点 击 蓝 字 关 注 我 们 本文全文共 2382 字，阅读全文约需 7 分钟 2025年10月全国整体乘用车市场价格指数 三、 2025 CAM·各车身形式指数—10月 轿车市场 CAM·10月轿车市场价格变化指数为 -12.15，市场成交价11.73万 一、 2025 CAM·整体价格变化指数—10月 CAM·10月整体市场价格变化指数为 -5.32，市场成交价15.01万 i. 本月市场整体成交价较上月下降4,187元，环比降低2.71% ii. 轿车市场成交价连续多月下降；其中轿车市场（5.64%↓）、SUV市场（0.23%↓）、MPV （3.03%↓） 二、 2025 CAM·整体优惠变化指数—10月 CAM·10月整体市场优惠变化指数为 -0.78，市场优惠幅度2.65万 i. 本月市场整体优惠幅度较上月减少480元，环比减低1.78% ii. 本月大类细分市场中，MPV市场优惠幅度继续小幅减弱；其中轿车（2.4%↓）、SUV（0.5%↓）、 MPV（12%↓） i. 本月轿车市场整体成交价较上月下降7,014元，环比降低5.64% ii. 各细分市场来看，市场成交价均有所下滑；其中A00级（2 ...

据临沂商城价格指数信息系统监测，本周临沂商城周价格总指数为102.38点，环比上涨0.01点，涨幅 0.01%；同比下跌1.50点，跌幅1.44%；与年初比下跌1.42点，跌幅1.37%。 在14类商品价格指数中，上涨的6类、持平的4类、下跌的4类。其中，上涨前3位的是：家用电器和音像 器材类、建筑装潢材料类、钢材类；下跌前3位的是：服装服饰类、文教办公用品类、日用品类。涨跌 幅前3的情况如下： 本周，建筑装潢材料类周价格指数收于106.17点，环比上涨0.08点，二级分类中装饰材料类、结构材料 类环比上涨，专用材料类微幅下跌。受上游原材料铝价格上涨带动，铝型材出厂价格上调，市场铝型材 价格继续小幅上涨，但市场行情交易清淡；气温偏低，建材市场需求放缓，家居装饰画等零售为主，价 格小幅上行。 三、钢材类周价格指数环比上涨 本周，钢材类周价格指数收于95.99点，环比上涨0.02点，三级分类中建筑钢材类、型材类环比上涨，板 材类与上周持平，管材类微幅下跌。户外温度降低，建筑工程、基建工程开工较少，钢材市场进入季节 性淡季，下游进货积极性降低，市场行情偏淡，钢材价格震荡运行。 四、服装服饰类周价格指数环比下跌 一、 ...

Core Insights - The overall price index for Linyi Mall this week is 102.34 points, showing a slight decrease of 0.02 points week-on-week, a decline of 1.55 points year-on-year, and a drop of 1.46 points compared to the beginning of the year [1] Price Index Summary - Among 14 categories of goods, 5 categories saw price increases, 2 remained stable, and 7 experienced price declines. The top three categories with price increases are: board materials, educational and office supplies, and ceramics [3] - The board materials price index rose to 97.37 points, with a week-on-week increase of 0.05 points, driven by increased demand in municipal engineering and home decoration sectors [5] - The educational and office supplies price index increased to 108.67 points, with a week-on-week rise of 0.03 points, although sales of sports and entertainment products saw a slight decline due to lower outdoor temperatures [8] - The ceramics price index reached 104.81 points, with a week-on-week increase of 0.02 points, as seasonal sales of ceramic sanitary ware and tiles began to slow down [10] - The clothing and accessories price index decreased to 103.68 points, with a week-on-week drop of 0.13 points, as demand for winter clothing increased but prices fell due to lower sales of certain items [13] - The home appliances and audio-visual equipment price index fell to 103.03 points, with a week-on-week decline of 0.06 points, as sales volumes for various appliances decreased [16] - The steel price index decreased to 95.95 points, with a week-on-week drop of 0.04 points, attributed to a decline in upstream raw material prices and weakened terminal demand [17] Detailed Price Index Table - The price index changes for various categories are as follows: - Total Price Index: 102.36 to 102.34 (-0.02) - Board Materials: 97.32 to 97.37 (+0.05) - Educational and Office Supplies: 108.64 to 108.67 (+0.03) - Ceramics: 104.79 to 104.81 (+0.02) - Home Appliances and Audio-Visual Equipment: 103.09 to 103.03 (-0.06) - Clothing and Accessories: 103.81 to 103.68 (-0.13) - Steel: 95.99 to 95.95 (-0.04) [18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economic growth shows that the destocking of steel is slower than the seasonal norm, with production - side开工率普遍回升 and demand - side facing various situations such as slow steel destocking and uneven performance in different sectors. - Inflation is characterized by a weak rebound in pig prices at the bottom, along with different price trends in CPI and PPI components [1][2]. 