Group 1 - The core CPI excluding food and energy prices increased by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months, with the growth rate expanding for the fifth consecutive month [1][4] - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, with urban areas down 0.2% and rural areas down 0.5% [1][4] - Food prices fell by 4.4%, significantly impacting the CPI decline, while non-food prices rose by 0.7% [1][2] Group 2 - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, contributing approximately 0.74 percentage points to the CPI decline [1][2] - Specific food items saw significant price drops: fresh vegetables down 13.7%, eggs down 11.9%, and pork down 17.0% [1][4] - The average CPI for January to September 2025 was down 0.1% compared to the same period last year [1] Group 3 - The PPI (Producer Price Index) decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month [7] - The industrial producer purchase prices also fell by 3.1% year-on-year, with a 0.1% increase month-on-month [4][7] - The prices of coal processing and black metal smelting industries showed signs of stabilization, with coal processing prices up by 3.8% month-on-month [5][7]

Group 1: Consumer Price Index (CPI) Insights - In September, the Consumer Price Index (CPI) showed a month-on-month increase of 0.1%, reversing from the previous month where it was flat [1][3] - Year-on-year, the CPI decreased by 0.3%, but the decline was narrower by 0.1 percentage points compared to the previous month [6] - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months [6] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) remained flat month-on-month for the second consecutive month [7] - Year-on-year, the PPI decreased by 2.3%, with the decline narrowing by 0.6 percentage points from the previous month [11] - Factors contributing to the PPI trends include improved supply-demand structures in certain industries and the impact of international oil prices on domestic oil-related industry prices [9][10]

Core Insights - The Consumer Price Index (CPI) and Producer Price Index (PPI) have shown a narrowing decline in September, benefiting from low base effects and the effectiveness of anti-involution and consumption promotion policies [1][3]. CPI Analysis - In September, the CPI increased by 0.1% month-on-month, while the year-on-year decline was 0.3%, a reduction of 0.1 percentage points from the previous month [1]. - The core CPI, excluding food and energy, rose by 1.0% year-on-year, marking the first return to a 1% increase in nearly 19 months [1][3]. - Food prices fell by 4.4%, contributing significantly to the overall CPI decline, with the tail effect accounting for approximately -0.8 percentage points of the CPI change [3]. PPI Analysis - The PPI remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, narrowing by 0.6 percentage points from the previous month [1][5]. - Factors contributing to the PPI's performance include improved supply-demand structures and the impact of international oil price declines on domestic oil-related industries [5]. - Certain industries, such as coal processing and black metal smelting, saw reduced year-on-year price declines, contributing to a decrease in the overall PPI decline by approximately 0.34 percentage points [5]. Industry Trends - The modernization of the industrial system and the release of consumption potential have led to price increases in related industries, with aircraft manufacturing prices rising by 1.4% and electronic materials by 1.2% year-on-year [6]. - Policies aimed at boosting consumption are showing effects, with significant price increases in high-quality and upgraded consumer goods, such as a 14.7% rise in arts and crafts products [6]. - Analysts predict that the year-on-year decline in PPI may narrow to below -2.0% in the fourth quarter due to various supportive policies and market conditions [6].

CPI环比有所回升，由上月持平转为上涨0.1%。其中，食品价格环比上涨0.7%，涨幅比上月扩大0.2个百分点，影响CPI环比上涨约0.13个百分点。食品 中，鲜菜、鸡蛋、鲜果、羊肉和牛肉价格均呈季节性上涨，涨幅在0.9%—6.1%之间；猪肉和水产品供应充足，价格分别下降0.7%和1.8%。扣除能源的工 业消费品价格上涨0.5%，影响CPI环比上涨约0.12个百分点，其中受国际金价上涨影响，国内金饰品价格上涨6.5%；秋装换季上新，服装价格上涨0.8%； 文娱耐用消费品、家用器具和家庭日用杂品价格分别上涨0.9%、0.6%和0.6%。受服务和能源价格下降影响，CPI环比涨幅略低于季节性水平。服务价格下 降0.3%，影响CPI环比下降约0.12个百分点。其中，受暑期结束和中秋节较往年错月叠加影响，飞机票、宾馆住宿和旅游价格分别下降13.8%、7.4%和 6.1%，合计影响CPI环比下降约0.17个百分点。能源价格下降0.8%，其中受国际油价变动影响，国内汽油价格下降1.7%。 CPI同比下降0.3%，降幅比上月收窄0.1个百分点。CPI同比下降，主要是翘尾影响所致。本月CPI-0.3%的同比变动中，翘尾影响约为- ...

