Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and 0.2% year-on-year, with the core CPI (excluding food and energy) rising by 1.2%, marking the highest increase since March 2024 [1][3] - Service prices shifted from a decline of 0.3% to an increase of 0.2%, driven by strong travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2][3] - Food prices increased by 0.3%, contrasting with a seasonal decline of 0.1%, with significant price rises in fresh vegetables, lamb, fresh fruits, and seafood ranging from 0.5% to 4.3% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year, with improvements in supply-demand relationships contributing to price rises in several industries [4][5] - Year-on-year, the PPI decreased by 2.1%, but the decline narrowed by 0.2 percentage points for the third consecutive month, with significant price increases in sectors like photovoltaic equipment manufacturing and coal mining [4][5] - Input factors led to a mixed price trend in domestic non-ferrous metals and oil-related industries, with international metal prices rising and domestic oil and gas extraction prices declining by 2.3% [4][5]

Core Insights - October inflation data shows a shift in CPI from decline to increase, with PPI's rate of decline narrowing, significantly influenced by prices of gold and non-ferrous metals [1][4][25] - October CPI increased by 0.2% year-on-year, reversing a 0.3% decline from the previous month, marking the highest value since February of this year [1][6] - PPI's year-on-year decline narrowed by 0.2 percentage points to -2.1%, marking the third consecutive month of narrowing [1][21] CPI Analysis - Food prices showed slight improvement, with a 2.9% decline, but the drop was less severe than the previous month, impacting CPI by approximately 0.54 percentage points [2][14] - Core CPI rose by 1.2% year-on-year, the highest since March 2024, with gold prices being a major driver [2][10] - Domestic gold futures prices increased by 52.8% year-on-year, significantly higher than the previous month's growth rate [2][10] PPI Analysis - PPI for October showed a year-on-year decline of 2.1%, with notable performance in the non-ferrous sector, particularly in mining and metal processing [3][21] - The prices in the non-ferrous mining and metal processing industries increased by 5.3% and 2.4% respectively, the highest among all sectors [3][21] - Life goods PPI decreased by 1.4% year-on-year, with a narrowing decline compared to the previous month [3][21] Market Outlook - The rise in prices is influenced by multiple factors, including the increase in gold prices and extreme weather affecting vegetable prices, leading to an unexpected overall price increase [4][25] - Future price trends remain uncertain, with a potential decline in gold prices in early November and weak terminal demand affecting price transmission from upstream to downstream sectors [4][26] - The bond market is entering a recovery phase, with a recommendation for a barbell strategy to manage risks and capitalize on potential interest rate declines [4][26]

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, driven by policies to expand domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1][2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1][2] - Significant rainfall and increased holiday demand led to a 4.3% month-on-month rise in vegetable prices, contributing to a narrowing of the year-on-year decline in food prices to -2.9% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year, despite a year-on-year decline of 2.1% [1][4] - The improvement in supply-demand dynamics in various industries, particularly due to anti-involution policies, has supported price increases in sectors like coal and black metals [4][5] - Prices in the coal mining and washing industry rose by 1.6%, while prices for photovoltaic equipment and components increased by 0.6%, indicating a positive trend in certain high-tech manufacturing sectors [4][5] Group 3: Future Outlook - Analysts expect a gradual recovery in PPI year-on-year by 2026, while CPI is anticipated to remain at low levels, indicating a moderate inflationary trend [6]

Group 1: CPI Analysis - In October, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, driven by policies to expand domestic demand and the impact of the National Day and Mid-Autumn Festival holidays [1][2] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the sixth consecutive month of growth [1] - Food prices decreased by 2.9% year-on-year, but the decline narrowed by 1.5 percentage points compared to the previous month, contributing to a reduction in the overall CPI decline [2] Group 2: PPI Analysis - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first rise of the year, while the year-on-year decline was 2.1%, a narrowing of 0.2 percentage points from the previous month [1][2] - The rise in PPI was attributed to improved supply-demand relationships in certain industries and the upward trend in international commodity prices [2][3] - Specific industries such as coal mining and photovoltaic equipment manufacturing saw price increases of 1.6% and 0.6% respectively, indicating a recovery in pricing due to improved demand [3][5] Group 3: Future Outlook - The CPI is expected to rise to around 0.6% year-on-year in November, with low price levels providing room for growth-stabilizing policies and potential interest rate cuts by the central bank [2] - The PPI is projected to remain stable at around -2.1% year-on-year in November, with the possibility of a slight increase in the decline due to external economic pressures [6]