3. Summary According to the Directory 3.1 Economic Growth: Steel Destocking Slower than Seasonal Norm 3.1.1 Production: General Increase in Operating Rates - **Power Plant Daily Consumption Seasonal Rebound**: On November 10, the average daily consumption of 6 major power - generating groups was 796,000 tons, up 4.3% from November 3. On November 6, the daily consumption of power plants in eight southern provinces was 1.879 million tons, up 4.1% from October 30, driven by winter heating and industrial electricity load recovery [4][12]. - **Blast Furnace Operating Rate Recovered to Pre - Restriction Level**: On November 7, the national blast furnace operating rate was 83.2%, up 1.4 percentage points from October 31, and the capacity utilization rate was 87.8%, down 0.8 percentage points. The blast furnace operating rate of Tangshan steel mills was 91.9%, up 23.5 percentage points from October 31. However, the subsequent maintenance and production - cut efforts may increase due to weak downstream markets [4][16]. - **Tire Operating Rate Moderately Rebounded**: On November 6, the operating rate of all - steel truck tires was 65.5%, up 0.1 percentage points from October 30, and that of semi - steel car tires was 73.7%, up 0.3 percentage points. The operating rate of looms in the Jiangsu and Zhejiang regions continued to be strong [4][19]. 3.1.2 Demand: Steel Destocking Slower than Seasonal Norm - **Improvement in New Home Sales in 30 Cities on a Month - on - Month Basis**: From November 1 - 11, the average daily sales area of commercial housing in 30 large and medium - sized cities was 197,000 square meters, up 65.7% from October, but down compared with the same periods in previous years. Sales in first - tier, second - tier, and third - tier cities all declined year - on - year [4][24]. - **Weak Start in the Automobile Retail Market**: In November, retail sales were down 19% year - on - year, and wholesale sales were down 22% year - on - year. The high base last year and tightened subsidy policies contributed to the low growth [4][28]. - **Weak Fluctuation in Steel Prices**: On November 11, compared with November 4, rebar, wire rod, hot - rolled coil, and cold - rolled prices changed by + 0.3%, + 1.4%, - 0.9%, and - 0.4% respectively. Steel destocking was slower than the seasonal norm, with the inventory of five major steel products at 1.075 million tons on November 7, down 2,100 tons from October 31 [4][33]. - **Regional Differentiation in Cement Prices**: On November 11, the national cement price index rose 0.1% from November 4. The prices in the East China and Yangtze River regions showed different trends. The year - on - year decline in cement prices widened [4][34]. - **Weak Decline in Glass Prices**: On November 11, the active glass futures contract price was 1,062 yuan/ton, down 3.7% from November 4. The year - on - year and month - on - month declines in glass prices were significant [4][39]. - **End of Four - Consecutive - Increase and Turn to Decline in Container Shipping Freight Index**: On November 7, the CCFI index rose 3.6% from October 31, while the SCFI index fell 3.6%. The container shipping market is in the traditional off - season, but there may be a replenishment wave in late November and December [4][41]. 3.2 Inflation: Weak Rebound in Pig Prices at the Bottom 3.2.1 CPI: Weak Rebound in Pig Prices at the Bottom - **Weak Rebound in Pig Prices at the Bottom**: On November 11, the average wholesale price of pork was 18.1 yuan/kg, up 0.5% from November 4. Although the supply pressure will be gradually released, the overall consumption environment is still weak [4][47]. - **Moderate Increase in Agricultural Product Price Index**: On November 11, the agricultural product wholesale price index rose 0.5% from November 4. Different agricultural products showed different price trends, with chicken having the highest increase [4][52]. 3.2.2 PPI: Oil Price Rebound after Decline - **Oil Price Rebound after Decline**: On November 11, the spot prices of Brent and WTI crude oil were $64.4 and $61.0 per barrel respectively, with Brent down 1.7% and WTI up 0.8% from November 4. Supply - side and demand - side factors jointly affect the oil price [4][55]. - **Moderate Increase in Copper and Aluminum Prices**: On November 11, the prices of LME 3 - month copper and aluminum rose 1.7% and 0.2% respectively from November 4. The domestic commodity index's month - on - month decline narrowed [4][59]. - **Mixed Month - on - Month Price Changes in Industrial Products**: Since November, industrial product prices have shown different trends, with some rising and some falling. Most of the year - on - year declines in industrial product prices have converged, except for cement and glass [4][61].

