Consumer Recovery - In November, the Consumer Price Index (CPI) decreased by 0.1% month-on-month but increased by 0.7% year-on-year, marking the highest growth since March 2024, indicating a continuous recovery in consumer spending [1][2] - The year-on-year increase in CPI was primarily driven by a shift in food prices from decline to growth, with food prices rising by 0.2% after a 2.9% drop in October [2][3] - Fresh vegetable prices saw a significant turnaround, increasing by 14.5% after a 7.3% decline in October, contributing approximately 0.49 percentage points to the CPI year-on-year [2][3] Core CPI and Industrial Prices - The core CPI, excluding food and energy, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [3] - Prices for services and industrial consumer goods, excluding energy, increased by 0.7% and 2.1%, respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI year-on-year [3] - The expansion of domestic demand policies has positively impacted prices, with household appliances and clothing prices rising by 4.9% and 2.0%, respectively [3] Producer Price Index (PPI) - The Producer Price Index (PPI) increased by 0.1% month-on-month in November, marking two consecutive months of growth, while the year-on-year decline was 2.2%, slightly widening from October [4][5] - The improvement in PPI is attributed to the optimization of supply and demand structures in certain domestic industries and the transmission of international commodity prices [4][5] Policy Impact and Market Dynamics - Continuous macroeconomic policies are showing positive effects, with a narrowing of price declines in key industries due to the ongoing governance of "involution" competition [5][6] - Emerging industries are driving price increases, with significant year-on-year price rises in sectors such as external storage devices (up 13.9%) and graphite products (up 3.8%) [5][6] - Consumer demand is being revitalized, leading to price increases in various manufacturing sectors, including a 20.6% rise in the price of arts and crafts products [6]

Core Insights - In November, the national consumer price index (CPI) rose by 0.7% year-on-year, marking the highest increase since March 2024, with a 0.5 percentage point increase from the previous month [1][2][4]. Price Changes - Food prices shifted from a 2.9% decline in the previous month to a 0.2% increase, contributing positively to the CPI [4]. - Fresh vegetable prices surged by 14.5%, marking the first increase after nine consecutive months of decline, significantly impacting the CPI [4]. - The prices of other major categories showed mixed results, with increases in other goods and services (14.2%), clothing (1.9%), and healthcare (1.6%), while transportation and communication prices fell by 2.3% [3][4]. Core CPI - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [4][6]. Producer Price Index (PPI) - The PPI rose by 0.1% month-on-month but fell by 2.2% year-on-year, with the decline attributed to high comparison bases from the previous year [6]. - The prices in key industries such as coal mining and photovoltaic equipment manufacturing showed narrowing declines, indicating improved market conditions [6]. Seasonal Demand Impact - Seasonal demand increases in certain industries, such as coal and gas, have led to price hikes in related sectors, with coal mining prices rising by 4.1% month-on-month [5][6]. - The demand for winter clothing and heating products has also contributed to price increases in textile manufacturing [5]. Consumer Spending - The ongoing consumer spending initiatives have positively influenced prices in various sectors, with notable increases in the manufacturing of arts and crafts (20.6%) and sports equipment (4.3%) [6].

新华财经广州12月10日电（记者孟盈如）12月9日至10日，以"绿色湾区智汇未来"为主题的2025明珠湾 气候投融资大会在广州南沙举行，数百位嘉宾在此共议绿色发展的机遇和路径。与会嘉宾认为，以"高 科技、高效能、低排放"为核心的新质生产力，已成为破解气候约束与经济增长双重命题的核心动能。 全球协同加持下，气候投融资和新质生产力正在实现双向赋能。 气候投融资"全球协同"性增强 当前全球正处于气候治理与经济绿色转型的关键交汇期，全球气候投融资需求不断扩大。 丝路基金副总经理李洪成介绍，应对气候变化、促进可持续投资是全球性议题，离不开广泛的国际合作 与协调，既需要各国政府不断完善宏观政策、制度框架和市场基础设施改善气候投融资环境，也需要市 场化机构积极参与各项倡议行动、创新投融资合作模式，为解决气候融资缺口提供更多支持。 气候投融资不应是简单的"花钱治污减碳"，而应是一场深刻的发展方式转型和生产力革命的投资。亚洲 开发银行（ADB）合规监察委员会前主席、中国环境科学学会绿色贸易与投资专委会荣誉主任委员唐 丁丁认为，气候投融资通过解决"钱从哪里来，投到哪里去"的核心问题，为绿色低碳转型扫清最大障 碍。"多种绿色低碳技 ...

