中金：若想持续有效推动通胀回归历史中枢，仍需政策加力，且扩内需更为关键

Core Viewpoint - In July, the "anti-involution" policy led to a reduction in the decline of PPI, which fell by 0.2% month-on-month, driven by key industries controlling volume and raising prices [1] Group 1: PPI and CPI Analysis - The PPI year-on-year decline remains at a two-year low of -3.6%, while CPI has shifted from an increase to stability [1] - The improvement in industrial consumer prices, along with the rise in gold prices and the fading of promotional disturbances, has contributed to the recovery of core CPI for the third consecutive month [1] Group 2: Future Outlook - The easing of tailing factors may lead to improvements in PPI year-on-year and CPI year-on-year in the fourth quarter, starting from August [1] - To effectively drive inflation back to historical averages, stronger policy measures and a focus on expanding domestic demand are essential [1]