9月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比上涨0.1%，同比下降0.3%，扣除食品 和能源价格的核心CPI同比上涨1.0%，涨幅连续第5个月扩大。全国统一大市场建设纵深推进，市场竞 争秩序持续优化，工业生产者出厂价格指数（PPI）环比继续持平；同比下降2.3%，降幅比上月收窄0.6 个百分点。 一、CPI环比由平转涨，核心CPI同比涨幅回升至1% 二、PPI环比持平，同比降幅继续收窄 PPI环比连续两个月持平。本月PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企 稳。煤炭加工价格环比上涨3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格 上涨0.2%，均连续两个月上涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿 物制品业、锂离子电池制造价格分别下降0.4%和0.2%，降幅比上月分别收窄0.6个和0.3个百分点。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。 其中石油开采价格下降2.7%，精炼石油产品制造价格下降1.5%，有机化学原料制造价格下降0.6%，化 学纤维制造业价格下降0 ...

PPI同比降幅继续收窄 智通财经APP获悉，10月15日，国家统计局城市司首席统计师董莉娟解读2025年9月份CPI和PPI数据， 2025年9月份核心CPI同比涨幅持续扩大，PPI同比降幅继续收窄。9月份，消费市场运行总体平稳，居民 消费价格指数(CPI)环比上涨0.1%，同比下降0.3%，扣除食品和能源价格的核心CPI同比上涨1.0%，涨 幅连续第5个月扩大。全国统一大市场建设纵深推进，市场竞争秩序持续优化，工业生产者出厂价格指 数(PPI)环比继续持平；同比下降2.3%，降幅比上月收窄0.6个百分点。 原文如下： 国家统计局城市司首席统计师董莉娟解读2025年9月份CPI和PPI数据 2025年9月份核心CPI同比涨幅持续扩大 二、PPI环比持平，同比降幅继续收窄 PPI环比连续两个月持平。本月PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企 稳。煤炭加工价格环比上涨3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格 上涨0.2%，均连续两个月上涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿 物制品业、锂离子电池制造价格分别下降0.4%和0 ...

国家统计局城市司首席统计师董莉娟解读2025年9月份CPI和PPI数据。PPI环比连续两个月持平。本月 PPI环比运行的主要特点：一是供需结构改善带动部分行业价格明显企稳。煤炭加工价格环比上涨 3.8%，煤炭开采和洗选业价格上涨2.5%，黑色金属冶炼和压延加工业价格上涨0.2%，均连续两个月上 涨，光伏设备及元器件制造价格由上月下降0.2%转为上涨0.8%；非金属矿物制品业、锂离子电池制造 价格分别下降0.4%和0.2%，降幅比上月分别收窄0.6个和0.3个百分点。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。其中石油开采价格下降 2.7%，精炼石油产品制造价格下降1.5%，有机化学原料制造价格下降0.6%，化学纤维制造业价格下降 0.2%。 PPI同比下降2.3%，降幅比上月收窄0.6个百分点。除受上年同期对比基数走低影响外，我国各项宏观政 策效果持续显现，一些行业价格呈现积极变化。一是全国统一大市场建设纵深推进带动相关行业价格同 比降幅收窄。部分行业产能治理成效显现，市场竞争秩序持续优化，价格同比降幅收窄。煤炭加工、黑 色金属冶炼和压延加工业、煤炭开采和洗 ...

