国内观察：2025年11月通胀数据：通胀虽有分化，不改积极趋势

Inflation Data Overview - In November 2025, the CPI year-on-year increased to 0.7%, up from 0.2% in the previous month, while the month-on-month change was -0.1%, compared to 0.2% previously[2] - The PPI year-on-year decreased by 2.2%, slightly worse than the previous month's decline of 2.1%, but the month-on-month change remained positive at 0.1%[2] CPI Insights - The CPI's year-on-year increase was supported by fresh vegetables and gold jewelry, with fresh vegetable prices rising by 7.2% month-on-month, significantly higher than the 5-year average of -4.9%[2] - The core CPI remained stable at 1.2% year-on-year, with a month-on-month change of -0.1%, slightly better than seasonal expectations[2] PPI Analysis - The PPI's month-on-month growth for two consecutive months indicates a relatively positive trend, despite a slight widening in the year-on-year decline[2] - Key contributors to PPI performance include coal prices rising by 4.1% month-on-month due to seasonal demand, while oil-related industries continued to face downward pressure from international oil prices[3] Market Outlook - The report suggests that if the trend of decreasing breeding sows continues, a turning point in pork prices may be observed in the second half of next year[2] - The upcoming Central Economic Work Conference is expected to provide additional insights on policies aimed at expanding domestic demand and countering internal competition[2]