图片来源：国家统计局 数据显示， 6月份，工业消费品价格同比降幅由上月的1%收窄至0.5%，对CPI同比的下拉影响比上月 减少约0.18个百分点 。其中，促消费政策效应持续显现，6月份，文娱耐用消费品、家用纺织品和家用 器具价格同比分别上涨2%、2%和1%；汽车价格降幅逐步收窄，燃油小汽车和新能源小汽车价格6月同 比分别下降3.4%和2.5%，降幅分别为近28个月和26个月最小。 国家统计局7月9日发布数据显示，6月份，扩内需、促消费政策持续显效，居民消费价格指数（CPI） 同比由上月下降转为上涨0.1%；环比下降0.1%，降幅比上月收窄0.1个百分点。 扣除食品和能源价格的 核心CPI同比继续回升，上涨0.7%，创近14个月以来新高 。 6月份，工业生产者出厂价格指数（PPI）环比下降0.4%，降幅与上月相同；同比下降3.6%，降幅比上 月扩大0.3个百分点。 7月9日早盘，A股三大指数震荡走强，上证指数时隔8个月重回3500点。 CPI同比由降转涨 "6月份，CPI同比上涨0.1%，为连续下降4个月后转涨。"国家统计局城市司首席统计师董莉娟表 示，CPI同比由降转涨主要受工业消费品价格有所回升影响。 此外 ...

Group 1 - The fifth "Qingshan Science and Technology Award" has been officially launched, focusing on the themes of "green, low-carbon, and sustainable" development [1] - The award will evaluate no more than 10 individuals, each receiving a monetary prize, targeting young researchers under 45 years old in fields such as materials science, chemistry, chemical engineering, environmental science, and energy science [1][2] - The application period for this award is from July 8, 2025, to September 26, 2025, with the winners expected to be announced in February 2026 [1] Group 2 - The award emphasizes the innovative application of digital technologies in relevant research topics, particularly in areas like artificial intelligence, big data, cloud computing, and industrial internet [2] - The Qingshan Science and Technology Award was initiated by Meituan in 2021 to encourage research in environmental protection and support the transformation of scientific achievements in green, low-carbon, and sustainable development [2] - A total of 39 young scientists have been funded through the award in its previous editions, with the youngest recipient being only 34 years old at the time of winning [2] Group 3 - Award winners have made significant breakthroughs in various fields, including smart temperature-regulating coatings, intelligent waste incineration, industrial smoke purification membranes, and innovative hydrogen production systems [3] - The Qingshan Science and Technology Award supports researchers in turning green and low-carbon concepts into reality through their scientific endeavors [3]

Core Viewpoint - The establishment of a special training program for talent in the industrial mother machine sector, organized by the State-owned Assets Supervision and Administration Commission (SASAC), aims to enhance the capabilities of key personnel in this critical industry [1] Group 1: Training Program Objectives - The training program emphasizes the importance of aligning with the directives of General Secretary Xi Jinping regarding the development of the industrial mother machine industry [1] - The program aims to strengthen the leadership, technical insight, and collaborative capabilities of leading technology talents in the industrial mother machine sector [1] - It focuses on enhancing the capabilities of young technology talents in areas such as frontier understanding, professional skills, interdisciplinary integration, and practical application [1] Group 2: Organizational Management - The program underscores the need for strict adherence to the central eight regulations and relevant training regulations for officials [1] - It aims to ensure a rigorous academic atmosphere to achieve tangible results from the training [1]

Core Points - The Ministry of Industry and Information Technology has issued the "2025 Action Plan for Safeguarding Cybersecurity in New Industrialization" to enhance cybersecurity capabilities in the industrial sector [1][2] - The action plan focuses on upgrading protection capabilities for key enterprises, important systems, and critical products, outlining three main work objectives and eight key tasks [1] Summary by Categories Key Tasks - Establish a list of key enterprises for cybersecurity protection in the industrial sector, implementing cybersecurity standards for no less than 800 industrial enterprises and updating classification records for at least 100 vehicle networking service platforms [1] - Deepen cybersecurity assessments for industrial control systems and explore safety testing and certification for industrial control products [1] - Organize nationwide promotion of cybersecurity policies and standards, ensuring coverage of at least 20% of large-scale industrial enterprises in local areas [1] Work Objectives - The 2025 list of key enterprises will focus on industries such as raw materials, equipment, consumer goods, and electronic information manufacturing, aligning with high-quality development actions in key manufacturing industry chains [1] - Local authorities are required to prioritize new industrial cybersecurity in their planning and integrate it into the digital transformation of manufacturing [2] - Increased support through government procurement services and enterprise rewards and subsidies is emphasized to facilitate the implementation of the action plan [2]

