Economic Overview - During the 14th Five-Year Plan period, China's economic total has successively surpassed 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of approximately 140 trillion yuan this year [1] - In June, the consumer price index increased by 0.1% year-on-year, while the producer price index for industrial producers decreased by 3.6% year-on-year [2] Trade and Regulatory Developments - The Ministry of Commerce has included eight entities from Taiwan, including Hanxiang Aerospace Industrial Co., Ltd., in the export control list [3] - According to reports, the U.S. Commerce Secretary indicated that a U.S. delegation is expected to meet with Chinese officials next month to discuss trade issues [4] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.29%, the Shenzhen Component Index increased by 0.36%, and the ChiNext Index gained 0.8%. In contrast, the Hang Seng Index fell by 0.74%, and the Hang Seng Tech Index declined by 1.14% [5]

Group 1 - The core point of the article indicates that in June, the national consumer price index (CPI) decreased by 0.1% month-on-month, suggesting a slight deflationary trend in consumer prices [1] - The national industrial producer price index (PPI) also saw a month-on-month decline of 0.4%, reflecting potential challenges in the manufacturing sector [1]

Core Insights - In June 2025, the national consumer price index (CPI) increased by 0.1% year-on-year, indicating a slight inflationary trend in the economy [1] - Urban areas experienced a 0.1% increase in prices, while rural areas saw a 0.2% decrease [1] - Food prices decreased by 0.3%, while non-food prices rose by 0.1% [1] - Consumer goods prices fell by 0.2%, whereas service prices increased by 0.5% [1] Summary by Categories Year-on-Year Changes - The overall CPI for the first half of the year showed a decline of 0.1% compared to the same period last year [1] - In June, the CPI decreased by 0.1% month-on-month, with urban areas also declining by 0.1% and rural areas remaining stable [1] Price Movements - Food prices in June decreased by 0.4%, while non-food prices remained unchanged [1] - Consumer goods prices fell by 0.1%, and service prices remained stable [1]

Core Insights - The National Bureau of Statistics reported a year-on-year increase of 0.1% in consumer prices for June 2025, indicating a slight inflationary trend in the consumer market [1] - In contrast, the Producer Price Index (PPI) for industrial producers showed a year-on-year decline of 3.6% in June, reflecting deflationary pressures in the industrial sector [1] Consumer Prices - The consumer price index (CPI) rose by 0.1% year-on-year in June 2025, suggesting stable consumer demand and mild inflationary conditions [1] Producer Prices - The industrial producer prices experienced a significant decrease of 3.6% year-on-year in June 2025, indicating potential challenges for manufacturers and the overall industrial sector [1]

Core Insights - The National Bureau of Statistics reported a year-on-year increase of 0.1% in national consumer prices in June 2025, with urban prices rising by 0.1% and rural prices declining by 0.2% [1] - Food prices decreased by 0.3%, while non-food prices increased by 0.1%. Consumer goods prices fell by 0.2%, and service prices rose by 0.5% [1] - For the first half of the year, national consumer prices decreased by 0.1% compared to the same period last year [1]

