Xin Lang Cai Jing·2025-10-16 00:56Core Viewpoint - The year-on-year decline in September PPI continues to narrow, driven by price increases in anti-involution policy benefiting industries and non-ferrous metal sectors [1] Group 1: Anti-involution Policy Benefiting Industries - Industries benefiting from anti-involution policies include coal processing, black metal smelting and rolling, coal mining and washing, photovoltaic equipment and components manufacturing, battery manufacturing, and non-metallic mineral products, all showing a continued narrowing in year-on-year PPI decline [1] - The improvement in industrial product prices is primarily concentrated in upstream industries, with only localized price transmission observed in mid and downstream sectors, such as the photovoltaic equipment and components industry [1] Group 2: Non-ferrous Metal Sector - The non-ferrous metal sector, particularly copper prices, has seen significant increases driven by supply-side disruptions and the onset of the Federal Reserve's interest rate cut cycle [1] - Despite the improvements in industrial prices, a widespread price increase has not yet materialized across the board [1]