Core Viewpoint - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices decreasing by 0.3% [2][8]. Price Changes by Category - In July, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, contributing to a 0.21 percentage point decline in CPI. Key contributors included: - Egg prices fell by 11.2%, impacting CPI by -0.07 percentage points - Fresh vegetable prices decreased by 7.6%, affecting CPI by -0.16 percentage points - Meat prices dropped by 4.6%, with pork prices specifically down by 9.5%, contributing -0.13 percentage points to CPI [4][6]. - Other categories saw price increases, with: - Other goods and services up by 8.0% - Clothing prices rising by 1.7% - Prices for living goods and services increasing by 1.2% - Education, culture, and entertainment prices up by 0.9% - Medical care prices rising by 0.5% - Housing prices increasing by 0.1% - Transportation and communication prices down by 3.1% [4][6]. Monthly Price Changes - Month-on-month, the CPI increased by 0.4% in July, with urban areas rising by 0.4% and rural areas by 0.3%. Key changes included: - Food prices decreased by 0.2%, while non-food prices increased by 0.5% - Consumer goods prices rose by 0.2%, and service prices increased by 0.6% [2][7]. - Specific month-on-month changes in food prices included: - Fresh fruit prices decreased by 3.4%, impacting CPI by -0.07 percentage points - Fresh vegetable prices increased by 1.3%, contributing +0.03 percentage points to CPI - Meat prices rose by 0.4%, with pork prices up by 0.9% [6][9]. Summary of Key Data - The average CPI for January to July 2025 showed a decline of 0.1% compared to the same period last year [2][8]. - The overall CPI data for July 2025 indicated: - Urban CPI: 0.0% year-on-year, 0.4% month-on-month - Rural CPI: -0.3% year-on-year, 0.3% month-on-month - Food CPI: -1.6% year-on-year, -0.2% month-on-month - Non-food CPI: 0.3% year-on-year, 0.5% month-on-month [7][8].

Group 1 - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices down by 0.3% [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - The average CPI from January to July 2025 decreased by 0.1% compared to the same period last year [1] Group 2 - In July 2025, the CPI increased by 0.4% month-on-month, with urban prices up by 0.4% and rural prices up by 0.3% [1] - Food prices decreased by 0.2% month-on-month, while non-food prices increased by 0.5% [1] - Service prices rose by 0.6% month-on-month, contributing to the overall CPI increase [1] Group 3 - In July 2025, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, impacting the CPI by approximately 0.21 percentage points [3] - Key contributors to the decline in food prices included eggs (down 11.2%), fresh vegetables (down 7.6%), and pork (down 9.5%) [3] - Other categories showed price increases, with other goods and services up by 8.0%, clothing by 1.7%, and living goods and services by 1.2% [3] Group 4 - Month-on-month, food, tobacco, and alcohol prices decreased by 0.1%, affecting the CPI by about 0.04 percentage points [7] - Fresh fruit prices fell by 3.4% month-on-month, while fresh vegetables rose by 1.3% [7] - Other categories saw price increases, with transportation and communication up by 1.5%, education and culture by 1.3%, and other goods and services by 0.9% [7]

Core Insights - In July 2025, the national consumer price index (CPI) remained flat year-on-year, with urban prices unchanged and rural prices decreasing by 0.3% [1] - Food prices decreased by 1.6% year-on-year, while non-food prices increased by 0.3% [1] - The average CPI from January to July 2025 showed a decline of 0.1% compared to the same period last year [1] Year-on-Year Price Changes - In July, the prices of food, tobacco, and alcohol decreased by 0.8% year-on-year, contributing to a 0.21 percentage point decline in CPI [3] - Specific food items such as eggs, fresh vegetables, and pork saw significant price drops of 11.2%, 7.6%, and 9.5% respectively, impacting CPI by 0.07, 0.16, and 0.13 percentage points [3] - Other categories showed price increases, with "other goods and services" rising by 8.0%, and education, culture, and entertainment prices increasing by 0.9% [3] Month-on-Month Price Changes - In July, the prices of food, tobacco, and alcohol decreased by 0.1% month-on-month, leading to a 0.04 percentage point decline in CPI [7] - Fresh fruit prices dropped by 3.4%, while fresh vegetables increased by 1.3% month-on-month [7] - Other categories experienced price increases, with transportation and communication rising by 1.5% and education and culture by 1.3% [7] Detailed Price Index Data - The CPI for July showed a month-on-month increase of 0.4% and a year-on-year change of 0.0% [9] - Food prices decreased by 0.2% month-on-month and 1.6% year-on-year, while non-food prices increased by 0.5% month-on-month and 0.3% year-on-year [9] - The index for transportation and communication saw a month-on-month increase of 1.5% but a year-on-year decrease of 3.1% [9]

