Group 1 - The core viewpoint of the articles indicates that the effects of domestic demand expansion policies are becoming evident, with the Consumer Price Index (CPI) showing a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1% [1] - The core CPI, excluding food and energy prices, has increased by 0.8% year-on-year, marking the highest growth since March 2024, and the growth rate has expanded for three consecutive months [1] - The Producer Price Index (PPI) has decreased by 0.2% month-on-month in July, with a year-on-year decline of 3.6%, indicating a narrowing of the month-on-month decline by 0.2 percentage points [1] Group 2 - The CPI year-on-year remained flat, primarily due to lower food prices, which decreased by 1.6% year-on-year, influenced by a high price base from the previous year [2] - Non-food prices have increased by 0.3% year-on-year, with the growth rate expanding by 0.2 percentage points compared to the previous month [2]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The inflation data in July showed that CPI was weakly recovering, while PPI was oscillating at the bottom. The positive changes in price operation were mainly due to the continuous manifestation of the effects of policies to expand domestic demand. In the future, prices may continue to rise moderately at a low level [1][2][3]. - In the short - term, the bond market may maintain a pattern of "oscillation + recovery". The overall stable macro - policy, fundamental logic, loose orientation of monetary policy, and reasonable and sufficient liquidity still support the bond market, but attention should be paid to the possible disturbances of changes in the stock and commodity markets to the bond market sentiment [3]. 3. Summary by Relevant Catalogs 3.1 7 - month Inflation Data: CPI Weakly Recovering, PPI Oscillating at the Bottom - In July, CPI was flat year - on - year (previous value was 0.1%), with a month - on - month increase of 0.4% (previous value was - 0.1%); PPI was - 3.6% year - on - year (unchanged from the previous value), and - 0.2% month - on - month (with the decline narrowing by 0.2 percentage points compared to the previous value) [1]. - The data in July confirmed "inflation at the bottom and structural differentiation". On one hand, policies to expand domestic demand promoted the recovery of service consumption and industrial consumer goods prices, and the increase in core CPI confirmed the marginal repair of internal driving force. On the other hand, seasonal factors and uncertainties in the international trade environment affected the price decline of some industries, and PPI was still oscillating at the bottom year - on - year [2]. - The rise in bulk prices in July deviated from the weak PPI. The reasons were that the price increase in the upstream could not be effectively transmitted to the downstream, and the insufficient terminal demand weakened the price transmission power. If there was no obvious repair of demand, the pulling effect of upstream price increases on PPI would be limited [3]. 3.2 CPI: Month - on - Month Change from Decline to Increase, Core CPI Reached a New High in the Year - In July, CPI was flat year - on - year, and the month - on - month change turned from decline to an increase of 0.4%, stronger than the seasonal level, mainly supported by service and industrial consumer goods prices. Core CPI increased by 0.8% year - on - year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [9]. - Service prices increased by 0.6% month - on - month, contributing about 0.26 percentage points to the month - on - month increase of CPI. Affected by the peak summer travel season, prices of air tickets, tourism, hotel accommodation, and vehicle rental increased by 17.9%, 9.1%, 6.9%, and 4.4% respectively month - on - month [10]. - Industrial consumer goods prices increased by 0.5% month - on - month, with the increase expanding by 0.4 percentage points compared to the previous month, contributing about 0.17 percentage points to the month - on - month increase of CPI. Energy prices increased by 1.6% month - on - month, and industrial consumer goods prices excluding energy increased by 0.2% [11]. - Core CPI increased by 0.8% year - on - year, reaching a high point since March 2024, mainly due to the increase in the prices of gold and platinum jewelry. The year - on - year decline in automobile prices converged. Food prices decreased year - on - year, becoming the main drag on CPI [11]. 3.3 PPI: Month - on - Month Decline Narrowed, Year - on - Year Continued to Bottom - In July, PPI was - 3.6% year - on - year, remaining the same as the previous month, showing signs of bottoming out, indicating weak demand in the industrial sector. The month - on - month decline was 0.2%, with the decline narrowing by 0.2 percentage points compared to the previous month, the first narrowing of the month - on - month decline since March [18]. - The drag on the month - on - month PPI was mainly affected by seasonal disturbances and trade uncertainties. Eight industries in total affected the month - on - month decline of PPI by about 0.24 percentage points. Seasonal factors affected the PPI of some industries, and uncertainties in the international trade environment put pressure on the prices of export - related industries [19][20]. - Positive factors were that the effects of capacity governance and "anti - involution" policies were gradually emerging, and the month - on - month decline in the prices of coal, steel, photovoltaic, and lithium batteries narrowed, weakening the downward pull on PPI [20].