Economic Overview - The province's economy showed overall stability in the first five months of the year, with significant growth in various sectors [2] - The industrial added value of large-scale enterprises increased by 3.4% year-on-year, with high-tech manufacturing growing by 9.7% [2] Industrial Performance - Among the three major sectors, mining, manufacturing, and utilities saw year-on-year increases of 13.2%, 1.6%, and 4.4% respectively [2] - State-owned enterprises' added value grew by 2.3%, while collective enterprises declined by 1.2%. Shareholding enterprises increased by 5.8%, and private enterprises grew by 4.6% [2] - Out of 40 industrial categories, 27 experienced year-on-year growth, resulting in a growth coverage of 67.5% [2] Investment Trends - Fixed asset investment increased by 0.1% year-on-year, with manufacturing investment rising significantly by 12.8% [2] - Infrastructure investment grew by 1.5%, while real estate development investment saw a decline of 25.4% [2] - Investment in the primary industry rose by 16.3%, the secondary industry by 1.7%, and the tertiary industry decreased by 2.1% [2] - Investment in construction projects increased by 6.5%, with projects over 100 million yuan growing by 11.0% [2] Market Sales - The total retail sales of consumer goods reached 4191.3 billion yuan, marking a year-on-year increase of 6.4% [3] - Sales of basic living goods saw rapid growth, with food and oil retail sales increasing by 20.3% [3] - Significant growth was noted in upgraded products, such as smartphones (up 130%), energy-efficient home appliances (up 54.7%), and wearable smart devices (up 46.1%) [3] Trade Performance - The total import and export value reached 3048.0 billion yuan, a year-on-year decrease of 1.8% [3] - Exports amounted to 1615.5 billion yuan, growing by 12.1%, while imports fell by 13.9% to 1432.5 billion yuan [3] - Notable export growth was seen in electromechanical products, which reached 803.6 billion yuan, up 6.0% [3] - High-tech product exports, particularly in computer integrated manufacturing technology, increased by 24.1% to 36.8 billion yuan [3] Price Trends - Consumer prices experienced a slight decline, while industrial producer prices also decreased in the first five months [3]

Core Viewpoint - In the first five months of 2025, China's total goods trade value increased by 2.5% year-on-year, reaching 17.94 trillion yuan, with exports growing by 7.2% and imports declining by 3.8% [7][9]. Group 1: Trade Performance - Total goods trade value in May 2025 was 3.81 trillion yuan, an increase of 2.7% year-on-year, with exports at 2.28 trillion yuan (up 6.3%) and imports at 1.53 trillion yuan (down 2.1%) [8]. - General trade and processing trade saw growth, with general trade imports and exports totaling 11.51 trillion yuan (up 0.8%), accounting for 64.2% of total foreign trade [10]. - Processing trade reached 3.21 trillion yuan (up 6.2%), representing 17.9% of total trade [10]. Group 2: Trade Partners - ASEAN became China's largest trading partner, with trade totaling 3.02 trillion yuan (up 9.1%), accounting for 16.8% of total foreign trade [11]. - Trade with the EU reached 2.3 trillion yuan (up 2.9%), while trade with the US decreased by 8.1% to 1.72 trillion yuan [11]. Group 3: Enterprise Types - Private enterprises accounted for 57.1% of total foreign trade, with imports and exports totaling 10.25 trillion yuan (up 7%) [13]. - Foreign-invested enterprises had a trade value of 5.21 trillion yuan (up 2.3%), while state-owned enterprises saw a decline of 12.7% to 2.44 trillion yuan [13]. Group 4: Export Composition - Mechanical and electrical products constituted 60% of total exports, with significant growth in integrated circuits (up 18.9%) and automobiles (up 6.6%) [14]. - Labor-intensive products saw a decline in exports, while agricultural product exports increased by 4.7% [14]. Group 5: Import Trends - Major bulk commodity prices fell, with iron ore imports down 5.2% and crude oil imports up slightly by 0.3% [15]. - The import value of mechanical and electrical products grew by 6% [15].

