宏观数据观察：10月CPI同比回落且低于市场预期

Group 1: CPI Analysis - In October, China's CPI increased by 0.3% year-on-year, below the expected 0.4% and the previous value of 0.4%[1] - The month-on-month CPI decreased by 0.3%, compared to an expected decrease of 0.1% and a previous value of 0%[2] - Core CPI rose by 0.2% year-on-year, indicating a slight increase in consumer prices[2] Group 2: PPI Analysis - October's PPI decreased by 2.9% year-on-year, which is worse than the expected decrease of 2.5% and the previous decrease of 2.8%[4] - The month-on-month PPI decline has narrowed due to recovering domestic industrial demand, despite the overall downward trend in international commodity prices[4] - The impact of production material prices on PPI was a decrease of 3.3%, contributing approximately 2.45 percentage points to the PPI decline[4] Group 3: Market Trends - Domestic traditional infrastructure investment is accelerating, while manufacturing investment remains high; however, real estate investment demand is still weak in the short term[5] - The overall demand for terminal goods is recovering, supported by seasonal demand and increased monetary and fiscal policy efforts[5] - Future CPI is expected to rise due to improved market demand and the gradual elimination of high base effects from the previous year[5]