The demand from downstream maintains resilience, and the price is expected to fluctuate with the sector. Future attention should be paid to changes in manganese ore cost support and regional policies [3]. - With the continuous compression of steel mill profits, the motivation for ferrosilicon production increase is insufficient. The downstream demand maintains resilience, the industry's supply - demand contradiction is not prominent, and the price is expected to fluctuate with the sector. Follow - up attention should be paid to cost support, electricity price changes, and industrial policies [3]. Market Analysis Glass and Soda Ash - **Glass**: The glass futures market oscillated narrowly. Downstream procurement was cautious, mainly for rigid demand. This week, the operating rate of float glass enterprises was 76.35%, a 0.35% increase from the previous week, and the manufacturer's inventory was 64.276 million heavy boxes, a 2.39% increase from the previous week, showing obvious inventory accumulation [1]. - **Soda Ash**: The soda ash futures market oscillated. Downstream procurement was mainly for rigid replenishment. This week, the soda ash output was 740,500 tons, a 3.93% decrease from the previous week, and the inventory slightly increased to 1.7005 million tons [1]. Double Silicon - **Silicomanganese**: The main contract of silicomanganese futures first rose and then fell, closing at 5,754 yuan/ton, a 0.14% increase from the previous day. The final pricing of mainstream steel tenders was still under negotiation. The price in the northern market was 5,630 - 5,680 yuan/ton, and in the southern market was 5,650 - 5,700 yuan/ton [3]. - **Ferrosilicon**: The main contract of ferrosilicon futures oscillated upward, closing at 5,456 yuan/ton, a 1.94% increase from the previous day. The market sentiment was average, waiting for the standard set by Hebei Iron and Steel to guide the market. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5,100 - 5,200 yuan/ton, and the price of 75 - grade ferrosilicon was 5,800 - 6,100 yuan/ton [3]. Strategies - **Glass**: Oscillating weakly [2] - **Soda Ash**: Oscillating [2] - **Silicomanganese**: Oscillating [4] - **Ferrosilicon**: Oscillating [4] - **Inter - period**: None [2] - **Inter - variety**: None [2]

农产品日报 | 2025-10-17 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11905元/吨，较前交易日变动-290元/吨，幅度-2.38%。现货方面，河南地区外 三元生猪价格11.21元/公斤，较前交易日变动-0.02元/公斤，现货基差 LH01-695，较前交易日变动+270；江苏地区 外三元生猪价格 11.44元/公斤，较前交易日变动+0.11元/公斤，现货基差LH01-465，较前交易日变动-395；四川地 区外三元生猪价格10.73元/公斤，较前交易日变动+0.20元/公斤，现货基差LH01-1175，较前交易日变动+490。 据农业农村部监测，据农业农村部监测，10月16日"农产品批发价格200指数"为119.41，比昨天上升0.34个点，"菜 篮子"产品批发价格指数为120.44，比昨天上升0.40个点。全国农产品批发市场猪肉平均价格为18.02元/公斤，比昨 天下降1.0%；牛肉66.22元/公斤，比昨天上升0.4%；羊肉62.07元/公斤，比昨天上升0.7%；鸡蛋7.46元/公斤，比昨 天上升0.3%；白条鸡17.73元/公斤，比昨天上升1.3%。 市场分析 综合来看，前期 ...