Group 1: Consumer Price Index (CPI) Insights - In July, the national Consumer Price Index (CPI) remained flat year-on-year and increased by 0.4% month-on-month, with an average decline of 0.1% from January to July compared to the previous year [1] - The decline in food prices significantly impacted the CPI, with food prices dropping by 1.6% year-on-year, contributing approximately 0.29 percentage points to the CPI's year-on-year decline [5][6] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking the highest level since March 2024, indicating a gradual improvement in market supply and demand relationships [6][10] Group 2: Producer Price Index (PPI) Insights - In July, the Producer Price Index (PPI) decreased by 0.2% month-on-month, with the decline narrowing for the first time since March, while the year-on-year decline remained at 3.6% [8][9] - The PPI's year-on-year decline has ended a four-month trend of increasing declines, with some industries showing price recovery due to improved supply-demand relationships [9][12] - The "anti-involution" policy is expected to support a rebound in industrial product prices, particularly in August, although overall PPI month-on-month growth is anticipated to be around 0.0% [12][13] Group 3: Economic Policies and Market Trends - The ongoing effects of demand expansion policies are leading to positive changes in consumer prices, with service prices rising by 0.6% month-on-month, contributing significantly to the CPI increase [6][10] - The "anti-involution" policy is projected to reshape industry supply-demand structures, particularly in overcapacity sectors, potentially leading to a more reasonable price recovery [13] - The overall economic environment remains uncertain, with external trade conditions and domestic demand pressures influencing price trends [11][12]

Group 1: Consumer Price Index (CPI) Insights - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a previous decline, while year-on-year it remained flat [2][6] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking the highest increase since March 2024 and continuing a trend of expansion for three consecutive months [2][6] - The rise in CPI was primarily driven by increases in service and industrial consumer goods prices, with notable price hikes in airfares, tourism, hotel accommodations, and vehicle rentals [2][4] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) decreased by 0.2% month-on-month, with the decline narrowing by 0.2 percentage points compared to the previous month, while year-on-year it fell by 3.6% [6][8] - The construction of a unified national market is improving market competition in industries such as coal, steel, photovoltaic, cement, and lithium batteries, leading to positive price changes in these sectors [6][8] Group 3: Agricultural Products Price Trends - In July, the wholesale price of pork increased by 1.3% month-on-month, influenced by tight supply due to low market release from farmers, although prices later stabilized as supply improved [8][10] - The average wholesale price of pork in Beijing was reported at 18.16 yuan per kilogram, reflecting a month-on-month increase of 4.37% but a year-on-year decrease of 20.18% [12] - The wholesale price of eggs decreased by 1.8% month-on-month and 25% year-on-year, attributed to increased supply and weak demand, although prices are expected to rise due to seasonal demand factors [15][17]

7月份，CPI同比持平，主要受食品价格较低影响，其中鲜菜价格同比降幅比上月有所扩大，鲜果价格同比涨幅比上月回落，是带 动CPI同比由涨转平的主要原因。扣除食品和能源价格的核心CPI同比上涨0.8%，涨幅继续比上月扩大0.1个百分点，为2024年3月以来 最高。 从服务价格看，7月份，服务价格环比由上月持平转为上涨0.6%，占CPI总涨幅六成多。受暑期出游旺季影响，飞机票、旅游和宾 馆住宿价格环比分别上涨17.9%、9.1%和6.9%，涨幅均高于季节性水平。 央视网消息：国家统计局8月9日发布数据显示，7月份，随着扩内需政策效应持续显现，我国消费领域价格继续呈现积极变化。 居民消费价格指数CPI环比由上月下降转为上涨，同比持平。 7月份，居民消费价格指数（CPI）环比由上月下降转为上涨0.4%，涨幅高于季节性水平0.1个百分点，消费领域价格继续呈现积 极变化。 从消费品价格看，7月份，工业消费品价格环比上涨0.5%，涨幅比上月扩大0.4个百分点。提振消费政策带动需求持续回暖，燃油 小汽车和新能源小汽车环比价格由连续5个月以上的下降转为持平。 专家表示，以旧换新等促消费政策效应持续显现，新能源汽车、家电等重点商品 ...

