2025.10.15 本文字数：2763，阅读时长大约5分钟 作者 |第一财经 祝嫣然、杜川 我国各项宏观政策效果的持续显现，以及金融支持实体经济的力度不断稳固，使得企业生产经营活跃度 开始提升，一些行业价格呈现积极变化，个人消费和投资的需求也出现了回暖信号。 国家统计局15日发布的数据显示，受益于低基数以及"反内卷"和促消费政策进一步显效，9月居民消费 价格指数（CPI）和工业品出厂价格指数（PPI）同比降幅均有所收窄。扣除食品和能源价格的核心CPI 同比上涨1%，涨幅连续第5个月扩大，为近19个月以来涨幅首次回到1%。 央行同日发布的金融数据显示，9月广义货币（M2）和社会融资规模增速均保持在较高水平，持续为经 济回升向好创造适宜的货币金融环境。 PPI同比降幅有望继续收窄 PPI方面，PPI环比连续两个月持平。董莉娟分析，一是供需结构改善带动部分行业价格明显企稳。二是 输入性因素影响国内石油相关行业价格环比下降。国际油价下行带动国内石油相关行业价格环比下降。 国家金融与发展实验室特聘高级研究员庞溟告诉第一财经，随着一系列扩内需、促消费政策持续发力显 效，消费市场平稳增长，消费新动能持续壮大，叠加全国统一 ...

Core Viewpoint - The article highlights the positive changes in China's macroeconomic environment, driven by effective policies and financial support for the real economy, leading to increased business activity and a recovery in consumer demand [3][6]. Economic Indicators - In September, the Consumer Price Index (CPI) decreased by 0.3% year-on-year, but the decline was less than the previous month, with a core CPI (excluding food and energy) rising by 1.0%, marking the first return to a 1% increase in nearly 19 months [5][6]. - The Producer Price Index (PPI) fell by 2.3% year-on-year, but the decline narrowed by 0.6 percentage points compared to the previous month, indicating a stabilization in some industry prices [8][9]. Monetary Policy and Financial Support - The People's Bank of China reported that the growth rates of M2 and social financing remained high, supporting the economic recovery. As of September, M2 reached 335.38 trillion yuan, with an annual growth rate of 8.4% [10][11]. - The M1 balance was 113.15 trillion yuan, growing by 7.2%, indicating increased business activity and consumer demand [10]. Industry Analysis - Certain industries, such as coal processing and photovoltaic equipment manufacturing, saw a reduction in price declines, suggesting improved market conditions and effective capacity management [9]. - The article notes that the structural upgrade of industries and the release of consumer potential are contributing to price increases in specific sectors, such as a 14.7% rise in the price of arts and crafts products [9]. Policy Implications - The government is focusing on expanding domestic demand and enhancing the quality of supply, with an emphasis on consumer spending and effective investment [6][12]. - Experts suggest that future fiscal policies should prioritize improving living standards and social security, shifting from investment-driven growth to consumer-oriented strategies [12].