农产品日报 | 2025-10-17 现货价格整体上调，豆粕维持震荡 市场要闻与重要数据 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2601合约2907元/吨，较前日变动-10元/吨，幅度-0.34%；菜粕2601合约2364元/吨，较前 日变动+7元/吨，幅度+0.30%。现货方面，天津地区豆粕现货价格3000元/吨，较前日变动+10元/吨，现货基差M01+93， 较前日变动+20；江苏地区豆粕现货2900元/吨，较前日变动+0元/吨，现货基差M01-7，较前日变动+10；广东地区 豆粕现货价格2900元/吨，较前日变动跌+0元/吨，现货基差M01-7，较前日变动+10。福建地区菜粕现货价格2580 元/吨，较前日变动+10元/吨，现货基差RM01+216，较前日变动+3。 近期市场资讯，巴西全国谷物出口商协会表示，预计2025年10月巴西大豆出口量731万吨，高于一周前预估的712 万吨，较去年10月份的443万吨增长65%；预计1-10月巴西大豆出口量将达到1.02亿吨，去年同期为9349万吨；预 计全年出口量将达到创纪录的1.1亿吨。 市场分析 整体来看，近期由于美国政府停摆导致数据暂未更新 ...

尿素日报 | 2025-10-17 港口库存小幅累库 市场分析 价格与基差：2025-10-16，尿素主力收盘1604元/吨（+4）；河南小颗粒出厂价报价：1550 元/吨（0）；山东地区小 颗粒报价：1560元/吨（+10）；江苏地区小颗粒报价：1560元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：-44 元/吨（+6）；河南基差：-54元/吨（+6）；江苏基差：-44元/吨（-4）；尿素生产利润30元/吨（+10），出口利润989 元/吨（+3）。 供应端：截至2025-10-16，企业产能利用率79.67%（0.08%）。样本企业总库存量为161.54 万吨（+17.15），港口样 本库存量为44.60 万吨（+3.10）。 需求端：截至2025-10-16，复合肥产能利用率24.18%（-1.32%）；三聚氰胺产能利用率为55.18%（-10.29%）；尿素 企业预收订单天数6.71日（-0.29）。 尿素现货低价成交好转，部分厂家小幅上调报价后成交降温，山西及内蒙低价成交延续。目前部分地区农业秋季 肥进行中，复合肥秋季肥生产收尾，开工率下降，冬小麦所需的复合肥以清库为主，且因秋雨较多，今 ...

1. Report Industry Investment Ratings - Apple: Neutral to bullish [3] - Red dates: Neutral [7] 2. Core Views of the Report - Apple: The futures price of apples fluctuated and declined yesterday, while the spot market showed a pattern of active trading in the west and sluggish trading in Shandong. The prices of high - quality apples in Shaanxi and Gansu remained stable and firm, while trading in Shandong was sporadic due to the small quantity and average quality of red apples. The price of high - quality apples will remain stable and firm, and the price of average - quality apples will be difficult to strengthen. The subsequent focus is on the game between merchants' purchasing mentality and fruit farmers' selling mentality [2]. - Red dates: The futures price of red dates fluctuated and rose yesterday. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The short - term spot price is expected to remain stable. The market has a relatively certain judgment on the yield trend, and the quality of red dates is better than that of the same period last year. If the yield and quality fall short of expectations, the upward trend of red dates may continue; otherwise, the futures price will be in a volatile pattern [6][7]. 3. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the Apple 2601 contract yesterday was 8,510 yuan/ton, down 155 yuan/ton or 1.79% from the previous day. - Spot: The price of semi - commercial late Fuji apples above 70 in Luochuan, Shaanxi was 3.85 yuan/jin, unchanged from the previous day. The spot basis was AP01 + - 810, up 155 from the previous day. The prices of late Fuji apples in different regions showed significant differences, with the prices in Shaanxi and Gansu being relatively high and that in Shandong being relatively low [1]. Market Analysis - The futures price of apples fluctuated and declined yesterday. The spot market was divided, with active trading in the west and sluggish trading in Shandong. The continuous rainy weather affected the coloration of apples in the production areas, delaying the concentrated listing time of red apples. After the Double Festival, the demand did not improve significantly. The price of high - quality apples remained stable and firm, and the price gap between high - quality and average - quality apples was obvious [2]. Strategy - The strategy for apples is neutral to bullish. The late Fuji apples are sporadically on the market, and the acquisition period may be shortened. It is expected that the price of high - quality apples will remain stable and firm, and the price gap will be obvious [3]. Red Dates Market News and Important Data - Futures: The closing price of the Red Dates 2601 contract yesterday was 11,360 yuan/ton, up 255 yuan/ton or 2.30% from the previous day. - Spot: The spot price of first - grade gray dates in Hebei was 9.50 yuan/kg, unchanged from the previous day. The spot basis was CJ01 - 1860, down 255 from the previous day. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The order - signing process in different regions is progressing, but the current price is not representative [4]. Market Analysis - The futures price of red dates fluctuated and rose yesterday. The new - season red dates in Xinjiang are about to be harvested, and the stocking of mainland merchants has begun. The short - term spot price is expected to remain stable. The inventory pressure is still there, and the supply - demand contradiction has not been substantially alleviated. The market has a relatively certain judgment on the yield trend, and the quality of red dates is better than that of the same period last year [6]. Strategy - The strategy for red dates is neutral. If the yield and quality fall short of expectations, the upward trend of red dates may continue; otherwise, the futures price will be in a volatile pattern. Attention should be paid to consumption, new - season quality, and yield changes [7].