对于气候投融资如何催生壮大新质生产力，唐丁丁给出三方面的建议： 一是通过风险投资、私募股权等气候投融资工具支持"从0到1"的突破；再通过项目融资、资产证券化等方式推动"从1到N"的产业化，支持大规模储能、高效 制氢、智能电网等技术的商业化应用，直接驱动前沿技术革命，塑造"高科技"生产力。 二是围绕"新三样"培育新兴产业集群，气候投融资助力形成全新的、完整的产业链和供应链。同时，为钢铁、化工、水泥等传统高耗能产业的节能改造、工 艺流程创新提供"转型金融"，推动其迈向高端化、智能化、绿色化，催生全新产业链条，构建"高效能"产业体系。 亚洲开发银行（ADB）合规监察委员会前主席、中国环境科学学会绿色贸易与投资专委会荣誉主任委员唐丁丁认为，气候投融资不应是简单的"花钱治污减 碳"，而是一场深刻的发展方式转型和生产力革命的投资。通过金融这一现代经济的核心，将"绿色低碳"这一约束性条件，转化为"新质生产力"这一发展新 动能，为中国经济在新世纪的全球竞争中抢占技术制高点和道义制高点提供至关重要的战略支点，确保中国的转型不仅是"绿色的"，更是"高质量的"和"具 有持续竞争力的"。 亚洲开发银行（ADB）合规监察委员会前主席、 ...

（文章来源：证券日报） 证券日报网12月10日讯中国天楹在12月10日回答调研者提问时表示，此前，国家发展改革委在新闻发布 会上宣布，将推出5000亿元的政策性金融工具，重点支持绿色低碳转型等具备战略意义的领域，以定向 资金支持推动产业升级与经济平稳健康发展。10月31日国家发展改革委正式披露，5000亿元资金已全部 精准投放至对应领域项目。其中，公司辽源、安达两大项目成功获得国家政策性金融工具2.8亿元资金 支持。这笔资金的注入，背后蕴含着远超资金本身的战略价值。这不仅是国家对项目技术可行性、环保 价值与行业引领性的权威背书，印证了项目在绿色低碳转型中的示范意义，更是对公司氢基能源一体化 布局与国家绿色贸易战略高度契合的直接肯定。这笔专项资金将定向用于辽源、安达项目的项目建设， 为项目按计划达产提供坚实保障，也为后续公司参与全球绿色燃料贸易筑牢产能根基。 ...

新华社北京12月10日电 题：CPI同比涨幅扩大 核心CPI继续上涨——透视11月物价数据 新华社记者王雨萧 国家统计局最新发布数据显示，11月份，全国居民消费价格指数（CPI）环比略降0.1%，同比上涨 0.7%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。 董莉娟分析，国内部分行业需求季节性增加带动价格上涨。各地"迎峰度冬"开始，煤炭、燃气需求季节 性增加，煤炭开采和洗选业价格环比上涨4.1%，煤炭加工价格上涨3.4%，燃气生产和供应业价格上涨 0.7%。入冬以来，防寒保暖产品进入消费旺季，毛织造加工价格上涨0.6%，羽绒制品加工价格上涨 0.2%。 "PPI同比下降2.2%，降幅比上月扩大0.1个百分点，主要受上年同期对比基数走高影响。"董莉娟说，随 着我国各项宏观政策不断显效，价格呈现积极变化。 综合整治"内卷式"竞争成效显现—— 重点行业产能治理持续推进，市场竞争秩序不断优化，煤炭开采和洗选业、光伏设备及元器件制造、锂 离子电池制造价格同比降幅均已连续多个月收窄；新能源车整车制造价格降幅比上月收窄0.6个百分 点。 新兴产业快速发展，带动相关行业价格同比上涨—— " ...

Core Insights - In November, consumer spending continued to recover, with the Consumer Price Index (CPI) slightly decreasing by 0.1% month-on-month but increasing by 0.7% year-on-year, marking the highest year-on-year increase since March 2024 [1][2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining above 1% for three consecutive months [2] CPI Analysis - The year-on-year increase in CPI was primarily driven by a shift in food prices from decline to increase, with food prices rising by 0.2% after a previous decline of 2.9% [2] - Fresh vegetable prices saw a significant turnaround, increasing by 14.5% after a 7.3% decline, contributing approximately 0.49 percentage points to the CPI year-on-year [2] - Energy prices decreased by 3.4%, with gasoline prices dropping by 7.5% [2] - Service prices experienced a seasonal decline of 0.4%, impacting the month-on-month CPI decrease [4] PPI Analysis - The Producer Price Index (PPI) increased by 0.1% month-on-month, marking two consecutive months of growth, while the year-on-year decline expanded to 2.2% [5][6] - Seasonal demand increases in certain domestic industries, such as coal and gas, contributed to the month-on-month price increases [5] - The international price trends for metals and oil led to a mixed impact on domestic prices, with some sectors experiencing price increases while others saw declines [6] - New industries, such as new materials and green technology, are driving price increases in related sectors, with specific categories like external storage devices seeing a year-on-year price increase of 13.9% [6][7]

