Core Insights - In September 2025, the national industrial producer price index decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month for two consecutive months [1] Group 1: Producer Prices - The producer prices in the oil and gas extraction industry fell by 8.6% year-on-year and decreased by 2% month-on-month [1] - The prices in the petroleum, coal, and other fuel processing industries dropped by 7.8% year-on-year and decreased by 0.8% month-on-month [1] - The chemical raw materials and chemical products manufacturing sector saw a year-on-year price decline of 5.2% and a month-on-month decrease of 0.4% [1] - The chemical fiber manufacturing prices decreased by 7.9% year-on-year and fell by 0.2% month-on-month [1] Group 2: Purchasing Prices - In September, the industrial producer purchasing prices decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points from the previous month, while showing a month-on-month increase of 0.1% [1] - The prices for chemical raw materials fell by 5.5% year-on-year and decreased by 0.4% month-on-month [1] Group 3: Year-to-Date Averages - From January to September, the average industrial producer prices decreased by 2.8% compared to the same period last year, while the industrial producer purchasing prices fell by 3.2% [1]

Group 1 - In September, Beijing's Consumer Price Index (CPI) turned from a decrease of 0.1% in the previous month to an increase of 0.1% [1] - The year-on-year decline in CPI narrowed to 0.6%, a reduction of 0.2 percentage points compared to the previous month [1] - Prices of fresh vegetables and fruits increased by 8.4% and 6.2% respectively, while prices for eggs and pork rose by 3.1% and 0.3% [1] Group 2 - The prices of industrial consumer goods increased by 0.2% month-on-month, reversing a previous decline [1] - Year-on-year, the prices of industrial producers decreased by 1.4%, while the purchase prices fell by 2.1% [2] - Notably, the price of gold jewelry surged by 43.1% year-on-year, indicating strong demand in that segment [1]

Group 1: Industrial Producer Price Changes - In September, the industrial producer price index showed a year-on-year decline of 2.3%, with a narrowing decrease of 0.6 percentage points compared to the previous month [3] - The prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in industrial producer prices [2] - The average industrial producer price from January to September decreased by 2.8% compared to the same period last year [3] Group 2: Price Changes by Category - In the category of industrial producer purchase prices, fuel and power prices fell by 8.1%, while chemical raw materials decreased by 5.5% [5] - The prices of food decreased by 1.7%, while durable consumer goods saw a significant decline of 3.9% [2][8] - The prices of non-ferrous metal materials and wires increased by 6.6%, indicating a contrasting trend within the industrial materials sector [5][8] Group 3: Month-on-Month Price Changes - In September, the industrial producer prices remained stable month-on-month, with production materials prices unchanged [6] - The prices of mining industries increased by 1.2%, while processing industry prices saw a slight decline of 0.1% [6] - The purchase prices for industrial producers showed a month-on-month increase of 0.1%, with notable increases in non-ferrous metal materials and fuel prices [6][8]

Core Insights - In September 2025, the national industrial producer's ex-factory prices decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [1] - The average industrial producer's ex-factory prices from January to September fell by 2.8% compared to the same period last year [1] Group 1: Year-on-Year Changes - In September, the prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in industrial producer's ex-factory prices [2] - The mining industry saw a price drop of 9.0%, while raw materials and processing industries experienced declines of 2.9% and 1.7%, respectively [2] - Prices for living materials decreased by 1.7%, impacting the overall price level by about 0.45 percentage points, with food prices down by 1.7% and durable goods prices down by 3.9% [2] Group 2: Month-on-Month Changes - In September, the prices of production materials remained stable, with mining prices increasing by 1.2% and processing prices decreasing by 0.1% [3] - Living material prices fell by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.4% [3] - Among the industrial producer's purchase prices, non-ferrous metal materials and wires increased by 1.2%, while fuel and power prices rose by 0.5% [3]

Core Viewpoint - The National Bureau of Statistics reported a year-on-year decline in industrial producer prices and purchase prices for September 2025, indicating a continued trend of decreasing prices in the industrial sector [1] Group 1: Industrial Producer Prices - In September 2025, the national industrial producer prices decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [1] - The average industrial producer prices from January to September 2025 showed a decline of 2.8% compared to the same period last year [1] Group 2: Industrial Purchase Prices - The industrial producer purchase prices fell by 3.1% year-on-year in September 2025, with the decline narrowing by 0.9 percentage points from the previous month [1] - The average purchase prices from January to September 2025 decreased by 3.2% compared to the same period last year [1] - In September, the month-on-month change in purchase prices showed a slight increase of 0.1% [1]

