PPI同比下降1.9%，降幅比上月收窄0.3个百分点。国内各项宏观政策持续显效，部分行业价格呈现积极 变化。 国家统计局城市司首席统计师董莉娟解读2025年12月份CPI和PPI数据。 PPI环比上涨0.2%，连续3个月上涨，涨幅比上月扩大0.1个百分点。 供需结构改善带动部分行业价格上涨。重点行业产能治理与市场竞争秩序综合整治持续显效，煤炭开采 和洗选业、煤炭加工价格环比分别上涨1.3%和0.8%，均连续5个月上涨；锂离子电池制造价格上涨 1.0%，水泥制造价格上涨0.5%，均连续3个月上涨；新能源车整车制造价格由上月下降0.2%转为上涨 0.1%。 全国统一大市场建设纵深推进，相关行业价格同比降幅持续收窄。市场竞争秩序不断优化，煤炭开采和 洗选业、锂离子电池制造、光伏设备及元器件制造价格降幅比上月分别收窄2.9个、1.2个和0.4个百分 点，已分别连续收窄5个月、4个月和9个月。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Myst ...

资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 PPI同比下降1.9%，降幅比上月收窄0.3个百分点。国内各项宏观政策持续显效，部分行业价格呈现积极 变化。 全国统一大市场建设纵深推进，相关行业价格同比降幅持续收窄。市场竞争秩序不断优化，煤炭开采和 洗选业、锂离子电池制造、光伏设备及元器件制造价格降幅比上月分别收窄2.9个、1.2个和0.4个百分 点，已分别连续收窄5个月、4个月和9个月。 国家统计局城市司首席统计师董莉娟解读2025年12月份CPI和PPI数据。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

12月份，扩内需促消费政策措施继续显效，叠加元旦临近，居民消费需求增加，居民消费价格指数 （CPI）环比上涨0.2%，同比上涨0.8%，扣除食品和能源价格的核心CPI同比上涨1.2%。受国际大宗商 品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，工业生产者出厂价格指数 （PPI）环比上涨0.2%，同比下降1.9%。 PPI同比下降1.9%，降幅比上月收窄0.3个百分点。国内各项宏观政策持续显效，部分行业价格呈现积极 变化。一是全国统一大市场建设纵深推进，相关行业价格同比降幅持续收窄。市场竞争秩序不断优化， 煤炭开采和洗选业、锂离子电池制造、光伏设备及元器件制造价格降幅比上月分别收窄2.9个、1.2个和 0.4个百分点，已分别连续收窄5个月、4个月和9个月。二是新质生产力培育壮大，带动相关行业价格同 比上涨。数字经济相关产业发展势头强劲，新原料新材料生产快速增长，绿色转型持续赋能发展，外存 储设备及部件价格上涨15.3%，生物质液体燃料价格上涨9.0%，石墨及碳素制品制造价格上涨5.5%，集 成电路成品价格上涨2.4%，废弃资源综合利用业价格上涨0.9%，服务消费机器人制造价格上涨0.4%。 ...

经济观察网 李晓丹 实习生 朱嫡 陈菲儿 王明飞/文"反内卷"成为影响经济运行的重要因素，2025年11月的部分经济数据出现波动，既反映出在遏制低效同质 化竞争、推动产业结构优化过程中，行业价格与利润格局的阶段性调整，也凸显当前内需修复节奏不均，经济预期有待巩固的阶段性压力。 面对这一情况，政策需要继续发力：投资端聚焦补短板、增后劲，消费端着力提信心、扩内需，稳步提升居民收入信心与就业预期，形成投资与消费共同驱 动的"稳增长"格局。 宏观数据显示，2025年11月CPI同比增速由上月的0.2%上升至0.7%；PPI从-2.1%下降至-2.2%；制造业PMI由50.0%下跌至49.2%；固投从-1.7%下降至-2.6%； 11月新增人民币贷款3900亿元，月末贷款余额较上月回落约0.1个百分点；M2同比增速下降为8.0%。 由《经济观察报》发起的"经济观察报月度观察"，每月发布一次。本次共有11家机构参与月度宏观数据预测。 CPI：同比明显上涨 CPI公布值（同比）：0.7% 前值：0.2% CPI预测值（同比）：0.7% 国信证券宏观分析师郝大明点评：11月CPI同比上涨0.7%，比10月提高0.5个百分点， ...