Group 1 - The core viewpoint is that the effects of domestic demand expansion policies are becoming increasingly evident, with the Consumer Price Index (CPI) showing a month-on-month increase of 0.4% in July, reversing a previous decline of 0.1% [1][2] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year in July, marking the highest increase since March 2024, and the growth rate has expanded for three consecutive months [5][6] - The increase in CPI is primarily driven by rising prices in the service sector and industrial consumer goods, with service prices up 0.6% month-on-month, contributing approximately 0.26 percentage points to the CPI increase [4][5] Group 2 - The Producer Price Index (PPI) decreased by 0.2% month-on-month in July, but the decline has narrowed by 0.2 percentage points compared to the previous month, marking the first contraction in the rate of decline since March [6][8] - Seasonal factors and uncertainties in the international trade environment have led to price declines in certain industries, while domestic market competition continues to improve, resulting in a reduced downward impact on PPI [8][9] - Year-on-year, the PPI fell by 3.6% in July, with the decline remaining consistent with the previous month, indicating some improvement in supply-demand relationships in certain sectors due to ongoing macroeconomic policies [8][9]

国家统计局城市司首席统计师董莉娟分析，CPI同比持平，主要受食品价格较低影响。其中，鲜菜 价格同比下降7.6%，降幅比上月扩大7.2个百分点，鲜果价格同比上涨2.8%，涨幅比上月回落3.3个百分 点，二者对CPI同比的下拉影响合计比上月增加约0.21个百分点，是带动CPI同比由涨转平的主因。 环比上涨主要受服务和工业消费品价格上涨带动。服务价格环比上涨0.6%，影响CPI环比上涨约 0.26个百分点，占CPI总涨幅六成多。工业消费品价格环比上涨0.5%，涨幅比上月扩大0.4个百分点，影 响CPI环比上涨约0.17个百分点。 新华社北京8月9日电（记者王雨萧）国家统计局9日发布数据显示，7月份，扩内需政策效应持续显 现，全国居民消费价格指数（CPI）同比持平，环比由上月下降0.1%转为上涨0.4%，扣除食品和能源价 格的核心CPI同比上涨0.8%，涨幅连续3个月扩大。 统计数据显示，7月份，食品价格同比下降1.6%，非食品价格同比上涨0.3%；消费品价格同比下降 0.4%，服务价格同比上涨0.5%。1至7月平均，CPI比上年同期下降0.1%。 ...

2025.08.09 多，一方面建筑项目施工进度放缓影响建材需求；另一方面部分地区河流水量充沛，水力发电对火力发 电的补充替代作用明显增强，电煤需求减少，电价下降。受此影响，非金属矿物制品业价格环比下降 1.4%，黑色金属冶炼和压延加工业价格下降0.3%；煤炭开采和洗选业价格下降1.5%，电力热力生产和 供应业价格下降0.9%。国际贸易环境不确定性影响下，计算机通信和其他电子设备制造业价格下降 0.4%，汽车制造业价格下降0.3%，电气机械和器材制造业价格下降0.2%，通用设备制造业价格下降 0.2%。上述8个行业合计影响PPI环比下降约0.24个百分点。二是国内市场竞争秩序持续优化带动相关行 业价格降幅收窄。全国统一大市场建设纵深推进，煤炭、钢材、光伏、水泥和锂电等行业市场竞争秩序 持续优化，煤炭开采和洗选业、黑色金属冶炼和压延加工业、光伏设备及元器件制造、水泥制造、锂离 子电池制造价格环比降幅比上月分别收窄1.9个、1.5个、0.8个、0.3个和0.1个百分点，合计对PPI环比的 下拉影响比上月减少0.14个百分点。此外，国际输入性因素拉动国内石油和有色金属相关行业价格上 行，石油和天然气开采业价格上涨3 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.4% month-on-month in July, higher than the seasonal level by 0.1 percentage points, driven by rising prices in services and industrial consumer goods [2] - Service prices rose by 0.6%, contributing approximately 0.26 percentage points to the CPI increase, with significant price hikes in air tickets (17.9%), tourism (9.1%), hotel accommodation (6.9%), and vehicle rentals (4.4%) [2] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with jewelry prices significantly impacting the CPI [2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.2% month-on-month, but the decline was narrower than the previous month, marking the first month-on-month narrowing since March [4] - Seasonal factors and uncertainties in international trade affected prices in several industries, with notable declines in non-metallic mineral products (1.4%) and coal mining (1.5%) [4] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recovery due to improved supply-demand relationships and ongoing macroeconomic policies [5]

Group 1 - The core viewpoint of the article highlights the ongoing effects of domestic demand expansion policies, leading to a rise in the Consumer Price Index (CPI) and a narrowing decline in the Producer Price Index (PPI [3][4][6] - In July, the CPI increased by 0.4% month-on-month, driven by rising prices in services and industrial consumer goods, with service prices up 0.6% and industrial consumer goods prices up 0.5% [4][5] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, with significant contributions from jewelry prices [4][5] Group 2 - The PPI decreased by 0.2% month-on-month, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6][7] - Seasonal factors and uncertainties in the international trade environment contributed to price declines in certain industries, such as construction materials and electricity generation [6][7] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price increases due to improved supply-demand relationships and ongoing macroeconomic policies [8]