Core Insights - In September 2025, the national industrial producer price index (PPI) decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, while remaining stable month-on-month [1] - The average PPI from January to September 2025 showed a decline of 2.8% compared to the same period last year [1] Group 1: Year-on-Year Changes - The prices of production materials decreased by 2.4%, contributing approximately 1.81 percentage points to the overall decline in the PPI [3] - The mining industry saw a significant price drop of 9.0%, while raw materials and processing industries experienced declines of 2.9% and 1.7%, respectively [3] - Prices for living materials fell by 1.7%, impacting the overall PPI by about 0.45 percentage points, with food prices down by 1.7% and durable goods prices down by 3.9% [3] Group 2: Month-on-Month Changes - In September, the PPI for production materials remained stable, with mining prices increasing by 1.2% and processing prices decreasing by 0.1% [8] - Living material prices decreased by 0.2%, with food prices down by 0.1% and durable goods prices down by 0.4% [8] - In the industrial purchase price index, prices for non-ferrous metals and wires increased by 1.2%, while fuel and power prices rose by 0.5% [8]

Core Insights - In August, Beijing's Consumer Price Index (CPI) shifted from an increase to a decrease on a month-on-month basis, with a decline of 0.1% compared to a rise of 0.7% in July [1][2] - Year-on-year, Beijing's CPI fell by 0.8%, with the decline rate expanding by 0.6 percentage points compared to the previous month [2] Monthly Analysis - Food prices in August saw a shift from a decrease of 0.9% in July to an increase of 0.6% in August, with fresh vegetable prices rising by 12.6% and egg prices increasing by 1.5% [1] - Conversely, prices for fresh fruits, pork, and aquatic products decreased by 3.6%, 0.8%, and 0.6% respectively [1] - Air ticket prices and accommodation costs dropped by 12.3% and 4.2% respectively, while travel agency fees increased by 0.4% [1] - Industrial consumer goods prices shifted from a 0.9% increase in July to a 0.1% decrease in August, with gasoline and diesel prices falling by 0.9% and 1.0% respectively [1] Yearly Analysis - Year-on-year, food prices decreased by 6.2%, with significant declines in fresh vegetables (21.2%), pork (16.0%), eggs (11.1%), and fresh fruits (7.1%), while aquatic product prices increased by 2.3% [2] - Air ticket prices rose by 2.9%, but the growth rate slowed by 5.6 percentage points compared to the previous month, while accommodation prices fell by 12.9% [2] - Industrial consumer goods prices increased by 0.8% year-on-year, with large household appliances rising by 4.8% and gold jewelry prices surging by 37.8% [2] - Gasoline and diesel prices saw year-on-year declines of 7.3% and 7.9% respectively [2] Industrial Producer Prices - In August, the industrial producer's ex-factory prices in Beijing decreased by 1.9% year-on-year but increased by 0.5% month-on-month [2] - The industrial producer's purchase prices fell by 3.8% year-on-year, with a month-on-month increase of 0.4% [2]

Core Insights - In August 2025, the national industrial producer price index (PPI) decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month, and month-on-month prices remained stable after a 0.2% decline [1] Group 1: Year-on-Year Changes in Industrial Producer Prices - In August, the prices of production materials fell by 3.2%, contributing approximately 2.40 percentage points to the overall decline in the PPI. The mining industry saw a significant price drop of 11.5%, while raw materials and processing industries experienced declines of 4.1% and 2.2%, respectively [2] - Prices of living materials decreased by 1.7%, impacting the overall PPI by about 0.45 percentage points. Food prices fell by 1.7%, while clothing prices remained stable, and general daily goods prices increased by 0.4%. Durable consumer goods prices dropped by 3.7% [2] - In terms of purchase prices, fuel and power prices decreased by 9.7%, chemical raw materials by 6.2%, and both black metal materials and agricultural products by 5.6%. Prices for construction materials and non-metallic products fell by 4.7%, while textile raw materials decreased by 2.0%. Conversely, prices for non-ferrous metal materials and wires increased by 4.7% [2] Group 2: Month-on-Month Changes in Industrial Producer Prices - In August, production material prices increased by 0.1%, contributing approximately 0.08 percentage points to the overall PPI increase. The mining industry saw a 1.3% rise, while raw materials increased by 0.2%, and processing prices remained unchanged [3] - Living material prices decreased by 0.1%, impacting the overall PPI by about 0.03 percentage points. Food prices rose by 0.1%, clothing prices were stable, while general daily goods and durable consumer goods prices fell by 0.2% and 0.3%, respectively [3] - For purchase prices, construction materials and non-metallic products decreased by 1.4%, while chemical raw materials and agricultural products fell by 0.4%. Fuel and power prices increased by 0.7%, and black metal materials rose by 0.6%. Prices for non-ferrous metal materials, wires, and textile raw materials all saw a slight increase of 0.1% [3]