在14类商品月价格指数中，上涨的7类、持平的1类、下跌的6类。其中，上涨前2位的是：家用电器和音 像器材类、建筑装潢材料类；下跌前2位的是：陶瓷类、家具类。涨跌幅前2的情况如下： 一、家用电器和音像器材类月价格指数环比上涨 据临沂商城价格指数信息系统监测，本月临沂商城月价格总指数为102.01点，环比下跌0.02点，跌幅 0.02%；同比下跌2.00点，跌幅1.92%。 本月，陶瓷类月价格指数收于105.86点，环比下跌0.49点。二级分类中，陶瓷洁具类环比下跌2.29点， 建筑陶瓷类微涨0.06点，日用陶瓷类、工艺陶瓷类与上月持平。上游房地产市场不景气，建筑工程、家 装工程开工不足，新房装修换新减少，市场整体交易清淡，陶瓷洁具类价格震荡下行；建筑陶瓷中仅地 板瓷砖价格出现上涨，但市场旺季不旺，下游需求端疲软，销售仍以零售为主；日用陶瓷、工艺陶瓷需 求平稳，价格环比持平。 本月，家具类月价格指数收于88.21点，环比下跌0.39点。二级分类中，床及用品类、坐具类、柜类价格 环比分别下跌1.66点、0.35点、0.14点，桌类环比上涨0.49点，架类环比持平。10月家具市场迎来短暂旺 季，商场为迎国庆举办促销活 ...

Production Side - In October, the operating rates for full steel and semi-steel tires were 59.85% and 66.58%, respectively, showing a decline compared to the previous month[3] - The average operating rates for electric furnaces and rebar were 60.58% and 41.90%, both lower than the previous month[3] - The capacity utilization rates for coking, glass, cement clinker, and cold-rolled steel continued to improve, recorded at 79.99%, 78.61%, 59.46%, and 98.41% respectively[3] Demand Side - The average transaction area of commercial housing in 30 cities increased by 1.34% month-on-month but decreased by 24.49% year-on-year[4] - The average transaction area of land in 100 cities decreased by 20.55% month-on-month and 15.85% year-on-year[4] - The average daily sales of passenger cars were 65,118 units, a decrease of 22.89% compared to the previous month[4] Price Side - The wholesale price index for agricultural products increased by 1.79% month-on-month, with slight increases in vegetable and fruit prices[6] - The average price of gasoline and diesel saw year-on-year declines of 2.28% and 4.29% respectively[6] - The price of rebar decreased by 1.24% month-on-month, while the price of copper and aluminum increased by 4.05% and 0.60% respectively[6] Risks - Risks include domestic policy implementation falling short of expectations and overseas policies exceeding expectations[7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Economic growth shows a strengthening trend in the auto market retail at the end of the month, while production is restricted by environmental protection measures. The inflation situation features a bottom - oscillating pork price and an oscillatingly strong oil price [1][2][3]. Summary by Relevant Catalogs 1. Economic Growth: Strengthening Auto Market Retail at the End of the Month 1.1 Production: Environmental Protection Restricts开工 - **Production End: Slowing Decline in Power Plant Daily Consumption** - On November 4, the average daily consumption of 6 major power - generating groups was 75.7 tons, a 1.4% decrease from October 28. On October 30, the daily consumption of power plants in eight southern provinces was 180.5 tons, a 2.9% decrease from October 22. Although the consumption has slowed down, industrial electricity consumption has increased due to the positive impact of Sino - US negotiations on the black - series products [5][12]. - **Production End: Local Sharp Decline in Blast Furnace Operating Rate** - On October 31, the national blast furnace operating rate was 81.7%, a 3.0 - percentage - point decrease from October 24, and the capacity utilization rate was 88.6%, a 1.3 - percentage - point decrease. In Tangshan, the blast furnace operating rate of steel mills was 68.3%, a 25.1 - percentage - point decrease from October 24. The start - up rate has dropped significantly due to the start of heavy - pollution weather warnings in many places [15]. - **Production End: Moderate Decline in Tire Operating Rate** - On October 30, the operating rate of all - steel tires for trucks was 65.3%, a 0.2 - percentage - point decrease from October 23, and the operating rate of semi - steel tires for cars was 73.4%, a 0.3 - percentage - point increase. The operating rate of downstream looms in the Jiangsu and Zhejiang regions reached a new high for the year [17]. 