摩根士丹利：中国经济-稳定的核心价格掩盖了潜在压力

Stable Core Prices Mask Underlying Pressure Key Takeaways Core CPI improved modestly: YoY ticked up by 0.1pp to 0.6%Y, while MoM improved to 1.2% SAAR, extending a modest recovery since the Sep-2024 policy pivot. Resilience in core goods - household appliances, entertainment units (e.g., TVs) - largely stems from the consumer goods trade-in program (NBS confirmed that CPI uses pre-discount prices), while the renewed auto price war may not have been incorporated in this month's reading (as these prices are c ...