讲完差异，我们再来谈谈物价下行对老百姓有哪些影响。最直观的影响是：降低消费成本，提高消 费能力。在一定范围内，物价适度下行意味着能用同样的钱买到更多商品和服务。比如，食品价格下降 了，消费者可以将更多的钱用于文旅消费等。 看到这里，可能有人会问，物价水平岂不是越低越好？答案是否定的。物价下行在短时间内能让消 费者受益，但其负面影响也不容忽视。如果物价持续下行，市场会形成经济增速放缓、投资收益下降的 预期，企业可能会降低投资规模，居民可能会延迟消费，导致企业利润下降，甚至可能造成企业减产停 产、收缩岗位和用工需求，进而导致失业率上升。而就业形势不稳定，会导致居民收入增长放缓、停滞 甚至下降，居民不愿消费、不敢消费，国内总需求被抑制，会进一步拉低物价水平，在物价下行和经济 收缩之间形成负反馈循环。 实践证明，保持物价温和上涨对于经济运行会产生积极效应。《2025年第一季度中国货币政策执行 报告》指出，提振物价的关键在于扩大有效需求，畅通供需循环，打通实体经济堵点。可以看到，近年 来，我国宏观调控思路更加注重提振内需，出台了包括以旧换新、发放消费券等在内的一揽子促消费政 策，效果正在显现。去年四季度以来，我国消费投 ...

Core Viewpoint - In the first half of the year, the Consumer Price Index (CPI) in Anyang City experienced a cumulative decline of 0.3%, aligning with the average level in Henan Province [1] Group 1: CPI Trends - The CPI in Anyang City showed a stable operation in the first half of the year, with service prices rising by 0.1%, non-food prices declining by 0.1%, food prices decreasing by 0.8%, and consumer goods prices falling by 0.6% [1] - The CPI's month-on-month growth exhibited a trend of rising initially and then declining throughout the first half of the year [2] Group 2: Monthly CPI Analysis - In January, the CPI rose significantly due to increased demand for food and services during the Spring Festival, but it saw a notable decline in February as the holiday effects faded [2] - March experienced a continued decrease in CPI as fresh produce prices fell due to increased supply, while April saw a narrowing of the decline due to rising gold prices [2] - In May, the implementation of centralized drug procurement policies led to a decrease in drug and medical device prices, contributing to a further decline in CPI [2] - June saw a mixed impact on CPI, with rising fresh vegetable prices due to high temperatures, but a decrease in prices for daily necessities and cultural entertainment due to promotional activities [2] Group 3: Year-on-Year CPI Changes - The CPI year-on-year showed a "V" shaped trend, with a 0.1% increase in January, followed by a decline in February, and a narrowing of the decline to 0.5% in March [3] - From April to May, the CPI continued to decline year-on-year, influenced by fluctuating gold prices and lower fuel prices [3] - By June, the year-on-year CPI turned around with increases in fresh vegetables and durable consumer goods prices, resulting in a 0.1% increase [3] Group 4: Non-Food Price Trends - Non-food prices in Anyang City saw a cumulative decline of 0.1%, with industrial product prices dropping by 0.3% [4] - The decline in education, culture, and entertainment prices was attributed to the increased substitution effect of online services and a seasonal drop in tourism demand [4] - In June, prices for new energy vehicles fell by 11%, and fuel vehicles saw a 3.9% decrease, contributing to a 3% decline in transportation and communication prices [4] Group 5: Future Outlook - The CPI in Anyang City is expected to maintain a stable trend in the second half of the year, with potential price increases for fresh vegetables due to seasonal supply constraints [5] - The ongoing reduction in pig production capacity and upcoming holidays are anticipated to boost pork prices [5] - The automotive, cement, and photovoltaic industries are expected to see a moderate price recovery due to self-regulatory actions [5]

Market Performance - The South Korean stock market experienced a significant rebound, with the KOSPI index rising over 2% during intraday trading [2][3] - Key sectors such as information technology, healthcare, and finance showed strong performance, with IT and healthcare sectors increasing by over 3% [3] - Notable individual stock performances included SK Biopharma rising over 16% and Samsung SDI increasing over 12% [3] Economic Outlook - The South Korean government plans to utilize all policy tools, including fiscal, tax, and regulatory reforms, to achieve an economic growth forecast of 1% for the year, which is higher than the predictions from the Bank of Korea and the IMF [3] - The Consumer Price Index (CPI) for July showed a year-on-year increase of 2.1%, marking the second consecutive month of inflation above 2% [3][4] Price Trends - The prices of agricultural products, particularly fruits and vegetables, have surged due to extreme heat, with watermelon prices reaching an average of 33,337 KRW (approximately 173 RMB), a 33.7% increase from the previous month [6][7] - Other notable price increases include tomatoes, which saw a nearly 70% rise in average price compared to the previous month, and cabbage prices exceeding 6,000 KRW [6][7] Foreign Exchange Reserves - As of the end of July, South Korea's foreign exchange reserves increased by $1.13 billion to $411.33 billion, following a decline to a five-year low in May [5] - The increase in reserves was attributed to the issuance of new foreign exchange stabilization fund bonds and improved returns on foreign assets [5]

