加拿大央行行长麦克勒姆称，核心CPI上升可能反映了与关税相关的成本增加。 ...

加拿大央行行长麦克勒姆：核心CPI上升可能反映了与关税相关的成本增加。 ...

金十数据6月17日讯，法兴银行预计日本央行6月可能会保持利率不变，且在近期超长期日本国债遭遇抛 售之际，日本央行将从明年4月开始放慢量化紧缩的步伐。日本的核心CPl可能在非新鲜食品和服务价格 上涨的推动下加速增长。 法兴银行：日本央行将按兵不动 并将从明年4月开始放慢量化紧缩步伐 ...

Group 1 - The core viewpoint is that despite a slight decline in China's Consumer Price Index (CPI) in May, the economy is maintaining stable operation, and the effects of policies to boost consumption are becoming evident [1][2] - In May, China's CPI decreased by 0.1% year-on-year and 0.2% month-on-month, primarily influenced by international import factors and falling food prices [1] - Energy prices in the CPI fell by 6.1% year-on-year in May, with the decline expanding by 1.3 percentage points compared to the previous month, contributing approximately 0.47 percentage points to the overall CPI decline [1] Group 2 - The core CPI, which excludes food and energy prices, increased by 0.6% year-on-year in May, reflecting a gradual strengthening of domestic demand's impact on prices [2] - The policy of replacing old consumer goods with new ones has boosted the prices of related industrial consumer goods, with prices excluding energy rising by 0.6% year-on-year in May [2] - Prices for durable consumer goods, such as mobile phones and computers, increased by 1.8%, while service prices rose by 0.5% year-on-year, driven by holiday demand and expanding educational and cultural needs [2]

Economic Overview - In May, the Consumer Price Index (CPI) experienced a slight year-on-year decline of 0.1% and a month-on-month decrease of 0.2%, indicating stable economic performance despite the drop [1][2] - The decline in CPI was primarily influenced by international input factors and falling food prices, with energy prices being a significant contributor [1][2] Energy Prices - International energy prices decreased, leading to a reduction in domestic prices for gasoline and related consumer goods. The energy prices in the CPI fell by 1.7% month-on-month, contributing approximately 0.13 percentage points to the overall CPI decline [1] - Year-on-year, energy prices dropped by 6.1%, impacting the CPI by about 0.47 percentage points [1] Food Prices - The availability of fresh food items, such as vegetables and poultry, increased, resulting in a decline in food prices. Month-on-month, food prices fell by 0.2%, contributing around 0.04 percentage points to the CPI decrease [2] - Year-on-year, food prices decreased by 0.4%, with a more significant decline compared to the previous month [2] Core CPI and Industrial Prices - The core CPI, which excludes food and energy, rose by 0.6% year-on-year, reflecting a gradual strengthening of domestic demand [2][3] - Prices of industrial consumer goods, excluding energy, also increased by 0.6% year-on-year, with notable price rises in entertainment durable goods like mobile phones and computers, which saw a 1.8% increase [2] Service Prices - Service prices increased by 0.5% year-on-year, driven by holiday demand and a rise in educational and cultural services. Notable increases included airfare and tourism prices, which rose by 1.2% and 0.9%, respectively [3] - Prices for household and educational services also saw increases of 1.7% and 1.2% [3] Policy Implications - The current price situation requires a comprehensive perspective, recognizing the positive effects of policies aimed at expanding domestic demand and promoting reasonable price recovery [3] - Future strategies should focus on balancing domestic demand expansion with supply-side structural reforms to improve market price order and enhance supply-demand relationships [3]

Macro Strategy - The report discusses the shift in policy focus from "controlling high prices" to "controlling low prices" to boost core CPI, suggesting that service price subsidies could increase core CPI by approximately 0.3 percentage points, offsetting declines in housing service prices [1][10][11] - Core CPI has shown a significant rebound since September of the previous year, despite four months of negative growth driven mainly by food and energy prices [10][11] - The report emphasizes the limited upward potential for core goods and housing service prices, indicating that future policy should focus on enhancing prices of other services [10][11] Industry Insights - The report highlights the new phase of controllable nuclear fusion as a potential ultimate energy solution, driven by policy and capital support, with multiple devices under construction [5][16][17] - It identifies key suppliers in the nuclear fusion sector, including West Superconducting, Lianchuang Optoelectronics, and Aikesaibo, suggesting that the industry is moving from experimental to industrial stages with significant future potential [5][16][17] - The report also discusses the trend towards lightweight robots, emphasizing the increasing application of magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight in humanoid robots [18]

记者 王珍 中国央行在2025年第一季度货币政策执行报告中指出，价格调控思路上，要从以前的管高价转向管低价。如何做好"管低价"，分析人士认为，短 期内应保持消费品以旧换新政策的稳定性，同时着眼于提振服务消费，长期则要谋划"新供给侧改革"，提高居民最终消费支出在GDP中的比重。 物价与居民生活和企业生产经营密切相关，是各国宏观调控关注的重要变量。物价水平是多方面因素共同作用的结果，根本上由供求关系决定。 近年来，我国实体经济供强需弱的矛盾持续存在，主要价格指标低位运行，物价受关注度进一步上升。 受食品和能源价格拖累，居民消费价格指数（CPI） 同比增速连续四个月负增长，但剔除了食品和能源价格的核心CPI则自去年10月以来明显回 升。由于食品和能源价格易受天气、地缘政治等因素的影响，波动较大且具有短期性，因此，核心CPI更能反映经济整体的供需关系，也是提振 价格的关键所在。 分析人士指出，核心CPI可以拆分为核心商品、居住服务、其他服务三大类。去年10月以来核心CPI同比涨幅回升明显，很大程度上得益于消费品 以旧换新政策带动耐用消费品价格回升。 在以旧换新政策带动下，家用器具价格同比增速从2024年10月的-3. ...