Investment Rating - The report indicates a bullish outlook for the US Aerospace and Defense (A&D) sector following the passage of the "One Big, Beautiful Bill" [3][11]. Core Insights - The "One Big, Beautiful Bill" allocates an additional $150 billion to the US Department of Defense, addressing chronic underinvestment in the Defense Industrial Base (DIB) and military modernization needs [1][8]. - This funding is a strategic, front-loaded capital injection aimed at signaling long-term demand to the defense industry, encouraging private sector investments in production capacity and supply chain resilience [2][9]. - The bill is expected to create a growth super-cycle in the A&D industry, providing unprecedented certainty for defense contractors' planning and capital expenditures over the next 3-5 years [2][10]. Summary by Sections US A&D Sector - The funding will lead to higher order-to-delivery ratios and earnings growth in the coming years, with management commentary on the impact of new orders being closely monitored [3][11]. - Labor shortages and supply chain bottlenecks are identified as potential execution risks despite a positive demand outlook [11]. European A&D Sector - The substantial funding for US A&D firms will increase competitive pressures on European counterparts, particularly in export orders [12]. - This situation may catalyze European governments to enhance their defense spending to support local champions, necessitating a selective investment approach in the European A&D sector [12]. Investment Recommendations - The report recommends focusing on companies such as Howmet Aerospace, BAE Systems, Rolls-Royce, Safran, GE Aerospace, and Boeing for potential investment opportunities [5][13].

Core Insights - In June, the Consumer Price Index (CPI) turned from a decline to an increase of 0.1% year-on-year after four consecutive months of decline, primarily driven by a rebound in industrial consumer goods prices [1] - The month-on-month CPI decreased by 0.1%, with the decline narrowing by 0.1 percentage points compared to the previous month [1] - The core CPI, excluding food and energy prices, continued to recover, rising by 0.7% year-on-year [1] - The Producer Price Index (PPI) decreased by 0.4% month-on-month, maintaining the same decline as the previous month, while year-on-year it fell by 3.6%, with the decline widening by 0.3 percentage points compared to the previous month [1] - The decrease in food prices was less than seasonal expectations, indicating some stability in the market [1] - Certain industries showed signs of price stabilization and recovery [1]

Group 1 - The core point of the article indicates that in June, the prices in the mining industry decreased by 13.2% year-on-year, contributing significantly to the overall decline in industrial producer prices [1] - The prices of production materials fell by 4.4%, which impacted the total level of industrial producer prices by approximately 3.26 percentage points [1] - The prices of raw materials decreased by 5.5%, while processing industry prices saw a decline of 3.2% [1] Group 2 - The prices of living materials decreased by 1.4%, affecting the total level of industrial producer prices by about 0.35 percentage points [1] - Food prices dropped by 2.0%, while clothing prices increased by 0.1% and general daily necessities rose by 0.8% [1] - Durable consumer goods prices fell by 2.7% [1]

国家统计局：6月份，全国居民消费价格环比下降0.1%。全国工业生产者出厂价格环比下降0.4%。 ...

国家统计局：2025年6月份居民消费价格同比上涨0.1%，6月份工业生产者出厂价格同比下降3.6%。 相关链接 ...

Core Insights - In June 2025, the national industrial producer's ex-factory prices decreased by 3.6% year-on-year and 0.4% month-on-month, while the purchase prices decreased by 4.3% year-on-year and 0.7% month-on-month [1][10]. Group 1: Year-on-Year Changes - In June, the ex-factory prices of industrial producers saw a decline in production materials by 4.4%, contributing approximately 3.26 percentage points to the overall decrease. The mining industry prices fell by 13.2%, raw materials by 5.5%, and processing industry prices by 3.2% [4]. - The prices of living materials decreased by 1.4%, impacting the overall ex-factory price by about 0.35 percentage points. Food prices dropped by 2.0%, while clothing prices increased by 0.1% and durable goods prices decreased by 2.7% [4]. - The purchase prices of industrial producers showed a significant decline in fuel and power categories by 10.4%, black metal materials by 8.0%, and chemical raw materials by 6.2% [7]. Group 2: Month-on-Month Changes - In June, the ex-factory prices of industrial producers decreased by 0.6% for production materials, contributing approximately 0.42 percentage points to the overall decline. The mining industry prices fell by 1.2%, raw materials by 0.7%, and processing industry prices by 0.5% [8]. - Living materials prices saw a slight decrease of 0.1%, with food prices down by 0.3% and durable goods prices down by 0.1% [8]. - The purchase prices of industrial producers decreased by 0.7%, with notable declines in fuel and power categories by 2.0% and black metal materials by 1.1% [9]. Group 3: Key Industry Price Changes - The coal mining and washing industry experienced a significant year-on-year price drop of 21.8%, while the oil and natural gas extraction industry saw a decrease of 12.6% [9]. - The non-metallic mining industry prices fell by 1.3%, and the agricultural and food processing industry prices decreased by 3.7% [9]. - In contrast, the prices in the non-ferrous metal mining industry increased by 12.0% year-on-year [9].