Report Industry Investment Rating No relevant content provided. Core View of the Report - In October 2025, the national consumer price index (CPI) increased by 0.2% year-on-year, with food prices down 2.9% and non-food prices up 0.9%. The average CPI from January to October decreased by 0.1% compared to the same period last year [4]. - The national producer price index (PPI) for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing by 0.2 percentage points from the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The average PPI from January to October decreased by 2.7% compared to the same period last year, and the purchase price of industrial producers decreased by 3.2% [4]. - China's gold reserves at the end of October 2025 were 74.09 million ounces, an increase of 300,000 ounces from the end of August, showing a continuous increase for 12 months. The scale of foreign exchange reserves at the end of October was US$3.3433 trillion, an increase of US$470 million from the end of September, with a growth rate of 0.14% [4]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. The operating income was 102.08 trillion yuan, a year-on-year increase of 2.4% [5]. - In October 2025, the manufacturing PMI was 49%, a significant decrease of 0.8 percentage points from the previous month, indicating a seasonal decline in the manufacturing prosperity level. The non-manufacturing business activity index was 50.1%, an increase of 0.1 percentage points from the previous month, rising to the expansion range [5]. Summary by Relevant Catalogs National Economic Accounting - The GDP quarterly year-on-year growth rates from Q2 2023 to Q3 2025 were 6.5%, 5%, 5.3%, 5.3%, 4.7%, 4.6%, 5.4%, 5.4%, 5.2%, and 4.8% respectively. Different industries showed varying growth trends during this period [7]. - The contributions of different industries to the GDP growth rate also changed over time. For example, the contribution of the primary industry, secondary industry, and tertiary industry to the constant-price GDP year-on-year growth rate and the pull effect on GDP showed different trends from 2013 to 2025 [13]. Industry - The year-on-year growth rates of added value in different industries showed fluctuations. For example, the coal mining and washing industry, oil and gas extraction industry, and other industries had different growth rates from August 2024 to September 2025 [22]. - The output of major industrial products also showed different trends. For example, the output of crude oil, coal, steel, and other products changed from September 2024 to September 2025 [24]. - In September 2025, China's total social electricity consumption was 888.6 billion kilowatt-hours, a year-on-year increase of 4.5%. The electricity consumption of different industries also showed different growth trends [31]. - From January to September 2025, the total profit of industrial enterprises above designated size reached 5.3732 trillion yuan, a year-on-year increase of 3.2%. Different industries had different profit growth rates, with some industries showing growth and others showing decline [5][35]. - As of the end of September 2025, the finished product inventory of industrial enterprises above designated size was 6.71 trillion yuan, a year-on-year increase of 2.8%. The inventory turnover days were 20.2 days, an increase of 0.2 days compared to the same period last year [5]. Price Index - In October 2025, the CPI increased by 0.2% year-on-year, with food prices having a significant impact on the CPI decline. Different CPI sub-items showed different year-on-year and month-on-month changes [4][49]. - The PPI for industrial products decreased by 2.1% year-on-year in October 2025, with the decline narrowing. Different industries' PPI also showed different trends, with production materials prices generally declining more than living materials prices [56]. - The purchase price of industrial producers also showed different trends, with some categories such as fuel and power showing a decline, while others such as non-ferrous metal materials and wires showing an increase [60].

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% both year-on-year and month-on-month, with the core CPI (excluding food and energy) rising by 1.2%, marking the highest increase since March 2024 [3][7][8] - The rise in CPI was influenced by policies aimed at expanding domestic demand and the effects of the National Day and Mid-Autumn Festival holidays [4][6] - Food prices increased by 0.3% in October, contrary to the seasonal expectation of a decline, with significant price rises in fresh vegetables, lamb, fresh fruits, and seafood [7][8] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1% in October, marking the first positive change of the year, while the year-on-year decline was 2.1%, a reduction of 0.2 percentage points from the previous month [8][10] - The improvement in supply-demand relationships in certain industries contributed to the price increases, particularly in coal mining and photovoltaic equipment manufacturing [10][11] - The prices of non-ferrous metals rose significantly due to international price increases, with the mining sector seeing a month-on-month rise of 5.3% [10][11]

2025年10月CPI同比上涨0.2%，是连续3个月负增长后首次转正，上一次 同比正增长出现在2025年6月（涨幅0.1%）。 2025 年 10 月份，全国居民消费价格同比上涨 0.2% 。其中，城市上涨 0.3% ，农村下降 0.2% ；食品价格下降 2.9% ，非食品价格上涨 0.9% ；消费品价格下降 0.2% ，服务价格上涨 0.8% 。 1 — 10 月平均，全国居民消费价格比上年同期下降 0.1% 。 10 月份，全国居民消费价格环比上涨 0.2% 。其中，城市上涨 0.2% ，农村上涨 0.1% ；食品价格上涨 0.3% ，非食品价格上涨 0.2% ；消 费品价格上涨 0.2% ，服务价格上涨 0.2% 。 各类商品及服务价格同比变动情况 10 月份，食品烟酒类价格同比下降 1.6% ，影响 CPI （居民消费价格指数）下降约 0.46 个百分点。食品中，蛋类价格下降 11.6% ，影响 CPI 下降约 0.08 个百分点；畜肉类价格下降 7.4% ，影响 CPI 下降约 0.23 个百分点，其中猪肉价格下降 16.0% ，影响 CPI 下降约 0.23 个 百分点；鲜菜价格下降 7.3% ， ...

