行业景气观察：10月PPI降幅持续收窄，新能源产业链价格普遍上涨

Core Insights - In October, the Consumer Price Index (CPI) turned positive year-on-year at 0.2%, while the Producer Price Index (PPI) saw a narrowing decline of 2.1%, indicating a recovery trend in prices driven by improved consumer demand and supply-side adjustments [12][23][24] - The "anti-involution" policy continues to promote supply clearance, leading to price improvements in key sectors such as coal, new energy, and automotive industries [20][23] Industry Overview Resource Sector - Prices for most metals and coal have increased, contributing to a positive outlook for the resource sector [1][20] - The PPI for coal mining and washing narrowed its decline to -15.6%, while the PPI for non-metallic mining improved to a growth of 2.1% [20][24] Information Technology - The Philadelphia Semiconductor Index remained stable, while the Taiwan Semiconductor Industry Index declined by 2.15%. The DXI Index increased by 36.37% [25][26] - The import and export values of integrated circuits showed a rolling year-on-year decline, indicating a mixed performance in the semiconductor sector [25][26] Midstream Manufacturing - The prices across the new energy supply chain have generally risen, with significant increases in the prices of lithium raw materials and electrolytic nickel [20][24] - The production and sales of automobiles showed a rolling year-on-year decline, while new energy vehicle production increased by 21.37% [20][24] Consumer Services - The prices of fresh vegetables and fruits improved, contributing positively to the CPI, while the prices of pork and liquor continued to exert downward pressure [14][15][23] - The tourism and medical service sectors saw price increases due to heightened consumer demand during the holiday season [15][23] Financial and Real Estate - The monetary market experienced a net withdrawal, with a decline in A-share turnover rates and daily transaction volumes [24] - The land transaction premium rates and the area of commodity housing transactions both decreased, indicating a cooling real estate market [24] Public Utilities - The ex-factory price of natural gas in China decreased, and the average daily power generation of key power plants showed a widening year-on-year decline [24][32]