Core Viewpoint - The Producer Price Index (PPI) has increased by 0.1% month-on-month for the first time in 2023, indicating an improvement in supply-demand relationships across various industries [1] Group 1: PPI Trends - The month-on-month PPI has shifted from flat to an increase of 0.1%, marking the first rise this year [1] - Key industries experiencing price increases include coal mining and washing (up 1.6%), coal processing (up 0.8%), and photovoltaic equipment manufacturing (up 0.6), all of which have seen continuous price rises for over two months [1] - Other sectors such as cement manufacturing, computer assembly, lithium-ion battery manufacturing, and integrated circuit manufacturing have also transitioned from price declines to increases, with respective rises of 1.6%, 0.5%, 0.2%, and 0.2% [1] Group 2: Impact of External Factors - Domestic prices in the non-ferrous metals and petroleum-related industries have shown a divergence due to external factors [1] - The rise in international non-ferrous metal prices has led to a 5.3% increase in domestic non-ferrous metal mining prices and a 2.4% increase in non-ferrous metal smelting and rolling prices, with gold and copper smelting prices rising by 8.7% and 4.3%, respectively [1] - Conversely, the decline in international oil prices has resulted in a 2.3% decrease in domestic oil and natural gas extraction prices and a 0.8% decrease in refined petroleum product manufacturing prices [1]

Group 1: CPI Analysis - In October 2025, the Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, marking a shift from a decline to an increase [1][3] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, the highest increase since March 2024, and has expanded for six consecutive months [3][6] - Service prices turned from a decline of 0.3% last month to an increase of 0.2%, driven by high travel demand during the National Day and Mid-Autumn Festival [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, marking the first rise of the year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [1][4] - Key industries such as coal mining and photovoltaic equipment manufacturing experienced price increases due to improved supply-demand relationships [4][5] - The year-on-year decline in PPI has been narrowing for three consecutive months, indicating a potential stabilization in industrial pricing [5][18] Group 3: Price Changes by Category - Food prices decreased by 2.9% year-on-year, with significant declines in pork (16.0%) and eggs (11.6%), impacting the overall CPI [3][8] - Non-food prices increased by 0.9% year-on-year, with notable increases in other categories such as medical care (1.4%) and education (0.9%) [6][12] - The average CPI for the first ten months of 2025 showed a decline of 0.1% compared to the same period last year [6][12]

Group 1: CPI Analysis - The Consumer Price Index (CPI) increased by 0.2% month-on-month and year-on-year, marking a shift from a previous decline to an increase [2][3] - Service prices turned from a decline of 0.3% to an increase of 0.2%, influenced by high travel demand during the National Day and Mid-Autumn Festival, with hotel accommodation, flight tickets, and tourism prices rising by 8.6%, 4.5%, and 2.5% respectively [2][3] - Food prices rose by 0.3%, contrasting with a seasonal decline of 0.1%, driven by increased consumption during the holidays, with fresh vegetables, lamb, fresh fruits, shrimp, and beef prices increasing between 0.5% and 4.3% [2][3] Group 2: Core CPI Insights - The core CPI, excluding food and energy, rose by 1.2% year-on-year, marking the highest increase since March 2024 and the sixth consecutive month of growth [3] - Service prices have been gradually recovering since March, with a current month-on-month increase of 0.8%, driven by rising prices in air travel and hotel accommodations [3] Group 3: PPI Analysis - The Producer Price Index (PPI) shifted from flat to an increase of 0.1% month-on-month, marking the first increase of the year [4] - The rise in PPI is attributed to improved supply-demand relationships in certain industries, with coal mining and washing prices increasing by 1.6%, and prices in photovoltaic