工业PPI承压，关注上游价格波动

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Industrial PPI is under pressure, and attention should be paid to the price fluctuations in the upstream [1] - The implementation of employment - policy tools in the service industry should be monitored [1] 3. Summaries by Relevant Catalogs 3.1. Mid - view Event Overview 3.1.1. Production Industry - In June 2025, the national consumer price increased by 0.1% year - on - year, with urban areas up 0.1%, rural areas down 0.2%, food prices down 0.3%, non - food prices up 0.1%, consumer goods prices down 0.2%, and service prices up 0.5%. The national consumer price in the first half of the year decreased by 0.1% compared with the same period last year [1] - In June 2025, the national industrial producer's ex - factory price decreased by 3.6% year - on - year and 0.4% month - on - month; the industrial producer's purchase price decreased by 4.3% year - on - year and 0.7% month - on - month [1] 3.1.2. Service Industry - The General Office of the State Council issued a notice to further increase the support for stable employment policies, emphasizing strengthening political responsibility, tracking policy implementation, improving policy tools, strengthening fund supervision, and conducting employment impact assessments [1] 3.2. Industry Overview 3.2.1. Upstream - Energy: International oil prices have rebounded [1] - Chemical: The price of PTA has declined [1] 3.2.2. Mid - stream - Chemical: The PX operating rate has seasonally declined slightly and is at the median level in the past three years [2] 3.2.3. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined [2] - Service: The number of domestic flights during the summer vacation has increased [2] 3.3. Market Pricing - The credit spread of the electronics industry has slightly rebounded recently [3] 3.4. Industry Credit Spread Tracking - The credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical have different degrees of changes from last year to this week, with specific data shown in the table [49] 3.5. Key Industry Price Index Tracking - The prices of various products in industries such as agriculture, non - ferrous metals, and energy have different degrees of year - on - year changes, with specific data shown in the table [50]