（全国居民消费价格涨跌幅来源：国家统计局） 核心CPI涨幅连续三月保持1%以上 同比来看，11月份，CPI同比上涨0.7%。其中，城市上涨0.7%，农村上涨0.4%；食品价格上涨0.2%，非食品价格上涨0.8%；消 费品价格上涨0.6%，服务价格上涨0.7%。 1—11月平均，CPI与上年同期持平。 国家统计局数据显示，9月份，CPI同比下降0.3%；10月份，同比上涨0.2%。对比前两个月，CPI由降转涨后持续恢复，11月CPI 同比上涨0.7%，涨幅比上月扩大0.5个百分点。 21世纪经济报道记者冉黎黎北京报道12月10日，国家统计局发布的数据显示，2025年11月份，全国居民消费价格（CPI）同比上 涨0.7%，环比下降0.1%；全国工业生产者出厂价格（PPI）同比下降2.2%，环比上涨0.1%。值得注意的是，11月CPI同比上涨 0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高。PPI环比上涨0.1%，连续两个月上涨。 国家统计局城市司首席统计师董莉娟解读称，CPI同比涨幅扩大主要是食品价格由降转涨拉动。食品价格由上月下降2.9%转为上 涨0.2%，对CPI同比的影响由上月下拉0.5 ...

CPI同比上涨0.7%，涨幅比上月扩大0.5个百分点，为2024年3月份以来最高，同比涨幅扩大主要是食品 价格由降转涨拉动。食品价格由上月下降2.9%转为上涨0.2%，对CPI同比的影响由上月下拉0.54个百分 点转为上拉0.04个百分点。食品中，鲜菜价格由上月下降7.3%转为上涨14.5%，为连续下降9个月后首次 转涨，对CPI同比的上拉影响比上月增加约0.49个百分点；鲜果价格由上月下降2.0%转为上涨0.7%；牛 肉和羊肉价格分别上涨6.2%和3.7%，涨幅均有扩大；猪肉和禽肉类价格分别下降15.0%和0.6%，降幅均 有收窄。能源价格下降3.4%，降幅比上月扩大1.0个百分点，其中汽油价格降幅扩大至7.5%。扣除食品 和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。服务和扣除能源的工业消费品价 格分别上涨0.7%和2.1%，分别影响CPI同比上涨约0.29个百分点和0.53个百分点。其中扩内需政策措施 继续显效，家用器具和服装价格分别上涨4.9%和2.0%，飞机票、家政服务和在外餐饮价格分别上涨 7.0%、2.4%和1.2%。金饰品价格涨幅扩大至58.4%。另外，燃油小汽车和新能 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of energy transformation and upgrading for achieving high-quality development in China, with smart energy playing a crucial role in enhancing energy efficiency and optimizing energy structure [1][2]. Group 1: Development of New Energy - The plan highlights the need for a diversified approach to energy development, including wind, solar, hydro, and nuclear energy, to ensure high-quality development of clean energy [3]. - Smart energy systems will be utilized to achieve multi-energy complementarity, enhancing the stability and reliability of energy supply [3]. Group 2: Green and Low-Carbon Energy Consumption - The plan calls for accelerating the electrification of end-use energy, particularly in industrial, building, and transportation sectors, to promote green and low-carbon energy consumption [9]. - The development of smart energy solutions will facilitate the formation of green production and lifestyle habits, such as smart homes, green buildings, and electric vehicles [10]. Group 3: Digitalization and Intelligent Upgrade of Energy Systems - The application of big data and artificial intelligence in the energy sector is expected to improve operational efficiency and reliability through data collection and analysis [11]. - Investments will be increased in the digitalization and intelligent upgrade of energy systems during the "14th Five-Year Plan" period [11]. Group 4: Reform and Innovation in Energy Markets - The plan aims to improve energy market mechanisms, including electricity and carbon trading markets, to optimize resource allocation and enhance market vitality [16]. - Emphasis is placed on promoting energy technology innovation and industrial upgrades, with increased investment in research and development to support breakthroughs in energy technology [18]. Group 5: Overall Direction for Smart Energy Development - The "14th Five-Year Plan" outlines key development directions for smart energy, including large-scale development and efficient utilization of new energy, green low-carbon transformation of energy consumption, digitalization and intelligent upgrades of energy systems, and reform and innovation in energy markets [20]. - The plan encourages international cooperation to address global energy challenges and improve the global energy governance system [20].