新华财经北京12月10日电 10日，国家统计局发布了2025年11月份全国居民消费价格指数（CPI）和工业 生产者出厂价格指数（PPI）数据。数据显示，11月份CPI同比上涨0.7%，涨幅较上月扩大0.5个百分 点，为2024年3月以来最高；环比微降0.1%。同期，PPI同比下降2.2%，环比则上涨0.1%，连续第二个 月保持环比上涨。扣除食品和能源的核心CPI同比上涨1.2%，涨幅连续三个月保持在1%以上。 专家认为，11月物价数据释放出积极信号：CPI同比涨幅扩大、核心CPI持续稳定、PPI环比连续回升， 共同反映了居民消费持续恢复和内需温和回暖的态势。"反内卷"政策推进、部分行业供需结构优化及季 节性因素，对价格企稳发挥了关键作用。未来随着扩内需政策进一步显效，物价有望保持低位温和回 升。 CPI食品与能源分化核心消费稳健向好 11月份CPI同比上涨0.7%。国家统计局解读指出，同比涨幅扩大主要是食品价格由降转涨拉动。食品价 格同比由上月的下降2.9%转为上涨0.2%。其中，鲜菜价格同比大幅上涨14.5%，成为重要推动力；猪肉 价格虽仍下降15.0%，但降幅收窄。 PPI环比连升政策与需求协同驱动 11 ...

Core Viewpoint - The article highlights three significant changes in the economic landscape for September, focusing on manufacturing investment growth, price indicators, and the current state of demand, suggesting a need for policy adjustments to stimulate demand [2]. GDP - The GDP growth rate for the third quarter is expected to be around 4.8%, with a cumulative growth rate of approximately 5.1% for the first three quarters [4][11]. - Key downward factors include a decline in industrial production, construction, real estate, and wholesale retail sectors, with retail sales growth expected to drop to around 3.2% in September [4][12]. Prices - The Consumer Price Index (CPI) is projected to show a month-on-month increase of about 0.2% and a year-on-year decrease of around -0.2% in September [5][13]. - The Producer Price Index (PPI) is expected to decrease by approximately -0.2% month-on-month but improve from -2.9% to -2.5% year-on-year [5][14]. Production - Industrial production growth is anticipated to be around 6.0% in September, with strong performance in the manufacturing sector driven by increased production and external demand [15]. Foreign Trade - Exports are expected to grow by about 6% year-on-year in September, supported by low base effects and resilient non-U.S. demand [16]. - Imports are projected to increase by around 1%, influenced by rising commodity prices and stable export performance [17]. Fixed Asset Investment - Cumulative fixed asset investment growth is expected to decline to around -0.2% for the first nine months, with manufacturing investment growth dropping to 4.0% and real estate investment falling to -13.2% [18]. Real Estate Sales - Real estate sales are projected to have a growth rate of approximately 0% in September, with recent policy adjustments in major cities potentially leading to a slight recovery in sales [7][19]. Retail Sales - Retail sales growth is expected to be around 3.2% in September, influenced by high base effects and changes in consumer behavior [21][22]. Financial Indicators - New social financing is estimated at 3 trillion yuan in September, with a year-on-year decrease of 610 billion yuan, while M2 growth is projected at around 8.4% [8][23].

Core Viewpoint - Since mid-February 2025, the bond market has experienced a notable adjustment, with the 10-year government bond yield rising from around 1.6% to approximately 1.9% [1][9]. Group 1: Market Adjustments and Trends - The rise in bond yields is attributed to three main factors: a significant breakthrough in Deep Seek, increased micro expectations and risk appetite in the financial market following a private entrepreneur symposium, and a clear front-loading of government bond issuance [1][9]. - The current pricing phase appears to be largely completed, with the 10-year government bond yield slightly decreasing to around 1.8% after peaking at 1.9% [1][10]. - The narrow liquidity has stabilized in March, with the central rate of funds not rising further, indicating a potential easing of market expectations regarding monetary policy tightening [1][10]. Group 2: Policy Rate Framework - The expected fluctuation range for the 10-year government bond yield this year is approximately 1.7% to 1.9%, with a projected reduction in policy rates by about 20-40 basis points to a range of 1.1% to 1.3% [2][12]. - The spread is expected to correlate well with the broad credit pulse, which is anticipated to be around 25%-26% this year, leading to a corresponding spread center of 60 basis points [2][12]. Group 3: Future Pricing Trends - Historical data indicates that the 10-year government bond yield has undergone significant adjustments in the past, with most returning to a downward trend after a 25-35 basis point adjustment. However, two instances in 2016 and 2020 saw trend reversals due to fundamental confirmations and shifts in monetary policy [3][13]. - The future trajectory of interest rates will be significantly influenced by the state of narrow liquidity, monetary policy, and economic fundamentals [3][13]. Group 4: Economic Fundamentals - The construction industry's performance is crucial in determining interest rate trends, with recent stabilization observed in the sector contributing to the upward movement of the yield center [6][20]. - Fiscal policies, including the issuance of special bonds and adjustments to high-risk debt areas, are expected to support the construction sector and overall economic recovery [6][20]. - Current low price levels are anticipated to rise, with policy adjustments aimed at stabilizing nominal growth and encouraging investment [7][22][23]. Group 5: Summary of Risks and Opportunities - The 10-year government bond yield is expected to trigger phase-specific opportunities upon reaching the upper limit of its fluctuation range, although expectations for narrow liquidity should remain tempered [8][25]. - Key risks include potential upward pressure from the construction sector and rising price levels, which require close monitoring of supply-side developments [8][25].