Core Insights - The latest data from the National Bureau of Statistics indicates a comprehensive improvement in price data, with a steady recovery in domestic consumption demand, particularly in service consumption [1][3][6] CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, reversing a previous decline of 0.3% [3][4] - 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 [2][3][6] - Service prices increased by 0.2%, with significant rises in hotel accommodation (8.6%), airfares (4.5%), and travel costs (2.5%), all exceeding seasonal levels [5][6] PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise of the year, while the year-on-year decline narrowed to 2.1% [1][8] - Improvements in supply-demand relationships led to price increases in several industries, including coal mining (1.6%) and photovoltaic equipment manufacturing (0.6%) [8][9] - The ongoing governance of production capacity and safety regulations has contributed to a narrowing of year-on-year price declines in key industries [8][9] Future Outlook - The overall price structure is expected to strengthen, with the core CPI's upward momentum likely to become more pronounced, driving the overall price index higher [6][9] - The recovery in domestic demand is anticipated to continue supporting industrial product prices, with the PPI's year-on-year decline expected to further narrow [8][9]

Group 1: Consumer Price Index (CPI) Overview - In October 2025, the national consumer price index (CPI) increased by 0.2% year-on-year, with urban areas rising by 0.3% and rural areas declining by 0.2% [1] - Food prices decreased by 2.9%, while non-food prices increased by 0.9% [1] - The average CPI from January to October 2025 showed a decline of 0.1% compared to the same period last year [1] Group 2: Year-on-Year Price Changes of Goods and Services - In October, the prices of food, tobacco, and alcohol decreased by 1.6%, contributing approximately 0.46 percentage points to the CPI decline [2] - Specific food items such as eggs and pork saw significant price drops of 11.6% and 16.0%, respectively, impacting the CPI by approximately 0.08 and 0.23 percentage points [2] - Other categories, including other goods and services, clothing, and healthcare, experienced price increases of 12.8%, 1.7%, and 1.4%, respectively [2] Group 3: Month-on-Month Price Changes of Goods and Services - In October, food, tobacco, and alcohol prices rose by 0.2% month-on-month, contributing about 0.07 percentage points to the CPI increase [3] - Fresh vegetables and fruits saw month-on-month price increases of 4.3% and 1.2%, respectively [3] - Other categories such as education and healthcare experienced slight increases, while clothing prices remained stable [3] Group 4: Industrial Producer Price Index (IPP) Overview - In October 2025, the industrial producer price index (IPP) decreased by 2.1% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month [4] - Month-on-month, the IPP shifted from flat to an increase of 0.1% [4] - The average IPP from January to October 2025 showed a decline of 2.7% compared to the same period last year [4] Group 5: Year-on-Year Changes in Industrial Producer Prices - In October, the prices of production materials decreased by 2.4%, impacting the overall IPP by approximately 1.77 percentage points [5] - The prices of living materials also decreased by 1.4%, contributing about 0.36 percentage points to the overall decline [5] - Specific categories such as fuel and agricultural products saw significant price drops of 7.4% and 5.2%, respectively [5] Group 6: Month-on-Month Changes in Industrial Producer Prices - In October, production material prices increased by 0.1%, contributing approximately 0.08 percentage points to the overall IPP increase [7] - Prices of food and clothing saw slight declines of 0.1%, while general daily necessities increased by 0.7% [7] - The prices of non-metallic building materials and agricultural products experienced slight declines [7]

Core Insights - The article highlights a comprehensive improvement in price data, indicating a steady recovery in domestic consumption demand, particularly in service consumption, with expectations for a moderate increase in CPI in the coming quarter [2][5][8]. CPI Analysis - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, reversing a previous decline of 0.3% [4]. - Food prices decreased by 2.9%, while energy prices fell by 2.4%, but the decline in both categories narrowed compared to the previous month [4]. - The core CPI, excluding food and energy, increased by 1.2%, marking the highest growth since March 2024 and expanding for the sixth consecutive month [4][5]. Service and Industrial Prices - Service prices turned from a 0.3% decline to a 0.2% increase, with significant rises in hotel accommodation (8.6%), airfare (4.5%), and tourism (2.5%) [7]. - Industrial Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise of the year, while the year-on-year decline narrowed to 2.1% [10]. Demand Recovery and Price Trends - The recovery in domestic demand is expected to continue supporting industrial prices, with improvements noted in sectors such as coal mining and photovoltaic equipment manufacturing [10][11]. - The article suggests that the ongoing recovery in consumption will contribute to a more stable price environment, with PPI declines likely to continue narrowing [11]. Conclusion - Overall, the data indicates a positive trend in both consumer and industrial prices, driven by recovering demand and improved market conditions, suggesting a favorable outlook for the economy in the near term [2][8][11].