equipment manufacturing rising by 0.6% [4][5] - Year-on-year, the PPI decreased by 2.1%, but the decline has narrowed for three consecutive months, with significant improvements in the coal mining and washing industry [5] Group 4: Industry-Specific Price Movements - The prices in the non-ferrous metal mining sector increased by 5.3% month-on-month due to rising international metal prices, while oil and gas extraction prices fell by 2.3% due to declining international oil prices [4][5] - The manufacturing prices in sectors such as photovoltaic equipment, battery production, and automotive manufacturing have shown a narrowing decline, indicating a recovery trend in these industries [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In September 2025, the year-on-year decline of PPI was 2.3%, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat for two consecutive months on a month-on-month basis, indicating a continuous easing of the downward pressure on industrial product prices. The prices in the midstream manufacturing industry improved, and the prices in industries such as coal and ferrous metals continued to rise; in the industries related to external demand, the prices of electronics and aircraft manufacturing maintained growth. Structurally, there were differentiation characteristics: on the one hand, the prices of new quality productivity industries such as photovoltaic equipment rebounded, and the prices of consumer upgrade products increased significantly; on the other hand, affected by the decline in international oil prices, the prices of domestic oil-related products weakened. Overall, the current recovery of PPI is mainly driven by the low-base effect and policy expectations, but the recovery of downstream demand is still uneven, and the subsequent trend of industrial product prices still needs to focus on the substantial improvement of the demand side [4]. - In September 2025, the year-on-year decline of CPI was 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The core CPI increased by 1.0% year-on-year, with the increase expanding for 5 consecutive months, and it returned to above 1% for the first time in nearly 19 months. Food prices decreased by 4.4% year-on-year, and the prices of major food items such as fresh vegetables and pork were still in the downward range; non-food prices increased by 0.7% year-on-year, among which the increases of industrial consumer goods such as gold jewelry and household appliances were obvious; service prices maintained stable growth. Overall, the continuous recovery of core CPI shows that domestic consumer demand is steadily recovering with policy support, but the drag of food prices still exists, and the improvement of CPI in the fourth quarter may be limited [5]. Summary by Directory 1. Macro Events - On October 15th, the National Bureau of Statistics released data showing that in September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2% [3]. 2. 9 - Month Inflation Decline Convergence - PPI - The decline of PPI continued to narrow. In September 2025, PPI decreased by 2.3% year-on-year (with the decline narrowing by 0.6 percentage points compared to the previous month), and remained flat for two consecutive months on a month-on-month basis; the purchase price for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. - The price pressure in the midstream manufacturing industry eased. The prices in the midstream processing industry improved. The prices of coal mining and washing increased by 2.5% month-on-month, and the prices of coal processing increased by 3.8% month-on-month, both rising for two consecutive months. The prices of ferrous metal smelting and rolling processing increased by 0.2% month-on-month; the prices of non-metallic mineral products decreased by 0.4% month-on-month, but the decline narrowed by 0.6 percentage points compared to the previous month. - Some improvements were seen in the external demand industries. Driven by the construction of a modern industrial system, the prices of electronic special material manufacturing increased by 1.2% year-on-year. In the field of intelligent unmanned aerial vehicle manufacturing, the prices of aircraft manufacturing increased by 1.4% year-on-year. - The impact of international input was differentiated. The decline in international oil prices led to a 2.7% month-on-month decrease in domestic oil extraction prices and a 1.5% month-on-month decrease in refined petroleum product manufacturing prices. - The new quality productivity industries maintained growth. The new driving forces for development grew steadily, and the prices of related industries rebounded year-on-year. The prices of photovoltaic equipment and component manufacturing turned from a decline to an increase, with a growth rate of 0.8%; the prices of waste resource comprehensive utilization industries increased by 0.9% year-on-year. - Consumer