Report Summary 1. Report Industry Investment Rating - The oil price is expected to be weakly volatile in the short - term and a short - position allocation is recommended in the medium - term [3] 2. Core Viewpoints - After Trump's call with Putin, a meeting in Budapest is planned, which eases the current situation and the Russia - Ukraine situation is not expected to escalate before the meeting. The EU has issued implementation guidelines for refinery loophole sanctions, which will take effect on January 21, 2026. The market's initial reaction is bearish, and the implementation of the European refinery loophole policy will further reduce the market's ability or willingness to absorb Russian oil [2] 3. Summary by Related Catalogs Market News and Important Data - The price of light crude oil futures for November delivery on the New York Mercantile Exchange fell 81 cents to $57.46 per barrel, a decline of 1.39%. The price of Brent crude oil futures for December delivery fell 85 cents to $61.06 per barrel, a decline of 1.37%. The SC crude oil main contract closed down 1.83% at 435 yuan per barrel [1] - As of the week ending October 11, Japan's commercial crude oil inventory decreased by 1,294 thousand liters to 10,287,981 thousand liters. Japan's gasoline inventory increased by 19,554 thousand liters to 1,563,638 thousand liters, and its kerosene inventory increased by 45,911 thousand liters to 2,813,243 thousand liters. The average refinery operating rate was 85.9%, down from 86.3% the previous week [1] - The US Treasury Secretary expects Japan to stop importing energy from Russia, but Japan, which gets about 8% of its LNG imports from Russia, says it won't stop for energy - security reasons. Japan is the only G7 member not to stop or pledge to end Russian gas imports [1] - Brazil's vice - president said Petrobras will sign a new oil contract with India today [1] - Russia's deputy prime minister said Russian gas accounts for about 19% of Europe's gas imports, and Russia is ready to talk about gas supply to Europe and develop Syria's oil reserves [1] Investment Logic - The planned meeting between Trump and Putin eases the situation, and the Russia - Ukraine situation is not expected to escalate before the meeting. The EU's refinery loophole sanctions will take effect in 2026. The market's initial reaction is bearish, and the policy will reduce the market's ability or willingness to absorb Russian oil [2] Strategy - The oil price is expected to be weakly volatile in the short - term and a short - position allocation is recommended in the medium - term [3]

需求改善力度有限，成本端利空影响明显 市场分析 1、10月16日沥青期货下午盘收盘行情：主力BU2601合约下午收盘价3161元/吨，较昨日结算价上涨13元/吨，涨幅 0.41%；持仓137024手，环比上涨16548手，成交109570手，环比上涨15904手。 2、卓创资讯重交沥青现货结算价：东北，3506—4086元/吨；山东，3300—3670元/吨；华南，3350—3550元/吨； 华东，3450—3550元/吨。 昨日华北以及山东地区沥青现货价格延续跌势，其余地区沥青现货价格相对稳定。沥青整体刚性需求表现欠佳， 改善幅度有限，现货实际成交情况一般，市场情绪偏谨慎。此外，由于原油基本面转弱，油价中枢连续下移。整 体来看，在成本端指引偏空，沥青自身基本面偏弱的背景下，沥青盘面走势承压。考虑到宏观与地缘政治层面的 不确定性，原油价格可能会出现反复波动，并对沥青市场造成扰动，短期建议保持谨慎。 策略 石油沥青日报 | 2025-10-17 单边：谨慎偏空，短期观望为主 跨期：无 跨品种：无 期现：无 期权：无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 202 ...

