2026年“反内卷”政策或进入精细化、差异化实施阶段｜宏观晚6点

Group 1: PPI Analysis - In January 2026, the Producer Price Index (PPI) decreased by 1.4% year-on-year, a reduction in the decline by 0.5 percentage points compared to December 2025 [1] - Month-on-month, the PPI increased by 0.4%, marking the fourth consecutive month of growth [1] - Key factors influencing PPI include the ongoing construction of a unified national market, which has led to price increases in certain industries such as cement and lithium-ion battery manufacturing, both rising by 0.1% month-on-month [1] Group 2: CPI Analysis - In January 2026, the Consumer Price Index (CPI) rose by 0.2% year-on-year, a decrease in the growth rate by 0.6 percentage points compared to December 2025 [2] - The high base effect from January of the previous year, which included significant price increases in food and services due to the Spring Festival, contributed to the lower year-on-year growth [2] - Energy prices fell by 5.0% in January, which had a downward impact on the CPI, contributing approximately 0.34 percentage points to the year-on-year decline, with the impact increasing by about 0.06 percentage points compared to the previous month [2]