demand continued to provide support. The demand for upgraded consumption continued to increase. The prices of arts and crafts and ceremonial supplies manufacturing increased by 14.7%, the prices of sports ball manufacturing increased by 4.0%, and the prices of nutritional food manufacturing increased by 1.8%. - Overall, the year-on-year recovery of PPI in the third quarter was mainly affected by the low-base effect and anti-involution market expectations. By industry, non-ferrous metal prices were relatively strong, while ferrous metal prices were relatively weak due to slow recovery of downstream demand and inventory accumulation; in September, international crude oil prices were weak due to geopolitical factors, and the ex-factory prices of related petrochemical products also declined. As the steady growth plans for various industries are gradually implemented and the effects of anti-involution policies are further manifested, the subsequent industrial product prices will follow the demand trend. Attention should be paid to whether there will be incremental policy promotion in the fourth quarter, and industrial product prices may maintain a weak pattern [9][10]. 3. 9 - Month Inflation Decline Convergence - CPI - CPI turned from flat to an increase on a month-on-month basis, and the year-on-year decline narrowed. In September, CPI decreased by 0.3% year-on-year (with the decline narrowing by 0.1 percentage points compared to the previous month), and turned from flat to an increase of 0.1% on a month-on-month basis. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding by 0.1 percentage points compared to the previous month, expanding for the 5th consecutive month, and it returned to above 1% for the first time in nearly 19 months. From January to September, the average CPI decreased by 0.1% compared with the same period of the previous year. - The year-on-year decline of food prices slightly expanded. Food prices decreased by 4.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, the prices of pork, fresh vegetables, and eggs decreased by 17.0%, 13.7%, and 13.5% respectively year-on-year; the prices of fresh fruits decreased by 4.2% year-on-year. On a month-on-month basis, food prices increased by 0.7% in September, among which the prices of fresh vegetables, eggs, and fresh fruits all showed seasonal increases. - The increase of non-food prices expanded. Non-food prices increased by 0.7% year-on-year. Among industrial consumer goods, the prices of gold jewelry and platinum jewelry increased by 42.1% and 33.6% respectively year-on-year; the prices of household appliances and household daily sundries increased by 5.5% and 3.2% respectively year-on-year. - Service consumption maintained stable growth. Service prices increased by 0.6% year-on-year. Among them, the prices of medical services and household services increased by 1.9% and 1.6% respectively year-on-year; affected by factors such as the end of the summer vacation and the misaligned Mid-Autumn Festival, the prices of airplane tickets and hotel accommodation decreased by 1.7% and 1.5% respectively year-on-year. - The year-on-year decline of CPI in September narrowed marginally to -0.3%, mainly due to the carry-over effect. The continuous expansion of the core CPI increase and its return to above 1% indicate that domestic consumer demand continues to recover under the support of macro policies. In the short term, food prices continue to decline, and durable goods prices face downward pressure, so the improvement of CPI in the fourth quarter may be weak [26][27]. 4. Appendix: CPI and PPI Data for September 2025 - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. In September, the national consumer price index increased by 0.1% on a month-on-month basis. Among them, the CPI in urban areas remained flat, and that in rural areas increased by 0.2%; food prices increased by 0.7%, and non-food prices decreased by 0.1%; consumer goods prices increased by 0.3%, and service prices decreased by 0.3%. - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, affecting the CPI (consumer price index) to decrease by about 0.74 percentage points. Among food items, the prices of fresh vegetables decreased by 13.7%, affecting the CPI to decrease by about 0.35 percentage points; the prices of eggs decreased by 11.9%, affecting the CPI to decrease by about 0.08 percentage points; the prices of livestock and meat decreased by 8.4%, affecting the CPI to decrease by about 0.27 percentage points, among which the prices of pork decreased by 17.0%, affecting the CPI to decrease by about 0.26 percentage points; the prices of fresh fruits decreased by 4.2%, affecting the CPI to decrease by about 0.09 percentage points; the prices of grains decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points; the prices of aquatic products increased by 0.9%, affecting