节后铝锭库存快速去库 重要数据 铝现货方面：SMM数据，华东A00铝价20950元/吨，较上一交易日变化30元/吨，华东铝现货升贴水0元/吨，较 上一交易日变化-30元/吨；中原A00铝价20870元/吨，现货升贴水较上一交易日变化-40元/吨至-80元/吨；佛山 A00铝价录20840元/吨，较上一交易日变化20元/吨，铝现货升贴水较上一交易日变化-35元/吨至-105元/吨。 铝期货方面：2025-10-16日沪铝主力合约开于20880元/吨，收于20975元/吨，较上一交易日变化100元/吨，最 高价达20975元/吨，最低价达到20835元/吨。全天交易日成交65803手，全天交易日持仓137404手。 库存方面，截止2025-10-16，SMM统计国内电解铝锭社会库存62.7万吨，较上一期变化-2.3吨，仓单库存71542 吨，较上一交易日变化148吨，LME铝库存495325吨，较上一交易日变化-3650吨。 氧化铝现货价格：2025-10-16SMM氧化铝山西价格录得2890元/吨，山东价格录得2855元/吨，河南价格录得 2910元/吨，广西价格录得3095元/吨，贵州价格录得3100元/吨， ...

Report Industry Investment Rating - No information provided Core Viewpoints - No information provided Summary by Relevant Catalogs Option Trading Volume - On October 15, 2025, the trading volume of SSE 50 ETF options was 1.8713 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 2.4432 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.9055 million contracts; the trading volume of Shenzhen 100 ETF options was 0.1309 million contracts; the trading volume of ChiNext ETF options was 2.4848 million contracts; the trading volume of SSE 50 index options was 0.0843 million contracts; the trading volume of CSI 300 index options was 0.2510 million contracts; the total trading volume of CSI 1000 options was 0.4212 million contracts [1] - The call trading volume, put trading volume, and total trading volume of various index ETF options on the previous day are presented in a table, including specific figures for SSE 50 ETF options, CSI 300 ETF options (Shanghai market), etc [21] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.74, with a month - on - month change of - 0.24; the open interest PCR was reported at 0.74, with a month - on - month change of - 0.01. Similar data for other types of options are also provided, including CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc [2] - A table shows the turnover PCR, month - on - month change, open interest PCR, and month - on - month change of various index ETF options on the previous day [37] Option VIX - The VIX of SSE 50 ETF options was reported at 19.83%, with a month - on - month change of - 0.08%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 20.93%, with a month - on - month change of + 0.37%. Similar data for other types of options are also provided, including CSI 500 ETF options (Shanghai market), Shenzhen 100 ETF options, etc [3] - A table presents the VIX and month - on - month change values of various index ETF options on the previous day [51]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In September 2025, the year-on-year decline of PPI was 2.3%, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat for two consecutive months on a month-on-month basis, indicating a continuous easing of the downward pressure on industrial product prices. The prices in the midstream manufacturing industry improved, and the prices in industries such as coal and ferrous metals continued to rise; in the industries related to external demand, the prices of electronics and aircraft manufacturing maintained growth. Structurally, there were differentiation characteristics: on the one hand, the prices of new quality productivity industries such as photovoltaic equipment rebounded, and the prices of consumer upgrade products increased significantly; on the other hand, affected by the decline in international oil prices, the prices of domestic oil-related products weakened. Overall, the current recovery of PPI is mainly driven by the low-base effect and policy expectations, but the recovery of downstream demand is still uneven, and the subsequent trend of industrial product prices still needs to focus on the substantial improvement of the demand side [4]. - In September 2025, the year-on-year decline of CPI was 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The core CPI increased by 1.0% year-on-year, with the increase expanding for 5 consecutive months, and it returned to above 1% for the first time in nearly 19 months. Food prices decreased by 4.4% year-on-year, and the prices of major food items such as fresh vegetables and pork were still in the downward range; non-food prices increased by 0.7% year-on-year, among which the increases of industrial consumer goods such as gold jewelry and household appliances were obvious; service prices maintained stable growth. Overall, the continuous recovery of core CPI shows that domestic consumer demand is steadily recovering with policy support, but the drag of food prices still exists, and the improvement of CPI in the fourth quarter may be limited [5]. Summary by Directory 1. Macro Events - On October 15th, the National Bureau of Statistics released data showing that in September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2% [3]. 