经济观察网 李晓丹 实习生 朱嫡 陈菲儿 王明飞/文 "反内卷"成为影响经济运行的重要因素，2025年11月的部分经济数据出现波动，既反映出在遏制低效同质 化竞争、推动产业结构优化过程中，行业价格与利润格局的阶段性调整，也凸显当前内需修复节奏不均，经济预期有待巩固的阶段性压力。 面对这一情况，政策需要继续发力：投资端聚焦补短板、增后劲，消费端着力提信心、扩内需，稳步提升居民收入信心与就业预期，形成投资与消费共同驱 动的"稳增长"格局。 宏观数据显示，2025年11月CPI同比增速由上月的0.2%上升至0.7%；PPI从-2.1%下降至-2.2%；制造业PMI由50.0%下跌至49.2%；固投从-1.7%下降至-2.6%； 11月新增人民币贷款3900亿元，月末贷款余额较上月回落约0.1个百分点；M2同比增速下降为8.0%。 由《经济观察报》发起的"经济观察报月度观察"，每月发布一次。本次共有11家机构参与月度宏观数据预测。 CPI：同比明显上涨 CPI公布值（同比）：0.7% 前值：0.2% CPI预测值（同比）：0.7% 国信证券宏观分析师郝大明点评：11月CPI同比上涨0.7%，比10月提高0.5个百分点 ...

Core Viewpoint - The National Bureau of Statistics reported that in November, the Producer Price Index (PPI) continued to rise month-on-month for the second consecutive month, indicating a positive trend in industrial production prices [1] Group 1: Economic Indicators - In November, the year-on-year decline in the prices of photovoltaic equipment and components manufacturing, lithium-ion battery manufacturing, and new energy vehicle manufacturing narrowed by 2.0, 0.7, and 0.6 percentage points respectively compared to the previous month [1] - The overall trend since August shows a continuous narrowing of the year-on-year decline in PPI [1]

Economic Overview - In November, the national economy continued to show a stable and progressive development trend, with a focus on implementing proactive macro policies and promoting high-quality development [2][6] - The total grain production for the year is expected to exceed 1.4 trillion jin, with a year-on-year increase of 1.2% [2] Industrial Production - The industrial added value above designated size increased by 4.8% year-on-year in November, with a month-on-month increase of 0.44% [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 7.7% and 8.4% respectively [3] - The production of 3D printing equipment, industrial robots, and new energy vehicles grew by 100.5%, 20.6%, and 17.0% year-on-year respectively [3] Retail Sales - The total retail sales of consumer goods reached 43,898 billion yuan in November, a year-on-year increase of 1.3% [4] - Online retail sales amounted to 144,582 billion yuan, with a year-on-year growth of 9.1%, and physical goods online retail sales accounted for 25.9% of total retail sales [4] - Service retail sales grew by 5.4% year-on-year, with significant growth in cultural, sports, and travel services [4] Fixed Asset Investment - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while manufacturing investment increased by 1.9% [5] - Infrastructure investment fell by 1.1%, and real estate development investment dropped by 15.9% [5] - Investment in high-tech industries, such as information services and aerospace manufacturing, saw significant increases of 29.6% and 19.7% respectively [5] Policy Impact - A series of proactive macro policies have effectively supported stable economic operations, leading to expanded consumer demand and increased key investments [7][8] - The implementation of consumption upgrade policies has resulted in significant sales growth in home appliances and communication equipment [8] - The industrial production growth was supported by policies promoting market demand and industrial upgrades [8] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking a continuous recovery trend [9] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, indicating a narrowing decline trend since August [10][11] Long-term Economic Outlook - The resilience of the economy remains strong, with macro policies providing robust support and new growth drivers emerging [12][13] - The expansion of market demand and the continuous growth of new economic drivers are expected to positively impact economic development [12][14] - The upcoming economic policies aim to enhance domestic demand and optimize supply, ensuring a solid foundation for future growth [14]

