方正富邦基金固定收益基金投资部行政负责人、基金经理区德成：CPI、PPI数据出炉 释放了哪些信号？

Group 1: CPI Analysis - July CPI year-on-year is 0%, better than the expected -0.1%, indicating stability compared to last year [1] - Month-on-month CPI decreased by 0.1%, weaker than seasonal trends, with food prices showing significant weakness [1] - Core CPI increased by 0.8% year-on-year, reaching the highest level in 1.5 years, driven by demand recovery and the end of commodity subsidies [1] Group 2: PPI Analysis - July PPI year-on-year is -3.6%, lower than the expected -3.4%, consistent with the previous value [2] - Month-on-month PPI decreased by 0.2%, showing a 0.2 percentage point improvement from the previous month [2] - The decline in PPI is primarily due to pressures from energy, black metals, and construction materials [2] Group 3: Market Outlook - The low CPI and PPI indicate that overall inflation remains low, creating space for maintaining a moderately loose monetary policy [3] - The central bank is expected to continue using various tools to ensure reasonable liquidity, supporting the bond market's fundamentals [3] - Despite short-term market corrections due to risk appetite, the medium to long-term bond market outlook remains positive, influenced by economic fundamentals and policy direction [3]