关键数据反弹，背后是什么信号？

Group 1 - The core viewpoint of the article is that while CPI continues to decline, PPI shows signs of stabilization, indicating the effectiveness of recent anti-involution measures on upstream prices [3][9][12] - In August, the CPI decreased by 0.4% year-on-year, while the core CPI, excluding food and energy, increased by 0.9%, marking the fourth consecutive month of growth [3][6] - The average CPI from January to August this year is down 0.1% compared to the same period last year, suggesting a persistent deflationary environment [6][7] Group 2 - Food prices fell by 4.3% year-on-year in August, with a larger decline than the previous month, contributing to a greater downward impact on CPI [8] - PPI's year-on-year decline has narrowed for the first time since March, and the month-on-month data has ended an eight-month downward trend, indicating a potential recovery [10][15] - The article emphasizes that while PPI shows improvement, both CPI and PPI remain negative, making it premature to declare a shift from deflation to inflation [15][16] Group 3 - The article discusses the need to stimulate demand alongside supply-side adjustments to effectively combat deflation [17][18] - It highlights that the capital market is currently being leveraged to increase liquidity and drive asset prices up, which is crucial for reversing deflationary trends [20][21] - The article suggests that the key to increasing investment lies in raising asset prices, particularly in the stock market, which requires less capital than real estate [25][27] Group 4 - The current capital market environment is seen as a critical factor in addressing the issue of insufficient investment, which is identified as a core reason for deflation [21][22] - The article posits that a rise in stock prices can lead to a quicker recovery in CPI and PPI data, thus benefiting the overall economic environment [29][30] - It anticipates that the capital market will experience another upward trend following potential interest rate cuts by the Federal Reserve, which could enhance liquidity and market sentiment [33][34]