宏观经济点评：煤炭价格回升对PPI环比形成支撑

Group 1: CPI Analysis - November CPI year-on-year increased to 0.7%, up 0.5 percentage points from the previous value of 0.2%[1] - November food CPI month-on-month rose by 0.5%, an increase of 0.2 percentage points from the previous value[3] - Core CPI month-on-month fell to -0.3%, down 0.3 percentage points from the previous month, remaining above seasonal levels for two consecutive months[3] Group 2: PPI Insights - November PPI year-on-year decreased to -2.2%, a decline of 0.1 percentage points from the previous value of -2.1%[4] - Coal mining and washing industry PPI month-on-month increased by 4.1%, significantly up from the previous value of 1.6%[4] - Input factors and real estate chain contributed to a greater drag on PPI year-on-year, with respective contributions of -0.5 and -0.7 percentage points[4] Group 3: Future Inflation Predictions - December CPI is expected to rise to around 1.0% year-on-year, with a month-on-month increase of approximately 0.2%[6] - December PPI is anticipated to show a year-on-year increase, with the average for 2025 expected to be around -2.6%[6] - The future trajectory of PPI will depend on international commodity prices and domestic policy strength[6] Group 4: Risk Factors - Potential risks include unexpected policy changes and significant fluctuations in commodity prices[6]