Group 1 - The consumer price index (CPI) in August showed a year-on-year decline of 0.4%, primarily due to a high comparison base from the previous year and lower seasonal food price increases [1] - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1] - The producer price index (PPI) remained flat month-on-month, with a year-on-year decline of 2.9%, but the rate of decline narrowed by 0.7 percentage points compared to the previous month [1] Group 2 - In August, pork prices in Beijing's Xinfadi wholesale market averaged 16.87 yuan per kilogram, a decrease of 7.1% from July and 31.37% from the same period last year [3] - The decline in pork prices is attributed to a slight oversupply of live pigs and increased market supply, reaching a five-year high in daily average listings [3] - Seasonal fruits also experienced price declines due to an overlap in supply from summer fruits and new harvests of apples and pears [8] Group 3 - Industry experts predict that pork prices will stabilize in September due to factors such as school stocking and cooler weather, with prices expected to rise by only 1%-3% compared to August [5]

Group 1 - The overall consumption market in August remained stable, with the Consumer Price Index (CPI) unchanged month-on-month and a year-on-year decrease of 0.4% [1] - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1] - The Producer Price Index (PPI) month-on-month changed from a decline of 0.2% in the previous month to being flat [1] Group 2 - The year-on-year decline in CPI was attributed to a high comparison base from the previous year and lower-than-seasonal food price increases this month [1] - Food prices rose by 0.5% month-on-month in August, which was 1.1 percentage points lower than the seasonal level [1] - The PPI ended an eight-month downward trend, with improvements in supply-demand relationships leading to price increases in some energy and raw material sectors [1] - The year-on-year PPI decreased by 2.9%, but the decline narrowed by 0.7 percentage points compared to the previous month, marking the first narrowing since March of this year [1]

Group 1 - The consumer market in China remained generally stable in August, with the Consumer Price Index (CPI) unchanged month-on-month and a year-on-year decline [1] - The core CPI, excluding food and energy prices, saw a year-on-year increase of 0.9%, marking the fourth consecutive month of expansion in its growth rate [1] - Prices for industrial consumer goods, excluding energy, rose by 1.5% year-on-year, with an increase of 0.3 percentage points compared to the previous month [1] Group 2 - Key categories such as grain, pork, and eggs showed overall sufficient supply, with prices decreasing by 1%, 16%, and 14% year-on-year, respectively [1] - Prices for beef and aquatic products increased, with year-on-year growth rates of 4% and 2% [1] - In the household goods and services sector, appliance consumption grew rapidly, with home appliance prices rising by 5% year-on-year [1] Group 3 - The Producer Price Index (PPI) for industrial producers remained unchanged month-on-month in August, ending an eight-month downward trend [2] - The year-on-year decline in PPI narrowed by 0.7 percentage points compared to the previous month, marking the first contraction since March of this year [2]

Group 1 - The overall consumer market in August remained stable, with the Consumer Price Index (CPI) unchanged month-on-month and down 0.4% year-on-year [1] - The core CPI, excluding food and energy prices, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1] - The Producer Price Index (PPI) month-on-month shifted from a decline of 0.2% in the previous month to being flat [1] Group 2 - The year-on-year decline in CPI was attributed to a high comparison base from the previous year and lower-than-seasonal food price increases this month [1] - Food prices rose by 0.5% month-on-month in August, which was 1.1 percentage points lower than the seasonal average [1] - The PPI ended an eight-month downward trend, with improvements in supply-demand relationships causing some energy and raw material prices to rise month-on-month [1] - Year-on-year, the PPI decreased by 2.9%, but the decline narrowed by 0.7 percentage points compared to the previous month, marking the first narrowing since March of this year [1]

记者从国家统计局获悉：8月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比持平，同比 下降0.4%；随着扩内需促消费政策持续显效，扣除食品和能源价格的核心CPI同比上涨0.9%，涨幅连续 第四个月扩大；工业生产者出厂价格指数（PPI）环比由上月下降0.2%转为持平。 国家统计局城市司首席统计师董莉娟分析，CPI同比由平转降，主要是上年同期对比基数走高叠加本月 食品价格涨幅低于季节性水平所致。分类别看，主要是食品价格较低。8月食品价格环比上涨0.5%，涨 幅低于季节性水平约1.1个百分点。 PPI环比结束连续8个月下行态势。本月PPI环比变动的主要特点：一是供需关系改善影响部分能源和原 材料行业价格环比由降转涨，二是输入性因素影响国内石油和部分有色金属行业价格环比回落。PPI同 比下降2.9%，降幅比上月收窄0.7个百分点，为今年3月份以来首次收窄。 （文章来源：人民日报） ...