the CPI to increase by about 0.02 percentage points. The prices of the other seven major categories increased in six and decreased in one. Among them, the prices of other supplies and services, household supplies and services, and clothing increased by 9.9%, 2.2%, and 1.7% respectively, and the prices of medical care, education, culture, and entertainment, and housing increased by 1.1%, 0.8%, and 0.1% respectively; the prices of transportation and communication decreased by 2.0%. - In September, the prices of food, tobacco, and alcohol increased by 0.5% on a month-on-month basis, affecting the CPI to increase by about 0.13 percentage points. Among food items, the prices of fresh vegetables increased by 6.1%, affecting the CPI to increase by about 0.13 percentage points; the prices of eggs increased by 2.7%, affecting the CPI to increase by about 0.02 percentage points; the prices of fresh fruits increased by 1.7%, affecting the CPI to increase by about 0.03 percentage points; the prices of aquatic products decreased by 1.8%, affecting the CPI to decrease by about 0.04 percentage points; the prices of pork decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points. The prices of the other seven major categories increased in four, remained flat in one, and decreased in two. Among them, the prices of other supplies and services and clothing increased by 1.3% and 0.7% respectively, and the prices of household supplies and services and medical care increased by 0.3% and 0.2% respectively; the prices of housing remained flat; the prices of transportation and communication and education, culture, and entertainment decreased by 0.9% and 0.4% respectively. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2%. - In September, among the producer prices for industrial products, the prices of means of production decreased by 2.4%, affecting the total level of producer prices for industrial products to decrease by about 1.81 percentage points. Among them, the prices of the mining industry decreased by 9.0%, the prices of the raw material industry decreased by 2.9%, and the prices of the processing industry decreased by 1.7%. The prices of means of subsistence decreased by 1.7%, affecting the total level of producer prices for industrial products to decrease by about 0.45 percentage points. Among them, the prices of food decreased by 1.7%, the prices of clothing decreased by 0.3%, the prices of general daily necessities increased by 0.7%, and the prices of durable consumer goods decreased by 3.9%. - Among the purchase prices for industrial producers, the prices of fuel and power decreased by 8.1%, the prices of chemical raw materials decreased by 5.5%, the prices of agricultural and sideline products decreased by 5.4%, the prices of building materials and non-metals decreased by 4.5%, the prices of ferrous metal materials decreased by 2.9%, the prices of textile raw materials decreased by 1.7%; the prices of non-ferrous metal materials and wires increased by 6.6%. - In September, among the producer prices for industrial products, the prices of means of production remained flat. Among them, the prices of the mining industry increased by 1.2%, the prices of the raw material industry remained flat, and the prices of the processing industry decreased by 0.1%. The prices of means of subsistence decreased by 0.2%, affecting the total level of producer prices for industrial products to decrease by about 0.04 percentage points. Among them, the prices of food decreased by 0.1%, the prices of clothing remained flat, the prices of general daily necessities increased by 0.2%, and the prices of durable consumer goods decreased by 0.4%. - Among the purchase prices for industrial producers, the prices of non-ferrous metal materials and wires increased by 1.2%, the prices of fuel and power increased by 0.5%, the prices of ferrous metal materials increased by 0.4%; the prices of building materials and non-metals decreased by 0.6%, the prices of chemical raw materials decreased by 0.4%, the prices of agricultural and sideline products decreased by 0.2%, the prices of textile raw materials decreased by 0.1% [41][43][45]. 5. National Bureau of Statistics Urban Department Chief Statistician Dong Lijuan's Interpretation of CPI and PPI Data for September 2025 - In September, the consumer market generally operated smoothly. The consumer price index (CPI) increased by 0.1% on a month-on-month basis and decreased by 0.3% year-on-year. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding for the 5th consecutive month. The in-depth promotion of the construction of a unified national market and the continuous optimization of the market competition order led to the producer price index (PPI) for industrial products remaining flat on a month-on-month basis; it decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month. - CPI turned from flat to an increase on a month-on-month basis, and the core CPI year-on-year increase rebounded to 1%. CPI increased on a month-on-month basis, turning from flat to an increase of 0.1%. Among them, food prices increased by 0.7% on a month-on-month basis, with the increase expanding by 0.2 percentage points compared to the previous month, affecting CPI to increase by about 0.13 percentage points on a month-on-month basis. Among food items, the prices of fresh vegetables, eggs, fresh fruits, mutton, and beef all showed seasonal increases, with the increase ranging from 0.9% to 6.1%; the supply of pork and aquatic products was sufficient, and the prices decreased by 0.7% and 1.8% respectively. The prices of industrial consumer goods excluding energy increased by 0.5%, affecting CPI to increase by about 0.12 percentage points on a month-on-month basis. Among them, affected by the increase in international gold prices, domestic gold jewelry prices increased by 6.5%; with the new autumn clothing season, clothing prices increased by 0.8%; the prices of cultural and entertainment durable consumer goods, household appliances, and household daily sundries increased by 0

Core Insights - In August, the CPI decreased by 0.4% year-on-year, while the core CPI increased by 0.9% [2][3] - The PPI saw a year-on-year decline of 2.9%, a reduction from the previous month's 3.6% [2][3] Inflation Data Analysis - The significant drop in CPI was primarily due to high food prices from last year's extreme weather, weak seasonal food price increases, and falling oil prices [3][4] - The core CPI's increase to 1.5% from 0% at the beginning of the year marks the highest level since 2021, driven by improved durable goods prices [3][4][18] - Food prices showed a year-on-year decline of 4.3%, while energy prices saw a smaller decline of 3.1% [17][20] PPI Insights - The PPI's year-on-year decline has narrowed, indicating a potential second round of recovery starting from August [3][30] - The PPI remained flat month-on-month, ending an eight-month downward trend, with production materials showing a slight increase [30][31] - The coal and raw materials sectors experienced price increases due to improved supply-demand dynamics influenced by anti-involution policies [31][33] Impact of the Photovoltaic Industry - Since early July, the photovoltaic industry has seen a price rebound of 25%, significantly impacting the PPI [10][13] - The photovoltaic sector's weight in the PPI is approximately 2.4%, and a doubling of its prices could increase the PPI by about 0.3% [6][14][15] Price Change Dynamics - The proportion of CPI items with price increases has decreased seasonally, while the number of PPI industries with price increases has risen [35][37] - The proportion of production materials with price increases has also declined, indicating a shift in market dynamics [39]

Core Viewpoint - Shanxi Province's electricity consumption in the first half of the year reached 156.96 billion kWh, showing a year-on-year growth of 6.3%, indicating a stable and improving economic performance [1][3] Group 1: Electricity Consumption by Sector - The first sector's electricity consumption was 1.40 billion kWh, up 6.81% year-on-year [1] - The second sector's electricity consumption was 1,126 billion kWh, increasing by 5.05% year-on-year [1] - The third sector's electricity consumption was 254.67 billion kWh, with a growth of 12.18% year-on-year [1] - Residential electricity consumption reached 174.9 billion kWh, growing by 6.29% year-on-year [1] Group 2: Industrial Electricity Consumption - Industrial electricity consumption increased by 5.17% year-on-year, reflecting the acceleration of transformation and upgrading [2] - Electricity consumption in the non-ferrous metal mining and selection industry grew by 23.97%, while the petroleum, coal, and other fuel processing industries saw a 16.41% increase [2] - The coal mining and washing industry experienced a 7.98% rise in electricity consumption [2] - The photovoltaic equipment and components manufacturing industry saw a significant increase of 671.83% in electricity consumption [2] Group 3: Growth in New Energy and Services - New energy vehicle manufacturing, medical instrument manufacturing, urban rail transit equipment manufacturing, and instrument manufacturing experienced electricity consumption growth rates of 197.09%, 36.5%, 27.2%, and 25.63% respectively [2] - The service sector's electricity consumption grew by 12.48%, with internet data services increasing by 43.28% [2] - The charging and swapping service industry saw a remarkable increase of 91.1% in electricity consumption due to the promotion of heavy-duty electric vehicle policies and the popularity of residential new energy vehicles [2] - The tourism industry grew by 14.78%, positively impacting wholesale and retail electricity consumption, which increased by 27.8% [2]