1.2 Demand: Strengthening Auto Market Retail at the End of the Month - **Demand End: Improved Monthly - on - Monthly New Home Sales in 30 Cities** - From November 1 - 4, the average daily sales area of commercial housing in 30 large and medium - sized cities was 155,000 square meters, a 145.6% increase from October, but a 53.3% decrease from November last year. Sales in first - tier, second - tier, and third - tier cities decreased year - on - year [22]. - **Demand End: Strengthening Auto Market Retail at the End of the Month** - In October, retail sales increased by 6% year - on - year, and wholesale sales increased by 7% year - on - year. In the fifth week of October, retail and wholesale reached daily averages of 155,000 and 210,000 vehicles respectively, with significant year - on - year and month - on - month growth [26]. - **Demand End: Weak Steel Prices** - On November 4, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 1.2%, 0%, - 2.4%, and + 0.3% respectively compared to October 28. Since November, these varieties have shown different year - on - year and month - on - month changes. Steel inventories are seasonally decreasing [31]. - **Demand End: Oscillatingly Strong Cement Prices** - On November 4, the national cement price index increased by 0.1% compared to October 28, but prices in the East China and Yangtze River regions decreased. The year - on - year decline in cement prices has widened [32]. - **Demand End: Narrow - Range Oscillation of Glass Prices** - On November 4, the active glass futures contract price was 1,103 yuan/ton, a 0.5% decrease from October 28. Since November, glass prices have shown a month - on - month and year - on - year decline [37]. - **Demand End: Strong Increase in Container Shipping Freight Index** - On October 31, the CCFI index increased by 2.9% and the SCFI index increased by 10.5% compared to October 24. Since October, both indices have shown different year - on - year and month - on - month changes [39]. 2. Inflation: Bottom - Oscillating Pork Price 2.1 CPI: Bottom - Oscillating Pork Price - **Pork Price Bottom - Oscillating** - On November 4, the average wholesale price of pork was 18.0 yuan/kg, a 0.1% decrease from October 28. The supply has increased while the demand is weak, and the month - on - month decline has narrowed [45]. - **Slowing Growth Rate of Agricultural Product Price Index** - On November 4, the agricultural product wholesale price index increased by 0.9% compared to October 28. Different agricultural products showed different price changes. Since November, the index has shown year - on - year and month - on - month increases [51]. 2.2 PPI: Oscillatingly Strong Oil Price - **Oil Price Oscillatingly Strong** - On November 4, the spot prices of Brent and WTI crude oil were 65.5 and 60.6 dollars/barrel respectively, increasing by 1.6% and 0.7% compared to October 28. OPEC's decision to suspend production increase in the first quarter of next year supports the oil price [54]. - **Decline in Copper and Aluminum Prices** - On November 4, the prices of LME 3 - month copper and aluminum decreased by 2.9% and remained flat respectively compared to October 28. Since November, they have shown different year - on - year and month - on - month changes [58]. - **Most Industrial Product Prices Continue to Decline Month - on - Month** - Since November, industrial product prices have shown mixed changes. Most of the year - on - year declines have converged, but the year - on - year declines in cement and glass prices have widened [62].

