国元国际：晨报-20240812

Investment Rating - The report does not explicitly provide an investment rating for the covered company Core Views - The report highlights that food prices have driven a rebound in the domestic CPI growth for July, with a year-on-year increase of 0.5%, surpassing expectations of 0.3% and the previous value of 0.2% [2] - The report indicates that while food prices showed improvement, non-food prices experienced a general decline in growth rates [4] - The PPI-CPI gap has narrowed, indicating ongoing price transmission issues between upstream and downstream sectors [4] Summary by Sections CPI and Food Prices - In July, food prices saw a year-on-year growth of 0%, an improvement from the previous month's decline of 2.1%. Pork prices rose by 20.5%, while beef and lamb prices fell by 12.9% and 6.3%, respectively. Vegetable prices returned to positive growth at 3.3%, and fruit prices improved to a decline of 4.2% from the previous month's 8.7% [3] Non-Food Prices - Non-food price growth rates generally declined in July, with housing prices at 0.1%, down from 0.2% in the previous month. Prices for daily necessities and services grew by 0.7%, down from 0.9%. Education and entertainment prices remained stable at 1.7%, while healthcare prices slightly decreased to 1.4% from 1.5%. Transportation and communication prices fell by 0.6% [4] PPI Analysis - The PPI for production materials showed a year-on-year decline of 0.7%, an improvement from the previous month's 0.8%. The raw materials PPI increased to 1.8%, and the mining industry PPI rose to 3.5%. However, the manufacturing PPI remained at -2.1%, indicating a lack of significant improvement in downstream consumer sectors [4]