Consumer Price Index (CPI) Summary - In October 2025, the national consumer price index (CPI) increased by 0.2% year-on-year, with urban areas rising by 0.3% and rural areas declining by 0.2% [2][19] - Food prices decreased by 2.9%, while non-food prices increased by 0.9% [2][21] - The average CPI from January to October 2025 showed a decline of 0.1% compared to the same period last year [2][19] Price Changes in Specific Categories - The prices of food, tobacco, and alcohol decreased by 1.6% year-on-year, impacting the CPI by approximately 0.46 percentage points [4] - Key food items such as eggs and pork saw significant price drops of 11.6% and 16.0%, respectively [4][21] - Other categories like clothing and healthcare experienced price increases of 1.7% and 1.4% year-on-year [4] Month-on-Month Changes - In October, the CPI rose by 0.2% month-on-month, with urban areas increasing by 0.2% and rural areas by 0.1% [2][20] - Food prices increased by 0.3% month-on-month, while service prices also rose by 0.2% [2][20] Industrial Producer Price Index (PPI) Summary - The industrial producer price index (PPI) decreased by 2.1% year-on-year in October 2025, with the decline narrowing by 0.2 percentage points from the previous month [10][24] - Month-on-month, the PPI shifted from flat to an increase of 0.1%, marking the first rise of the year [10][22] Price Changes in Industrial Categories - The prices of production materials fell by 2.4%, contributing to a total decline in the PPI [12] - Specific sectors such as coal mining and washing saw a month-on-month price increase of 1.6% [22][23] - The prices of non-ferrous metal mining rose by 5.3% month-on-month, influenced by international price trends [23] Core CPI Insights - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 [19][21] - Service prices have been gradually increasing, with a notable rise in accommodation and travel costs during the holiday season [20][21]

Core Insights - The National Bureau of Statistics reported that in October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, driven by policies aimed at expanding domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1] - The Producer Price Index (PPI) shifted from flat in the previous month to a 0.1% increase month-on-month, representing 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] Economic Indicators - CPI month-on-month increase: 0.2% [1] - CPI year-on-year increase: 0.2% [1] - Core CPI year-on-year increase: 1.2% [1] - PPI month-on-month increase: 0.1% [1] - PPI year-on-year decrease: 2.1% [1] - PPI decline narrowing: 0.2 percentage points [1]

国家统计局11月9日发布的数据显示，10月份，全国居民消费价格指数（CPI）同比、环比均上涨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。 10月份，全国工业生产者出厂价格指数（PPI）同比下降2.1%，降幅比上月收窄0.2个百分点，环比由上月持平转为上涨0.1%，为年内首次转正。 食品价格涨幅高于季节性。董莉娟表示，10月份，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、虾蟹类和牛肉价格环比涨幅在0.5%至4.3%之间。工业消费品价格稳中有涨，受国际金价上涨影响，国内金饰品价格环比上涨10.2%。 从同比看，10月份，CPI同比由上月下降0.3%转为上涨0.2%。 董莉娟表示，食品和能源价格仍处低位，但降幅均有收窄。食品价格同比下降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。能 源价格同比下降2.4%，其中汽油价格同比下降5.5%，影响CPI同比下降约0.18个百分点。 CPI环比涨幅扩大 同比转正 国家统计局城市司首席统计师董莉娟表示，受扩内需等政策措施持续显效，叠加国庆、中秋假期 ...

Core Viewpoint - In October, the implementation of policies aimed at expanding domestic demand, combined with the National Day and Mid-Autumn Festival holidays, led to a rise in the Consumer Price Index (CPI), which increased by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the sixth consecutive month of growth [1] Group 1: CPI Trends - The CPI increased by 0.2% month-on-month, a rise of 0.1 percentage points compared to September, slightly above seasonal levels [1] - The service prices shifted from a decline of 0.3% in September to an increase of 0.2%, exceeding seasonal levels by 0.2 percentage points, contributing approximately 0.07 percentage points to the month-on-month CPI increase [1] Group 2: Holiday Impact - The overlapping of the National Day and Mid-Autumn Festival holidays resulted in strong travel demand, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively, all above seasonal levels [1] - Medical service prices also saw an increase of 0.5% during this period [1] Group 3: Food and Industrial Prices - Food prices rose by 0.3%, contrasting with a seasonal expectation of a 0.1% decline, driven by increased consumption demand during the holidays [1] - Prices for fresh vegetables, lamb, fresh fruits, shrimp and crabs, and beef increased between 0.5% and 4.3% [1] - Industrial consumer goods prices remained stable with a slight increase, while energy prices decreased by 0.4%, leading to a 0.3% rise in industrial consumer goods prices excluding energy, contributing approximately 0.07 percentage points to the CPI increase [1] - Domestic gold jewelry prices surged by 10.2% due to rising international gold prices [1]