Group 1: CPI Trends - June CPI shows a month-on-month decrease of -0.1% and a year-on-year increase of 0.1%, ending a four-month streak of negative values[1] - The contribution of new price factors to the June CPI year-on-year growth is 0.1 percentage points, while the tailing factors contribute 0.0 percentage points[1] - The CPI structure reveals that food items decreased by -0.3% year-on-year, while non-food items increased by 0.1% year-on-year[1] Group 2: PPI Trends - June PPI shows a month-on-month decrease of -0.4% and a year-on-year decrease of -3.6%, marking 33 consecutive months of negative values[1] - The contribution of new price factors to the June PPI year-on-year growth is -2.0 percentage points, while tailing factors contribute -1.6 percentage points[3] - The PPI structure indicates that the production materials category decreased by -4.4% year-on-year, while the living materials category decreased by -1.4% year-on-year[3] Group 3: Future Outlook - For Q2 2025, the average year-on-year growth rate of CPI is projected at -0.03%, while PPI is projected at -3.20%, indicating a potential decline in nominal GDP growth compared to Q1[4] - The central government's emphasis on addressing low-price disorder in competition may lead to improvements in product quality and a gradual exit of outdated production capacity[4] - The contribution of tailing factors to PPI is expected to rise, potentially alleviating the extent of PPI declines in the coming months[4]

Core Viewpoint - The recent meeting of the Central Financial Committee emphasizes the deepening of the construction of a unified national market, with a focus on the basic requirements of "Five Unifications and One Opening" [1][2]. Group 1: Five Unifications and One Opening - The basic requirements of "Five Unifications and One Opening" include unifying market basic systems, infrastructure, government behavior standards, market supervision and law enforcement, and resource markets, while continuously expanding domestic and international openness [2][5]. - The shift from "Five Unifications and One Breaking" to "Five Unifications and One Opening" reflects a strategic upgrade, indicating a transition from breaking down barriers to enabling openness and collaboration [3][4]. Group 2: Focus Areas and Implementation - The meeting highlights the need to focus on key challenges such as regulating low-price disorderly competition among enterprises, enhancing product quality, and promoting the orderly exit of outdated production capacity [6][11]. - The establishment of foundational systems for the unified national market is underway, including the introduction of the "Fair Competition Review Regulations" to ensure equal participation in market competition [4][5]. Group 3: International Trade and Market Integration - The emphasis on expanding domestic and international openness is crucial for the construction of a unified national market, with a focus on integrating domestic and foreign trade to facilitate the flow of goods and resources [8][9]. - The meeting stresses the importance of promoting high-level openness and the integration of domestic and international markets as a pathway to enhance economic resilience [8][10].

Domestic News - The Central Financial Committee, chaired by Xi Jinping, emphasized the need to advance the construction of a unified national market and promote high-quality development of the marine economy, while also addressing issues of low-price disorderly competition among enterprises and encouraging the exit of backward production capacity [1] - Domestic refined oil prices have been raised, resulting in an additional cost of 9 yuan for a full tank of gas [2] - The Caixin China PMI for June recorded a value of 50.4, an increase of 2.1 percentage points from May [3] - The Hong Kong Monetary Authority purchased 20.018 billion HKD in the market due to the Hong Kong dollar hitting the weak side of the peg [4] - The Chinese Foreign Ministry announced sanctions against former Philippine senator Torentino, prohibiting his entry into mainland China, Hong Kong, and Macau [5] International News - U.S. officials are seeking to narrow the scope of trade agreements, aiming to reach a deal by July 9, with India looking to finalize a temporary trade agreement this week [1] - Trump stated he does not consider extending the July 9 deadline for tariff negotiations and expressed doubts about reaching an agreement with Japan, which may face tariffs of 30% or 35% [2] - The U.S. will prioritize trade negotiations with India over Japan [3] - The Trump administration has officially closed the U.S. International Development Agency [4] - The Thai Constitutional Court has decided to suspend Prayuth Chan-o-cha from exercising his duties as Prime Minister [5] - U.S. job openings unexpectedly rose to the highest level since November last year [6] - Federal Reserve Chair Powell stated it is too early to assert whether a rate cut in July is premature, leaving all options open [7] - The U.S. Senate passed the "Big and Beautiful" bill, with the House expected to vote on it this week [8] - Trump expressed disinterest in owning electric vehicles due to safety concerns and threatened to "consider expelling" Elon Musk [9] - Trump threatened to scrutinize Musk and his companies regarding subsidies, to which Musk responded by suggesting to cut all subsidies immediately [10]