物流业景气指数连续7个月位于景气区间，核心CPI涨幅连续第5个月扩大，M1、M2"剪刀差"收窄至1.2 个百分点……近期发布的多项数据，折射出需求端正在发力的积极信号。 消费需求加速释放 物价变化是管窥消费需求变化的一个窗口。从最新发布的物价数据看，我国消费市场运行总体平稳，价 格领域释放多重积极信号。 由于CPI中食品、能源价格受短期因素影响较大，因此，扣除二者后的核心CPI更能反映物价变化情 况。 从核心CPI和消费需求的关系看，消费需求变化会直接影响核心CPI走势，核心CPI也会反过来影响消费 需求。因此，核心CPI回升，在很大程度上意味着消费需求加速释放。 投资需求回暖 央行最新发布的金融数据折射出个人投资需求呈现回暖态势。 数据显示，2025年9月末，广义货币(M2)余额335.38万亿元，同比增长8.4%；狭义货币(M1)余额113.15 万亿元，同比增长7.2%，两者"剪刀差"收窄至1.2个百分点，创今年以来新低。 这一趋势反映出企业生产经营活跃度提升、个人投资消费需求回暖等积极信号。 贷款方面也印证了这一信号。企业贷款保持良好增势，装备制造业、高技术制造业等重点行业维持高景 气度。9月末，制造 ...

Group 1 - The Chinese government is implementing multiple policies to boost service consumption, emphasizing the importance of collaboration among various departments to enhance economic growth and improve living standards [1] - Weak demand is identified as a major issue affecting China's economic recovery, and releasing consumption demand is expected to promote economic growth, asset price increases, and investment willingness [1] - The overall performance of the economy remains stable, with the A-share market not experiencing unexpected impacts despite a hot stock market [1] Group 2 - The A-share market's optimistic sentiment persists despite a relatively mild economic recovery, similar to historical instances where stock indices rose during ROE downtrends [2] - Central fiscal policy is expected to play a crucial role in the coming years, with a shift in focus towards enhancing residents' income levels and promoting high-end manufacturing transformation [2] - The current economic data may not fully reflect the positive impacts of these policies, which are anticipated to materialize gradually over the next few years [2] Group 3 - Overseas liquidity easing is also beneficial for the A-share market, with expectations of multiple interest rate cuts by the Federal Reserve, which could positively influence global equity markets [3] - The potential for a significant rate cut by the Federal Reserve is seen as a "preventive rate cut," which may lead to a rapid rebound in U.S. inflation and positively affect global tech stock valuations [3] - Following the Fed's rate cut, it is anticipated that China's central bank may introduce new rate cuts and reserve requirement ratio reductions to alleviate domestic debt pressure [3]

Group 1 - The implementation of large-scale equipment updates and the old-for-new policy for consumer goods has shown significant results over the past year [1] - From April 2024 to July 2025, the total amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [3] - The procurement amount for equipment in the information transmission and software industry, as well as the technology service industry, has increased by nearly 30% [3] Group 2 - Consumer demand continues to be released, with daily household appliance sales increasing by 44.5% year-on-year and furniture retail sales increasing by 30.1% as of July this year [5] - The sales of service robots in the manufacturing sector have surged by over 50%, indicating a significant rise in intelligent consumption demand [5] - The sales volume of new energy vehicles has increased by 81.7% year-on-year, demonstrating a rapid growth trend [5] Group 3 - Driven by the "two new" policies, retail demand nationwide continues to grow, prompting manufacturing enterprises to accelerate equipment updates and upgrades, creating a positive interaction [6] - As of July this year, manufacturing sales revenue has increased by 5.8% year-on-year, indicating a smoother economic internal circulation [6]