招商证券国际发布研报称，数据显示，传统行业物价自9月以来有所恢复，物价上行趋势是否可以持续 将影响投资方式，新能源行业恢复更持续，因为下游需求更强。该行表示，现在的市场环境是股票上 升，不过债券疲弱。 传统行业中，过去半个月，华东地区水泥价格累计上涨6元/吨，达到428元/吨；西南地区水泥价格自8 月第2周以来保持上涨趋势，累计上涨36元/吨，达到479元/吨。钢价格同样录得环比改善，例如螺纹钢 价格指数转入正值区间，上周上涨23元/吨至3312.2元/吨。浮法玻璃价格连续三周上涨，上涨13元/吨至 1163元/吨。同时，炼焦煤和焦炭价格自2025年第三季以来呈上涨趋势，炼焦煤价格上涨268元/吨至 1452元/吨，焦炭物价指数截至上周上涨236元/吨。 新能源行业中，光电产品综合价格指数自7月中旬以来持续上涨3.29个百分点，达到15.2%。光伏级多晶 硅价格扭转今年以来的下跌趋势，截至上周上涨55%至6.54美元/千克；国内多晶硅价格上涨41.1%至6.9 美元/千克；碳酸锂价格上涨20.5%至72400元人民币/吨。 ...

Core Viewpoint - The article discusses the recent trends in CPI and PPI, highlighting the need for policy intervention to support price recovery, with a focus on core inflation rather than overall inflation [1][5]. Group 1: CPI Analysis - CPI year-on-year decline narrowed from -0.7% in February to -0.1% in March, exceeding expectations of -0.2%, with food prices contributing negatively [1][6]. - Food prices fell significantly, with fresh vegetables and pork prices decreasing by 5.1% and 4.4% respectively, driven by improved supply and seasonal factors [2][3]. - Core inflation showed resilience, increasing by 0.5% year-on-year, with industrial consumer goods prices rising by 0.5% month-on-month [2][3]. Group 2: PPI Analysis - PPI year-on-year decline widened from -2.2% to -2.5%, and month-on-month decline increased from -0.1% to -0.4%, influenced by international factors and domestic production recovery [3][4]. - High-tech industries experienced positive price changes, with wearable device manufacturing prices rising by 4.6% [3][4]. - Prices in the black metal and non-metal mineral industries decreased due to faster production recovery compared to demand [3][4]. Group 3: Policy Implications - Recent tariff policies from the U.S. may negatively impact global demand and consequently affect China's demand [5]. - The government has emphasized the importance of price governance, indicating potential reforms in public utility pricing and market behavior regulation [5]. - The focus for this year should be on core inflation recovery, necessitating proactive policy measures to stimulate demand and support price stabilization [5].