21社论丨优化供需结构，持续提振投资与消费预期

Group 1 - The core viewpoint of the articles indicates a positive trend in price recovery for 2025, with CPI and PPI showing simultaneous growth, suggesting a foundation for price warming in 2026 [1][2][3] - CPI increased by 0.8% year-on-year, surpassing the previous value of 0.7%, and the month-on-month CPI rose by 0.2%, marking a three-year high [1] - The rise in CPI is primarily driven by the increase in industrial consumer goods prices, excluding energy, which rose by 0.6%, contributing approximately 0.16 percentage points to the CPI increase [1] Group 2 - PPI showed a month-on-month increase of 0.2%, marking three consecutive months of growth, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2] - The improvement in PPI is attributed to industry capacity governance and market competition order, which have positively influenced supply-demand structures, leading to price increases in certain sectors [2][3] - International commodity prices, particularly in non-ferrous metals, have positively impacted domestic PPI levels, while the decline in international oil prices has negatively affected domestic oil extraction and refining prices [3] Group 3 - The current price recovery is a direct result of coordinated demand-side expansion and supply-side governance policies, with structural characteristics and policy-driven features [3] - The sustainability of this price recovery and its transmission to broader investment and consumption expectations will determine whether the economy can enter a virtuous cycle in 2026 [3] - Continued efforts to expand domestic demand and improve supply-demand relationships are essential for stabilizing the real estate market and stimulating the stock market, which will facilitate smoother transmission from PPI to CPI [4]