Group 1: CPI Analysis - In May, the core CPI excluding food and energy prices increased by 0.6% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][3][4] - The overall CPI decreased by 0.1% year-on-year and fell by 0.2% month-on-month, with food and beverage prices contributing a 0.02 percentage point increase to the CPI [2][5] - The decline in energy prices, which fell by 6.1% year-on-year, was a significant factor in the overall CPI decrease, accounting for approximately 0.47 percentage points of the decline [2][6] Group 2: PPI Analysis - The PPI decreased by 3.3% year-on-year in May, with the decline rate widening by 0.6 percentage points compared to the previous month, while the month-on-month decline remained at 0.4% [5][6] - The decrease in PPI was influenced by international factors, including a drop in global oil prices, which affected domestic prices in related industries [6][7] - Certain sectors, such as high-end equipment manufacturing, saw price increases due to the growth of new consumption dynamics and policy effects, indicating a mixed performance across industries [6][7] Group 3: Consumer Behavior and Market Trends - The increase in core CPI is attributed to a recovery in consumer demand, driven by holiday consumption and previous consumption stimulus policies [3][4] - Prices for gold jewelry, home textiles, and durable consumer goods showed significant year-on-year increases of 40.1%, 1.9%, and 1.8% respectively, indicating positive changes in consumer spending [4][6] - The service sector also experienced a year-on-year price increase of 0.5%, with transportation rental fees, airfare, and tourism prices turning from decline to growth [4][6]

Group 1: CPI Trends and Influences - Since February 2025, CPI has experienced four consecutive months of negative growth, primarily driven by food and energy prices, while core CPI has shown a significant recovery since September 2024[1] - The average CPI year-on-year growth from February to May 2025 was -0.25%, with food contributing -0.24 percentage points and energy contributing -0.29 percentage points, while core CPI contributed +0.28 percentage points[1] - The CPI growth target was adjusted from 3% to 2% in March 2025, indicating a shift in policy focus from preventing high prices to preventing low prices[1] Group 2: Core CPI Components - Core CPI can be divided into three main components: core goods, housing services, and other services, with housing services being a significant drag on core CPI growth[1] - Housing services prices have averaged 0.07% since 2022, down from 1.74% from 2013 to 2022, contributing approximately 0.4 percentage points to the decline in core CPI growth[1] - Other services prices are closely linked to overall wage trends, with a potential for price increases driven by rising demand and improved corporate profits[1] Group 3: Policy Recommendations - To boost core CPI, service consumption subsidies are recommended, which could increase core CPI by approximately 0.3 percentage points, offsetting the negative impact from declining housing service prices[1] - The expected core CPI growth for the second half of 2025 is projected to reach around 1.0% before slightly declining, remaining within the 0.6%-1.0% range[1] - The core goods price is expected to rise initially before a slight decline, while housing service prices are anticipated to remain stable around zero[1]

各位朋友晚上好，我是帮主郑重。干了20年财经记者，现在更爱以中长线投资者的视角跟大家唠唠市场那些事儿。今儿个美股一开盘就挺热闹，高开的 背后啊，其实藏着俩关键信号——中美在日内瓦会谈的共识框架有了新进展，还有美国5月CPI数据悄悄给市场"递了个眼神"。 作为中长线投资者，我觉得这会儿更该看清楚大逻辑：中美关系往共识框架走，对市场情绪是个支撑；美国通胀压力虽有缓解，但内生动力还没完全消 退，美联储降息大概率是"慢撒气"不是"猛放水"。咱做投资啊，就像开车，得盯着前方路况，别被路边广告牌晃了眼。后续核心CPI怎么走，中美具体合 作咋落地，都是值得持续琢磨的关键点。 行，今儿就先唠到这儿。关注帮主郑重，咱下回接着拆解市场里的"明牌"和"暗牌"。 先说说这CPI。数据一出来，环比涨0.1%，比大伙儿预期的还低点儿，同比2.4%也算是温和。乍一听好像就是"通胀压力松了口气"，但细琢磨就有意思 了。你想啊，买菜买肉的价格没咋猛涨，可核心CPI（剔除食品能源的）同比还在2.8%晃悠，说明服务啊、非必需品这些价格还挺"坚挺"。华尔街那帮分 析师说得挺明白，高关税这事儿正慢慢往商品价格上传导呢，摩根士丹利和高盛都押注6月核心C ...