智通财经APP获悉，11月9日，国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据， 10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数环比上涨0.2%， 同比上涨0.2%，扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大。受国内部分行 业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数环比由上月持平转为上 涨0.1%，为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 CPI同比由上月下降0.3%转为上涨0.2%。其中，食品和能源价格仍处低位，但降幅均有收窄。食品价 格下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54个百分点。食品中，猪肉、鸡蛋和 鲜菜价格降幅在7.3%—16.0%之间，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间， 涨幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。扣除 食品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大，为2024年3月以来最高。服务价格自 3月份 ...

2025 年 10 月份 CPI 由降转涨 PPI 降幅收窄 ——国家统计局城市司首席统计师董莉娟解读 2025 年 10 月份 CPI 和 PPI 数据 10 月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数（ CPI ）环比上涨 0.2% ，同比上涨 0.2% ，扣除食品和能源价格的核心 CPI 同比上涨 1.2% ，涨 幅连续第 6 个月扩大。受国内部分行业供需关系改善、国际大宗商品价格传导等因素影响， 工业生产者出厂价格指数（ PPI ）环比由上月持平转为上涨 0.1% ，为年内首次上涨；同比 下降 2.1% ，降幅比上月收窄 0.2 个百分点，连续第 3 个月收窄。 一、 CPI 环比涨幅扩大，同比由降转涨 【导读】利好： 2025 年 10 月份 CPI 由降转涨， PPI 降幅收窄 来源：国家统计局 国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据 CPI 环比上涨 0.2% ，涨幅比上月扩大 0.1 个百分点且略高于季节性水平。服务价格由降转涨。 服务价格由上月下降 0.3% 转为上涨 0.2% ，高于季节性水平 0.2 个百分点，影响 CPI ...

Group 1 - In October, China's Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, driven by effective domestic demand policies and the impact of the National Day and Mid-Autumn Festival holidays [1] - Food prices decreased by 2.9% year-on-year in October, with the decline narrowing by 1.5 percentage points compared to the previous month. Pork prices fell by 16%, with a reduction of 1.0 percentage point, while fresh vegetable prices dropped by 7.3%, a significant narrowing of 6.4 percentage points [1] - Non-food prices increased by 0.9% in October, with service prices rising by 0.8%, an increase of 0.2 percentage points from the previous month [2] Group 2 - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year in October, marking the highest increase since March 2024 and expanding for six consecutive months [4] - The "old-for-new" policy has positively impacted the prices of automobiles and home appliances, contributing to the recent increase in core CPI [4] - Looking ahead, it is expected that the year-on-year decline in food CPI will significantly narrow in November due to a high base effect from the previous year [4] Group 3 - The chief economist at China Minsheng Bank indicated that as domestic demand and consumption policies take effect, the market supply-demand relationship is gradually improving, leading to a stable increase in consumer goods and service prices [5] - Key factors to monitor include the progress of pig production capacity reduction, the challenges posed by supply surplus and weak demand, and the impact of increased regulation on low-price competition among enterprises [5]

CPI同比由上月下降0.3%转为上涨0.2%。其中，食品和能源价格仍处低位，但降幅均有收窄。食品价格 下降2.9%，降幅比上月收窄1.5个百分点，影响CPI同比下降约0.54个百分点。食品中，猪肉、鸡蛋和鲜 菜价格降幅在7.3%—16.0%之间，降幅均有收窄；牛肉、羊肉和水产品价格涨幅在2.0%—5.6%之间，涨 幅均有扩大。能源价格下降2.4%，其中汽油价格下降5.5%，影响CPI同比下降约0.18个百分点。扣除食 品和能源价格的核心CPI同比上涨1.2%，涨幅连续第6个月扩大，为2024年3月以来最高。服务价格自3 月份起逐步回升，本月上涨0.8%，涨幅比上月扩大0.2个百分点。其中飞机票和宾馆住宿价格分别上涨 8.9%和2.8%；医疗服务和家政服务价格分别上涨2.4%和2.3%。扣除能源的工业消费品价格上涨2.0%， 涨幅连续第6个月扩大，其中金饰品和铂金饰品价格分别上涨50.3%和46.1%；扩内需等政策效应继续显 现，家用器具、文娱耐用消费品和家庭日用杂品价格涨幅在2.4%—5.0%之间，燃油小汽车价格降幅收 窄至2.3%。 中新网11月9日电 据国家统计局网站消息，国家统计局9日发布2025年10 ...

——国家统计局城市司首席统计师董莉娟解读2025年10月份CPI和PPI数据 10月份，扩内需等政策措施持续显效，叠加国庆、中秋长假带动，居民消费价格指数(CPI)环比上涨0.2%，同比上涨0.2%，扣除食品和能源价格的核心CPI 同比上涨1.2%，涨幅连续第6个月扩大。受国内部分行业供需关系改善、国际大宗商品价格传导等因素影响，工业生产者出厂价格指数(PPI)环比由上月持 平转为上涨0.1%，为年内首次上涨；同比下降2.1%，降幅比上月收窄0.2个百分点，连续第3个月收窄。 一、CPI环比涨幅扩大，同比由降转涨 CPI环比上涨0.2%，涨幅比上月扩大0.1个百分点且略高于季节性水平。服务价格由降转涨。服务价格由上月下降0.3%转为上涨0.2%，高于季节性水平0.2 个百分点，影响CPI环比上涨约0.07个百分点。服务中，国庆、中秋双节叠加，出行需求较旺，宾馆住宿、飞机票和旅游价格分别上涨8.6%、4.5%和 2.5%，涨幅均高于季节性水平；医疗服务价格上涨0.5%。食品价格涨幅高于季节性。食品价格上涨0.3%，季节性水平为下降0.1个百分点。其中节日期间 消费需求增加，鲜菜、羊肉、鲜果、虾蟹类和牛肉价格涨幅 ...