Group 1: PMI Data Overview - In October, the manufacturing PMI was reported at 49.0%, down from 49.8% in September[1] - The non-manufacturing PMI slightly increased to 50.1, compared to the previous value of 50.0[1] Group 2: Manufacturing Sector Insights - The manufacturing PMI decline is attributed to intensified trade frictions, with both supply and demand indices showing significant drops[2] - The production index fell to 49.7% (-2.2 percentage points), while the new orders index decreased to 48.8% (-0.9 percentage points)[2] - New export orders index dropped to 45.9% (-1.9 percentage points), indicating weakened external demand[2] Group 3: Economic Stimulus and Construction Sector - A total of 500 billion yuan has been allocated to specific projects, contributing to an overall investment of approximately 7 trillion yuan, including both new and old infrastructure and high-end manufacturing[2] - The construction sector's business activity expectation index rose to 56.0%, the highest since January, reflecting improved expectations due to policy support[3] Group 4: Price Indices and Industry Performance - The main raw material purchase price index was at 52.5% (-0.7 percentage points), while the factory price index was at 47.5% (-0.7 percentage points), both showing a decline for two consecutive months[2] - The equipment manufacturing PMI was reported at 50.2% (-1.7 percentage points), and the consumer goods industry PMI at 50.1% (-0.5 percentage points), indicating a general downturn across major industries[2]

Core Insights - The manufacturing PMI for October 2025 is at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in the manufacturing sector [2] - External disturbances have led to a decline in manufacturing PMI, with new export orders and production indices showing significant drops, particularly in textiles, chemicals, and non-metallic mineral products [2][3] - The service sector remains stable, supported by holiday effects and promotional activities, while the construction sector shows signs of recovery due to government support for infrastructure projects [3] Manufacturing Sector - The manufacturing PMI has fallen below historical levels for this time of year, with external factors negatively impacting the external demand index [2] - New export orders and production indices have notably decreased, with specific industries like textiles and rubber products falling below critical thresholds [2][3] - The decline in the price index reflects external fluctuations, although some price support is noted from "anti-involution" measures [2] Non-Manufacturing Sector - The service sector's performance is buoyed by holiday spending and promotional events, with high activity in travel-related industries [3] - The construction sector's business activity index has slightly decreased, but government initiatives are expected to enhance support for infrastructure projects [3] - New orders and expectations in the construction sector are showing signs of recovery, indicating potential for improved economic conditions [3] Policy and Economic Outlook - Continuous macroeconomic policy support is essential, with a focus on managing expectations to stimulate domestic demand [3] - The "14th Five-Year Plan" emphasizes the need for an economy driven by domestic demand and consumption, aiming to create a positive cycle of expectation improvement leading to economic recovery [3]

Core Insights - The overall passenger car market price index for September 2025 shows a slight increase in transaction prices, while the sedan market continues to experience a decline in prices [4][5] - The SUV market has seen a price increase, contrasting with the declining trend in the sedan market [4][9] - The MPV market has shown a decrease in discount levels, indicating a potential shift in consumer purchasing behavior [8][12] Group 1: Overall Market Trends - The overall market price change index for September 2025 is -2.64, with an average transaction price of 154,400 yuan, reflecting a month-on-month increase of 1,131 yuan or 0.74% [4] - The sedan market price index is -6.91, with an average transaction price of 124,300 yuan, indicating a continuous decline [3][4] - The SUV market price index is 1.07, with an average transaction price of 174,000 yuan, showing a month-on-month increase of 4,118 yuan or 2.42% [9] Group 2: Discounts and Promotions - The overall market discount change index for September 2025 is -0.5, with an average discount of 27,000 yuan, which has increased by 428 yuan or 1.61% month-on-month [4] - The MPV market has seen a decrease in discount levels, with the discount index at 1.74 and an average discount of 25,100 yuan, down by 2,374 yuan or 8.65% [8] - The sedan market has experienced an increase in discounts, with a discount index of 0.25 and an average discount of 28,300 yuan, up by 1,071 yuan or 3.93% [6][9] Group 3: Segment Analysis - In the sedan market, the A00 segment has seen the largest price drop of 4.51%, while the B and C segments have shown slight increases [5] - The MPV market has shown a significant increase in sales share for models priced above 300,000 yuan, indicating a shift in consumer preferences [8] - The overall new energy vehicle market price index is -4.96, with an average transaction price of 154,900 yuan, reflecting a month-on-month decrease [9][10]