Group 1 - The Consumer Price Index (CPI) turned positive in June after four consecutive months of decline, with a year-on-year increase of 0.1% [1][2] - The core CPI, excluding food and energy, rose by 0.7% year-on-year, marking a 14-month high, indicating improvements in supply-demand structures in certain industries [2][3] - Industrial producer prices (PPI) continued to face downward pressure, with a year-on-year decline of 3.6%, reflecting weak domestic demand and excess supply in the market [1][4] Group 2 - The decrease in CPI was less severe than seasonal trends, with food prices dropping by 0.4% month-on-month, while energy prices saw a slight increase due to rising international oil prices [3][4] - Certain consumer goods, such as gold and platinum jewelry, experienced significant price increases of 39.2% and 15.9% year-on-year, respectively, driven by changes in international commodity prices [2][4] - The implementation of consumption-boosting policies is expected to support price stability and recovery in various sectors, including automotive and household appliances [1][5] Group 3 - The PPI's month-on-month decline remained at 0.4%, with pressures from domestic demand weakness and external factors such as tariffs and slowing foreign demand [4][5] - Some industries, particularly high-tech and advanced manufacturing sectors, showed signs of price stabilization and recovery, indicating potential growth opportunities [5] - The overall economic environment remains complex, but macroeconomic policies aimed at stimulating consumption are anticipated to gradually restore domestic demand [5]

事实上，今天一共有两个利空。 昨天提到AH溢价指数创5年内新低，港股可能短期有回调压力，没想到内塔尼夜壶...啊不是，内 塔尼亚胡先生，第一个递刀子过来了——以色列炮轰伊朗，恒生科技今天再跌近2%，两日合计回 调4%了。 第一个利空，是昨晚，美国商务部宣布，对钢制家电 ，征收50%的关税，但这个，实际的边际影 响没那么大，假设一台洗衣机我们出口美国卖500美刀，他会按成分分开征税——假设洗衣机里 钢和铝的比例是20%，那么针对非钢铝的80%的部分，征收目前55%的关税；而对20%的钢铝部 分，多收50%的关税，但可以免除10%的基准对等关税，所以实际是95%。 换句话说，如果家电里面的钢铝比例较低的，那么增加的关税，不会比之前多太多。 家电板块今天跌不到1.4%，在申万一级行业里跌幅处于中位数水平，不算多，而家电板块真正的压 力，其实在于 很多省份的国补资金，消耗的差不多了 ，不少都已经暂缓或者改模式了，叠加之前的国 补，使得消费需求前置（这也是一季度小米的家电板块业绩炸裂的核心原因），后续国内老百姓的购买 力还剩多少，才是未来几个季度的大问题。 第二个利空，当然就是以色列对伊朗的轰炸了 。 不少人看新闻可能 ...