2. 9 - Month Inflation Decline Convergence - PPI - The decline of PPI continued to narrow. In September 2025, PPI decreased by 2.3% year-on-year (with the decline narrowing by 0.6 percentage points compared to the previous month), and remained flat for two consecutive months on a month-on-month basis; the purchase price for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. - The price pressure in the midstream manufacturing industry eased. The prices in the midstream processing industry improved. The prices of coal mining and washing increased by 2.5% month-on-month, and the prices of coal processing increased by 3.8% month-on-month, both rising for two consecutive months. The prices of ferrous metal smelting and rolling processing increased by 0.2% month-on-month; the prices of non-metallic mineral products decreased by 0.4% month-on-month, but the decline narrowed by 0.6 percentage points compared to the previous month. - Some improvements were seen in the external demand industries. Driven by the construction of a modern industrial system, the prices of electronic special material manufacturing increased by 1.2% year-on-year. In the field of intelligent unmanned aerial vehicle manufacturing, the prices of aircraft manufacturing increased by 1.4% year-on-year. - The impact of international input was differentiated. The decline in international oil prices led to a 2.7% month-on-month decrease in domestic oil extraction prices and a 1.5% month-on-month decrease in refined petroleum product manufacturing prices. - The new quality productivity industries maintained growth. The new driving forces for development grew steadily, and the prices of related industries rebounded year-on-year. The prices of photovoltaic equipment and component manufacturing turned from a decline to an increase, with a growth rate of 0.8%; the prices of waste resource comprehensive utilization industries increased by 0.9% year-on-year. - Consumer demand continued to provide support. The demand for upgraded consumption continued to increase. The prices of arts and crafts and ceremonial supplies manufacturing increased by 14.7%, the prices of sports ball manufacturing increased by 4.0%, and the prices of nutritional food manufacturing increased by 1.8%. - Overall, the year-on-year recovery of PPI in the third quarter was mainly affected by the low-base effect and anti-involution market expectations. By industry, non-ferrous metal prices were relatively strong, while ferrous metal prices were relatively weak due to slow recovery of downstream demand and inventory accumulation; in September, international crude oil prices were weak due to geopolitical factors, and the ex-factory prices of related petrochemical products also declined. As the steady growth plans for various industries are gradually implemented and the effects of anti-involution policies are further manifested, the subsequent industrial product prices will follow the demand trend. Attention should be paid to whether there will be incremental policy promotion in the fourth quarter, and industrial product prices may maintain a weak pattern [9][10]. 3. 9 - Month Inflation Decline Convergence - CPI - CPI turned from flat to an increase on a month-on-month basis, and the year-on-year decline narrowed. In September, CPI decreased by 0.3% year-on-year (with the decline narrowing by 0.1 percentage points compared to the previous month), and turned from flat to an increase of 0.1% on a month-on-month basis. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding by 0.1 percentage points compared to the previous month, expanding for the 5th consecutive month, and it returned to above 1% for the first time in nearly 19 months. From January to September, the average CPI decreased by 0.1% compared with the same period of the previous year. - The year-on-year decline of food prices slightly expanded. Food prices decreased by 4.