Group 1 - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with the growth rate expanding by 0.5 percentage points compared to the previous month, marking the highest increase since March 2024 [2] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [3] - The Producer Price Index (PPI) decreased by 2.2% year-on-year, with the decline rate widening by 0.1 percentage points compared to the previous month, influenced by a high comparison base from the previous year [4] Group 2 - Food prices contributed to the CPI increase, with fresh vegetable prices rising by 14.5% year-on-year after a nine-month decline, significantly impacting the CPI [2] - The prices of coal mining and washing, photovoltaic equipment manufacturing, and lithium-ion battery manufacturing have shown a narrowing decline in year-on-year prices, indicating the effectiveness of measures against "involution" competition [4][5] - Emerging industries are driving price increases in related sectors, with prices for external storage devices and components rising by 13.9% year-on-year, and integrated circuit manufacturing prices increasing by 1.7% [4][5]

Core Viewpoint - The Producer Price Index (PPI) in November continued to rise month-on-month for the second consecutive month, with the year-on-year decline stabilizing compared to the previous month, indicating a trend of narrowing year-on-year declines since August [1][3]. Group 1: Factors Influencing PPI - Consumption upgrade is driving price increases, with notable price rises in sports and cultural goods. In November, the price of arts and crafts and ceremonial goods manufacturing rose by 20.6% year-on-year, an increase of 2.2 percentage points from the previous month. The price of sports balls manufacturing increased by 4.3%, up by 1 percentage point from the previous month [1][3]. - The development of emerging industries is positive, with accelerated industrial transformation towards intelligence and sustainability. In November, the price of non-ferrous metal smelting and rolling increased by 7.8% year-on-year, up by 1 percentage point from the previous month. Prices for graphite and carbon products rose by 3.8%, and integrated circuit manufacturing prices increased by 1.7% [1][3]. Group 2: Market Competition and Policy Implications - The effects of regulating market competition are becoming evident, with the year-on-year price declines for photovoltaic equipment and components, lithium-ion batteries, and new energy vehicles narrowing by 2.0, 0.7, and 0.6 percentage points, respectively [2][4]. - The current PPI is still declining year-on-year, and further efforts are needed to solidify the foundation for a reasonable price recovery. Future strategies include expanding domestic demand, strengthening the domestic circulation, and improving supply-demand relationships to promote reasonable price recovery and enhance business operations [5].

Core Viewpoint - The Producer Price Index (PPI) in November showed a month-on-month increase for the second consecutive month, indicating a trend of narrowing year-on-year decline since August, with positive changes observed in recent PPI data [1][2] Group 1: PPI Trends - In November, the PPI increased by 0.1% month-on-month, driven by seasonal demand for winter energy and heating, improved market competition, and rising international non-ferrous metal prices [1] - Year-on-year, the PPI decreased by 2.2%, with the decline widening by 0.1 percentage points compared to the previous month, primarily due to a high base effect from the same period last year [1] Group 2: Factors Supporting Price Recovery - Consumer upgrades are increasingly evident, with rising demand for high-quality living leading to price increases in sectors such as sports and cultural goods. In November, the price of arts and crafts and ceremonial goods manufacturing rose by 20.6% year-on-year, an increase of 2.2 percentage points from the previous month; the price of sports balls manufacturing rose by 4.3%, up by 1 percentage point [1] - Emerging industries are experiencing positive development, with accelerated smart and green transformation leading to increased demand for raw materials and finished products. In November, prices in the non-ferrous metal smelting and rolling industry rose by 7.8% year-on-year, an increase of 1 percentage point from the previous month; graphite and carbon product manufacturing prices rose by 3.8%; integrated circuit manufacturing prices rose by 1.7% [2] - The effects of regulating market competition are becoming evident, with prices in photovoltaic equipment and components manufacturing, lithium-ion battery manufacturing, and new energy vehicle manufacturing showing a narrowing decline compared to the previous month [2] Group 3: Future Outlook - Overall, the PPI has shown a month-on-month increase for two consecutive months, with positive factors supporting reasonable price recovery continuing to accumulate. However, the year-on-year PPI remains in decline, indicating that further efforts are needed to solidify the foundation for price recovery [2]