Group 1 - The core viewpoint is that the national Consumer Price Index (CPI) in June 2025 has shown a new trend, with a year-on-year increase of 0.1%, ending a four-month decline, while the core CPI rose by 0.7%, reaching a 14-month high [1] - In June, 14 provinces experienced a year-on-year increase in CPI, while 10 provinces saw a decline, indicating a shift in regional price trends [1] - The analysis by Wang Qing from Dongfang Jincheng highlights three main driving forces for the CPI's positive change: seasonal rise in vegetable prices, an increase in domestic energy prices due to international oil price fluctuations, and the support from the "old-for-new" policy [2] Group 2 - Future CPI trends are expected to show a low and moderate recovery, supported by stable economic performance and effective domestic demand policies [4] - Factors contributing to price stability include ongoing economic expansion, effective policies to boost consumption, and regulatory actions to curb disorderly price competition in various industries [5] - The holiday effect is anticipated to further stabilize or increase service-related prices, with several upcoming holidays expected to have a noticeable impact [5]

Income Analysis - The per capita disposable income in Sichuan reached 18,779 yuan in the first half of 2025, showing a nominal increase of 5.6% year-on-year and a real increase of 5.8% after adjusting for price factors [3][4] - The main sources of income, including wage income, operating net income, and transfer net income, all maintained growth, with nominal increases of 6.4%, 5.3%, and 5.8% respectively [3][4] - Wage income remains the primary support for income growth, accounting for 52.2% of per capita disposable income and contributing 58.5% to the increase [3] Consumption Analysis - Per capita consumption expenditure in Sichuan was 12,208 yuan in the first half of 2025, with a nominal growth of 6.2% and a real growth of 6.4% after price adjustments [4] - Rural residents experienced faster consumption growth compared to urban residents, and service consumption remained active, with all eight categories of consumption showing growth [4] - Per capita service consumption expenditure reached 5,295 yuan, growing by 6.8%, and service consumption accounted for 43.4% of total consumption expenditure [4] Price Trends - The consumer price index (CPI) in Sichuan decreased by 0.2% year-on-year, consistent with national trends, while the core CPI, excluding food and energy prices, increased by 0.3% [5] - Positive changes in CPI were noted in June, indicating a potential improvement in the weak CPI trend, with the core CPI rising by 0.5% year-on-year [5] - The decline in pork prices was attributed to increased supply and seasonal demand fluctuations post-Chinese New Year [5]

Economic Performance - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - The GDP growth for the first quarter was 5.4%, while the second quarter saw a growth of 5.2% [1] - The quarter-on-quarter GDP growth in the second quarter was 1.1% [1] Sector Performance - Agricultural value added grew by 3.7%, with a total summer grain output of 149.74 million tons [1] - Industrial value added for large-scale enterprises increased by 6.4%, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively, outpacing the overall industrial growth by 3.8 and 3.1 percentage points [1] - The service sector's value added rose by 5.5%, accelerating by 0.2 percentage points compared to the first quarter [1] Investment and Consumption - The total retail sales of consumer goods reached 24,545.8 billion yuan, growing by 5% year-on-year, which is an acceleration of 0.4 percentage points from the first quarter [1] - Fixed asset investment (excluding rural households) amounted to 24,865.4 billion yuan, with a year-on-year growth of 2.8%; excluding real estate development investment, the growth was 6.6% [1] Trade and Employment - The total import and export value of goods was 21,787.6 billion yuan, with a year-on-year increase of 2.9% [2] - The share of private enterprises in total imports and exports rose to 57.3%, an increase of 2.3 percentage points from the previous year [2] - The average urban unemployment rate was 5.2%, a decrease of 0.1 percentage points from the first quarter [2] Consumer Prices and Income - The Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.4%, expanding by 0.1 percentage points from the first quarter [2] - The per capita disposable income of residents was 21,840 yuan, with a nominal year-on-year growth of 5.3%, and a real growth of 5.4% after adjusting for price factors [2] Policy Outlook - The macroeconomic policies have shown effectiveness, contributing to a stable and improving economic performance [2] - There is a need to strengthen domestic demand and ensure sustainable economic recovery amidst external uncertainties [2]

Group 1 - The overall price level is still adjusting due to the pressure from traditional growth drivers, despite the emergence of new growth drivers [1][3] - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year, ending four consecutive months of negative growth, while the core CPI reached a new high in nearly 14 months [1][3] - Factors supporting a moderate recovery in prices in the second half of the year include stable economic performance, effective demand expansion policies, regulation of low-price competition, holiday effects, and diminishing tail effects [1][4] Group 2 - The rise in CPI in June was influenced by the recovery of industrial consumer goods prices supported by "two new" policies, as well as supply disruptions in vegetables and certain seafood products due to weather conditions [3] - In the first half of the year, food prices fell by 0.9% and energy prices decreased by 3.2%, collectively dragging down the CPI by approximately 0.4 percentage points [3] - The current low price levels are characterized by structural and temporary factors, linked to both domestic and international macroeconomic changes [3][4] Group 3 - The expectation for price trends in the second half of the year is a low and moderate recovery, supported by several factors including stable economic growth and expanding overall demand [4] - Policies aimed at expanding domestic demand are expected to effectively stimulate consumption and support price recovery in consumer goods [4] - Recent self-regulatory actions by industry associations in sectors like photovoltaics, cement, and automobiles are anticipated to positively impact pricing in those areas [4]