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.2% year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1][2][3] - Service prices shifted from a decline of 0.3% to an increase of 0.2%, driven by strong travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2][3] - Food prices increased by 0.3%, contrasting with a seasonal decline of 0.1%, with significant price rises in fresh vegetables, lamb, fresh fruits, and seafood ranging from 0.5% to 4.3% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [1][4][5] - Key industries such as coal mining and photovoltaic equipment manufacturing experienced price increases, with coal mining prices rising by 1.6% and photovoltaic equipment prices by 0.6% [4][5] - The year-on-year decline in PPI was influenced by improved supply-demand dynamics and ongoing capacity governance in key sectors, leading to a narrowing of price declines in industries like coal mining and battery manufacturing [5]

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, marking a shift from a previous decline [1][3] - Service prices turned from a decline of 0.3% to an increase of 0.2%, contributing approximately 0.07 percentage points to the CPI increase [2] - Food prices rose by 0.3%, contrasting with a seasonal decline of 0.1%, driven by increased demand during the holiday period [2][3] Group 2: Core CPI Insights - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [1][3] - Service prices have been gradually recovering since March, with a current month-on-month increase of 0.8% [3] Group 3: PPI Analysis - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year [4] - The year-on-year PPI decreased by 2.1%, but the decline has narrowed for three consecutive months [5] - Key industries such as coal mining and photovoltaic equipment manufacturing saw price increases due to improved supply-demand relationships [4][5] Group 4: Sector-Specific Price Movements - Prices in the coal mining and washing industry increased by 1.6% month-on-month, while prices in the photovoltaic equipment sector rose by 0.6% [4] - The prices of non-ferrous metals and oil-related industries showed a mixed trend due to international price fluctuations [4][5] - The manufacturing prices for various sectors, including electronic materials and aircraft, have shown positive year-on-year growth, indicating a recovery in demand [5]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, marking a shift from a previous decline to an increase [2][3] - Service prices turned from a decline of 0.3% to an increase of 0.2%, influenced by high travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2][3] - Food prices rose by 0.3%, contrasting with a seasonal decline of 0.1%, driven by increased consumption during the holidays, with fresh vegetables, lamb, fresh fruits, shrimp, and beef prices increasing between 0.5% and 4.3% [2][3] Group 2: Core CPI Insights - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [3] - Service prices have been gradually recovering since March, with a current month-on-month increase of 0.8%, driven by rising prices in air travel and hotel accommodations [3] Group 3: PPI Analysis - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year [4] - The rise in PPI is attributed to improved supply-demand relationships in certain industries, with coal mining and washing prices increasing by 1.6%, and prices in photovoltaic equipment manufacturing rising by 0.6% [4][5] - Year-on-year, the PPI decreased by 2.1%, but the decline has narrowed for three consecutive months, with significant improvements in the coal mining and washing industry [5] Group 4: Industry-Specific Price Movements - The prices in the non-ferrous metal mining sector increased by 5.3% month-on-month due to rising international metal prices, while oil and gas extraction prices fell by 2.3% due to declining international oil prices [4][5] - The manufacturing prices in sectors such as photovoltaic equipment, battery production, and automotive manufacturing have shown a narrowing decline, indicating a recovery trend in these industries [5]

中国10月CPI同比 0.2%，前值 -0.3%。 中国10月PPI同比 -2.1%，前值 -2.3%。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI) decline, which has narrowed to a year-on-year decrease of 2.3% in September. Coal prices are expected to stabilize, with the lowest point for coal prices in 2025 potentially being a policy bottom. The report anticipates more supply-side policies to be introduced as competition becomes more regulated [5][6] - The coal industry is seen as being in a golden era due to energy transformation demands and strict capacity controls under carbon neutrality policies. The supply of coal is expected to be rigid, with increasing costs and regional supply differentiation [5][6] Summary by Sections Coal Prices - As of November 7, 2025, the Qinhuangdao 5500K thermal coal price is 817 CNY/ton, up 6.1% week-on-week. The average daily output from 462 sample mines is 5.493 million tons, a week-on-week increase of 4,200 tons, but a year-on-year decrease of 6.2% [3][30][40] - The report notes significant price increases in various coal types, with Inner Mongolia's coal price rising by 7.34% and Shanxi's by 10.13% [30][31] Coking Coal - The price of coking coal at the Jing Tang Port is 1860 CNY/ton, reflecting a week-on-week increase of 5.68%. The average daily output from 523 sample mines is 738,000 tons, down 2.0% week-on-week [4][78] - The report highlights a decrease in the average available days of coking coal in steel mills, indicating tighter supply [78] Supply and Demand - The report indicates that the daily consumption of the six major power plants has slightly decreased to 754,000 tons, with a year-on-year decline of 4.6%. The inventory level is at 14.214 million tons, also reflecting a year-on-year decrease [42][44] - Methanol and urea production rates are reported at 87.8% and 82.7%, respectively, indicating a stable demand in the chemical sector [47] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [6] - Companies with production growth potential and those benefiting from the coal price cycle are also highlighted as investment targets [6]