Economic Overview - In July, the national consumer price index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [1] - The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, with the growth rate expanding by 0.1 percentage points compared to the previous month [3] Price Changes by Category - Food and tobacco prices decreased by 0.8% year-on-year, while clothing prices increased by 1.7% [3] - Housing prices rose by 0.1%, and prices for daily necessities and services increased by 1.2% [3] - Transportation and communication prices fell by 3.1%, while education, culture, and entertainment prices rose by 0.9% [3] - Medical care prices increased by 0.5%, and other goods and services saw an increase of 8.0% [3] Specific Price Movements - Within the food and tobacco category, pork prices dropped by 9.5%, fresh vegetable prices decreased by 7.6%, and grain prices fell by 1.0% [3] - Fresh fruit prices, however, increased by 2.8% [3] Industrial Producer Prices - In July, the national industrial producer price index (PPI) decreased by 3.6% year-on-year and by 0.2% month-on-month [3] - The national industrial producer purchase price index fell by 4.5% year-on-year and by 0.3% month-on-month [3] - From January to July, the year-on-year decline in industrial producer prices was 2.9%, while the purchase prices decreased by 3.2% [3]

Group 1: Industrial Production - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month [1] - The manufacturing sector grew by 6.2%, with equipment manufacturing and high-tech manufacturing increasing by 8.4% and 9.3% respectively [1] - The profit of large-scale industrial enterprises from January to June was 34,365 billion yuan, a year-on-year decrease of 1.8% [1] Group 2: Service Industry - In July, the service production index increased by 5.8% year-on-year, with significant growth in information transmission, finance, and business services [2] - The business activity index for the service industry was at 50.0%, indicating stable activity levels [2] - From January to July, the service production index grew by 5.9% year-on-year [2] Group 3: Market Sales - In July, the total retail sales of consumer goods reached 38,780 billion yuan, a year-on-year increase of 3.7% [3] - Online retail sales amounted to 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online retail accounting for 24.9% of total retail sales [3] - The retail sales of household appliances and audio-visual equipment increased by 28.7% year-on-year [3] Group 4: Fixed Asset Investment - From January to July, fixed asset investment (excluding rural households) was 288,229 billion yuan, a year-on-year increase of 1.6% [4] - Manufacturing investment grew by 6.2%, while real estate development investment decreased by 12.0% [4] - High-tech industries such as aerospace and information services saw significant investment growth of 33.9% and 32.8% respectively [4] Group 5: Trade and Exports - In July, the total import and export value reached 39,102 billion yuan, a year-on-year increase of 6.7% [5] - Exports grew by 8.0% year-on-year, while imports increased by 4.8% [5] - Private enterprises accounted for 57.1% of total imports and exports, with a growth rate of 7.4% [5] Group 6: Employment - The urban surveyed unemployment rate in July was 5.2%, showing a seasonal increase [6] - The average working hours for employees in enterprises was 48.5 hours per week [6] - The unemployment rate for local registered labor was 5.3%, while for migrant labor it was 5.1% [6] Group 7: Consumer Prices - In July, the Consumer Price Index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [7] - Core CPI, excluding food and energy, rose by 0.8% year-on-year, indicating a slight increase in inflationary pressure [7] - The Producer Price Index (PPI) for industrial producers decreased by 3.6% year-on-year [7] Group 8: Overall Economic Outlook - The macroeconomic policies have shown effectiveness, maintaining a stable growth trend despite external challenges [8] - The focus remains on stabilizing employment, businesses, and market expectations while promoting domestic demand [8] - The government aims to implement policies thoroughly to ensure steady and healthy economic development [8]