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, the prices of pork, fresh vegetables, and eggs decreased by 17.0%, 13.7%, and 13.5% respectively year-on-year; the prices of fresh fruits decreased by 4.2% year-on-year. On a month-on-month basis, food prices increased by 0.7% in September, among which the prices of fresh vegetables, eggs, and fresh fruits all showed seasonal increases. - The increase of non-food prices expanded. Non-food prices increased by 0.7% year-on-year. Among industrial consumer goods, the prices of gold jewelry and platinum jewelry increased by 42.1% and 33.6% respectively year-on-year; the prices of household appliances and household daily sundries increased by 5.5% and 3.2% respectively year-on-year. - Service consumption maintained stable growth. Service prices increased by 0.6% year-on-year. Among them, the prices of medical services and household services increased by 1.9% and 1.6% respectively year-on-year; affected by factors such as the end of the summer vacation and the misaligned Mid-Autumn Festival, the prices of airplane tickets and hotel accommodation decreased by 1.7% and 1.5% respectively year-on-year. - The year-on-year decline of CPI in September narrowed marginally to -0.3%, mainly due to the carry-over effect. The continuous expansion of the core CPI increase and its return to above 1% indicate that domestic consumer demand continues to recover under the support of macro policies. In the short term, food prices continue to decline, and durable goods prices face downward pressure, so the improvement of CPI in the fourth quarter may be weak [26][27]. 4. Appendix: CPI and PPI Data for September 2025 - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. In September, the national consumer price index increased by 0.1% on a month-on-month basis. Among them, the CPI in urban areas remained flat, and that in rural areas increased by 0.2%; food prices increased by 0.7%, and non-food prices decreased by 0.1%; consumer goods prices increased by 0.3%, and service prices decreased by 0.3%. - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, affecting the CPI (consumer price index) to decrease by about 0.74 percentage points. Among food items, the prices of fresh vegetables decreased by 13.7%, affecting the CPI to decrease by about 0.35 percentage points; the prices of eggs decreased by 11.9%, affecting the CPI to decrease by about 0.08 percentage points; the prices of livestock and meat decreased by 8.4%, affecting the CPI to decrease by about 0.27 percentage points, among which the prices of pork decreased by 17.0%, affecting the CPI to decrease by about 0.26 percentage points; the prices of fresh fruits decreased by 4.2%, affecting the CPI to decrease by about 0.09 percentage points; the prices of grains decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points; the prices of aquatic products increased by 0.9%, affecting the CPI to increase by about 0.02 percentage points. The prices of the other seven major categories increased in six and decreased in one. Among them, the prices of other supplies and services, household supplies and services, and clothing increased by 9.9%, 2.2%, and 1.7% respectively, and the prices of medical care, education, culture, and entertainment, and housing increased by 1.1%, 0.8%, and 0.1% respectively; the prices of transportation and communication decreased by 2.0%. - In September, the prices of food, tobacco, and alcohol increased by 0.5% on a month-on-month basis, affecting the CPI to increase by about 0.13 percentage points. Among food items, the prices of fresh vegetables increased by 6.1%, affecting the CPI to increase by about 0.13 percentage points; the prices of eggs increased by 2.7%, affecting the CPI to increase by about 0.02 percentage points; the prices of fresh fruits increased by 1.7%, affecting the CPI to increase by about 0.03 percentage points; the prices of aquatic products decreased by 1.8%, affecting the CPI to decrease by about 0.04 percentage points; the prices of pork decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points. The prices of the other seven major categories increased in four, remained flat in one, and decreased in two. Among them, the prices of other supplies and services and clothing increased by 1.3% and 0.7% respectively, and the prices of household supplies and services and medical care increased by 0.3% and 0.2% respectively; the prices of housing remained flat; the prices of transportation and communication and education, culture, and entertainment decreased by 0.9% and 0.4% respectively. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2%. - In September, among the producer prices for industrial products, the prices of means of production decreased by 2.4%, affecting the total level of producer prices for industrial products to decrease by about 1.81 percentage points. Among them, the prices of the mining industry decreased by 9.0%, the prices of the raw material industry decreased by 2.9%, and the prices of the processing industry decreased by 1.7%. The prices of means of subsistence decreased by 1.7%, affecting the total level of producer prices for industrial products to decrease by about 0.45 percentage points. Among them, the prices of food decreased by 1.7%, the prices of clothing decreased by 0.3%, the prices of general daily necessities increased by 0.7%, and the prices of durable consumer goods decreased by 3.9%. - Among the purchase prices for industrial producers, the prices of fuel and power decreased by 8.1%, the prices of chemical raw materials decreased by 5.5%, the prices of agricultural and sideline products decreased by 5.4%, the prices of building materials and non-metals decreased by 4.5%, the prices of ferrous metal materials decreased by 2.9%, the prices of textile raw materials decreased by 1.7%; the prices of non-ferrous metal materials and wires increased by 6.6%. - In September, among the producer prices for industrial products, the prices of means of production remained flat. Among them, the prices of the mining industry increased by 1.2%, the prices of the raw material industry remained flat, and the prices of the processing industry decreased by 0.1%. The prices of means of subsistence decreased by 0.2%, affecting the total level of producer prices for industrial products to decrease by about 0.04 percentage points. Among them, the prices of food decreased by 0.1%, the prices of clothing remained flat, the prices of general daily necessities increased by 0.2%, and the prices of durable consumer goods decreased by 0.4%. - Among the purchase prices for industrial producers, the prices of non-ferrous metal materials and wires increased by 1.2%, the prices of fuel and power increased by 0.5%, the prices of ferrous metal materials increased by 0.4%; the prices of building materials and non-metals decreased by 0.6%, the prices of chemical raw materials decreased by 0.4%, the prices of agricultural and sideline products decreased by 0.2%, the prices of textile raw materials decreased by 0.1% [41][43][45]. 5. National Bureau of Statistics Urban Department Chief Statistician Dong Lijuan's Interpretation of CPI and PPI Data for September 2025 - In September, the consumer market generally operated smoothly. The consumer price index (CPI) increased by 0.1% on a month-on-month basis and decreased by 0.3% year-on-year. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding for the 5th consecutive month. The in-depth promotion of the construction of a unified national market and the continuous optimization of the market competition order led to the producer price index (PPI) for industrial products remaining flat on a month-on-month basis; it decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month. - CPI turned from flat to an increase on a month-on-month basis, and the core CPI year-on-year increase rebounded to 1%. CPI increased on a month-on-month basis, turning from flat to an increase of 0.1%. Among them, food prices increased by 0.7% on a month-on-month basis, with the increase expanding by 0.2 percentage points compared to the previous month, affecting CPI to increase by about 0.13 percentage points on a month-on-month basis. Among food items, the prices of fresh vegetables, eggs, fresh fruits, mutton, and beef all showed seasonal increases, with the increase ranging from 0.9% to 6.1%; the supply of pork and aquatic products was sufficient, and the prices decreased by 0.7% and 1.8% respectively. The prices of industrial consumer goods excluding energy increased by 0.5%, affecting CPI to increase by about 0.12 percentage points on a month-on-month basis. Among them, affected by the increase in international gold prices, domestic gold jewelry prices increased by 6.5%; with the new autumn clothing season, clothing prices increased by 0.8%; the prices of cultural and entertainment durable consumer goods, household appliances, and household daily sundries increased by 0