Group 1 - The Consumer Price Index (CPI) remained flat month-on-month in August, with a year-on-year decrease of 0.4%, while the core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth [1][3] - The rise in core CPI is attributed to effective policies aimed at boosting domestic demand and consumption, with industrial consumer goods prices excluding energy also showing an increase [1][3] - The decline in overall CPI year-on-year is primarily due to a high comparison base from the previous year and lower-than-seasonal food price increases, with food prices dropping by 4.3% year-on-year [3][4] Group 2 - The Producer Price Index (PPI) showed a narrowing year-on-year decline, ending an eight-month downward trend, indicating improved supply-demand relationships in certain industries [4][5] - Specific industries, such as coal processing and photovoltaic equipment manufacturing, experienced a reduction in price declines, reflecting better market conditions [7][8] - Emerging industries and technological innovations are contributing to positive price changes, with certain sectors like integrated circuit packaging and testing seeing price increases [8]

Core Insights - The Consumer Price Index (CPI) in August decreased by 0.4% year-on-year and remained flat month-on-month, while the Producer Price Index (PPI) fell by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month [1][6] - The data aligns with market expectations, and attention should be paid to the impact of seasonal consumption, special bond fund implementation, and overseas oil price fluctuations in September and October [1][7] CPI Analysis - The overall consumer market remained stable in August, with the core CPI (excluding food and energy) rising by 0.9% year-on-year, marking the fourth consecutive month of growth [3] - Food prices dropped significantly, with pork, fresh vegetables, and eggs decreasing by 16.1%, 15.2%, and 14.2% year-on-year, respectively, contributing to a downward pressure on the CPI [4] - The core CPI's increase was influenced by rising prices of gold and platinum jewelry, which rose by 36.7% and 29.8% year-on-year, respectively [3] PPI Analysis - The PPI ended an eight-month downward trend, stabilizing month-on-month after a 0.2% decline in the previous month [5][6] - Improvements in supply-demand relationships led to price increases in certain energy and raw material sectors, such as coal processing and black metal smelting [5] - The PPI's year-on-year decline of 2.9% is the first narrowing since March, attributed to a lower comparison base from the previous year and the implementation of proactive macro policies [6] Future Outlook - Analysts suggest that the PPI may enter a recovery phase starting in August due to favorable low base conditions from the previous year [6] - The ongoing optimization of market competition and the rise of new consumption demands are expected to support price improvements in various sectors [6] - The low inflation environment continues to provide room for monetary easing, which may help marginally restore corporate profit expectations [7]

免责声明 锰硅硅铁产业日报 2025/9/10 本报告中的信息均来源于公开可获得资料 ，瑞达期货股份有限公司力求准确可靠 ，但对这些信息的准确性及完整性不做任何保证 ，据此投资，责 本报告不构成个人投资建议 客户应考虑本报告中的任何意见或建议是否符合其特定状况 本报告版权仅为我公司所有 任何机构和个人不得以任何形式翻版 究瑞达期货股份有限公司研究院 告进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,854.00 | +16.00↑ | SF主力合约收盘价（日，元/吨） | 5,628.00 | +8.00↑ | | | SM期货合约持仓量（日，手） | 575,233.00 | +2202.00↑ | SF期货合约持仓量（日，手） | 421,689.00 | -10924.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -75,843.00 | -7703.00↓ | 硅铁前20名净 ...

具体来看，8月CPI同比下降0.4%，扣除食品和能源价格的核心CPI同比上涨0.9%，涨幅连续第四个月扩大。工业生产者出 厂价格指数（PPI）环比由上月下降0.2%转为持平；同比下降2.9%，降幅比上月收窄0.7个百分点。 接受券商中国记者采访的市场人士认为，核心CPI涨幅连续扩大释放物价运行积极信号，但CPI较长时间在0值附近运行， 后续物价表现改善还需要持续提振居民消费需求。 食品价格等拖累CPI同比、环比表现 8月份，CPI同比下降0.4%。其中，食品价格下降4.3%，非食品价格上涨0.5%。1—8月平均，CPI比上年同期下降0.1%。 对于CPI同比由平转降，国家统计局城市司首席统计师董莉娟分析，这主要是上年同期对比基数走高叠加当月食品价格涨 幅低于季节性水平所致。 最新数据显示，8月份受基数走高影响和食品价格拖累，居民消费价格指数（CPI）走弱，但与工业品价格相关指标改 善，表明国内市场竞争秩序持续优化，部分行业供需关系改善。 光大证券研究所分析师刘星辰表示，从结构来看，扣除能源的工业消费品价格上涨主要受三方面因素带动。一是，受黄 金价格上涨带动金饰品和铂金饰品价格涨幅扩大；二是，7月以来，整治低价 ...

Group 1: CPI Analysis - In August, the Consumer Price Index (CPI) is expected to show a month-on-month increase of 0.3% but a year-on-year decrease of 0.1% [1] - Food prices are under dual constraints from weak downstream Producer Price Index (PPI) and overall market demand, leading to a projected year-on-year decline in CPI of 0.4% [1] - Wholesale agricultural product prices increased by 1.9% month-on-month in August, with vegetable prices rising by 8.0% due to adverse weather conditions [1] Group 2: PPI Analysis - The Producer Price Index (PPI) is expected to remain flat month-on-month in August, with a year-on-year decline narrowing to approximately -2.9% [2] - The recovery in commodity prices, along with a low base effect, may support a slight rebound in PPI, with significant increases in the prices of steel and coal observed [3] - However, the decline in international oil prices and low capacity utilization in midstream and downstream sectors may limit the extent of PPI recovery [3]