Report Summary 1. Hot News - Citi postponed the expected time of the Fed's next interest rate cut from July to September, and now expects the Fed to cut rates by 75 basis points this year, with 25 basis - point cuts in September, October, and December, while the market expects only about 46 basis - point cuts by the end of the year [1] - In the first five months, China's imports of iron ore were 486 million tons, a decrease of 5.2%, with an average import price of 707.2 yuan per ton, a drop of 16.4%; crude oil imports were 230 million tons, an increase of 0.3%, at 3864.3 yuan per ton, a drop of 10.6%; coal imports were 189 million tons, a decrease of 7.9%, at 559 yuan per ton, a drop of 22.5%; natural gas imports were 49.053 million tons, a decrease of 9.5%, at 3274 yuan per ton, a drop of 6.8%; soybean imports were 37.108 million tons, a decrease of 0.7%, at 3233.9 yuan per ton, a drop of 13.9%; refined oil imports were 15.98 million tons, a decrease of 26.8%, at 4323.2 yuan per ton, a drop of 0.1% [1] - In May 2025, China's consumer price index (CPI) decreased by 0.1% year - on - year. The average CPI from January to May decreased by 0.1% compared with the same period last year. In May, the CPI decreased by 0.2% month - on - month [1] - On June 9 local time, He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice - Premier of the State Council, started the first meeting of the China - US economic and trade consultation mechanism with the US side in London, UK [1] - California Governor Gavin Newsom said on social media that Trump incited trouble and illegally federalized the National Guard, and he would sue the Trump administration over the National Guard deployment issue [1] 2. Key Focus - Key commodities to focus on include styrene, corn, soda ash, urea, and coking coal [1] 3. Night - session Performance - The performance of commodity futures main contracts in the night session is presented in a chart, but specific data for each commodity is not detailed in text [1] 4. Sector Performance - Non - metallic building materials rose 2.62%, precious metals rose 30.32%, oilseeds and oils rose 11.58%, soft commodities rose 2.63%, non - ferrous metals rose 19.87%, coal, coke, steel, and minerals rose 13.43%, energy rose 2.41%, chemicals rose 12.98%, grains rose 1.46%, and agricultural and sideline products rose 2.70% [2] 5. Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, but specific data for each sector is not detailed in text [4] 6. Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 0.43% daily, 1.56% monthly, and 1.43% year - to - date; the Hang Seng Index rose 1.63% daily, 3.83% monthly, and 20.55% year - to - date [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.09% daily, 0.25% monthly, and 0.07% year - to - date [5] - In the commodity category, the CRB Commodity Index rose 0.21% daily, 3.82% monthly, and 1.61% year - to - date; London spot gold rose 0.47% daily, 1.11% monthly, and 26.71% year - to - date [5] - In other categories, the US Dollar Index fell 0.19% daily, 0.42% monthly, and 8.72% year - to - date; the CBOE Volatility Index remained unchanged daily, fell 9.69% monthly, and fell 3.34% year - to - date [5]

Group 1 - In the first five months of this year, China's total goods trade import and export value reached 17.94 trillion yuan, an increase of 2.5% year-on-year [1] - In May, the import and export value was 3.81 trillion yuan, growing by 2.7% [1] - In May, China's exports amounted to 2.28 trillion yuan, reflecting a growth of 6.3% [1] Group 2 - In May, the national consumer price index (CPI) decreased by 0.1% year-on-year and fell by 0.2% month-on-month [2] - The Producer Price Index (PPI) in May dropped by 3.3% year-on-year and decreased by 0.4% month-on-month [2] Group 3 - The Hong Kong Legislative Council's Committee on Home Affairs and Culture is set to hold a meeting to discuss proposals for regulating basketball betting [3] Group 4 - As of the midday close, the Shanghai Composite Index rose by 0.23%, briefly returning to 3,400 points [4] - The Shenzhen Component Index increased by 0.62%, while the ChiNext Index grew by 1.22% [4] - The Hang Seng Index climbed by 1.01%, and the Hang Seng Tech Index surged by 2.30% [4]

校对：陶谦 百万用户都在看 关税，突传重磅！日本、韩国、欧盟，发声！ 大转向！外资，爆买！ 突然！特朗普，发出威胁！马斯克，紧急行动！ 重磅！中美经贸磋商机制首次会议，将举行！ 全面暂停！特朗普签了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 来源： 国家统计局网站 责编：罗晓霞 2025年5月份，全国居民消费价格同比下降0.1%。其中，城市持平，农村下降0.4%；食品价格下降 0.4%，非食品价格持平；消费品价格下降0.5%，服务价格上涨0.5%。1—5月平均，全国居民消费价格 比上年同期下降0.1%。 5月份，全国居民消费价格环比下降0.2%。其中，城市下降0.2%，农村下降0.2%；食品价格下降 0.2%，非食品价格下降0.2%；消费品价格下降0.3%，服务价格持平。 ...