产业结构升级和消费潜力释放带动回暖，9月份PPI同比降幅继续收窄｜快讯

Core Insights - In September, the Producer Price Index (PPI) for industrial producers in China decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [2] - The average PPI for January to September showed a decline of 2.8% year-on-year, with the purchase price index down by 3.2% [2] Group 1: Price Trends - The month-on-month PPI showed signs of stabilization in certain industries due to improved supply-demand dynamics, with coal processing prices rising by 3.8% and coal mining prices increasing by 2.5% [2] - The prices in the black metal smelting and rolling industry rose by 0.2%, marking two consecutive months of increases, while prices for photovoltaic equipment and components shifted from a 0.2% decline to a 0.8% increase [2] - Conversely, the prices in the petroleum-related sectors decreased month-on-month due to falling international oil prices [2] Group 2: Year-on-Year Price Changes - Year-on-year price declines in several industries narrowed, with coal processing, black metal smelting, coal mining, photovoltaic equipment manufacturing, battery manufacturing, and non-metallic mineral products showing reduced declines of 8.3, 3.4, 3.0, 2.4, 0.5, and 0.4 percentage points respectively [3] - The combined downward impact on the PPI from these six industries decreased by approximately 0.34 percentage points compared to the previous month [3] Group 3: Sector-Specific Price Increases - Upgrades in industrial structure and the release of consumer potential contributed to year-on-year price increases in certain sectors, including aircraft manufacturing (up 1.4%), electronic materials (up 1.2%), and waste resource recycling (up 0.9%) [3] - The demand for quality and upgraded consumption led to significant price increases in specific categories, such as arts and crafts (up 14.7%), sports balls (up 4.0%), and nutritional foods (up 1.8%) [4]