中国8月CPI同比下降，二手Labubu市场降温

Economic Indicators - In August 2025, China's Consumer Price Index (CPI) decreased by 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9%, marking the fourth consecutive month of growth [2] - The Producer Price Index (PPI) showed a month-on-month stabilization after a 0.2% decline, with a year-on-year decrease of 2.9%, narrowing by 0.7 percentage points from the previous month [2][3] - The average CPI for January to August 2025 fell by 0.1% compared to the same period last year, while the average PPI decreased by 2.9% [2] E-commerce and Logistics - The e-commerce logistics index in China reached a new high of 112.3 points in August, continuing a six-month upward trend, driven by improved service quality and increased business volume [4] - The logistics sector benefited from reduced extreme weather conditions and seasonal demand, particularly in clothing and back-to-school shopping [4][5] Employment and Economic Trends - The U.S. non-farm employment numbers were revised down by 910,000, indicating a significant cooling in the job market, with nearly all sectors experiencing downward adjustments [6][7] - The Federal Reserve may be compelled to lower interest rates in response to the weakening economic growth outlook [7] Urban Development - The Nanjing urban agglomeration has initiated a new round of development planning, aiming to enhance regional collaboration and economic vitality [8][9] Technology and Consumer Products - Apple launched the iPhone Air, the thinnest iPhone to date, with no increase in starting prices compared to previous models, despite some consumer disappointment regarding the lack of new AI features [12][13] - The second-hand market for Labubu toys has seen a significant price drop, reflecting a correction after speculative trading [14][15] Market Performance - On September 10, the Chinese stock market experienced slight fluctuations, with the Shanghai Composite Index closing at 3812.22 points, up 0.13% [16] - The overall trading volume fell below 2 trillion, indicating a potential decrease in market activity and volatility [17]