2025年9月份核心CPI同比涨幅持续扩大 PPI同比降幅继续收窄 ——国家统计局城市司首席统计师董莉娟解读2025年9月份CPI和PPI数据 CPI同比下降0.3%，降幅比上月收窄0.1个百分点。CPI同比下降，主要是翘尾影响所致。本月CPI-0.3% 的同比变动中，翘尾影响约为-0.8个百分点，今年价格变动的新影响约为0.5个百分点。分类别看，食品 和能源价格下降。其中，食品价格下降4.4%，降幅比上月扩大0.1个百分点，影响CPI同比下降约0.83个 百分点，是影响CPI同比下降的主要因素。食品中，猪肉、鲜菜、鸡蛋和鲜果价格分别下降17.0%、 13.7%、13.5%和4.2%，合计影响CPI同比下降约0.78个百分点；牛肉和羊肉价格分别上涨4.6%和0.8%， 其中羊肉价格为连续下降44个月后首次转涨。能源价格下降2.7%，影响CPI同比下降约0.20个百分点。 扣除食品和能源价格的核心CPI同比上涨1.0%，涨幅连续第5个月扩大，为近19个月以来涨幅首次回到 1%。其中，扣除能源的工业消费品价格上涨1.8%，涨幅连续第5个月扩大。工业消费品中，金饰品和 铂金饰品价格分别上涨42.1%和33.6%，家 ...

Core Viewpoint - The coal sector's Q3 performance is expected to improve due to a rebound in coal prices, with further increases anticipated in Q4 during peak season, potentially exceeding expectations if supply reduction policies are enforced more rigorously [1] Group 1: Q3 Performance Analysis - In Q3, various coal prices showed a year-on-year decline, but the rate of decline for thermal coal and metallurgical coal has narrowed; on a quarter-on-quarter basis, thermal coal market prices increased by nearly 6%, while metallurgical coal prices rose by approximately 10% [1] - The average price of thermal coal under long-term contracts decreased by about 0.74% quarter-on-quarter, falling below market prices, indicating a return to normalcy [1] - Sample listed companies in the coal sector saw a significant quarter-on-quarter net profit increase of approximately 18% in Q3, with thermal coal, coking coal, and anthracite companies experiencing quarter-on-quarter growth rates of 17%, 32%, and 43% respectively [2] Group 2: Q4 Outlook - The supply side is expected to remain constrained due to safety regulations and overproduction checks, leading to a balanced supply-demand scenario in Q4; however, a potential supply gap may arise in December as winter demand increases [3] - The average price of port thermal coal is projected to rise by about 7% quarter-on-quarter in Q4, while coking coal prices are expected to fluctuate with a decline of 3-5% [3] - The overall profitability of coal companies is anticipated to continue improving in Q4, contingent on the enforcement of supply reduction policies [3]

1—8月份，规模以上工业企业每百元营业收入中的成本为85.58元，同比增加0.19元；每百元营业收入中 的费用为8.37元，同比减少0.08元。8月末，规模以上工业企业每百元资产实现的营业收入为74.0元，同 比减少2.0元；人均营业收入为183.5万元，同比增加5.7万元；产成品存货周转天数为20.5天，同比增加 0.1天；应收账款平均回收期为70.1天，同比增加3.7天。8月份，规模以上工业企业利润同比由上月下降 1.5%转为增长20.4%。 1—8月份，采矿业营业成本23281.7亿元，同比下降8.5%。煤炭开采和洗选业营业成本12079.2亿元，同 比下降13.4%。 1—8月份，规模以上工业企业实现营业收入89.62万亿元，同比增长2.3%；发生营业成本76.70万亿元， 增长2.5%；营业收入利润率为5.24%，同比下降0.06个百分点。8月末，规模以上工业企业资产总计 185.08万亿元，同比增长5.0%；负债合计107.34万亿元，增长5.4%；所有者权益合计77.73万亿元，增长 4.4%；资产负债率为58.0%，同比上升0.2个百分点。8月末，规模以上工业企业应收账款27.24万亿元， 同 ...